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Company registration number: 06157958
Parkguard Limited
Financial statements
31 March 2024
Parkguard Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Statement of cash flows
Notes to the financial statements
Parkguard Limited
Directors and other information
Directors L Hutchings
P A Hutchings (Retired 12 October 2023)
C Hutchings
J P Rossouw
Secretary L Hutchings
Company number 06157958
Registered office Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Auditor Hicks and Company
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Parkguard Limited
Strategic report
Year ended 31 March 2024
Business review
The Company has consolidated its position in the year ended 2024.
Turnover for the year amounted to £12,852,151 (2023: £12,552,180) giving a gross profit of £2,976,838 (2023: gross profit £3,329,592).
Profit after tax amounted to £1,047,912 (2023: profit after tax £1,417,002).
Additions to tangible fixed assets during the year ended 31 March 2024 were £538,026 (2023: £900,348).
At 31 March 2024, the net assets of the company amounted to £4,986,587 (2023: £4,842,675).
Key performance indicators
The main measures to monitor progress and retention of necessary funds are based upon promptly produced consistent monthly management accounts. From the management accounts the directors review:
a) Operating performance for the month and year to date.
b) Gross profit margin.
c) The balance and ratios between debtors, creditors and cash at bank.
Principal risks and uncertainties
The company prides itself as one of the leaders within its field. This is mainly driven by human resources and maintaining the highest standards within the company.
The company directors are always in search for talented and disciplined individuals who take pride in their work. As with many other companies, one of the main uncertainties is how human resources will evolve in the future.
The company directors have processes in place to ensure that highest quality service is offered at all times.
This report was approved by the board of directors on 27 December 2024 and signed on behalf of the board by:
C Hutchings
Director
Parkguard Limited
Directors report
Year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended 31 March 2024.
Directors
The directors who served the company during the year were as follows:
L Hutchings
P A Hutchings (Retired 12 October 2023)
C Hutchings
J P Rossouw
Dividends
Particulars of recommended dividends are detailed in note 14 to the financial statements.
Future developments
The Directors continue to secure the company's place as a unique provider of Community Safety functions on behalf of Local Authorities and Housing Providers mainly within London and the Home Counties.
The Company continues to maintain strong working relationships with a range of Local Authorities and Housing Providers and will continue to play a major role in delivering Community Safety functions in the public domain.
As well as maintaining long term public contracts, the company has seen a continued rise in transitional contracts and short term solutions that previously accounted for a much smaller element of billing to now representing approximately 50% of its turnover.
The company's directors will continue to enhance and broaden the company's services which are delivered in partnership with various Police Services and other statutory partners.
Financial instruments
The Company is exposed to financial risk through its financial assets and liabilities. The key financial risk is Liquidity risk.
At the year end the Company had cash at bank of £2,808,619 (2023: £3,309,443).
Due to the nature of the Company's activities and the assets and liabilities contained within the balance sheet, the Directors consider that none of the other financial risks are relevant to the Company.
Other matters
The principal activity of the company during the year was that of provision of security services.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors 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 company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 27 December 2024 and signed on behalf of the board by:
C Hutchings
Director
Parkguard Limited
Independent auditor's report to the members of
Parkguard Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Parkguard Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and 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 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: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for 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. 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 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.
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 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 has 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 strategic report or the directors' report. 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, 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 the 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 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: We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud may occur, by making enquiries of the directors and management as to where they considered there was susceptibility to fraud and considering the internal controls in place to mitigate fraud risks and non-compliance with laws and regulations.In response to the risk of fraud through management bias (including the risk of override of controls) and the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:- performing analytical procedures to identify unusual or unexpected transactions- assessing whether judgements and assumptions made in determining accounting estimates were indicative of potential bias- reviewed a sample of transactions from the client's records for proper authorisation- performing cut off and completeness of income tests- performing existence of property and vehicles tests- test checking the appropriateness of journal entries- agreeing financial statement disclosures to the underlying supporting documentation- checking for correspondence with the HM Revenue & Customs- checking for any actual and potential litigation and claims including inspecting legal costsThere are inherent limitations in our audit procedures outlined above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.
Philip Dean (Senior Statutory Auditor)
For and on behalf of
Hicks and Company
Chartered Accountants and Statutory Auditor
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
27 December 2024
Parkguard Limited
Statement of income and retained earnings
Year ended 31 March 2024
2024 2023
Note £ £
Turnover 4 12,852,151 12,552,180
Cost of sales ( 9,875,313) ( 9,222,588)
_________ _________
Gross profit 2,976,838 3,329,592
Administrative expenses ( 1,563,408) ( 1,568,200)
Other operating income 5 3,500 3,500
_________ _________
Operating profit 6 1,416,930 1,764,892
Other interest receivable and similar income 10 10,444 3,593
Interest payable and similar expenses 11 ( 9,747) ( 6,311)
_________ _________
Profit before taxation 1,417,627 1,762,174
Tax on profit 12 ( 369,715) ( 345,172)
_________ _________
Profit for the financial year and total comprehensive income 1,047,912 1,417,002
_________ _________
Dividends declared and paid or payable during the year 14 ( 904,000) ( 331,250)
Retained earnings at the start of the year 4,842,425 3,756,673
_________ _________
Retained earnings at the end of the year 4,986,337 4,842,425
_________ _________
Earnings per share 13
Basic earnings/(loss) per share (pence per share) 4,191.65 5,668.01
Diluted earnings/(loss) per share (pence per share) 4,191.65 5,668.01
_________ _________
All the activities of the company are from continuing operations.
Parkguard Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 15 1,518,014 1,074,266
Investments 16 371,356 371,356
_________ _________
1,889,370 1,445,622
Current assets
Debtors 17 3,233,249 2,189,221
Cash at bank and in hand 2,808,619 3,309,443
_________ _________
6,041,868 5,498,664
Creditors: amounts falling due
within one year 18 ( 2,944,651) ( 2,101,611)
_________ _________
Net current assets 3,097,217 3,397,053
_________ _________
Total assets less current liabilities 4,986,587 4,842,675
_________ _________
Net assets 4,986,587 4,842,675
_________ _________
Capital and reserves
Called up share capital 21 250 250
Profit and loss account 22 4,986,337 4,842,425
_________ _________
Shareholders funds 4,986,587 4,842,675
_________ _________
These financial statements were approved by the board of directors and authorised for issue on 27 December 2024 , and are signed on behalf of the board by:
C Hutchings
Director
Company registration number: 06157958
Parkguard Limited
Statement of cash flows
Year ended 31 March 2024
2024 2023
£ £
Cash flows from operating activities
Profit for the financial year 1,047,912 1,417,002
Adjustments for:
Depreciation of tangible assets 91,857 61,390
Impairment of tangible assets - 33,637
Other interest receivable and similar income ( 10,444) ( 3,593)
Interest payable and similar expenses 9,747 6,311
Gain/(loss) on disposal of tangible assets ( 1,598) ( 6,173)
Tax on profit 369,715 345,172
Accrued expenses/(income) ( 490,011) ( 123,390)
Changes in:
Trade and other debtors ( 327,471) 217,928
Trade and other creditors 840,409 ( 17,145)
_________ _________
Cash generated from operations 1,530,116 1,931,139
Interest paid ( 9,747) ( 6,311)
Interest received 10,444 3,593
Tax paid ( 597,450) ( 310,843)
_________ _________
Net cash from operating activities 933,363 1,617,578
_________ _________
Cash flows from investing activities
Purchase of tangible assets ( 538,026) ( 900,348)
Proceeds from sale of tangible assets 4,020 10,000
Purchase of other investments - ( 371,356)
_________ _________
Net cash used in investing activities ( 534,006) ( 1,261,704)
_________ _________
Cash flows from financing activities
Proceeds from borrowings 9,223 ( 17,842)
Payment of finance lease liabilities ( 5,403) ( 23,921)
Equity dividends paid ( 904,000) ( 331,250)
_________ _________
Net cash used in financing activities ( 900,180) ( 373,013)
_________ _________
Net increase/(decrease) in cash and cash equivalents ( 500,823) ( 17,139)
Cash and cash equivalents at beginning of year 3,309,443 3,326,582
_________ _________
Cash and cash equivalents at end of year 2,808,619 3,309,443
_________ _________
Parkguard Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold buildings - 2 % straight line
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 25 % reducing balance
The freehold property acquired during the year will be depreciated on a straight line basis over 50 years starting from the year ended 31 March 2024 when it was first used. Land is not depreciated.If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised retrospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024 2023
£ £
Rendering of services 12,852,151 12,552,180
_________ _________
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024 2023
£ £
Rental income 3,500 3,500
_________ _________
6. Operating profit
Operating profit is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 91,857 61,390
Impairment of tangible assets recognised in:
Administrative costs - 33,637
(Gain)/loss on disposal of tangible assets ( 1,598) ( 6,173)
Operating lease rentals 58,419 72,994
Fees payable for the audit of the financial statements 26,000 23,750
_________ _________
7. Auditors remuneration
2024 2023
£ £
Fees payable to Hicks and Company
Fees payable for the audit of the financial statements 26,000 23,750
_________ _________
Fees payable to the company's auditor and its associates for other services:
Other non-audit services 27,276 28,742
_________ _________
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024 2023
Security and administrative staff 123 120
_________ _________
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 3,867,687 3,986,520
Social security costs 401,588 426,929
Other pension costs 62,739 70,380
_________ _________
4,332,014 4,483,829
_________ _________
9. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2024 2023
£ £
Remuneration 305,879 285,811
Company contributions to pension schemes in respect of qualifying services 2,172 2,353
_________ _________
308,051 288,164
_________ _________
The number of directors who accrued benefits under company pension plans was as follows:
2024 2023
Number Number
Defined contribution plans 3 4
_________ _________
Remuneration of the highest paid directors in respect of qualifying services:
2024 2023
£ £
Aggregate remuneration 205,287 185,636
Company contributions to pension plans in respect of qualifying services 1,321 1,321
_________ _________
206,608 186,957
_________ _________
10. Other interest receivable and similar income
2024 2023
£ £
Bank deposits 10,444 3,511
Other interest receivable and similar income - 82
_________ _________
10,444 3,593
_________ _________
11. Interest payable and similar expenses
2024 2023
£ £
Other loans made to the company:
Finance leases and hire purchase contracts 794 3,584
Other interest payable and similar expenses 8,953 2,727
_________ _________
9,747 6,311
_________ _________
12. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 369,715 351,472
_________ _________
Deferred tax:
Origination and reversal of timing differences - ( 6,300)
_________ _________
Tax on profit 369,715 345,172
_________ _________
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25.00 % (2023: 19.00%).
2024 2023
£ £
Profit before taxation 1,417,627 1,762,174
_________ _________
Profit multiplied by rate of tax 354,407 334,813
Effect of expenses not deductible for tax purposes 2,047 14,271
Effect of capital allowances and depreciation 13,261 ( 3,912)
_________ _________
Tax on profit 369,715 345,172
_________ _________
13. Earnings per share
Basic earnings/(loss) per share
2024 2023
Basic earnings/(loss) per share from continuing operations (pence per share) 4,191.65 5,668.01
_________ _________
The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:
2024 2023
£ £
Profit for the year attributable to the owners of the company 1,047,912 1,417,002
_________ _________
2024 2023
No No
Weighted average number of ordinary shares in issue 250 250
_________ _________
Diluted earnings/(loss) per share
2024 2023
Diluted earnings/(loss) per share from continuing operations (pence per share) 4,191.65 5,668.01
_________ _________
The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:
2024 2023
£ £
Earnings/(loss) used in calculation of basic earnings/(loss) per share 1,047,912 1,417,002
_________ _________
2024 2023
No No
Weighted average number of ordinary shares in issue (basic) 250 250
_________ _________
14. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 904,000 331,250
_________ _________
15. Tangible assets
Freehold and leasehold properties Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1 April 2023 923,736 241 32,282 466,657 18,224 1,441,140
Additions 436,199 - - 98,953 2,874 538,026
Disposals - - - ( 16,750) - ( 16,750)
_________ _________ _________ _________ _________ _________
At 31 March 2024 1,359,935 241 32,282 548,860 21,098 1,962,416
_________ _________ _________ _________ _________ _________
Depreciation
At 1 April 2023 33,637 241 25,162 290,764 17,069 366,874
Charge for the year 20,966 - 1,779 68,106 1,006 91,857
Disposals - - - ( 14,328) - ( 14,328)
_________ _________ _________ _________ _________ _________
At 31 March 2024 54,603 241 26,941 344,542 18,075 444,403
_________ _________ _________ _________ _________ _________
Carrying amount
At 31 March 2024 1,305,332 - 5,341 204,318 3,023 1,518,013
_________ _________ _________ _________ _________ _________
At 31 March 2023 890,099 - 7,120 175,893 1,155 1,074,266
_________ _________ _________ _________ _________ _________
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2024 -
_________
At 31 March 2023 38,475
_________
16. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024 371,356
_________
Impairment
At 1 April 2023 and 31 March 2024 -
_________
Carrying amount
At 31 March 2024 371,356
_________
At 31 March 2023 371,356
_________
The investment property has been valued by the directors at its fair value at the year end which was the same as cost.
17. Debtors
2024 2023
£ £
Trade debtors 1,550,294 1,245,148
Prepayments and accrued income 1,664,657 940,160
Other debtors 18,298 3,913
_________ _________
3,233,249 2,189,221
_________ _________
18. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,514,776 682,401
Accruals and deferred income 796,845 570,299
Corporation tax 123,655 351,390
Social security and other taxes 455,634 446,129
Obligations under finance leases - 5,403
Director loan accounts 42,076 32,853
Other creditors 11,665 13,136
_________ _________
2,944,651 2,101,611
_________ _________
19. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2024 2023
£ £
Not later than 1 year - 6,197
_________ _________
Present value of minimum lease payments - 6,197
_________ _________
20. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 62,739 (2023: £ 70,380 ).
21. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 250 250 250 250
_________ _________ _________ _________
22. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
23. Analysis of changes in net debt
At 1 April 2023 Cash flows At 31 March 2024
£ £ £
Cash and cash equivalents 3,309,443 (500,824) 2,808,619
Debt due within one year (38,256) (3,820) (42,076)
_________ _________ _________
3,271,187 ( 504,644) 2,766,543
_________ _________ _________
24. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 43,848 58,374
Later than 1 year and not later than 5 years 15,992 59,664
_________ _________
59,840 118,038
_________ _________
25. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
L Hutchings ( 1,488) ( 11,533) - ( 13,021)
P A Hutchings ( 29,877) - 13,843 ( 16,034)
C Hutchings ( 1,488) ( 11,533) - ( 13,021)
_________ _________ _________ _________
( 32,853) ( 23,066) 13,843 ( 42,076)
_________ _________ _________ _________
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
L Hutchings ( 1,516) - 28 ( 1,488)
P A Hutchings ( 47,663) - 17,786 ( 29,877)
C Hutchings ( 1,516) - 28 ( 1,488)
_________ _________ _________ _________
( 50,695) - 17,842 ( 32,853)
_________ _________ _________ _________