REGISTERED NUMBER: 14899100 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
WBR GROUP HOLDINGS LTD |
REGISTERED NUMBER: 14899100 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
WBR GROUP HOLDINGS LTD |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
WBR GROUP HOLDINGS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Mr Andrew Turner FCA FMAAT |
AUDITORS: |
and Statutory Auditors |
Granville Hall |
Granville Road |
Leicester |
LE1 7RU |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
The directors present their strategic report for the year ended 31 March 2024. |
The principal activities of the Company and its subsidiaries (together "the Group") in the year under review was that of the provision of administration services for small self-administered pension schemes ("SSAS"), actuarial services, commercial property and corporate legal services and bespoke corporate and personal tax services. |
REVIEW OF BUSINESS |
The directors consider that the results for the year are satisfactory and that the group will continue to trade profitably for the foreseeable future. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors have identified the main business risks as follows: |
UK government policies |
The UK government continues to keep under review the tax policies relating to pensions and could implement policies which could reduce the advantages of setting up and running a small self-administered pension scheme. |
IT Security |
The directors continue to invest in IT infrastructure, both hardware and software, to ensure that our IT security remains as robust as possible. In the year under review the business attained the cyber essentials plus (verified) and IASME level one certifications, and are currently working towards the IASME verified gold standard certification. |
Competition |
The directors feel that the group is well placed to compete effectively in the target environment. The directors further feel that the service offering is unique with no other provider bringing together the suite of services that the group has, including actuarial, tax and law, all of which are delivered to the highest possible standards of professionalism, empathy, excellence and respect - our key values. |
With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control. |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
FINANCIAL KEY PERFORMANCE INDICATORS |
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross profit margin, operating profit margin, net profit and net assets/(liabilities). |
The turnover for the year grew significantly to £13,518,000 (2023 - £3,943,000) driven predominantly by 2024 representing a full 12-months of trading of businesses acquired in the prior year, including the SSAS pension book of Rowanmoor Executive Pensions Limited and Bespoke Corporate Pensions Limited, as well as the continued organic growth of the Group. |
Gross profit % increased to 67.5% (2023 - 57.2%) and operating profit % increased to 18.2% (2023 - 5.2% loss) as a result of increase in the scale of the business from acquisition activity noted above, as well as ongoing efficiency and margin improvement initiatives. Consequently, the profit for the year also increased to £1,653,000 (2023 - £364,000 loss). |
The Group's balance sheet position as at the year-end showed considerable recovery, with net liabilities at the year-end reducing to £313,000 (2023 - £1,355,000) from the retention of profits in the Group. |
KPI's £ | 2024 | 2023 |
Turnover | 13,518 | 3,943 |
Gross Profit % | 67.5% | 57.2% |
Operating Profit % | 18.2% | (5.2%) |
Net Profit | 1,653 | (364) |
Net Assets | (313) | (1,355) |
GROUP RESTRUCTURE AND BASIS OF PREPARATION |
A group restructure was undertaken on 28 March 2024 which resulted in WBR Group Holdings Limited being established as the new ultimate parent company and a flattened group structure. No change in shareholders or control occurred during the restructure. |
The merger accounting method has been applied to the consolidation of the restructured Group, and as such the results and cashflows of the combining entities have been brought into the accounts from the beginning of the financial year and comparatives have been restated as if the restructured group had been in existence for the whole of the current and comparative year. Further information is included in Note 1. |
ON BEHALF OF THE BOARD: |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2024 will be £ 526,500 . |
DIRECTORS |
The directors who have held office during the period from 1 April 2023 to the date of this report are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUDITORS |
The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WBR GROUP HOLDINGS LTD |
Opinion |
We have audited the financial statements of WBR Group Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Key audit matters |
A group restructuring was undertaken during the year as disclosed in Note 1 of the accounts. WBR Group Holdings Limited was established as the new ultimate parent company and the existing vertical group structure was converted into a horizontal one. |
In accounting for the restructure and preparing these consolidated accounts the directors have applied the merger accounting method. The results and cashflows of the combining entities have been brought into the accounts from the beginning of the financial year in which the combination occurred. The comparatives have been restated to combine the results of the combining entities for the previous period. These consolidated financial statements have been prepared as if the restructured group had been in existence for the whole of the current and comparative year. |
We have considered the appropriateness of the use of the merger accounting approach and the resulting consolidated position for both the current and prior period. We found the approach and the results to be reasonable, present a true and fair reflection of the financial position of the Group and be in accordance with paragraphs 19.27 to 19.33 of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WBR GROUP HOLDINGS LTD |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WBR GROUP HOLDINGS LTD |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK). |
We obtained an understanding of the legal and regulatory frameworks applicable to the Group and industries in which it operates through our general commercial experience. We determined that the following laws and regulations were most significant: FRS 102, Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect in the determination of the amounts and disclosures in the financial statements such as health and safety and employee related matters. |
We enquired of management concerning the Groups policies and procedures relating to: |
- the identification and compliance with laws and regulations |
- the detection and response to the risks of fraud |
- the internal controls inherent within the group to mitigate fraud risk and non-compliance to laws and regulations. |
We enquired of management, whether they were aware of any instance of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud. |
We communicated relevant laws and regulations and potential areas of fraud to all audit team members including the potential for fraud in revenue recognition through the manipulation of costs. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition and significant one-off or unusual transactions. |
Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud). |
Our audit procedures included but were not limited to: |
-A review of a sample of trade debtors to verify the existence and valuation of debtor balances by agreeing to after date cash received and circularisations, where relevant. |
- A review of turnover was undertaken, testing the different types of turnover as follows: a sample of annual and adhoc fees received in the year were traced to sales invoices to ensure these were correctly recorded in revenue and a detailed proof in total was carried out on the bank commission received in the year to test sales completeness. |
- A review of laws and regulations the company is subject to, followed by compliance checks and discussion with management to ensure no instances of non compliance. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WBR GROUP HOLDINGS LTD |
- Identifying and testing journal entries, on a sample basis, to review for potential management bias or manipulation of revenue recognition. |
We did not identify any matters during the course of our work that indicated non-compliance with laws and regulations or relating to fraud. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Other Matter - Unaudited Comparative Information |
We draw your attention to the comparative information presented in the financial statements for the year ended 31 March 2023. The corresponding figures for the prior year have not been audited. Therefore, we express no opinion on the accuracy or completeness of these unaudited amounts. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
and Statutory Auditors |
Granville Hall |
Granville Road |
Leicester |
LE1 7RU |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4 | 13,518,143 | 3,942,628 |
Cost of sales | 4,397,344 | 1,687,829 |
GROSS PROFIT | 9,120,799 | 2,254,799 |
Administrative expenses | 6,657,490 | 2,460,178 |
OPERATING PROFIT/(LOSS) | 6 | 2,463,309 | (205,379 | ) |
Interest receivable and similar income | 17,524 | - |
2,480,833 | (205,379 | ) |
Interest payable and similar expenses | 8 | 347,801 | 169,955 |
PROFIT/(LOSS) BEFORE TAXATION | 2,133,032 | (375,334 | ) |
Tax on profit/(loss) | 9 | 480,001 | (11,649 | ) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 1,653,031 | (363,685 | ) |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | 1,653,031 | (363,685 | ) |
OTHER COMPREHENSIVE INCOME |
Restatement | (19,605 | ) | - |
Group restructure | (65,079 | ) | - |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(84,684 |
) |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,568,347 |
(363,685 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 1,568,347 | (363,685 | ) |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 4,745,417 | 5,053,225 |
Tangible assets | 13 | 113,802 | 92,712 |
Investments | 14 | - | - |
4,859,219 | 5,145,937 |
CURRENT ASSETS |
Debtors | 15 | 2,359,828 | 2,452,532 |
Cash at bank and in hand | 1,371,178 | 789,501 |
3,731,006 | 3,242,033 |
CREDITORS |
Amounts falling due within one year | 16 | 6,365,511 | 5,671,425 |
NET CURRENT LIABILITIES | (2,634,505 | ) | (2,429,392 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,224,714 |
2,716,545 |
CREDITORS |
Amounts falling due after more than one year | 17 | (2,478,583 | ) | (4,071,395 | ) |
PROVISIONS FOR LIABILITIES | 19 | (59,373 | ) | (239 | ) |
NET LIABILITIES | (313,242 | ) | (1,355,089 | ) |
CAPITAL AND RESERVES |
Called up share capital | 20 | 124 | 124 |
Other reserves | 21 | 1,328,363 | 1,413,047 |
Retained earnings | 21 | (1,641,729 | ) | (2,768,260 | ) |
SHAREHOLDERS' FUNDS | (313,242 | ) | (1,355,089 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by: |
Mr RN Leanders - Director |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Debtors | 15 |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 | 120 | (2,149,575 | ) | 1,413,047 | (736,408 | ) |
Changes in equity |
Issue of share capital | 4 | - | - | 4 |
Dividends | - | (255,000 | ) | - | (255,000 | ) |
Total comprehensive income | - | (363,685 | ) | - | (363,685 | ) |
Balance at 31 March 2023 | 124 | (2,768,260 | ) | 1,413,047 | (1,355,089 | ) |
Changes in equity |
Dividends | - | (526,500 | ) | - | (526,500 | ) |
Total comprehensive income | - | 1,653,031 | (84,684 | ) | 1,568,347 |
Balance at 31 March 2024 | 124 | (1,641,729 | ) | 1,328,363 | (313,242 | ) |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Balance at 31 March 2023 |
Changes in equity |
Issue of share capital | - |
Balance at 31 March 2024 |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,128,957 | 3,789,499 |
Interest paid | (347,801 | ) | (169,955 | ) |
Tax paid | - | (1,608 | ) |
Net cash from operating activities | 1,781,156 | 3,617,936 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (5,427,553 | ) |
Purchase of tangible fixed assets | (55,598 | ) | (68,324 | ) |
Interest received | 17,524 | - |
Net cash from investing activities | (38,074 | ) | (5,495,877 | ) |
Cash flows from financing activities |
New loans in year | 352,000 | 3,492,729 |
Loan repayments in year | (994,812 | ) | (794,437 | ) |
Amount introduced by directors | 8,787 | 22,367 |
Amount withdrawn by directors | (880 | ) | - |
Share issue | - | 4 |
Equity dividends paid | (526,500 | ) | (255,000 | ) |
Net cash from financing activities | (1,161,405 | ) | 2,465,663 |
Increase in cash and cash equivalents | 581,677 | 587,722 |
Cash and cash equivalents at beginning of year |
2 |
789,501 |
201,779 |
Cash and cash equivalents at end of year | 2 | 1,371,178 | 789,501 |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit/(loss) before taxation | 2,133,032 | (375,334 | ) |
Depreciation charges | 342,316 | 325,946 |
Loss on disposal of fixed assets | - | 2,137 |
Finance costs | 347,801 | 169,955 |
Finance income | (17,524 | ) | - |
2,805,625 | 122,704 |
Decrease/(increase) in trade and other debtors | 92,704 | (1,180,343 | ) |
(Decrease)/increase in trade and other creditors | (769,372 | ) | 4,847,138 |
Cash generated from operations | 2,128,957 | 3,789,499 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 1,371,178 | 789,501 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 789,501 | 201,779 |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 789,501 | 581,677 | 1,371,178 |
789,501 | 581,677 | 1,371,178 |
Debt |
Debts falling due within 1 year | (921,333 | ) | 425,000 | (496,333 | ) |
Debts falling due after 1 year | (2,696,395 | ) | 217,812 | (2,478,583 | ) |
(3,617,728 | ) | 642,812 | (2,974,916 | ) |
Total | (2,828,227 | ) | 1,224,489 | (1,603,738 | ) |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | GROUP RESTRUCTURE |
A group restructure was undertaken on 28 March 2024. WBR Group Holdings Limited was established as the new ultimate parent company and the existing vertical group structure was converted into a horizontal one. |
WBR Group Holdings Limited took control of the Group through a share for share exchange with the existing shareholders of WBR Group Limited. A full list of subsidiaries included within the Group can be found in Note 14. |
No change in shareholders or control has occurred during the restructure and the rights of each equity holder remains unchanged. There are no minority interests in any of the subsidiaries, as all are 100% owned by WBR Group Holdings Ltd. |
The directors have opted to apply the merger accounting method to the consolidation of the restructured Group. As such the assets and liabilities of the acquired entities have not been restated to fair value. The results and cashflows of the combining entities have been brought into the accounts from the beginning of the financial year in which the combination occurred. The comparatives have been restated to combine the results of the combining entities for the previous period. These consolidated financial statements have been prepared as if the restructured group had been in existence for the whole of the current and comparative year. |
Historic acquisitions have been accounted for under the purchase method with the assets and liabilities acquired being restated to fair value and the difference between the net assets acquired and the consideration paid being accounted for as Goodwill. |
2. | STATUTORY INFORMATION |
WBR Group Holdings Ltd is a |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
These consolidated financial statements incorporate the financial statements of the company and its wholly-owned subsidiaries. All intragroup transactions, balances, income and expenses are eliminated. |
On acquisition of a subsidiary, all of the subsidiary's assets and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their condition at that date. |
Goodwill arising on consolidation, representing the excess of the fair values of the consideration given over the fair values of the identifiable net assets acquired, is capitalised and amortised on a straight line basis over its estimated useful life of ten years. |
The restructuring of the group, which occurred on 28 March 2024, has been accounted for using the merger accounting approach. Further details of the restructuring and the accounting treatment can be found in Note 1. |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Management and administration |
Annual fee income is invoiced at the start of the year and recorded in accrued income. 20% to 30% of the income is recognised in the first month, when the administrative costs are greater. Subsequently the residual income is released equally throughout the year. |
One off transactions or ad hoc administrative fees are recognised at the completion of the transaction. |
Commission income is recognised at the point the group is entitled to it. |
Legal services |
Income in relation to legal services is recognised as the work is undertaken. Relevant chargeable time is recorded as work in progress and the associated income recognised. Invoices are raised at the completion of the work, or at relevant stages during the work. Work in progress is released to the profit and loss account as it is matched against the invoices. |
Taxation and Trustee services |
Taxation and trustee services income is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. |
To the extent that fees are recognised in advance of billing they are included as accrued income. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements. |
4. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Administration & management | 11,205,128 | 1,277,761 |
Legal services | 114,048 | - |
Taxation services | 823,038 | 889,202 |
Trustee services | 1,375,929 | 1,775,665 |
13,518,143 | 3,942,628 |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 5,679,018 | 1,950,125 |
Social security costs | 526,914 | 181,298 |
Other pension costs | 1,038,391 | 332,458 |
7,244,323 | 2,463,881 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Actuarial | 6 | 1 |
Directors | 5 | 5 |
Law | 5 | - |
SSAS | 107 | 40 |
Trustee Consultants | 3 | - |
Sales & Marketing | 3 | 1 |
Tax | 8 | 5 |
Group | 17 | 4 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 332,682 | 135,767 |
Directors' pension contributions to money purchase schemes | 398,945 | 224,007 |
Information regarding the highest paid director for the year ended 31 March 2024 is as follows: |
2024 |
£ |
Emoluments etc | 98,400 |
Pension contributions to money purchase schemes | 63,341 |
6. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases | 393 | 471 |
Depreciation - owned assets | 34,508 | 21,230 |
Loss on disposal of fixed assets | - | 2,137 |
Goodwill amortisation | 304,280 | 304,032 |
Computer software amortisation | 3,528 | 3,528 |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Exceptional items | - | (21,000 | ) |
In the year ended 31 March 2023 there was an exception item in relation to the write off of a loan. |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 64 | - |
Bank loan interest | 9,629 | 8,723 |
Other loan interest | 338,108 | 161,232 |
347,801 | 169,955 |
9. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 480,080 | - |
Prior year |
UK corporation tax | - | (11,888 | ) |
Total current tax | 480,080 | (11,888 | ) |
Deferred taxation | (79 | ) | 239 |
Tax on profit/(loss) | 480,001 | (11,649 | ) |
UK corporation tax has been charged at 25 % (2023 - 25 %). |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit/(loss) before tax | 2,133,032 | (375,334 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
533,258 |
(93,834 |
) |
Effects of: |
Expenses not deductible for tax purposes | 7,953 | 24,291 |
Depreciation in excess of capital allowances | 78,819 | 62,963 |
Utilisation of tax losses | (140,029 | ) | (2,424 | ) |
Adjustments to tax charge in respect of previous periods | - | (11,888 | ) |
Losses carried forward | - | 9,243 |
Total tax charge/(credit) | 480,001 | (11,649 | ) |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Restatement | (19,605 | ) | - | (19,605 | ) |
Group restructure | (65,079 | ) | - | (65,079 | ) |
(84,684 | ) | - | (84,684 | ) |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £0.01 each |
Interim | 526,500 | 255,000 |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 | 5,330,863 | 14,112 | 5,344,975 |
AMORTISATION |
At 1 April 2023 | 284,694 | 7,056 | 291,750 |
Amortisation for year | 304,280 | 3,528 | 307,808 |
At 31 March 2024 | 588,974 | 10,584 | 599,558 |
NET BOOK VALUE |
At 31 March 2024 | 4,741,889 | 3,528 | 4,745,417 |
At 31 March 2023 | 5,046,169 | 7,056 | 5,053,225 |
13. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 | 4,779 | 95,314 | - | 84,126 | 184,219 |
Additions | - | 9,958 | 26,000 | 19,640 | 55,598 |
At 31 March 2024 | 4,779 | 105,272 | 26,000 | 103,766 | 239,817 |
DEPRECIATION |
At 1 April 2023 | 547 | 32,955 | - | 58,005 | 91,507 |
Charge for year | 483 | 14,844 | 433 | 18,748 | 34,508 |
At 31 March 2024 | 1,030 | 47,799 | 433 | 76,753 | 126,015 |
NET BOOK VALUE |
At 31 March 2024 | 3,749 | 57,473 | 25,567 | 27,013 | 113,802 |
At 31 March 2023 | 4,232 | 62,359 | - | 26,121 | 92,712 |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 5a Dominus Way, Meridian Business park, Leicester, LE19 1RP |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 5a Dominus Way, Meridian Business park, Leicester, LE19 1RP |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | FIXED ASSET INVESTMENTS - continued |
Registered office: 5a Dominus Way, Meridian Business park, Leicester, LE19 1RP |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: 5a Dominus Way, Meridian Business park, Leicester, LE19 1RP |
Nature of business: |
% |
Class of shares: | holding |
2024 |
£ |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) |
Registered office: 5a Dominus Way, Meridian Business Park, Leicester, LE19 1RP |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) |
Registered office: 5a Dominus Way, Meridian Business Park, Leicester, LE19 1RP |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | FIXED ASSET INVESTMENTS - continued |
Registered office: 5a Dominus Way, Meridian Business Park, Leicester, LE19 1RP |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: 5a Dominus Way, Meridian Business Park, Leicester, LE19 1RP |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: 5a Dominus Way, Meridian Business Park, Leicester, LE19 1RP |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Registered office: 5a Dominus Way, Meridian Business Park, Leicester, LE19 1RP |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | FIXED ASSET INVESTMENTS - continued |
Registered office: 5a Dominus Way, Meridian Business Park, Leicester, LE19 1RP |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
As at the date of the approval of these accounts, the Group has agreed to exempt the three companies, Bespoke Corporate Pensions Limited (Company number 07463815), Santhouse Pensioneer Trustee Company Limited (The) (Company number 01670940) and WBR Pension Administration Limited (Company number 12769850) from the provisions of the Companies Act relating to the audit of individual accounts by virtue of section 479A in respect of the financial year ending 31 March 2024. |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 2,375,100 | 1,932,331 |
Bad debt provision | (560,466 | ) | - | - | - |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contract | 27,550 | - |
Other debtors | 39,860 | 11,341 |
Prepayments and accrued income | 477,784 | 508,860 |
2,359,828 | 2,452,532 |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 33,333 | 33,333 |
Other loans (see note 18) | 463,000 | 888,000 |
Trade creditors | 328,524 | 186,332 |
Amounts owed to group undertakings | - | - |
Taxation | 480,080 | - |
Paye/Ni payable | 155,825 | 187,187 | - | - |
VAT | 407,602 | 253,538 | - | - |
Other creditors | 2,108,918 | 1,860,976 |
Directors' current accounts | 24,909 | 17,002 | - | - |
Accruals and deferred income | 2,363,320 | 2,245,057 |
6,365,511 | 5,671,425 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 18) | 58,333 | 91,666 |
Other loans (see note 18) | 2,420,250 | 2,604,729 |
Other creditors | - | 1,375,000 |
2,478,583 | 4,071,395 |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans - less than 1 yr | 33,333 | 33,333 |
Other loans - less than 1 yr | 463,000 | 888,000 |
496,333 | 921,333 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 33,333 | 33,333 |
Other loans - 1-2 years | 463,000 | 888,000 | 375,000 |
496,333 | 921,333 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 25,000 | 58,333 |
Other loans - 2-5 years | 1,957,250 | 1,716,729 |
1,982,250 | 1,775,062 |
19. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred taxation | 160 | 239 |
Other provisions | 59,213 | - |
Aggregate amounts | 59,373 | 239 |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
19. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 239 |
Utilised during year | (79 | ) |
Balance at 31 March 2024 | 160 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.01 | 120 | 120 |
Ordinary A | £0.01 | 4 | 4 |
124 | 124 |
The following shares were allotted and fully paid at par during the year within WBR Group Holdings Limited: |
12,00 Ordinary shares of £0.01 each |
363 Ordinary A shares of £0.01 each |
These shares were issued, in a share for share exchange, to the existing shareholders of WBR Group Limited as part of the Group restructuring undertaken in the year. |
The holders of the Ordinary shares have full rights regarding voting, payment of dividends and on return of capital. Ordinary shares are not redeemable. |
The holders of A Ordinary shares do not have the right to vote or receive dividends. Each A Ordinary share ranks pari passu in respect of capital distributions (including a winding up). The A Ordinary shares are not redeemable. |
WBR GROUP HOLDINGS LTD (REGISTERED NUMBER: 14899100) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
21. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 April 2023 | (2,768,260 | ) | 1,413,047 | (1,355,213 | ) |
Profit for the year | 1,653,031 | 1,653,031 |
Dividends | (526,500 | ) | (526,500 | ) |
Restatement | - | (19,605 | ) | (19,605 | ) |
Group restructure | - | (65,079 | ) | (65,079 | ) |
At 31 March 2024 | (1,641,729 | ) | 1,328,363 | (313,366 | ) |
Company |
Retained |
earnings |
£ |
Profit for the year |
At 31 March 2024 |