Company registration number 14708625 (England and Wales)
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
COMPANY INFORMATION
Directors
J E D M Sattin
(Appointed 6 March 2023)
J E L Sattin
(Appointed 4 July 2023)
A M A Sattin
(Appointed 4 July 2023)
S A M Sattin
(Appointed 4 July 2023)
K A E Forder
(Appointed 4 July 2023)
Company number
14708625
Registered office
Unit 7 Hackhurst Lane
Hackhurst Industrial Estate
Lower Dicker
Nr Hailsham
East Sussex
BN27 4BR
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 35
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the period ended 31 March 2024.

 

The company was formed 6 March 2023 as part of restructuring the Sattin family interests. Southern Tyre Co Limited and Firststeady Limited became subsidiaries of Coalbrook Investments Limited on 13 July 2023.

Review of the business

The group principal activities during the year was the sale of tyres to wholesale and retail markets and fast fit services to the retail market. The business operated from twenty-four sites during the year, spread out across the south east of the United Kingdom, and is looking to expand into new areas.

 

2024 was a profitable year for the year, although there were many challenges to face. The group carefully monitored its plans to ensure it appropriately responded to the continually changing business environment, and has been able to exceed the profitability of the previous year and maintain a strong balance sheet.

 

The group monitors its operational running costs with focus being on operational productivity and continued focus on customer requirements and giving value for money, both wholesale and retail. The group has a policy of paying its suppliers promptly achieving over 99% within payment terms.

Principal risks and uncertainties

There will always be risk and uncertainty regarding the future performance of any business. The directors believe that the principal risks and uncertainties relate to world economic problems dating from as far back as 2008 exacerbated by Covid-19 and Brexit, and complicated by currency fluctuations and changes in government legislation and industry regulations.

 

Economic risk

The company's strategy continues to be to minimise costs, have cash reserves and bank facilities and to avoid exposure to unnecessary risks.

 

Currency risk

The groups policy is to hedge exposure to currency fluctuations on a short term basis by using short term foreign exchange forward contracts.

 

Legislative risk

In the UK and Europe tyres sold are required to be manufactured to EU standards. Failure to comply with changes in legislation and regulations can result in large fines and penalties. It is the groups policy to comply with legislation and closely monitor changes in legislation and regulations.

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
Key performance indicators

The key financial and other performance indicators during the year were as follows:

 

 

2024

£'000

 

 

 

 

 

Turnover

54,934

 

 

Gross profit

17,386

 

 

Gross margin

32%

 

 

Administrative expenses

(17,179)

 

 

Operating profit

533

 

 

Profit after tax excluding revaluation

(521)

 

 

Current assets as % of current liabilities

94%

 

 

Debtor days

31 days

 

 

Average number of employees

338

 

 

Other performance indicators

Gross margin percentage

Gross margin is the ratio of profit, after deduction of cost of goods sold, to sales, as a percentage. This varies with the mix between wholesale and retail, and different product lines.

 

Operating profit

Cost of sales and administrative costs are analysed by expense type within cost centre and location and are measured against budgeted and previous year expenditure.

 

Profit after tax

The group has made a loss for the period however a profit is expected to be achieved next year due to strong profits being made each year by subsidiaries.

 

Liquidity ratios

The groups “quick ratio” (current assets as a percentage of current liabilities) is showing good liquidity and ensuring sufficient funds are available for operations. The group operates strict controls on customer credit so minimising bad debt risk and this is born out by the debtor days key performance indicator, which slightly over 30 days. The business also values its credit rating status and ensures that trade creditors are paid promptly, in line with payment terms.

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
Section 172 Statement

The directors of Southern Tyre Co Limited are required to act in a way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in so doing have regard, among other matters to:

To achieve their duties under Section 172 the directors pride themselves in ensuring that the Company is properly financed so that going concern should never be an issue. There is a fair dividend policy that ensures that the shareholders are adequately rewarded and the company retains sufficient profits to maintain a healthy balance sheet.

The directors/shareholders are involved in the day to day running of the business and have a team of managers who report regularly and meet on a monthly basis and there are bonus schemes to incentivise the staff. The company scores well on their gender pay reporting.

Good supplier relationships are fostered by the directors and managers and the Company ensures that suppliers are paid within their terms. This is borne out in their Purchase Payment Reporting.

The Company continually reviews its pricing structure to ensure that the best deals are offered to their customers. The Company takes proactive steps by continually reviewing financial information.

The directors produce five year plans to ensure the succession of the business, taking into account the local environment and communities in which their sites operate.

On behalf of the board

J E D M Sattin
Director
26 November 2024
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the period ended 31 March 2024.

Principal activities

The principal activity of the company since incorporation has been that of a holding company. The principal activities of group members was that of the retail and distribution of tyres, fast fit services and property investment.

Results and dividends

The results for the period are set out on page 11.

No ordinary dividends were paid. The directors made a payment of a dividend £997,050 in June 2024. A dividend of £17,500,000 was received from subsidiaries during the year.

Directors

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

J E D M Sattin
(Appointed 6 March 2023)
J E L Sattin
(Appointed 4 July 2023)
A M A Sattin
(Appointed 4 July 2023)
S A M Sattin
(Appointed 4 July 2023)
K A E Forder
(Appointed 4 July 2023)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

BK Plus Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

The parent and its subsidiaries have been assessed as to whether energy and carbon disclosures are required. Both Coalbrook Investments Limited and Firststeady Limited do not satisfy two or more of the disclosure criteria. As a result they have not been included in the below report. The report solely consists of Southern Tyre Co Limited.

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
2024
Energy consumption
kWh
Aggregate of energy consumption in the year
- Gas combustion
79,315
- Electricity purchased
544,229
- Fuel consumed for transport
4,364,321
4,987,865
2024
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
16.04
- Fuel consumed for owned transport
1,029.54
1,045.58
Scope 2 - indirect emissions
- Electricity purchased
144.04
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
Total gross emissions
1,189.62
Intensity ratio
Total tonnes CO2e per £'000 turnover
0.019
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £'000 turnover.

Measures taken to improve energy efficiency

The company is committed to reducing its carbon footprint and has undertaken several initiatives over the last ten years.

There is an ongoing program at all sites to replace lighting with LED energy saving lighting. A review of all electricity usage monitoring is being implemented.

The company frequently review which vehicles are most efficient and have changed the size of vehicle delivering the tyres from warehouses to depots and have increased the amount of direct supplies to depots.

The company continue to have a program in place for training staff in repairing electric vehicles and are reviewing the feasibility of installing charging points at all sites.

The company already have a system where all the casings (used tyres) are collected from sites for recycling. Oil and metal is also recycled where possible. We continue to review recycling options for the parts we replace.

Statement of disclosure to auditor

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

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
On behalf of the board
J E D M Sattin
Director
26 November 2024
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
- 8 -
Opinion

We have audited the financial statements of Southern Tyre Co Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
- 9 -
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 directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

 

From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risk; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

 

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

 

 

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

 

 

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
- 10 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Hession C.A.
Senior Statutory Auditor
For and on behalf of BK Plus Audit Limited
26 November 2024
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
- 11 -
Period
ended
31 March
2024
Notes
£'000
Turnover
3
54,934
Cost of sales
(37,548)
Gross profit
17,386
Administrative expenses
(17,179)
Other operating income
326
Operating profit
4
533
Other interest receivable and similar income
8
49
Interest payable and similar expenses
9
(111)
Profit before taxation
471
Tax on profit
10
(992)
Loss for the financial period
(521)
(Loss)/profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 12 -
2024
Notes
£'000
£'000
Fixed assets
Tangible assets
12
23,329
Investment property
13
9,600
32,929
Current assets
Stocks
17
7,507
Debtors
18
4,976
Cash at bank and in hand
1,983
14,466
Creditors: amounts falling due within one year
19
(15,346)
Net current liabilities
(880)
Total assets less current liabilities
32,049
Provisions for liabilities
Deferred tax liability
20
1,321
(1,321)
Net assets
30,728
Capital and reserves
Called up share capital
22
1,042
Share premium account
30,207
Profit and loss reserves
(521)
Total equity
30,728
The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
26 November 2024
J E D M Sattin
Director
Company registration number 14708625 (England and Wales)
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 13 -
2024
Notes
£'000
£'000
Fixed assets
Tangible assets
12
14,809
Investment property
13
9,500
Investments
14
15,400
39,709
Current assets
Debtors
18
12
Cash at bank and in hand
1
13
Creditors: amounts falling due within one year
19
(7,378)
Net current liabilities
(7,365)
Total assets less current liabilities
32,344
Provisions for liabilities
Deferred tax liability
20
959
(959)
Net assets
31,385
Capital and reserves
Called up share capital
22
1,042
Share premium account
30,207
Profit and loss reserves
136
Total equity
31,385

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £136,060.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
26 November 2024
J E D M Sattin
Director
Company registration number 14708625 (England and Wales)
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 6 March 2023
-
-
-
-
Period ended 31 March 2024:
Loss and total comprehensive income
-
-
(521)
(521)
Issue of share capital
22
1,042
30,207
-
31,249
Balance at 31 March 2024
1,042
30,207
(521)
30,728
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 6 March 2023
-
-
-
-
Period ended 31 March 2024:
Profit and total comprehensive income
-
-
136
136
Issue of share capital
22
1,042
30,207
-
31,249
Balance at 31 March 2024
1,042
30,207
136
31,385
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
- 16 -
2024
Notes
£'000
£'000
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
5,758
Interest paid
(111)
Net cash inflow/(outflow) from operating activities
5,647
Investing activities
Purchase of tangible fixed assets
(3,800)
Proceeds from disposal of tangible fixed assets
87
Interest received
49
Net cash used in investing activities
(3,664)
Net increase in cash and cash equivalents
1,983
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
1,983
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
- 17 -
2024
Notes
£'000
£'000
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
7,361
Investing activities
Purchase of tangible fixed assets
(24,309)
Purchase of subsidiaries
(31,800)
Dividends received
17,500
Net cash used in investing activities
(38,609)
Financing activities
Proceeds from issue of shares
31,249
Net cash generated from/(used in) financing activities
31,249
Net increase in cash and cash equivalents
1
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
1
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 18 -
1
Accounting policies
Company information

Coalbrook Investments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 7 Hackhurst Lane, Hackhurst Ind Estate, Lower Dicker, Nr Hailsham, Hailsham, East Sussex, BN27 4BR.

 

The group consists of Coalbrook Investments Limited and all of its subsidiaries. The subsidiaries were acquired 13 July 2023 and therefore their results were consolidated from this date.

1.1
Reporting period

The company was incorporated on 6 March 2023 and therefore the accounting period exceeds 12 months.

1.2
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Coalbrook Investments Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

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

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a straight line basis over its expected life. Goodwill has been wholly amortised during the year.

 

For the purposes of impairment, a review is carried out annually by the directors to confirm if an impairment of goodwill is required.

1.8
Tangible fixed assets

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

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -

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

Freehold land and buildings
No depreciation
Leasehold land and buildings
Straight line over the life of the lease
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Motor vehicles
33.3% straight line

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

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.11
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
1.14
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

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

1.16
Taxation

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

Current tax

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

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 24 -
Deferred tax

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

 

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

1.17
Employee benefits

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

 

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

 

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

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

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

 

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

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 25 -
Key sources of estimation uncertainty

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

Investment Property Valuation

The directors have assessed the valuation of properties using their knowledge and have considered current market conditions when calculating the fair value of properties.    

Stock Provision

A stock provision is applied based on the age and coverage of individual stock lines.

3
Turnover and other revenue
2024
£'000
Turnover analysed by class of business
Sale of goods
54,934
2024
£'000
Turnover analysed by geographical market
Europe
54,934
2024
£'000
Other revenue
Interest income
49
4
Operating profit
2024
£'000
Operating profit for the period is stated after charging/(crediting):
Exchange gains
(77)
Depreciation of owned tangible fixed assets
667
Profit on disposal of tangible fixed assets
(55)
Amortisation of intangible assets
2,334
5
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£'000
For audit services
Audit of the financial statements of the group and company
18
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 26 -
6
Employees

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

Group
Company
2024
2024
Number
Number
338
5

Their aggregate remuneration comprised:

Group
Company
2024
2024
£'000
£'000
Wages and salaries
9,500
-
0
Social security costs
972
-
0
Pension costs
159
-
0
10,631
-
0

All remuneration was paid from subsidiary companies during the year.

7
Directors' remuneration
2024
£'000
Remuneration for qualifying services
760
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
£'000
Remuneration for qualifying services
556
8
Interest receivable and similar income
2024
£'000
Interest income
Interest on bank deposits
49
Disclosed on the profit and loss account as follows:
Other interest receivable and similar income
49
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 27 -
9
Interest payable and similar expenses
2024
£'000
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
111
10
Taxation
2024
£'000
Current tax
UK corporation tax on profits for the current period
(32)
Deferred tax
Origination and reversal of timing differences
1,024
Total tax charge
992

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2024
£'000
Profit before taxation
471
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
118
Gains not taxable
(740)
Unutilised tax losses carried forward
1
Amortisation on assets not qualifying for tax allowances
584
Under/(over) provided in prior years
5
Deferred tax adjustments
1,024
Taxation charge
992
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 28 -
11
Intangible fixed assets
Group
Goodwill
£'000
Cost
At 6 March 2023
-
0
Additions - business combinations
2,334
At 31 March 2024
2,334
Amortisation and impairment
At 6 March 2023
-
0
Amortisation charged for the period
2,334
At 31 March 2024
2,334
Carrying amount
At 31 March 2024
-
0
The company had no intangible fixed assets at 31 March 2024.

More information on impairment movements in the period is given in note .

12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 6 March 2023
-
0
-
0
-
0
-
0
-
0
-
0
Business combinations
4,222
136
621
48
2,175
7,202
Additions
2,614
-
0
185
20
1,127
3,946
Disposals
-
0
-
0
-
0
-
0
(475)
(475)
Transfers
14,808
-
0
-
0
-
0
-
0
14,808
At 31 March 2024
21,644
136
806
68
2,827
25,481
Depreciation and impairment
At 6 March 2023
-
0
-
0
-
0
-
0
-
0
-
0
Business combinations
-
0
136
410
37
1,314
1,897
Depreciation charged in the period
-
0
-
0
94
6
567
667
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(412)
(412)
At 31 March 2024
-
0
136
504
43
1,469
2,152
Carrying amount
At 31 March 2024
21,644
-
0
302
25
1,358
23,329
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 29 -
Company
Freehold land and buildings
£'000
Cost
At 6 March 2023
-
0
Transfers
14,809
At 31 March 2024
14,809
Depreciation and impairment
At 6 March 2023 and 31 March 2024
-
0
Carrying amount
At 31 March 2024
14,809

More information on impairment movements in the period is given in note .

13
Investment property
Group
Company
2024
2024
£'000
£'000
Fair value
At 6 March 2023
-
-
Additions through business combinations
100
-
Transfers
9,500
9,500
At 31 March 2024
9,600
9,500

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the directors in consultation with local experts. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

14
Fixed asset investments
Group
Company
2024
2024
Notes
£'000
£'000
Investments in subsidiaries
15
-
0
15,400
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
14
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£'000
Cost or valuation
At 6 March 2023
-
Additions
31,800
At 31 March 2024
31,800
Impairment
At 6 March 2023
-
Impairment losses
16,400
At 31 March 2024
16,400
Carrying amount
At 31 March 2024
15,400
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Southern Tyre Co Limited
Unit 7 Hackhurst Lane, Hackhurst Industrial Estate, Lower Dicker, Hailsham, East Sussex, BN27 4BR
Ordinary
100.00
-
Firststeady Limited
Unit 7 Hackhurst Lane, Hackhurst Industrial Estate, Lower Dicker, Hailsham, East Sussex, BN27 4BR
Ordinary
100.00
-
South England Tyre Service Limited
Unit 7 Hackhurst Lane, Hackhurst Industrial Estate, Lower Dicker, Hailsham, East Sussex, BN27 4BR
Ordinary
0
100.00
Tyreco Trading Company Limited
Unit 7 Hackhurst Lane, Hackhurst Industrial Estate, Lower Dicker, Hailsham, East Sussex, BN27 4BR
Ordinary
0
100.00
16
Financial instruments

Southern Tyre Co Limited has purchases with suppliers that deal in foreign currencies. In order to minimise exposure to currency risk the company takes out short term foreign exchange forward contracts. These contracts mature between one and three months.

Hedging arrangements

The company takes out forward currency contracts to partially cover currency risks on assets and liabilities denominated in foreign currencies. Outstanding at the year end: £1,220,000 (2022 £750,000) less than 3 months.

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 31 -
17
Stocks
Group
Company
2024
2024
£'000
£'000
Finished goods and goods for resale
7,507
-
0
18
Debtors
Group
Company
2024
2024
Amounts falling due within one year:
£'000
£'000
Trade debtors
4,702
12
Other debtors
11
-
0
Prepayments and accrued income
263
-
0
4,976
12
19
Creditors: amounts falling due within one year
Group
Company
2024
2024
£'000
£'000
Trade creditors
5,328
19
Amounts owed to group undertakings
-
0
5,953
Corporation tax payable
532
-
0
Other taxation and social security
1,142
-
Other creditors
5,890
1,401
Accruals and deferred income
2,454
5
15,346
7,378
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
2024
Group
£'000
Revaluations
1,321
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
20
Deferred taxation
(Continued)
- 32 -
Liabilities
2024
Company
£'000
Revaluations
959
Group
Company
2024
2024
Movements in the period:
£'000
£'000
Asset at 6 March 2023
-
-
Charge to profit or loss
1,321
959
Liability at 31 March 2024
1,321
959

The deferred tax liability set out above is expected to reverse when freehold and investment properties previously revalued are subsequently sold to third parties.

21
Retirement benefit schemes
2024
Defined contribution schemes
£'000
Charge to profit or loss in respect of defined contribution schemes
159

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2024
Ordinary share capital
Number
£'000
Issued and fully paid
Ordinary shares of £1 each
1,041,625
1,042
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 33 -
23
Operating lease commitments

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

Group
Company
2024
2024
£'000
£'000
Within one year
48
-
Between two and five years
190
-
238
-
24
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
£'000
Group
Entities over which the group has control, joint control or significant influence
2,522
25
Guarantee

The following subsidiaries have taken advantage of the exemption from audit available under S479A of the Companies Act 2006:

Firststeady Limited, registered number 00610394

Coalbrook Investments Limited has provided guarantee in respect of all outstanding liabilities of the above subsidiary undertakings as at 31 March 2024.

 

 

COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 34 -
26
Cash generated from/(absorbed by) group operations
2024
£'000
Loss for the period after tax
(521)
Adjustments for:
Taxation charged
992
Finance costs
111
Investment income
(49)
Gain on disposal of tangible fixed assets
(55)
Amortisation and impairment of intangible assets
2,334
Depreciation and impairment of tangible fixed assets
667
Movements in working capital:
Increase in stocks
(750)
Increase in debtors
(2,406)
Increase in creditors
5,435
Cash generated from/(absorbed by) operations
5,758
27
Cash generated from/(absorbed by) operations - company
2024
£'000
Profit for the period after tax
136
Adjustments for:
Taxation charged
959
Investment income
(17,500)
Other gains and losses
16,400
Movements in working capital:
Increase in debtors
(12)
Increase in creditors
7,378
Cash generated from/(absorbed by) operations
7,361
28
Analysis of changes in net funds - group
6 March 2023
Cash flows
31 March 2024
£'000
£'000
£'000
Cash at bank and in hand
-
1,983
1,983
COALBROOK INVESTMENTS LIMITED AND SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 35 -
29
Analysis of changes in net funds - company
6 March 2023
Cash flows
31 March 2024
£'000
£'000
£'000
Cash at bank and in hand
-
1
1
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