Bardwood Support Services Ltd Cover |
Company No. 09511970 | |||||||||
Bardwood Support Services Ltd Contents |
Pages | |||||||||
Company Information | 2 | ||||||||
Directors Report | 3 to 4 | ||||||||
Strategic Report | 5 to 6 | ||||||||
Auditor's Report | 7 to 10 | ||||||||
Statement of Comprehensive Income | 11 | ||||||||
Statement of Financial Position | 12 | ||||||||
Statement of Changes in Equity | 13 | ||||||||
Statement of Cash Flows | 14 | ||||||||
Notes to the Financial Statements | 15 to 22 | ||||||||
Bardwood Support Services Ltd Company Information |
Directors | |||||||||
Registered Office | |||||||||
Auditor | |||||||||
8th Floor | |||||||||
Becket House | |||||||||
36 Old Jewry | |||||||||
London | |||||||||
EC2R 8DD |
Bardwood Support Services Ltd Directors Report |
The Directors present their report and the financial statements for the year ended 31 March 2024. | |||||||||
Principal activities | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
Future developments | |||||||||
Underlining its objective to provide specialised recruitment and business support solutions, prospective of revenue generation from all verticals of the business are being explored. Along with recruitment, screening and vetting services, the goal is to also test waters with other business support services like payroll and staff management as an outsourced activity, executives onboarding and catering services. | |||||||||
Research and development activities | |||||||||
The business is determined in adopting automation to the farthest extent possible. In its objective to enable all departments to adopt automated solutions, new software solutions are being explored on continuous basis to improve on efficiency and efficacy of information being produced and managed. | |||||||||
Events after the end of the reporting period | |||||||||
The factoring facility with Lloyds was renewed in May 2024 with an enhanced factoring arrangement with a £4 Million limit (2023 - £2 Million) to help with working capital requirement of the company. The transfer from Invoice Factoring to Invoice Discounting Facility came into effect on 22 July 2024 and the renewed limit was placed for two years. | |||||||||
Statement of directors' responsibilities | |||||||||
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations. | |||||||||
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. | |||||||||
In preparing these accounts, the directors are required to: | |||||||||
* | select suitable accounting policies and then apply them consistently; | ||||||||
* | make judgements and estimates that are reasonable and prudent; | ||||||||
* | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statments; and | ||||||||
* | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. | ||||||||
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. | |||||||||
Statement of disclosure of information to auditor | |||||||||
Signed on behalf of the board | |||||||||
N. Rajgor | |||||||||
Director | |||||||||
11 November 2024 |
Bardwood Support Services Ltd Strategic Report |
The Directors present their strategic report for the year ended 31 March 2024. | |||||||
Business review | |||||||
Bardwood Support Services as a business, specialises in providing bespoke business support solutions package to its clients thriving on our unique business model which incorporates a comprehensive client cost effective one stop solution for recruitment, security services, screening & vetting, and back-office support. Over the years, the business has created a niche and gradually increased its share in the market. The business caters to the needs of its stakeholders where customers being the key external factor place the company in fairly advantageous position given the existing module of the business while dealing with threats it is posed to. However, the elements that give the control and hold over the business are the internal factors, like resource management and core competencies of the organisation. The business ensures satisfaction of all four growth perspectives through customer satisfaction, automation and process review with training and induction programmes as well as efficient management of cashflows. | |||||||
Financial and other key performance indicators: | |||||||
The Company’s financial performance is measured on Turnover, Gross Profit and Gross Profit as a percentage on Turnover. The Key Performance Indicators as a trend for the past four financial years have been as follows | |||||||
FY | Turnover | Gross Profit | Gross Profit % | ||||
2020-21 | £4,772,183 | £565,391 | 11.85% | ||||
2021-22 | £8,804,950 | £1,180,906 | 13.41% | ||||
2022-23 | £12,572,326 | £1,981,944 | 15.76% | ||||
2023-24 | £13,138,506 | £1,912,563 | 14.56% | ||||
Principal risks and uncertainties | |||||||
Risk of data breaches, cyber threats hampering the business’s reputation shall count for principal risks identified by the business through risk assessment and is being managed and mitigated through cyber essential certification and firewalls in place. Supply chain disruptions caused due to untoward calamities and pandemic outbreaks may leave an impact on the revenue adversely. Operational risks encompassing technology failures and human error effect efficiencies and profitability of the business. Internal controls are imposed to minimise the occurrence of such failures and adversaries. | |||||||
Signed on behalf of the board | |||||||
N. Rajgor | |||||||
Director | |||||||
11 November 2024 |
Bardwood Support Services Ltd Audit Report Unqualified |
Independent Auditor's Report to the members of Bardwood Support Services Ltd | |||||||||
Opinion | |||||||||
We have audited the financial statements of Bardwood Support Services Ltd (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the 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 FRS 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: | |||||||||
for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. | |||||||||
Basis for opinion | |||||||||
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts 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 accounts are authorised for issue. | |||||||||
Our responsibilities and the responsibillities 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. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. | |||||||||
Opinion on other matters prescribed by the Companies Act 2006 | |||||||||
In our opinion, based upon the work undertaken in the course of the audit: | |||||||||
• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and • the strategic report and the directors' report 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. | |||||||||
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or | |||||||||
• the financial statements are not in agreement with the accounting records and returns; or | |||||||||
• certain disclosures of directors’ remuneration specified by law are not made; or | |||||||||
• we have not received all the information and explanations we require for our audit. | |||||||||
Responsibilities of directors | |||||||||
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 accounts 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. | |||||||||
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.- We addressed the risk of fraud through management override of controls, by 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.- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers.• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business.• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.• Reviewing minutes of meetings of those charged with governance• Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.• Enquiry of management, those charged with governance around actual and potential litigation and claims. Our procedures included the following to give comfort in these areas: We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting (including related trade legislation) and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items, taking into account the inherent difficulty in detecting irregularities; the effectiveness of the entity’s controls; and the nature, timing and extent of the audit procedures performed. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards), a review of contracts in place and any regulatory references. | |||||||||
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of the auditors report. | |||||||||
Use of this 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 auditors' 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. | |||||||||
Senior Statutory Auditor | |||||||||
For and on behalf of | |||||||||
Accountants and Statutory Auditors | |||||||||
8th Floor | |||||||||
Becket House | |||||||||
36 Old Jewry | |||||||||
London | |||||||||
EC2R 8DD | |||||||||
Bardwood Support Services Ltd Statement of Comprehensive Income |
for the year ended 31 March 2024 | |||||||||||
Notes | 2024 | 2023 | |||||||||
£ | £ | ||||||||||
Revenue | |||||||||||
Cost of sales | ( | ( | |||||||||
Gross profit | |||||||||||
Distribution costs and selling expenses | ( | ( | |||||||||
Administrative expenses | ( | ( | |||||||||
Other operating income | |||||||||||
Operating profit | 3 | ||||||||||
Interest payable and similar charges | 6 | ( | ( | ||||||||
Profit on ordinary activities before taxation | |||||||||||
Taxation | 7 | ||||||||||
Profit for the financial year after taxation | |||||||||||
Other comprehensive income | - | - | |||||||||
Total comprehensive income/(loss) | |||||||||||
Bardwood Support Services Ltd Statement of Financial Position |
at | ||||||||||
Company No. | Notes | 2024 | 2023 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Tangible assets | 8 | |||||||||
Investments | 9 | |||||||||
Current assets | ||||||||||
Work in Progress | 10 | |||||||||
Debtors | 11 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 12 | ( | ( | |||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Creditors: Amounts falling due after more than one year | 13 | ( | ( | |||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | 14 | |||||||||
Profit and loss account | 15 | |||||||||
Total equity | ||||||||||
Approved by the board on 11 November 2024 and signed on its behalf by: | ||||||||||
N. Rajgor | ||||||||||
Director | ||||||||||
11 November 2024 |
Bardwood Support Services Ltd Statement of Changes in Equity |
for the year ended 31 March 2024 | ||||||||||||
Share Capital | Retained earnings | Total equity | ||||||||||
£ | £ | £ | ||||||||||
At 1 April 2022 | 100 | (269,206) | (269,106) | |||||||||
Profit for the period | 327,718 | |||||||||||
Dividends | ( | ( | ||||||||||
At 31 March 2023 and 1 April 2023 | ||||||||||||
Profit for the period | ||||||||||||
At 31 March 2024 | ||||||||||||
Bardwood Support Services Ltd Statement of Cash Flows |
for the year ended 31 March 2024 | ||||||
2024 | 2023 | |||||
£ | £ | |||||
Cash flows from operating activities | ||||||
Operating profit | 171,019 | 554,790 | ||||
Adjustments for: | ||||||
Depreciation of property, plant and equipment | 20,599 | 17,435 | ||||
Increase in work in progress | (127,511) | (67,799) | ||||
Increase in trade and other receivables | (578,729) | (118,241) | ||||
Increase in trade and other payables | 340,086 | 346,019 | ||||
Net cash (used in)/generated from operations | (174,536) | 732,204 | ||||
Interest paid | ( | ( | ||||
Net cash (used in)/generated from operating activities | ( | |||||
Cash flows from investing activities | ||||||
Payments for property, plant and equipment | ( | ( | ||||
Payments for investments | ( | ( | ||||
Net cash used in investing activities | ( | ( | ||||
Cash flows from financing activities | ||||||
Repayment of borrowings | ||||||
Net cash from financing activities | ||||||
Net (decrease)/increase in cash and cash equivalents | ( | |||||
Cash and cash equivalents at the beginning of the year | 497,343 | (363,466) | ||||
Cash and cash equivalents at the end of the year | 163,826 | 497,343 | ||||
Components of cash and cash equivalents | ||||||
Cash and bank balances | ||||||
Bank overdraft | ( | ( | ||||
163,825 | 497,343 | |||||
Bardwood Support Services Ltd Notes to the Financial Statements |
for the year ended 31 March 2024 | ||||||||||||||||
1 | General information | |||||||||||||||
Bardwood Support Services Ltd is a private company limited by shares and incorporated in England and Wales. | ||||||||||||||||
Its registered number is: 09511970 | ||||||||||||||||
Its registered office is: | ||||||||||||||||
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound. | ||||||||||||||||
663 | ||||||||||||||||
2 | Accounting policies | |||||||||||||||
Revenue recognition | ||||||||||||||||
Revenue represents amounts charged to clients for the placement of staff, calculated from the hours worked. An adjustment is made to the Balance Sheet date for hours worked but not yet billed to the client. | ||||||||||||||||
Borrowing costs | ||||||||||||||||
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. | ||||||||||||||||
Taxation | ||||||||||||||||
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. | ||||||||||||||||
Accounting estimates | ||||||||||||||||
Estimates and judgements are continually evaluated and are based on historical experience and other nce and other | ||||||||||||||||
factors, including expectations of future events that are believed to be reasonable under the circumstances. | ||||||||||||||||
Tangible fixed assets and depreciation | ||||||||||||||||
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. | ||||||||||||||||
Plant and machinery | ||||||||||||||||
Furniture, fittings and equipment | ||||||||||||||||
Work in Progress | ||||||||||||||||
Trade and other debtors | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. | ||||||||||||||||
Trade and other creditors | ||||||||||||||||
Finance costs | ||||||||||||||||
Interest bearing borrowings | ||||||||||||||||
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method. | ||||||||||||||||
Related parties | ||||||||||||||||
For the purposes of these financial statements, a party is considered to be related to the Company if: • the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the Company; • the Company and the party are subject to common control; • the party is an associate of the Company or a joint venture in which the Company is a venturer; • the party is a member of key management personnel of the Company or the Company’s parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; • the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or • the party is a post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company. Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. | ||||||||||||||||
Foreign currencies | ||||||||||||||||
Operating Leases | ||||||||||||||||
Provisions | ||||||||||||||||
Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial position. | ||||||||||||||||
3 | Operating Profit | |||||||||||||||
2024 | 2023 | |||||||||||||||
This is stated after charging: | £ | £ | ||||||||||||||
Depreciation of owned fixed assets | ||||||||||||||||
Auditors' remuneration for: | ||||||||||||||||
Audit of the company's annual accounts | ||||||||||||||||
4 | Staff costs | |||||||||||||||
2024 | 2023 | |||||||||||||||
Staff costs during the year (including directors) were as follows: | £ | £ | ||||||||||||||
Wages and salaries | ||||||||||||||||
Social security costs | ||||||||||||||||
Other pension costs | ||||||||||||||||
Total in company | 12,292,444 | 663 | 11,389,050 | |||||||||||||
- | - | |||||||||||||||
The average monthly number of employees (including directors) during the year was: | Number | Number | ||||||||||||||
Administration | ||||||||||||||||
Guards | ||||||||||||||||
Total in company | ||||||||||||||||
5 | Directors' remuneration | |||||||||||||||
2024 | 2023 | |||||||||||||||
Remuneration included within staff costs - Note 4 - in respect of directors was as follows: | £ | £ | ||||||||||||||
Aggregate remuneration in respect of qualifying services | ||||||||||||||||
Total remuneration | 1 | |||||||||||||||
6 | Interest payable and similar charges | |||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Bank loan and overdraft interest payable | ||||||||||||||||
Invoice factoring | ||||||||||||||||
7 | Taxation | |||||||||||||||
(a) Tax on profit on ordinary activities | 2024 | |||||||||||||||
The tax charge is made up as follows: | £ | |||||||||||||||
UK corporation tax | ||||||||||||||||
(b) Factors affecting the total tax charge for the period | ||||||||||||||||
Profit on ordinary activities before tax | ||||||||||||||||
8 | Tangible fixed assets | |||||||||||||||
Plant and machinery | Fixtures, fittings and equipment | Total | ||||||||||||||
£ | £ | £ | ||||||||||||||
Cost or revaluation | ||||||||||||||||
At 1 April 2023 | ||||||||||||||||
Additions | ||||||||||||||||
At 31 March 2024 | ||||||||||||||||
Depreciation and impairment | ||||||||||||||||
At 1 April 2023 | ||||||||||||||||
Charge for the year | ||||||||||||||||
At 31 March 2024 | ||||||||||||||||
Net book values | ||||||||||||||||
At 31 March 2024 | ||||||||||||||||
At 31 March 2023 | ||||||||||||||||
9 | Investments | |||||||||||||||
Other investments - Unlisted | Total | |||||||||||||||
£ | £ | |||||||||||||||
Cost or valuation | ||||||||||||||||
At 1 April 2023 | 862 | |||||||||||||||
Additions | 7,211 | |||||||||||||||
At 31 March 2024 | 8,073 | |||||||||||||||
Accumulated impairment | ||||||||||||||||
Net book values | ||||||||||||||||
At 31 March 2024 | 8,073 | 8,073 | ||||||||||||||
At 31 March 2023 | 862 | 862 | ||||||||||||||
Other investments | ||||||||||||||||
The company holds 20% or more of the share capital of the following companies: | ||||||||||||||||
Name of company and nature of business | Country of incorpora- tion (if not UK) | Class of shares held | % age of shares held | Capital and reserves at end of the relevant year | Profit/(loss) for the relevant year | |||||||||||
% | £ | £ | ||||||||||||||
Bardwood India | India | Ordinary | 80 | - | - | |||||||||||
Bardwood Support Services Limited holds 80% of the share capital in Bardwood India. In the directors opinion there is no benefit to the user of these accounts to be gained by consolidation in accordance with Section 405 of the Companies Act 2006 and therefore exemption has been sought on this basis | ||||||||||||||||
10 | Work in Progress | |||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Work in progress | ||||||||||||||||
11 | Debtors | |||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Trade debtors | ||||||||||||||||
Other debtors | ||||||||||||||||
Prepayments and advance to suppliers | ||||||||||||||||
12 | Creditors: | |||||||||||||||
amounts falling due within one year | ||||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Bank loans and credit cards | ||||||||||||||||
Invoice factoring | ||||||||||||||||
Trade creditors | ||||||||||||||||
Other taxes and social security | ||||||||||||||||
Loans from directors | ||||||||||||||||
Accruals and deferred income | ||||||||||||||||
13 | Creditors: | |||||||||||||||
amounts falling due after more than one year | ||||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Other loans | ||||||||||||||||
14 | Share Capital | |||||||||||||||
Called-up share capital represents the nominal value of shares that have been issued. | Nominal value | 2024 | 2024 | 2023 | ||||||||||||
£ | Number | £ | £ | |||||||||||||
Allotted, called up and fully paid: | ||||||||||||||||
15 | Reserves | |||||||||||||||
16 | Reconciliation of net debt | |||||||||||||||
At 1 April 2023 | Cash flows | New HP/Finance leases | At 31 March 2024 | |||||||||||||
£ | £ | £ | £ | |||||||||||||
Cash and cash equivalents | ( | |||||||||||||||
Bank overdrafts | ( | (10,906) | ( | |||||||||||||
497,343 | (333,518) | - | 163,825 | |||||||||||||
Borrowings | (952,194) | (64,508) | (1,016,702) | |||||||||||||
Bank loans | (97,400) | 39,645 | (57,755) | |||||||||||||
(1,049,594) | (24,863) | - | (1,074,457) | |||||||||||||
Net debt | ( | (358,381) | - | ( | ||||||||||||
17 | Commitments | |||||||||||||||
Capital commitments | 2024 | |||||||||||||||
£ | ||||||||||||||||
Operating lease commitments | ||||||||||||||||
Annual commitments under non-cancellable operating leases are as follows: | ||||||||||||||||
2024 | 2024 | 2023 | 2023 | |||||||||||||
Land and buildings | Other | Land and buildings | Other | |||||||||||||
£ | £ | £ | £ | |||||||||||||
Operating leases with expiry date: | ||||||||||||||||
Within one year | - | - | - | 33,203 | ||||||||||||
In the second to fifth years inclusive | - | 34,696 | - | - | ||||||||||||
- | 34,696 | - | 33,203 | |||||||||||||
18 | Dividends | |||||||||||||||
2024 | 2023 | |||||||||||||||
£ | £ | |||||||||||||||
Dividends for the period: | ||||||||||||||||
Dividends by type: | ||||||||||||||||
Equity dividends | ||||||||||||||||
- | 40,000 | |||||||||||||||
19 | Related party disclosures | |||||||||||||||
Key management personnel | 2024 | 2023 | ||||||||||||||
£ | £ | |||||||||||||||
Controlling party | ||||||||||||||||
Ultimate controlling party: | ||||||||||||||||