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Registration number: 11340457

LA GROUP HOLDINGS LTD

Annual Report and Consolidated Financial Statements

for the Year Ended 31 January 2024

 

LA GROUP HOLDINGS LTD

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 6

Consolidated Profit and Loss Account

7

Income Statement

8

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14 to 15

Statement of Cash Flows

16

Notes to the Financial Statements

17 to 30

 

LA GROUP HOLDINGS LTD

Company Information

Directors

Mr L Hussain

Mrs S Hussain

Registered office

Suite 1, First Floor
Jack Dash House
2 Lawn House Close
London
E14 9YQ

Auditors

Pearlman Rose
Chartered Accountants & Statutory Auditors
Suite 1, First Floor
Jack Dash House
2 Lawn House Close
London
E14 9YQ

 

LA GROUP HOLDINGS LTD

Directors' Report for the Year Ended 31 January 2024

The directors present their report and the for the year ended 31 January 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr L Hussain

Mrs S Hussain

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Pearlman Rose as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mr L Hussain
Director

.........................................
Mrs S Hussain
Director

 

LA GROUP HOLDINGS LTD

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company 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 apply them consistently;

make judgements 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; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

LA GROUP HOLDINGS LTD

Independent Auditor's Report to the Members of LA GROUP HOLDINGS LTD

Opinion

We have audited the financial statements of LA GROUP HOLDINGS LTD (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 the parent company's affairs as at 31 January 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

LA GROUP HOLDINGS LTD

Independent Auditor's Report to the Members of LA GROUP HOLDINGS LTD

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

enquiry of management about the Group’s policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;

examining supporting documents for all material balances, transactions and disclosures;

review of the board meeting minutes;

enquiry of management and review and inspection of relevant correspondence;

evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions;

analytical procedures to identify any unusual or unexpected relationships;

 

LA GROUP HOLDINGS LTD

Independent Auditor's Report to the Members of LA GROUP HOLDINGS LTD

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s 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.

......................................
Mohammad Jilani (Senior Statutory Auditor)
For and on behalf of Pearlman Rose, Statutory Auditor

Suite 1, First Floor
Jack Dash House
2 Lawn House Close
London
E14 9YQ

29 January 2025

 

LA GROUP HOLDINGS LTD

Consolidated Profit and Loss Account for the Year Ended 31 January 2024

Note

2024
£

2023
£

Turnover

3

32,807,770

22,680,781

Cost of sales

 

(20,606,753)

(17,393,829)

Gross profit

 

12,201,017

5,286,952

Administrative expenses

 

(9,959,990)

(3,827,123)

Other operating income

4

1,118,704

1,226,324

Operating profit

6

3,359,731

2,686,153

Other interest receivable and similar income

7

17,004

6,066

Interest payable and similar expenses

8

(794,962)

(589,153)

   

(777,958)

(583,087)

Profit before tax

 

2,581,773

2,103,066

Tax on profit

12

(807,967)

(408,170)

Profit for the financial year

 

1,773,806

1,694,896

Profit/(loss) attributable to:

 

Owners of the company

 

1,591,906

1,492,532

Minority interests

 

181,900

202,364

 

1,773,806

1,694,896

The group has no recognised gains or losses for the year other than the results above.

 

LA GROUP HOLDINGS LTD

Profit and Loss Account for the Year Ended 31 January 2024

Note

2024
£

2023
£

Turnover

3

-

-

Gross profit/(loss)

 

-

-

Administrative expenses

 

(6,241)

(6,199)

Operating loss

6

(6,241)

(6,199)

Income from shares in group undertakings

 

400,000

45,000

Other interest receivable and similar income

5,834

-

   

405,834

45,000

Profit before tax

 

399,593

38,801

Profit for the financial year

 

399,593

38,801

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

LA GROUP HOLDINGS LTD

Consolidated Statement of Comprehensive Income for the Year Ended 31 January 2024

2024
£

2023
£

Profit for the year

1,773,806

1,694,896

Total comprehensive income for the year

1,773,806

1,694,896

Total comprehensive income attributable to:

Owners of the company

1,591,906

1,492,532

Minority interests

181,900

202,364

1,773,806

1,694,896

 

LA GROUP HOLDINGS LTD

(Registration number: 11340457)
Consolidated Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

13

2,277,814

2,487,407

Tangible assets

14

4,560,050

4,763,101

Investment property

15

26,864,109

25,780,649

 

33,701,973

33,031,157

Current assets

 

Stocks

17

1,679,605

1,389,091

Debtors

18

860,694

654,427

Cash at bank and in hand

 

2,041,276

2,094,157

 

4,581,575

4,137,675

Creditors: Amounts falling due within one year

20

(2,871,785)

(2,877,636)

Net current assets

 

1,709,790

1,260,039

Total assets less current liabilities

 

35,411,763

34,291,196

Creditors: Amounts falling due after more than one year

20

(14,059,027)

(14,527,843)

Provisions for liabilities

21

(165,162)

-

Net assets

 

21,187,574

19,763,353

Capital and reserves

 

Called up share capital

23

13,968,319

13,968,319

Retained earnings

7,219,255

5,795,034

Equity attributable to owners of the company

 

21,187,574

19,763,353

Shareholders' funds

 

21,187,574

19,763,353

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mr L Hussain
Director

.........................................
Mrs S Hussain
Director

 

LA GROUP HOLDINGS LTD

(Registration number: 11340457)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

16

13,966,319

13,966,319

Current assets

 

Debtors

18

57,200

-

Cash at bank and in hand

 

1,058,607

62,713

 

1,115,807

62,713

Creditors: Amounts falling due within one year

20

(758,677)

(60,176)

Net current assets

 

357,130

2,537

Net assets

 

14,323,449

13,968,856

Capital and reserves

 

Called up share capital

23

13,968,319

13,968,319

Retained earnings

355,130

537

Shareholders' funds

 

14,323,449

13,968,856

The company made a profit after tax for the financial year of £399,593 (2023 - profit of £38,801).

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mr L Hussain
Director

.........................................
Mrs S Hussain
Director

 

LA GROUP HOLDINGS LTD

Consolidated Statement of Changes in Equity for the Year Ended 31 January 2024
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 February 2023

13,968,319

5,795,034

19,763,353

-

19,763,353

Profit for the year

-

1,591,906

1,591,906

181,900

1,773,806

Dividends

-

(45,000)

(45,000)

-

(45,000)

Transfers

-

(122,685)

(122,685)

-

(122,685)

Non-controlling interest dividends

-

-

-

(181,900)

(181,900)

At 31 January 2024

13,968,319

7,219,255

21,187,574

-

21,187,574

Share capital
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 February 2022

13,306,922

1,416

13,308,338

77,149

13,385,487

Profit for the year

-

1,492,532

1,492,532

202,364

1,694,896

Dividends

-

(39,680)

(39,680)

-

(39,680)

New share capital subscribed

661,397

-

661,397

-

661,397

Transfers

-

(33,631)

(33,631)

-

(33,631)

Non-controlling interest dividends

-

-

-

(279,513)

(279,513)

Acquisition of subsidiaries, increase in equity

-

4,374,397

4,374,397

-

4,374,397

At 31 January 2023

13,968,319

5,795,034

19,763,353

-

19,763,353

 

LA GROUP HOLDINGS LTD

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Retained earnings
£

Total
£

At 1 February 2023

13,968,319

537

13,968,856

Profit for the year

-

399,593

399,593

Dividends

-

(45,000)

(45,000)

At 31 January 2024

13,968,319

355,130

14,323,449

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

13,306,922

1,416

13,308,338

Profit for the year

-

38,801

38,801

Dividends

-

(39,680)

(39,680)

New share capital subscribed

661,397

-

661,397

At 31 January 2023

13,968,319

537

13,968,856

 

LA GROUP HOLDINGS LTD

Consolidated Statement of Cash Flows for the Year Ended 31 January 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,773,806

1,694,896

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

329,991

373,349

Changes in fair value of investment property

15

(16,271)

-

Profit on disposal of tangible assets

5

-

(940)

Profit on disposal of intangible assets

5

(124,237)

-

Finance income

7

(17,004)

(6,066)

Finance costs

8

794,962

589,153

Income tax expense

12

807,967

408,170

 

3,549,214

3,058,562

Working capital adjustments

 

Increase in stocks

17

(290,514)

(1,389,091)

Increase in trade debtors

18

(207,304)

(650,894)

(Decrease)/increase in trade creditors

20

(211,541)

1,503,074

Increase in deferred income, including government grants

 

51,988

18,571

Cash generated from operations

 

2,891,843

2,540,222

Income taxes paid

12

(406,887)

(1,595)

Net cash flow from operating activities

 

2,484,956

2,538,627

Cash flows from investing activities

 

Interest received

11,246

1,555

Acquisitions of tangible assets

(113,107)

(2,220,271)

Proceeds from sale of tangible assets

 

-

15,000

Acquisition of intangible assets

13

-

(155,000)

Proceeds from sale of intangible assets

 

319,997

-

Acquisition of investment properties

15

(1,067,189)

(1,262,039)

Proceeds from sale of investment properties

 

-

19,569

Dividend income from financial assets

5,758

4,511

Net cash flows from investing activities

 

(843,295)

(3,596,675)

Cash flows from financing activities

 

Interest paid

8

(794,962)

(589,153)

Proceeds from issue of ordinary shares, net of issue costs

 

-

661,397

Proceeds from bank borrowing draw downs

 

(558,078)

2,609,323

Repayment of bank borrowing

 

(304,585)

-

Repayment of other borrowing

 

48,862

188,818

Payments to finance lease creditors

 

(40,779)

321,500

Dividends paid

(45,000)

(39,680)

Net cash flows from financing activities

 

(1,694,542)

3,152,205

 

LA GROUP HOLDINGS LTD

Consolidated Statement of Cash Flows for the Year Ended 31 January 2024

Note

2024
£

2023
£

Net (decrease)/increase in cash and cash equivalents

 

(52,881)

2,094,157

Cash and cash equivalents at 1 February

 

2,094,157

-

Cash and cash equivalents at 31 January

 

2,041,276

2,094,157

 

LA GROUP HOLDINGS LTD

Statement of Cash Flows for the Year Ended 31 January 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

399,593

38,801

Adjustments to cash flows from non-cash items

 

Finance income

(405,834)

(45,000)

 

(6,241)

(6,199)

Working capital adjustments

 

(Increase)/decrease in trade debtors

18

(57,200)

2,496

Increase in trade creditors

20

698,501

59,096

Net cash flow from operating activities

 

635,060

55,393

Cash flows from investing activities

 

Dividends received

405,834

45,000

Acquisition of subsidiaries

16

-

(661,397)

Net cash flows from investing activities

 

405,834

(616,397)

Cash flows from financing activities

 

Proceeds from issue of ordinary shares, net of issue costs

 

-

661,397

Dividends paid

(45,000)

(39,680)

Net cash flows from financing activities

 

(45,000)

621,717

Net increase in cash and cash equivalents

 

995,894

60,713

Cash and cash equivalents at 1 February

 

62,713

2,000

Cash and cash equivalents at 31 January

 

1,058,607

62,713

 

LA GROUP HOLDINGS LTD

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Suite 1, First Floor
Jack Dash House
2 Lawn House Close
London
E14 9YQ

These financial statements were authorised for issue by the Board on 29 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 January 2024.

 

LA GROUP HOLDINGS LTD

Notes to the Financial Statements for the Year Ended 31 January 2024

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

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

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 group operates and generates taxable income.

 

LA GROUP HOLDINGS LTD

Notes to the Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures, fittings & equipment

15% reducing balance

Office equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over the useful life of the asset

 

LA GROUP HOLDINGS LTD

Notes to the Financial Statements for the Year Ended 31 January 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

LA GROUP HOLDINGS LTD

Notes to the Financial Statements for the Year Ended 31 January 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

LA GROUP HOLDINGS LTD

Notes to the Financial Statements for the Year Ended 31 January 2024

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

27,231,378

21,462,418

Rental income from investment property

995,976

663,987

Commissions received

4,580,416

554,376

32,807,770

22,680,781

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Sub lease rental income

121,315

118,871

Miscellaneous other operating income

997,389

1,107,453

1,118,704

1,226,324

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of tangible assets

-

940

Gain on disposal of intangible assets

124,237

-

124,237

940

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

316,158

325,016

Amortisation expense

13,833

48,333

Impairment (reversal)/loss

(16,271)

19,569

Operating lease expense - property

278,702

329,627

Operating lease expense - other

71,407

77,420

Profit on disposal of property, plant and equipment

-

(940)

 

LA GROUP HOLDINGS LTD

Notes to the Financial Statements for the Year Ended 31 January 2024

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

11,246

1,555

Dividend income from financial assets

5,758

4,511

17,004

6,066

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

675,361

487,685

Interest on obligations under finance leases and hire purchase contracts

15,026

13,792

Interest expense on other finance liabilities

104,575

87,676

794,962

589,153

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

3,352,991

1,634,994

Social security costs

220,845

78,151

Pension costs, defined contribution scheme

195,345

191,361

Other employee expense

19,756

14,787

3,788,937

1,919,293

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

209

146

209

146

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

123,990

84,522

Contributions paid to money purchase schemes

144,000

144,000

267,990

228,522

 

LA GROUP HOLDINGS LTD

Notes to the Financial Statements for the Year Ended 31 January 2024

11

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

28,850

26,850


 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

641,768

406,887

UK corporation tax adjustment to prior periods

-

1,595

641,768

408,482

Deferred taxation

Arising from origination and reversal of timing differences

166,199

(312)

Tax expense in the income statement

807,967

408,170

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,581,773

2,103,066

Corporation tax at standard rate

645,443

399,583

Tax (decrease)/increase from effect of capital allowances and depreciation

(3,675)

8,898

Tax increase/(decrease) from other short-term timing differences

166,199

(311)

Total tax charge

807,967

408,170

 

LA GROUP HOLDINGS LTD

Notes to the Financial Statements for the Year Ended 31 January 2024

13

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

2,721,747

2,721,747

Disposals

(219,995)

(219,995)

At 31 January 2024

2,501,752

2,501,752

Amortisation

At 1 February 2023

234,340

234,340

Amortisation charge

13,833

13,833

Amortisation eliminated on disposals

(24,235)

(24,235)

At 31 January 2024

223,938

223,938

Carrying amount

At 31 January 2024

2,277,814

2,277,814

At 31 January 2023

2,487,407

2,487,407

 

LA GROUP HOLDINGS LTD

Notes to the Financial Statements for the Year Ended 31 January 2024

14

Tangible assets

Group

Land and buildings
£

Long leasehold land and buildings
£

Short leasehold land and buildings
£

Fixtures and fittings
£

Cost or valuation

At 1 February 2023

1,352,343

2,582,363

216,031

1,616,474

Additions

-

-

-

65,003

At 31 January 2024

1,352,343

2,582,363

216,031

1,681,477

Depreciation

At 1 February 2023

129,866

575,121

157,476

1,213,715

Charge for the year

27,047

51,647

10,610

71,847

At 31 January 2024

156,913

626,768

168,086

1,285,562

Carrying amount

At 31 January 2024

1,195,430

1,955,595

47,945

395,915

At 31 January 2023

1,222,477

2,007,242

58,555

402,759

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

1,493,360

12,001

7,272,572

Additions

48,104

-

113,107

At 31 January 2024

1,541,464

12,001

7,385,679

Depreciation

At 1 February 2023

423,215

10,078

2,509,471

Charge for the year

154,526

481

316,158

At 31 January 2024

577,741

10,559

2,825,629

Carrying amount

At 31 January 2024

963,723

1,442

4,560,050

At 31 January 2023

1,070,145

1,923

4,763,101

Included within the net book value of land and buildings above is £1,195,430 (2023 - £1,222,477) in respect of freehold land and buildings, £1,955,595 (2023 - £2,007,242) in respect of long leasehold land and buildings and £47,945 (2023 - £58,555) in respect of short leasehold land and buildings.
 

 

LA GROUP HOLDINGS LTD

Notes to the Financial Statements for the Year Ended 31 January 2024

15

Investment properties

Group

2024
£

At 1 February

25,780,649

Additions

1,067,189

Fair value adjustments

16,271

At 31 January

26,864,109

There has been no valuation of investment property by an independent valuer.

16

Investments

Company

2024
£

2023
£

Investments in subsidiaries

13,966,319

13,966,319

Subsidiaries

£

Cost or valuation

At 1 February 2023

13,966,319

Provision

Carrying amount

At 31 January 2024

13,966,319

At 31 January 2023

13,966,319

 

LA GROUP HOLDINGS LTD

Notes to the Financial Statements for the Year Ended 31 January 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

L A Foods (UK) Limited

39-40 Skylines Village, Limeharbour, London, England, E14 9TS

Ordinary

100%

100%

L.A. Properties (UK) Limited

39-40 Skylines Village, Limeharbour, London, England, E14 9TS

Ordinary

100%

100%

F.A.B Retail Limited

238-242 Uxbridge Road, Shepherds Bush, London, W12 7JD

Ordinary

75%

75%

Dream Home London Limited

39-40 Skylines Village Limeharbour, London, England, E14 9TS

Ordinary

100%

100%

Subsidiary undertakings

17

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Work in progress

467,329

458,829

-

-

Other inventories

1,212,276

930,262

-

-

1,679,605

1,389,091

-

-

18

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

145,164

121,154

-

-

Amounts owed by related parties

-

-

17,500

-

Other debtors

 

590,145

459,222

39,700

-

Prepayments

 

125,385

73,014

-

-

Deferred tax assets

12

-

1,037

-

-

   

860,694

654,427

57,200

-

 

LA GROUP HOLDINGS LTD

Notes to the Financial Statements for the Year Ended 31 January 2024

19

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

162,280

195,434

2,000

2,000

Cash at bank

1,878,996

1,898,723

1,056,607

60,713

2,041,276

2,094,157

1,058,607

62,713

20

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

24

865,429

946,608

-

-

Trade creditors

 

663,003

709,186

-

-

Amounts due to related parties

222,743

375,469

745,597

53,096

Social security and other taxes

 

256,200

150,448

-

-

Outstanding defined contribution pension costs

 

3,519

5,376

-

-

Other payables

 

77,970

196,666

-

-

Accruals

 

70,594

68,425

13,080

7,080

Income tax liability

12

641,768

406,887

-

-

Deferred income

 

70,559

18,571

-

-

 

2,871,785

2,877,636

758,677

60,176

Due after one year

 

Loans and borrowings

24

14,059,027

14,527,843

-

-

21

Provisions for liabilities

Group

Deferred tax
£

Total
£

Additional provisions

165,162

165,162

At 31 January 2024

165,162

165,162

 

LA GROUP HOLDINGS LTD

Notes to the Financial Statements for the Year Ended 31 January 2024

22

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £195,345 (2023 - £191,361).

Contributions totalling £3,519 (2023 - £5,376) were payable to the scheme at the end of the year and are included in creditors.

23

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

13,306,922

13,306,922

13,306,922

13,306,922

       

24

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

13,821,347

14,339,025

-

-

Other borrowings

237,680

188,818

-

-

14,059,027

14,527,843

-

-

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

584,708

625,108

-

-

Finance lease liabilities

280,721

321,500

-

-

865,429

946,608

-

-

25

Parent and ultimate parent undertaking

The ultimate controlling party is Mr L Hussain and Mrs S Hussain.