REGISTERED NUMBER: 08962843 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
for |
RAZORBLUE GROUP LTD |
REGISTERED NUMBER: 08962843 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
for |
RAZORBLUE GROUP LTD |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
RAZORBLUE GROUP LTD |
Company Information |
for the Year Ended 31 May 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
1 Strawberry Lane |
Newcastle Upon Tyne |
NE1 4BX |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Group Strategic Report |
for the Year Ended 31 May 2024 |
The directors present their strategic report of the company and the group for the year ended 31 May 2024. |
The principal activity of the group in the year under review is the provision of IT Managed Services, Cloud, Connectivity, Business Applications and Cyber Security solutions. |
Review of business |
Despite a challenging economic environment, the group has recorded underlying revenue growth of 19% to £18 million in the year ended 31 May 2024. |
Annualised Recurring Revenue (ARR) remained robust at 71% achieved through continued new client wins, strong client retention aided by the group's client centric approach. |
Gross profit margin has increased to £5 million in the year ended 31 May 2024, from £4 million in the year ended 31 May 2023. |
The group is pleased to report that adjusted EBITDA grew 42% to £1 million. This follows a period of continued inflationary cost headwinds and investment in numerous strategic initiatives including proprietary platforms, strategic infrastructure, cyber security, and security operations centre (SOC) whilst also making several key strategic appointments across the commercial, compliance, legal and people departments to facilitate further future growth. |
A summary of the group's financial performance and position for the current and previous financial year is as follows: |
Financial performance | 2024 | 2023 |
Turnover (£'000) | 17,705 | 14,964 |
Gross profit (£'000) | 5,007 | 4,034 |
EBITDA | 1,001 | 705* |
*2023 result adjusted for exceptional items |
Financial position | 2024 | 2023 |
Cash at bank (£'000) | 1,804 | 1,431 |
Net assets (£'000) | 1,577 | 1,281 |
Principal risks and uncertainties |
The group has an established and structured approach to risk management, overseen by the board. The following risks could have a material impact on the company's performance: |
UK Economic Climate - demand for the group's services will fluctuate depending on market stability. The group's exposure to risk is mitigated by the critical nature of the services it provides, and the recurring nature of its contracts. |
Skill Shortage - the group's financial performance has already been affected by the increasing cost of skills due to the global shortage, whilst the group has put in place measures to train its own skilled professionals, the risk is likely to continue to exist for several years to come. |
Credit Risk - the group manages its credit risk carefully using credit reference agencies and diversification of clients and industry sectors; however, this is likely to remain a risk during a period of economic uncertainty. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
On behalf of the board: |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Report of the Directors |
for the Year Ended 31 May 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024. |
Principal activity |
The principal activity of the group in the year under review is the provision of IT Managed Services, Cloud, Connectivity, Business Applications and Cyber Security solutions. |
Dividends |
The total distribution of dividends for the year ended 31 May 2024 will be £300,000. |
Directors |
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
Statement of directors' responsibilities |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Report of the Directors |
for the Year Ended 31 May 2024 |
Auditors |
The auditors, Armstrong Watson Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Razorblue Group Ltd |
Opinion |
We have audited the financial statements of Razorblue Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated Statement of Cash Flows, the Consolidated and Company Statement of Changes of Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Razorblue Group Ltd |
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and 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 and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Razorblue Group Ltd |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, |
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other |
management and review of appropriate industry knowledge; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of |
management; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to |
instance of non-compliance throughout the audit. |
We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by; |
- making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of |
actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we; |
- performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- tested the designed and implementation of key controls over deferred income on a sample basis; |
- reviewed the application of accounting policies with focus on those with heightened estimation uncertainty; |
- review goodwill and valuation of investments. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures to which included, but were not limited to; |
- agreeing financial statement disclosures to underlying supporting documentation, and; |
- enquiring of management as to actual and potential litigation claims. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Razorblue Group Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
1 Strawberry Lane |
Newcastle Upon Tyne |
NE1 4BX |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 31 May 2024 |
31/5/24 | 31/5/23 |
Notes | £ | £ |
Turnover | 17,704,999 | 14,963,978 |
Cost of sales | 12,697,677 | 10,929,592 |
Gross profit | 5,007,322 | 4,034,386 |
Administrative expenses | 4,599,304 | 3,748,385 |
408,018 | 286,001 |
Other operating income | 15,735 | 4,699 |
Gain/loss on revaluation of intangible assets | (22,093 | ) | (33,943 | ) |
Operating profit | 4 | 401,660 | 256,757 |
Interest receivable and similar income | 7,175 | 10,529 |
408,835 | 267,286 |
Interest payable and similar expenses | 5 | 132,667 | 117,011 |
Profit before taxation | 276,168 | 150,275 |
Tax on profit | 6 | (127,526 | ) | (5,642 | ) |
Profit for the financial year |
Other comprehensive income |
Revaluation of intangible assets | 16,570 | 25,457 |
Transfer to revaluation reserve | (16,570 | ) | (25,457 | ) |
Income tax relating to components of other comprehensive income |
- |
- |
Other comprehensive income for the year, net of income tax |
- |
- |
Total comprehensive income for the year | 403,694 | 155,917 |
Profit attributable to: |
Owners of the parent | 403,694 | 155,917 |
Total comprehensive income attributable to: |
Owners of the parent | 403,728 | 155,917 |
Non-controlling interests | (34 | ) | - |
403,694 | 155,917 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Consolidated Balance Sheet |
31 May 2024 |
31/5/24 | 31/5/23 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 9 | 1,090,097 | 1,075,774 |
Tangible assets | 10 | 1,554,030 | 1,263,195 |
Investments | 11 | - | - |
2,644,127 | 2,338,969 |
Current assets |
Stocks | 12 | 32,705 | 50,481 |
Debtors | 13 | 2,647,249 | 2,484,911 |
Cash at bank and in hand | 1,803,864 | 1,430,557 |
4,483,818 | 3,965,949 |
Creditors |
Amounts falling due within one year | 14 | 4,496,906 | 3,565,040 |
Net current (liabilities)/assets | (13,088 | ) | 400,909 |
Total assets less current liabilities | 2,631,039 | 2,739,878 |
Creditors |
Amounts falling due after more than one year |
15 |
(925,729 |
) |
(1,187,857 |
) |
Provisions for liabilities | 19 | (128,231 | ) | (271,398 | ) |
Net assets | 1,577,079 | 1,280,623 |
Capital and reserves |
Called up share capital | 20 | 1,170 | 1,110 |
Share premium | 21 | 223,976 | 31,240 |
Revaluation reserve | 21 | 68,271 | 84,841 |
Retained earnings | 21 | 1,283,662 | 1,163,398 |
Shareholders' funds | 1,577,079 | 1,280,589 |
Non-controlling interests | - | 34 |
Total equity | 1,577,079 | 1,280,623 |
The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2025 and were signed on its behalf by: |
D J Kitchen - Director |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Company Balance Sheet |
31 May 2024 |
31/5/24 | 31/5/23 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Current assets |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 14 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
15 |
Net assets |
Capital and reserves |
Called up share capital | 20 |
Share premium | 21 |
Retained earnings | 21 |
Shareholders' funds |
Company's profit for the financial year | 103,954 | 298,845 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Company Balance Sheet - continued |
31 May 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 May 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 June 2022 | 1,110 | 1,121,380 | 31,240 |
Changes in equity |
Dividends | - | (139,356 | ) | - |
Total comprehensive income | - | 181,374 | - |
Balance at 31 May 2023 | 1,110 | 1,163,398 | 31,240 |
Changes in equity |
Issue of share capital | 60 | - | 192,736 |
Dividends | - | (300,000 | ) | - |
Total comprehensive income | - | 420,264 | - |
Balance at 31 May 2024 | 1,170 | 1,283,662 | 223,976 |
Revaluation | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 June 2022 | 110,298 | 1,264,028 | 34 | 1,264,062 |
Changes in equity |
Dividends | - | (139,356 | ) | - | (139,356 | ) |
Total comprehensive income | (25,457 | ) | 155,917 | - | 155,917 |
Balance at 31 May 2023 | 84,841 | 1,280,589 | 34 | 1,280,623 |
Changes in equity |
Issue of share capital | - | 192,796 | - | 192,796 |
Dividends | - | (300,000 | ) | - | (300,000 | ) |
Total comprehensive income | (16,570 | ) | 403,694 | (34 | ) | 403,660 |
Balance at 31 May 2024 | 68,271 | 1,577,079 | - | 1,577,079 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Company Statement of Changes in Equity |
for the Year Ended 31 May 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 June 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 May 2023 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 May 2024 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Consolidated Cash Flow Statement |
for the Year Ended 31 May 2024 |
31/5/24 | 31/5/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,681,951 | 820,565 |
Interest paid | (121,303 | ) | (117,011 | ) |
Interest element of hire purchase and finance lease rental payments paid |
(11,364 |
) |
- |
Tax paid | - | 56,311 |
Net cash from operating activities | 1,549,284 | 759,865 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (15,384 | ) | (27,638 | ) |
Purchase of tangible fixed assets | (635,058 | ) | (518,536 | ) |
Sale of tangible fixed assets | 9,695 | 41,816 |
Interest received | 7,175 | 10,529 |
Net cash from investing activities | (633,572 | ) | (493,829 | ) |
Cash flows from financing activities |
Loan repayments in year | (246,600 | ) | (246,600 | ) |
Capital repayments in year | (29,700 | ) | (42,085 | ) |
Amount withdrawn by directors | (121 | ) | 121 |
Share issue | 34,016 | - |
Equity dividends paid | (300,000 | ) | (139,356 | ) |
Net cash from financing activities | (542,405 | ) | (427,920 | ) |
Increase/(decrease) in cash and cash equivalents | 373,307 | (161,884 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,430,557 |
1,592,441 |
Cash and cash equivalents at end of year | 2 | 1,803,864 | 1,430,557 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 May 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31/5/24 | 31/5/23 |
£ | £ |
Profit before taxation | 276,168 | 150,275 |
Depreciation charges | 500,216 | 430,547 |
Loss on disposal of fixed assets | 1,599 | 17,944 |
Loss on revaluation of fixed assets | 22,093 | - |
Finance costs | 132,667 | 117,011 |
Finance income | (7,175 | ) | (10,529 | ) |
925,568 | 705,248 |
Decrease/(increase) in stocks | 17,776 | (36,261 | ) |
Increase in trade and other debtors | (177,980 | ) | (363,731 | ) |
Increase in trade and other creditors | 916,587 | 515,309 |
Cash generated from operations | 1,681,951 | 820,565 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 May 2024 |
31/5/24 | 1/6/23 |
£ | £ |
Cash and cash equivalents | 1,803,864 | 1,430,557 |
Year ended 31 May 2023 |
31/5/23 | 1/6/22 |
£ | £ |
Cash and cash equivalents | 1,430,557 | 1,592,441 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 May 2024 |
3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
Other |
non-cash |
At 1/6/23 | Cash flow | changes | At 31/5/24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,430,557 | 373,307 | 1,803,864 |
1,430,557 | 373,307 | 1,803,864 |
Debt |
Hire purchase and |
finance leases | (63,783 | ) | 29,700 | (29,572 | ) | (63,655 | ) |
Debts falling due |
within 1 year | (246,600 | ) | - | - | (246,600 | ) |
Debts falling due |
after 1 year | (1,151,300 | ) | 246,600 | - | (904,700 | ) |
(1,461,683 | ) | 276,300 | (29,572 | ) | (1,214,955 | ) |
Total | (31,126 | ) | 649,607 | (29,572 | ) | 588,909 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Razorblue Group Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the going concern basis of accounting. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent form 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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
Rendering of services |
When the outcome of a transaction can be estimated reliably, turnover from rending of services is recognised by reference to the period for which the services relate at the balance sheet date. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, 2021 and 2024, is being amortised evenly over its estimated useful life of 10 years. |
Goodwill is recognised on the cost basis less amortisation. Cost is determined as the difference between the total consideration in the purchase of the businesses less the assets acquired. |
Intangible assets |
Amortisation is provided at the following annual rate in order to write off the asset over its estimated useful life. |
Patents and licences - 25% on reducing balance |
IP addresses are held on a valuation basis and impairment reviews are undertaken annually. |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is determined using the first in first out method. |
Financial instruments |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measure at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities, including loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year of less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development in repect of development and improvement of company assets is capitalised in line with the company's fixed asset policy. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Merger accounting |
Merger accounting was used in the consolidation of the financial statements. Merger accounting principles for these combinations did not give rise to a merger reserve in the consolidated statement of financial position, as the nominal value of new shares issued by the Parent Company for the acquisition of the shares of the subsidiary was equal to the subsidiaries' own share capital. |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
3. | EMPLOYEES AND DIRECTORS |
31/5/24 | 31/5/23 |
£ | £ |
Wages and salaries | 5,739,433 | 4,814,811 |
Social security costs | 571,403 | 486,926 |
Other pension costs | 158,707 | 115,698 |
6,469,543 | 5,417,435 |
The average number of employees during the year was as follows: |
31/5/24 | 31/5/23 |
Employees |
31/5/24 | 31/5/23 |
£ | £ |
Directors' remuneration | 139,972 | 106,105 |
Directors' pension contributions to money purchase schemes | 19,482 | 17,397 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 4 | 4 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31/5/24 | 31/5/23 |
£ | £ |
Lease of equipment | 18,263 | 2,819 |
Depreciation - owned assets | 362,501 | 293,365 |
Loss on disposal of fixed assets | 1,599 | 17,944 |
Goodwill amortisation | 124,292 | 122,969 |
Patents and licences amortisation | 13,422 | 14,213 |
Foreign exchange differences | (416 | ) | - |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/5/24 | 31/5/23 |
£ | £ |
Loan | 121,212 | 117,011 |
Interest payable | 91 | - |
Hire purchase | 11,364 | - |
132,667 | 117,011 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
6. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
31/5/24 | 31/5/23 |
£ | £ |
Current tax: |
UK corporation tax | 56,311 | (56,311 | ) |
Underprovision of tax | (40,670 | ) | - |
Total current tax | 15,641 | (56,311 | ) |
Deferred tax | (143,167 | ) | 50,669 |
Tax on profit | (127,526 | ) | (5,642 | ) |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31/5/24 | 31/5/23 |
£ | £ |
Profit before tax | 276,168 | 150,275 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
69,042 |
28,552 |
Effects of: |
Expenses not deductible for tax purposes | 6,970 | 7,839 |
Capital allowances in excess of depreciation | (43,597 | ) | (39,280 | ) |
Utilisation of tax losses | (35,269 | ) | (20,340 | ) |
Adjustments to tax charge in respect of previous periods | 56,311 | - |
Unused tax losses | 2,854 | 23,229 |
Accelerated capital allowances | 168,829 | 59,155 |
Deferred tax in respect of revaluation of intangibles | (5,523 | ) | (8,486 | ) |
Deferred tax in respect of tax losses carried forward | (306,473 | ) | - |
Refund due in respect of research and development credit | (40,670 | ) | (56,311 | ) |
Total tax credit | (127,526 | ) | (5,642 | ) |
Tax effects relating to effects of other comprehensive income |
31/5/24 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of intangible assets | 16,570 | - | 16,570 |
Transfer to revaluation reserve | (16,570 | ) | - | (16,570 | ) |
- | - | - |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
6. | TAXATION - continued |
31/5/23 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of intangible assets | 25,457 | - | 25,457 |
Transfer to revaluation reserve | (25,457 | ) | - | (25,457 | ) |
- | - | - |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
31/5/24 | 31/5/23 |
£ | £ |
Ordinary shares of £0.0001 each |
Paid during the year | 40,000 | 39,924 |
Ordinary A share of £1 |
Paid during the year | 260,000 | 99,432 |
300,000 | 139,356 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2023 | 1,229,689 | 210,217 | 1,439,906 |
Additions | 158,746 | 15,384 | 174,130 |
Revaluations | - | (22,093 | ) | (22,093 | ) |
At 31 May 2024 | 1,388,435 | 203,508 | 1,591,943 |
AMORTISATION |
At 1 June 2023 | 336,298 | 27,834 | 364,132 |
Amortisation for year | 124,292 | 13,422 | 137,714 |
At 31 May 2024 | 460,590 | 41,256 | 501,846 |
NET BOOK VALUE |
At 31 May 2024 | 927,845 | 162,252 | 1,090,097 |
At 31 May 2023 | 893,391 | 182,383 | 1,075,774 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
9. | INTANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 31 May 2024 is represented by: |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
Valuation in 2018 | - | 19,509 | 19,509 |
Valuation in 2019 | - | 21,440 | 21,440 |
Valuation in 2020 | - | 10,905 | 10,905 |
Valuation in 2021 | - | 45,673 | 45,673 |
Valuation in 2022 | - | 47,967 | 47,967 |
Valuation in 2023 | - | (33,943 | ) | (33,943 | ) |
Valuation in 2024 | - | (22,093 | ) | (22,093 | ) |
Cost | 1,388,435 | 114,050 | 1,502,485 |
1,388,435 | 203,508 | 1,591,943 |
Company |
Patents |
and |
licences |
£ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
Amortisation for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 June 2023 | 185,849 | 1,834 | 285,226 |
Additions | - | - | 44,298 |
Disposals | - | - | - |
At 31 May 2024 | 185,849 | 1,834 | 329,524 |
DEPRECIATION |
At 1 June 2023 | 105,590 | 3,811 | 94,385 |
Charge for year | 37,170 | 124 | 57,544 |
Eliminated on disposal | - | - | - |
At 31 May 2024 | 142,760 | 3,935 | 151,929 |
NET BOOK VALUE |
At 31 May 2024 | 43,089 | (2,101 | ) | 177,595 |
At 31 May 2023 | 80,259 | (1,977 | ) | 190,841 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2023 | 20,125 | 1,764,098 | 2,257,132 |
Additions | - | 620,332 | 664,630 |
Disposals | (20,125 | ) | - | (20,125 | ) |
At 31 May 2024 | - | 2,384,430 | 2,901,637 |
DEPRECIATION |
At 1 June 2023 | 5,887 | 784,264 | 993,937 |
Charge for year | 2,944 | 264,719 | 362,501 |
Eliminated on disposal | (8,831 | ) | - | (8,831 | ) |
At 31 May 2024 | - | 1,048,983 | 1,347,607 |
NET BOOK VALUE |
At 31 May 2024 | - | 1,335,447 | 1,554,030 |
At 31 May 2023 | 14,238 | 979,834 | 1,263,195 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Short | and | Motor | Computer |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Admiralty House, Fudan Way, Thornaby, Stockton-on-Tees, England, TS17 6EN |
Nature of business: |
% |
Class of shares: | holding |
31/5/24 | 31/5/23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Admiralty House, Fudan Way, Thornaby, Stockton-on-Tees, England, TS17 6EN |
Nature of business: |
% |
Class of shares: | holding |
31/5/24 | 31/5/23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
In the year the company increased it holding in the subsidiary from 66% to 100%. |
In the year the subsidiary has taken the exemption from audit under S479 relating to a parent guarantee. |
Registered office: Admiralty House, Fudan Way, Thornaby, Stockton-on-Tees, England, TS17 6EN |
Nature of business: |
% |
Class of shares: | holding |
31/5/24 | 31/5/23 |
£ | £ |
Aggregate capital and reserves |
In the year the subsidiary has taken the exemption from audit under S479 relating to a parent guarantee. |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: Kingspark House, Laurelhill Business Park, Stirling, Scotland, FK7 9NS |
Nature of business: |
% |
Class of shares: | holding |
31/5/24 | 31/5/23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
In the year the subsidiary has taken the exemption from audit under S479 relating to a parent guarantee. |
12. | STOCKS |
Group | Company |
31/5/24 | 31/5/23 | 31/5/24 | 31/5/23 |
£ | £ | £ | £ |
Stocks | 32,705 | 50,481 |
Stock at the year-end relates to consumables used in the course of the business. |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31/5/24 | 31/5/23 | 31/5/24 | 31/5/23 |
£ | £ | £ | £ |
Trade debtors | 1,771,323 | 1,614,487 |
Amounts owed by group undertakings | - | - |
Amounts owed by associates | 136,022 | 173,180 |
Other debtors | 202,883 | 339,520 |
Tax | 44,325 | - |
VAT | - | - |
Deferred tax asset | - | - | 80,463 | - |
Prepayments | 492,696 | 357,724 |
2,647,249 | 2,484,911 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31/5/24 | 31/5/23 | 31/5/24 | 31/5/23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 246,600 | 246,600 |
Hire purchase contracts and finance leases (see note 17) | 42,626 |
27,226 |
Trade creditors | 1,623,227 | 1,040,737 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 146,683 | 127,929 |
VAT | 327,602 | 304,514 | 26,064 | - |
Other creditors | 62,524 | 59,705 |
Directors' current accounts | - | 121 | - | - |
Accrued expenses | 2,047,644 | 1,758,208 |
4,496,906 | 3,565,040 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31/5/24 | 31/5/23 | 31/5/24 | 31/5/23 |
£ | £ | £ | £ |
Bank loans (see note 16) | 904,700 | 1,151,300 |
Hire purchase contracts and finance leases (see note 17) | 21,029 |
36,557 |
925,729 | 1,187,857 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31/5/24 | 31/5/23 | 31/5/24 | 31/5/23 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 246,600 | 246,600 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 246,600 | 246,600 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 41,100 | 287,700 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 617,000 | 617,000 | 617,000 | 617,000 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts | Finance leases |
31/5/24 | 31/5/23 | 31/5/24 | 31/5/23 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year | 8,544 | - | 34,082 | 27,226 |
Between one and five years | 21,029 | - | - | 36,557 |
29,573 | - | 34,082 | 63,783 |
Company |
Hire purchase contracts | Finance leases |
31/5/24 | 31/5/23 | 31/5/24 | 31/5/23 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
31/5/24 | 31/5/23 |
£ | £ |
Bank loans | 1,151,300 | 1,397,900 |
Hire purchase contracts and finance leases | 63,655 | 63,783 |
1,214,955 | 1,461,683 |
Bank facilities are secured by a floating and a fixed charge which covers all property or undertakings of the group. |
The hire purchase contracts are secured on the assets to which they relate. |
19. | PROVISIONS FOR LIABILITIES |
Group |
31/5/24 | 31/5/23 |
£ | £ |
Deferred tax | 128,231 | 271,398 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
19. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 June 2023 | 271,398 |
Accelerated capital allowances | 168,829 |
Revaluation of intangibles | (5,523 | ) |
Unutilised tax losses | (306,473 | ) |
Balance at 31 May 2024 | 128,231 |
Company |
Deferred |
tax |
£ |
Accelerated capital allowances | 80,601 |
Unutilised tax losses | (161,064 | ) |
Balance at 31 May 2024 | ( |
) |
The expected reversal of deferred tax liabilities in 2025 for the group is £74,585. This relates to the reversal of existing timing differences on tangible fixed assets. |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/5/24 | 31/5/23 |
value: | £ | £ |
Ordinary | £0.0001 | 1,169 | 1,109 |
Ordinary A | £1 | 1 | 1 |
1,170 | 1,110 |
21. | RESERVES |
Group |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 June 2023 | 1,163,398 | 31,240 | 84,841 | 1,279,479 |
Profit for the year | 403,694 | 403,694 |
Dividends | (300,000 | ) | (300,000 | ) |
Cash share issue | - | 192,736 | - | 192,736 |
Transfer | 16,570 | - | (16,570 | ) | - |
At 31 May 2024 | 1,283,662 | 223,976 | 68,271 | 1,575,909 |
RAZORBLUE GROUP LTD (REGISTERED NUMBER: 08962843) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
21. | RESERVES - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 June 2023 | 741,715 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Cash share issue | - | 192,736 | 192,736 |
At 31 May 2024 | 738,405 |
22. | RELATED PARTY DISCLOSURES |
Entities over which the entity has control, joint control or significant influence |
31/5/24 | 31/5/23 |
£ | £ |
Movement on associated balances | 70,842 | (104,583 | ) |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is D J Kitchen. |
24. | PENSION COMMITMENT |
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £94,457 (2023 - £77,597) . The total charge for the group as a whole was £316,806 (2023 - £249,691). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the reporting date and are included in creditors. |