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Registered number: 15363706










A SQUARE COMPANY HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2024

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
J. C. Hughes (appointed 20 December 2023)
A. P. Dockerty (appointed 9 February 2024)
D. A. Jones (appointed 9 February 2024)
D. A. Kay (appointed 9 February 2024)
P. J. Stoker (appointed 9 February 2024)
T. I. Edwards (appointed 27 November 2024)




Registered number
15363706



Registered office
Adlib House
Kitling Road

Knowsley Business Park

Liverpool

L34 9JS




Independent auditors
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditors

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
A SQUARE COMPANY HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14 - 15
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 37


 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2024

Introduction
 
The directors present their report for the period ended 30 April 2024. 

Business review
 
In February 2024 the Board of Directors achieved a significant milestone with the completion of a Management Buyout (MBO).  The company’s management team remains unchanged, and trading has been very much business as usual.
The Consolidated Accounts in A Square Company Holdings Limited only reflect the 3 months of trading to April 2024 due to the MBO only taking place in February 2024 and as a result do not provide a full view on Group financial and trading performance.  Commentary prepared for the business review will be based on the full 12 months of trading, with results taken from Adlib Audio Limited (Direct subsidiary undertaking), and Triplex Productions Limited (Indirect subsidiary undertaking). 
There has been continued growth in Group Turnover for the financial year, with an increase of 17.9% to £29.2m.   The Business has made significant asset purchases totalling £7.6m to meet client demand and help facilitate growth. This investment will secure future revenue and continue the positive outlook for FY2025 where Management anticipate growth across all disciplines. 
Following the MBO, the Management team can focus more attention on strategic growth plans developing our core services and increasing our presence in key markets.  
EBITDA increased by £0.4m to £6.1m (FY2023: £5.7m).  The EBITDA margin achieved was 21% which was slightly down on the 23% achieved in FY2023 but demonstrates consistency in operations and cash generation.  Given inflationary pressures, increased wages and rising overheads, the Business has shown resilience to deliver strong results which secured Profit before tax of £1.5m.  
The Business has made significant developments in IT, HR, resource and asset management solutions with a focus on driving efficiencies and optimising resources.  
Following the MBO the business plans to consolidate its position as the UK’s leading independent event technology partner by strengthening underlying financial performance, continue to reinvest profits to fund growth whilst carefully monitoring operating profit, net cash and net debt levels.  

Principal risks and uncertainties
 
The business produces weekly short-term cashflows and regularly monitors Orderbook and Pipeline data to ensure Trading Performance is inline with expectations.  Financial outturn is reviewed in Management Accounts and Detailed Projections, along with working capital requirements and cash position.  
All new customers and suppliers are onboarded following a credit check and further due diligence.  Credit agency data is cross matched across our ledgers to help monitor credit risk and changes in credit scores.  This along with our credit policies has successfully kept Bad Debt to a minimum (0.1% of turnover).  
The business secured £4m of CBILS loans in 2020/21. At the end of April 2024, the balance remaining is £1.26m, demonstrating our cash generative activities to drive down COVID-19 government backed debt.  
The business has experienced interest rate increases on variable rate loans.  However the majority of new Asset Finance and existing bank loans are on a fixed rate which has reduced our exposure to interest rate increases. 

Page 1

 
A SQUARE COMPANY HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024

Financial key performance indicators
 
We consider that our key financial performance indicators are those that show the overall performance and strength of the group; The most appropriate measures being turnover, gross margin and cash flow.


This report was approved by the board on 16 December 2024 and signed on its behalf.



J. C. Hughes
Director

Page 2

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 APRIL 2024

The directors present their report and the financial statements for the period ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments and accounting 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 statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The group's principal activites during the period were that of Sales, Hire, Manufacture, and Installation of Sound, PA, AV Lighting, Rigging and Flight Case and Speaker manufacture.  Provision of Crew to the Event and Entertainment Industry.  Provision of Technical Training Services.  Property Owners.  Installation of stage engineering and installation of electrical works.  Video Content Production.

Results and dividends

The loss for the period, after taxation, amounted to £315,592.

The directors do not recommend any dividends for the period.

Directors

The directors who served during the period were:

J. C. Hughes (appointed 20 December 2023)
A. P. Dockerty (appointed 9 February 2024)
D. A. Jones (appointed 9 February 2024)
D. A. Kay (appointed 9 February 2024)
P. J. Stoker (appointed 9 February 2024)

Page 3

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024

Future developments

The directors plan to continue to develop the existing activities of the group.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 16 December 2024 and signed on its behalf.
 





J. C. Hughes
Director

Page 4

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A SQUARE COMPANY HOLDINGS LIMITED
 

Opinion

We have audited the financial statements of A Square Company Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 April 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 30 April 2024 and of the Group's loss for the period 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 United Kingdom, including the Financial Reporting Council'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 or 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.

Other information

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

We have nothing to report in this regard.

Page 5

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A SQUARE COMPANY HOLDINGS LIMITED (CONTINUED)


Opinion 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 Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 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 Directors' report.

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

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 Directors' responsibilities statement set out on page 3, 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 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.

Page 6

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A SQUARE COMPANY HOLDINGS LIMITED (CONTINUED)


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 an Auditors' 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 Group 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:

The objectives of our audit, in respect to fraud, are:
• to identify and assess the risks of material misstatement of the financial statements due to fraud;
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and
• to respond appropriately to fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR).
• We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
• Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved:
enquiries of management; and
journal entry testing, with a focus on manual consolidation journals and journals indicating large or unusual transactions based on our understanding of the business.
• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.
 
Page 7

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A SQUARE COMPANY HOLDINGS LIMITED (CONTINUED)



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 Auditors' report.

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 2006Our 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.




Andrew McCall (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditors
  
The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

16 December 2024
Page 8

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2024

3 months ended
30 April
2024
Note
£

  

Turnover
 4 
6,649,057

Cost of sales
  
(3,643,315)

Gross profit
  
3,005,742

Administrative expenses
  
(3,020,592)

Operating (loss)/profit
 5 
(14,850)

Interest receivable and similar income
 9 
71

Interest payable and similar expenses
 10 
(241,791)

(Loss)/profit before taxation
  
(256,570)

Tax on (loss)/profit
 11 
(59,022)

(Loss)/profit for the financial period
  
(315,592)

  

Total comprehensive income for the period
  
(315,592)

(Loss) for the period attributable to:
  

Owners of the parent Company
  
(315,592)

  
(315,592)

Total comprehensive income for the period attributable to:
  

Owners of the parent Company
  
(315,592)

  
(315,592)

The notes on pages 17 to 37 form part of these financial statements.

Page 9

 
A SQUARE COMPANY HOLDINGS LIMITED
REGISTERED NUMBER: 15363706

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
Note
£

Fixed assets
  

Intangible assets
 12 
1,363,540

Tangible assets
 13 
23,270,556

  
24,634,096

Current assets
  

Stocks
 15 
1,957,508

Debtors: amounts falling due within one year
 16 
3,305,044

Cash at bank and in hand
 17 
702,982

  
5,965,534

Creditors: amounts falling due within one year
 18 
(11,387,556)

Net current (liabilities)/assets
  
 
 
(5,422,022)

Total assets less current liabilities
  
19,212,074

Creditors: amounts falling due after more than one year
 19 
(13,260,743)

Provisions for liabilities
  

Deferred taxation
 23 
(1,981,994)

Other provisions
 24 
(35,453)

  
 
 
(2,017,447)

Net assets
  
3,933,884


Capital and reserves
  

Called up share capital 
 25 
4,249,476

Profit and loss account
 26 
(315,592)

Equity attributable to owners of the parent Company
  
3,933,884


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2024.




J. C. Hughes
Director

The notes on pages 17 to 37 form part of these financial statements.

Page 10

 
A SQUARE COMPANY HOLDINGS LIMITED
REGISTERED NUMBER: 15363706

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
Note
£

Fixed assets
  

Investments
 14 
8,610,579

  
8,610,579

Current assets
  

Debtors: amounts falling due within one year
 16 
34,476

Cash at bank and in hand
 17 
1

  
34,477

Creditors: amounts falling due within one year
 18 
(896,337)

Net current (liabilities)/assets
  
 
 
(861,860)

Total assets less current liabilities
  
7,748,719

  

Creditors: amounts falling due after more than one year
 19 
(3,482,821)

  

Net assets
  
4,265,898


Capital and reserves
  

Called up share capital 
 25 
4,249,476

Profit for the period
  
16,422

Profit and loss account carried forward
  
16,422

  
4,265,898


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2024.


J. C. Hughes
Director

The notes on pages 17 to 37 form part of these financial statements.

Page 11

 
A SQUARE COMPANY HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


Comprehensive income for the period

Loss for the period
-
(315,592)
(315,592)
(315,592)
Total comprehensive income for the period
-
(315,592)
(315,592)
(315,592)


Contributions by and distributions to owners

Shares issued during the period
4,249,476
-
4,249,476
4,249,476


Total transactions with owners
4,249,476
-
4,249,476
4,249,476


At 30 April 2024
4,249,476
(315,592)
3,933,884
3,933,884

The notes on pages 17 to 37 form part of these financial statements.

Page 12

 
A SQUARE COMPANY HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Profit for the period
-
16,422
16,422
Total comprehensive income for the period
-
16,422
16,422


Contributions by and distributions to owners

Shares issued during the period
4,249,476
-
4,249,476


Total transactions with owners
4,249,476
-
4,249,476


At 30 April 2024
4,249,476
16,422
4,265,898

The notes on pages 17 to 37 form part of these financial statements.

Page 13

 
A SQUARE COMPANY HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2024

2024
£

Cash flows from operating activities

(Loss)/profit for the financial period
(315,592)

Adjustments for:

Amortisation of intangible assets
37,534

Depreciation of tangible assets
1,040,499

Loss on disposal of tangible assets
(211,184)

Interest paid
241,791

Interest received
(71)

Taxation charge
59,022

Decrease in stocks
1,871,429

Decrease in debtors
261,063

Increase in creditors
361,447

Net cash generated from operating activities

3,345,938


Cash flows from investing activities

Purchase of tangible fixed assets
(1,311,806)

Sale of tangible fixed assets
281,398

Purchase of fixed asset investments
(2,546,342)

Interest received
71

HP interest paid
(88,052)

Net cash from investing activities

(3,664,731)

Cash flows from financing activities

Issue of ordinary shares
1

New secured loans
2,100,000

Repayment of/new finance leases
(924,487)

Interest paid
(153,739)

Net cash used in financing activities
1,021,775
Page 14

 
A SQUARE COMPANY HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024


2024

£



Net increase in cash and cash equivalents
702,982

Cash and cash equivalents at the end of period
702,982


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
702,982

702,982


The notes on pages 17 to 37 form part of these financial statements.

Page 15

 
A SQUARE COMPANY HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 APRIL 2024





Cash flows
Acquisition and disposal of subsidiaries
New finance leases
At 30 April 2024
£

£

£

£

Cash at bank and in hand

(618,286)

1,321,268

-

702,982

Debt due after 1 year

(1,764,594)

(4,677,879)

-

(6,442,473)

Debt due within 1 year

(132,774)

(681,562)

-

(814,336)

Finance leases

924,487

(8,747,315)

(1,137,602)

(8,960,430)


(1,591,167)
(12,785,488)
(1,137,602)
(15,514,257)

The notes on pages 17 to 37 form part of these financial statements.

Page 16

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

1.


General information

A Square Company Holdings Limited is a private limited company incorporated in England and Wales.  Its registered office is Adlib House, Kitling Road, Knowsley Business Park, Liverpool, L34 9JS.  The company number is 15363706.
The group's principal activites during the period were that of Sales, Hire, Manufacture, and Installation of Sound, PA, AV Lighting, Rigging and Flight Case and Speaker manufacture.  Provision of Crew to the Event and Entertainment Industry.  Provision of Technical Training Services.  Property Owners.  Installation of stage engineering and installation of electrical works.  Video Content Production.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The group depends on its existing bank facilities to meet its day to day working capital requirements. Current forecasts indicate that the group expects to be able to operate within these facilities for the foreseeable future. These facilities are renewed annually and are not guaranteed for the period covered by the going concern review. The directors are not aware, however, of any circumstances that may adversely affect the renewal of these facilities.  Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.

Page 17

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 18

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 19

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.12

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.14

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 21

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
50 years straight line
Plant and machinery
-
22.5% reducing balance
Motor vehicles
-
22.5% / 25% reducing balance
Fixtures and fittings
-
22.5% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 22

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated 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 Group's cash management.

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.22

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 
Page 23

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.22
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Page 24

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, stimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The items in the financial statements where these judgements and estimates have been made include depreciation of fixed assets, the carrying value of stocks and the provision for bad and doubtful debts.


4.


Turnover

The whole of the turnover is attributable to the principal activities of the group.

Analysis of turnover by country of destination:

3 months ended
30 April
2024
£

United Kingdom
5,158,252

Rest of Europe
77,732

Rest of the world
1,413,073

6,649,057



5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

3 months ended
30 April
2024
£

Exchange differences
(16,911)

Page 25

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

6.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors:


3 months ended
30 April
2024
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
22,750


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
2024
£


Wages and salaries
2,229,261

Social security costs
202,660

Cost of defined contribution scheme
47,244

2,479,165


The average monthly number of employees, including the directors, during the period was as follows:



Group
Company
   3 months ended
       30 April
   3 months ended
       30 April
        2024
        2024
            No.
            No.







Sales
17
-



Hire and support services
152
-



Manufacturing
5
-



Administration
32
5

206
5

Page 26

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

8.


Directors' remuneration

3 months ended
30 April
2024
£

Directors' emoluments
153,376

Group contributions to defined contribution pension schemes
5,091

158,467


During the period retirement benefits were accruing to 5 directors in respect of defined contribution pension schemes.

The highest paid director received remuneration of £44,080.

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,500.


9.


Interest receivable

3 months ended
30 April
2024
£


Other interest receivable
71

71


10.


Interest payable and similar expenses

3 months ended
30 April
2024
£


Bank interest payable
63,248

Other loan interest payable
90,491

Finance leases and hire purchase contracts
88,052

241,791

Page 27

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

11.


Taxation


3 months ended
30 April
2024
£



Total current tax
-

Deferred tax


Origination and reversal of timing differences
59,022

Total deferred tax
59,022


Tax on (loss)/profit
59,022

Factors affecting tax charge for the period

The tax assessed for the period is lower than the standard rate of corporation tax in the UK of 25%. The differences are explained below:

3 months ended
30 April
2024
£


(Loss)/profit on ordinary activities before tax
(256,570)


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
(64,143)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
(8,592)

Other differences leading to an increase (decrease) in the tax charge
131,757

Total tax charge for the period
59,022


Factors that may affect future tax charges

Due to the levels of capital investment trading tax losses of £9,164,678 are carried forward and are avaiable to reduce the tax payable on  future trading profits.

Page 28

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

12.


Intangible assets

Group and Company




Goodwill

£



Cost


Additions
1,374,685


On acquisition of subsidiaries
26,389



At 30 April 2024

1,401,074



Amortisation


Charge for the period on owned assets
37,534



At 30 April 2024

37,534



Net book value



At 30 April 2024
1,363,540



Page 29

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

13.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


Additions
17,752
2,345,241
86,415
2,449,408


Acquisition of subsidiary
8,370,000
12,826,373
735,968
21,932,341


Disposals
-
(223,727)
-
(223,727)



At 30 April 2024

8,387,752
14,947,887
822,383
24,158,022



Depreciation


Charge for the period on owned assets
30,857
347,170
9,396
387,423


Charge for the period on financed assets
-
613,268
40,288
653,556


Disposals
-
(153,513)
-
(153,513)



At 30 April 2024

30,857
806,925
49,684
887,466



Net book value



At 30 April 2024
8,356,895
14,140,962
772,699
23,270,556

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
£



Plant and machinery
9,437,932

Motor vehicles
635,756

10,073,688

Page 30

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


Additions
8,610,579



At 30 April 2024
8,610,579





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Adlib Audio Limited
Adlib House, Kitling Road, Knowsley Business Park, Liverpool, L34 9JS
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Adlib Developments Limited
Adlib House, Kitling Road, Knowsley Business Park, Liverpool, L34 9JS
Ordinary
100%
Triplex Productions Limited
Adlib House, Kitling Road, Knowsley Business Park, Prescot, L34 9JS
Ordinary
100%

Subsidiary exemption from audit
The directors consider that the group is entitled to exemption from the requirement to have an audit of its subsidiary undertakings under the provisions of section 479A of the Companies Act 2006 ("the Act") and members have not required any of the subsidiaries to obtain an audit for the period in question in accordance with section 476 of the Act.
Triplex Productions Limited (08689962) has claimed exemption under section 479A.

Page 31

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

15.


Stocks

Group
2024
£

Work in progress (goods to be sold)
30,245

Finished goods and goods for resale
1,927,263

1,957,508


The difference between purchase price or production cost of stocks and their replacement cost is not material.


16.


Debtors

Group
Company
2024
2024
£
£


Trade debtors
2,536,550
-

Other debtors
7,197
-

Prepayments and accrued income
761,297
19,950

Deferred taxation
-
14,526

3,305,044
34,476



17.


Cash and cash equivalents

Group
Company
2024
2024
£
£

Cash at bank and in hand
702,982
1

702,982
1


Page 32

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

18.


Creditors: Amounts falling due within one year

Group
Company
2024
2024
£
£

Bank loans
813,776
232,959

Trade creditors
2,454,421
-

Amounts owed to group undertakings
-
577,553

Other taxation and social security
1,045,612
-

Obligations under finance lease and hire purchase contracts
3,795,566
-

Other creditors
637,485
71,297

Accruals and deferred income
2,640,696
14,528

11,387,556
896,337


Bank loans and other loans are secured by a fixed and floating charge on the assets of the group.
Obligations under finance lease and hire purchase contracts are secured on the assets concerned.

Page 33

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

19.


Creditors: Amounts falling due after more than one year

Group
Company
2024
2024
£
£

Bank loans
6,442,473
1,829,414

Net obligations under finance leases and hire purchase contracts
5,164,863
-

Other creditors
1,653,407
1,653,407

13,260,743
3,482,821


Bank loans and other loans are secured by a fixed and floating charge on the assets of the group.
Net obligations under finance lease and hire purchase contracts are secured on the assets concerned.


The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:
Group
2024
£


Repayable by instalments
2,947,040

2,947,040

The loans due after more than five years are repayable by fixed monthly instalments. Interest is chargeable at fixed rates of 3.11% or 3.48% per annum or at variable rates of 2.45% or 3.99% over Bank of England Base Rate.


20.


Loans


Analysis of the maturity of loans is given below:


Group
Company
2024
2024
£
£

Amounts falling due within one year

Bank loans
813,776
232,959

Amounts falling due 1-2 years

Bank loans
817,545
249,466

Amounts falling due 2-5 years

Bank loans
2,677,887
1,579,948

Amounts falling due after more than 5 years

Bank loans
2,947,040
-

7,256,248
2,062,373


Page 34

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
2024
£

Within one year
4,220,595

Between 1-5 years
5,387,792

Over 5 years
70,301

9,678,688


22.


Financial instruments

Group
Company
2024
2024
£
£

Financial assets

Financial assets measured at fair value through profit or loss
702,982
1




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


23.


Deferred taxation


Group



2024


£






Charged to profit or loss
(66,127)


Arising on business combinations
(1,915,867)



At end of year
(1,981,994)

Page 35

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
 
23.Deferred taxation (continued)

Company


2024


£






Charged to profit or loss
14,526



At end of year
14,526

Group
Company
2024
2024
£
£

Accelerated capital allowances
(3,709,521)
-

Tax losses carried forward
2,299,196
9,790

Capital gains
(580,115)
-

Short term timing differences
8,446
4,736

(1,981,994)
14,526


24.


Provisions


Group



Grants

£





Arising on business combinations
38,748


Utilised in period
(3,295)



At 30 April 2024
35,453

The provision relates to grants received in respect of capital expenditure and job numbers; amounts relating to capital expenditure are amortised at the same rate as the assets depreciated, amounts relating to jobs are amortised over 3 years.

Page 36

 
A SQUARE COMPANY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

25.


Share capital

2024
£
Allotted, called up and fully paid


4,249,476 Ordinary shares of £1.00 each
4,249,476


1 Ordinary share od £1 each was issued for consideration of £1.
4,249,475 Ordinary shares of £1 each were issued in exchange for 142,341 Ordinary shares and £16,196 B Ordinary shares in Adlib Audio Limited.


26.


Reserves

Profit and loss account

Profit and loss account reserve represents all current and prior period retained profits and losses less dividends paid.


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund. Contributions totalling £39,345 were payable to the fund at the reporting date and are included in creditors.


28.


Related party transactions

The company has taken advantage of the exemption under paragraph 33.1A of FRS 102 and has not disclosed transactions with other wholly owned group companies.


2024
£

 
Loan notes issued to a director and shareholder in the period
1,742,052
 
Interest payable for the period on loan notes issued to a director and shareholder
18,945
 
Loan notes and interest due to a director and shareholder
1,724,704


29.


Controlling party

The directors are the controlling party of the company.

 
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