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REGISTERED NUMBER: 06883096 (England and Wales)










GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

CARIDON PROPERTY LIMITED

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 31 OCTOBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


CARIDON PROPERTY LIMITED

COMPANY INFORMATION
For The Year Ended 31 OCTOBER 2023







DIRECTOR: Mr M J Carrozzo



REGISTERED OFFICE: 1 Kings Avenue
Winchmore Hill
London
N21 3NA



REGISTERED NUMBER: 06883096 (England and Wales)



AUDITORS: AGK Partners
Chartered Accountants & Statutory Auditors
1 Kings Avenue
London
N21 3NA



BANKERS: Barclays Bank Plc

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

GROUP STRATEGIC REPORT
For The Year Ended 31 OCTOBER 2023

The director presents his strategic report of the company and the group for the year ended 31 October 2023.

REVIEW OF BUSINESS
The principal activities of the group are those of specialist rent guarantee, lettings and management services.

The group had another successful year with an increase in turnover of 6.2% due to the expansion of our property portfolio in the South east during the year.

The profit before tax for the year is £700,309 (2022: £707,665).

During the year to 31 October 2023, there has been a cutback economy owing to inflationary pressures arising from political shocks such as the war in Ukraine and political and government upheaval. The resulting spikes in both interest and inflation rates have seen fierce competition in the markets.

We have been able to develop the Caridon brand by anchoring the business proposition around value for money with a focus on innovation through our IT infrastructure, and also expanding business channels through the London boroughs such that the business has seen an increase in demand for it's social homes provision. We continue to monitor pricing and communication is at the forefront for all our customers and their demands.

We feel that due to good management and a disciplined finance function, we are in a better position than many to weather the storm. We will avoid the inevitable raft of job losses that many other companies will be forced to make as a result of their business income suffering. We continue to focus closely on costs across the business and have revised our forecasts and cash flows for the next year and continue to enjoy a strong and supportive relationship with our bankers.

Caridon Property has a ten-year history of continuous growth and investment, particularly in human capital. This has given the business the resilience that the board believes other competitors may lack. The board is quietly optimistic that opportunities will emerge in the forthcoming year, which Caridon Property will be well placed to seize.

PRINCIPAL RISKS AND UNCERTAINTIES
The market in which we operate remains highly competitive. We seek to sustain and improve our level of performance over the long term by actively managing risk across all areas of the business. This approach provides a stable environment for our people and ensures that customer can trade with us in the knowledge that risks are minimised. The main risks are competition risk, reputational risk, credit risk and finance risk.

Competition Risk
The group operates in a highly competitive market place and is reliant on its local authority partners for referrals which are occasionally subject to a competitive bid/tender process. Renewal of these contracts is uncertain and based on financial and performance criteria.

Credit risk
It is the risk that one party to a financial transaction will cause a financial loss for that other party by failing to discharge an obligation. Group policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures.

The other commercial risks faced by the group is controlled by suitable internal control procedures and monthly monitoring of management accounts.

KEY PERFORMANCE INDICATORS
Directors consider the following as the key performance indicators:

Details 2023 2022
£    £   
Turnover 23,273,693 21,950,443
Gross profit 3,259,785 3,018,566
Gross margin 14.01% 13.75%
Profit before tax 700,309 707,666
Net Assets 2,253,834 1,890,484
Quick Assets 1.44 1.31
EBITDA Margin 3.76% 3.57%


CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

GROUP STRATEGIC REPORT
For The Year Ended 31 OCTOBER 2023

FINANCIAL POSITION
The group and company are in good health and remains strongly cash generative allowing the expansion of the business from its own resources.

ON BEHALF OF THE BOARD:





Mr M J Carrozzo - Director


29 January 2025

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

REPORT OF THE DIRECTOR
For The Year Ended 31 OCTOBER 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 October 2023.

DIVIDENDS
An interim dividend of £135.996 per share on the Ordinary B £0.1 shares was paid on 31 October 2023. The director recommends that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary £0.01 shares. The director recommends that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary D £0.01 shares. The director recommends that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 October 2023 will be £ 135,996 .

DIRECTOR
Mr M J Carrozzo held office during the whole of the period from 1 November 2022 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
During the year, the company made charitable donations of £3,388 (2022: £1,927).

DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, AGK Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr M J Carrozzo - Director


29 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARIDON PROPERTY LIMITED

Opinion
We have audited the financial statements of Caridon Property Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director 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 Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARIDON PROPERTY LIMITED


Responsibilities of director
As explained more fully in the Director's Responsibilities Statement set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

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

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

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 recognize 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 from our commercial knowledge and experience of the industry;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances 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 enquiries 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 to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
CARIDON PROPERTY LIMITED


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.




Alekos Christofi (FCCA) (Senior Statutory Auditor)
for and on behalf of AGK Partners
Chartered Accountants & Statutory Auditors
1 Kings Avenue
London
N21 3NA

29 January 2025

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

CONSOLIDATED
INCOME STATEMENT
For The Year Ended 31 OCTOBER 2023

2023 2022
Notes £    £   

REVENUE 3 23,273,693 21,950,443

Cost of sales 20,013,908 18,931,877
GROSS PROFIT 3,259,785 3,018,566

Administrative expenses 2,620,978 2,494,793
638,807 523,773

Other operating income 70,127 195,743
OPERATING PROFIT 6 708,934 719,516

Interest receivable and similar income 163 107
709,097 719,623

Interest payable and similar expenses 7 8,788 11,957
PROFIT BEFORE TAXATION 700,309 707,666

Tax on profit 8 200,963 142,922
PROFIT FOR THE FINANCIAL YEAR 499,346 564,744
Profit attributable to:
Owners of the parent 499,346 564,744

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
For The Year Ended 31 OCTOBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 499,346 564,744


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

499,346

564,744

Total comprehensive income attributable to:
Owners of the parent 499,346 564,744

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 11 841,860 657,065
Investments 12
Interest in associate 185 185
842,045 657,250

CURRENT ASSETS
Debtors 13 3,657,112 3,748,594
Cash at bank and in hand 1,674,607 1,448,147
5,331,719 5,196,741
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

14

3,712,986

3,775,971
NET CURRENT ASSETS 1,618,733 1,420,770
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,460,778

2,078,020

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

15

(15,833

)

(80,649

)

PROVISIONS FOR LIABILITIES 18 (191,111 ) (106,887 )
NET ASSETS 2,253,834 1,890,484

CAPITAL AND RESERVES
Called up share capital 19 200 200
Capital redemption reserve 20 5 5
Retained earnings 20 2,253,629 1,890,279
SHAREHOLDERS' FUNDS 2,253,834 1,890,484

The financial statements were approved by the director and authorised for issue on 29 January 2025 and were signed by:





Mr M J Carrozzo - Director


CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

COMPANY STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 11 554,131 381,247
Investments 12 285 285
554,416 381,532

CURRENT ASSETS
Debtors 13 3,414,506 3,342,538
Cash at bank and in hand 1,629,575 1,370,431
5,044,081 4,712,969
CREDITORS
Amounts falling due within one year 14 3,502,903 3,587,375
NET CURRENT ASSETS 1,541,178 1,125,594
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,095,594

1,507,126

CREDITORS
Amounts falling due after more than one
year

15

(15,833

)

(41,450

)

PROVISIONS FOR LIABILITIES 18 (137,000 ) (69,700 )
NET ASSETS 1,942,761 1,395,976

CAPITAL AND RESERVES
Called up share capital 19 200 200
Capital redemption reserve 20 5 5
Retained earnings 20 1,942,556 1,395,771
SHAREHOLDERS' FUNDS 1,942,761 1,395,976

Company's profit for the financial year 682,781 669,647

The financial statements were approved by the director and authorised for issue on 29 January 2025 and were signed by:





Mr M J Carrozzo - Director


CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 OCTOBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 November 2021 200 1,461,531 5 1,461,736

Changes in equity
Dividends - (135,996 ) - (135,996 )
Total comprehensive income - 564,744 - 564,744
Balance at 31 October 2022 200 1,890,279 5 1,890,484

Changes in equity
Dividends - (135,996 ) - (135,996 )
Total comprehensive income - 499,346 - 499,346
Balance at 31 October 2023 200 2,253,629 5 2,253,834

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

COMPANY STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 OCTOBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 November 2021 200 862,120 5 862,325

Changes in equity
Dividends - (135,996 ) - (135,996 )
Total comprehensive income - 669,647 - 669,647
Balance at 31 October 2022 200 1,395,771 5 1,395,976

Changes in equity
Dividends - (135,996 ) - (135,996 )
Total comprehensive income - 682,781 - 682,781
Balance at 31 October 2023 200 1,942,556 5 1,942,761

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

CONSOLIDATED STATEMENT OF CASH FLOWS
For The Year Ended 31 OCTOBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 866,193 268,812
Interest paid (8,315 ) (10,050 )
Interest element of finance lease payments
paid

(473

)

(1,907

)
Tax paid (140,091 ) (153,376 )
Net cash from operating activities 717,314 103,479

Cash flows from investing activities
Purchase of tangible fixed assets (343,958 ) (451,958 )
Purchase of fixed asset investments - (185 )
Sale of tangible fixed assets 21,659 10,950
Interest received 163 107
Net cash from investing activities (322,136 ) (441,086 )

Cash flows from financing activities
Loan repayments in year (10,000 ) -
Capital repayments in year (22,722 ) (13,826 )
Equity dividends paid (135,996 ) (135,996 )
Net cash from financing activities (168,718 ) (149,822 )

Increase/(decrease) in cash and cash equivalents 226,460 (487,429 )
Cash and cash equivalents at beginning
of year

2

1,448,147

1,935,576

Cash and cash equivalents at end of year 2 1,674,607 1,448,147

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
For The Year Ended 31 OCTOBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2023 2022
£    £   
Profit before taxation 700,309 707,666
Depreciation charges 147,168 64,641
Profit on disposal of fixed assets (9,663 ) (10,950 )
Finance costs 8,788 11,957
Finance income (163 ) (107 )
846,439 773,207
Decrease/(increase) in trade and other debtors 91,482 (767,636 )
(Decrease)/increase in trade and other creditors (71,728 ) 263,241
Cash generated from operations 866,193 268,812

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 1,674,607 1,448,147
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 1,448,147 1,935,576


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 1,448,147 226,460 1,674,607
1,448,147 226,460 1,674,607
Debt
Finance leases (60,928 ) 22,722 (38,206 )
Debts falling due within 1 year (9,929 ) (71 ) (10,000 )
Debts falling due after 1 year (25,904 ) 10,071 (15,833 )
(96,761 ) 32,722 (64,039 )
Total 1,351,386 259,182 1,610,568

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 31 OCTOBER 2023

1. STATUTORY INFORMATION

Caridon Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liability to third parties as they fall due.

The company's principal activity during the year was that of guaranteed rent specialists.

Basis of consolidation
The group financial statements consolidate the financial statements of Carion Property Limited and all its subsidiary undertakings drawn up to 31 October each year. No profit and loss account is presented for as Caridon Property Limited as permitted by section 408 of the Companies Act 2006.

Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities.All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Investment in Subsidiaries
In the parent company financial statements investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Goodwill
Goodwill arising on acquisition of a trade or on each business combination is capitalised, classified as an asset on the statement of financial position and amortised on a straight line basis over its useful life of 10 years. No amortisation is provided in the year of purchase.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are 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.

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities, at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the assets or liabilities affected in future periods.

The Group's management believes that judgements, estimates and assumptions used in the preparation of the financial statements are appropriate given the factual circumstances as at 31 October 2023.

Various elements of the Group's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other assessments. In particular, the Group has identified the following accounting policies which, due to the judgements, estimates and assumptions inherent in those policies, and the sensitivity of the financial statements to those judgements, estimates and assumptions, are critical to an understanding of the financial statements.

Valuation of debtors
Valuation of debtors is based upon ongoing assessments of the probable estimated losses inherent in the trade and other debtors portfolio. Assessments are conducted by the board employing a methodology and guidelines, which are continually monitored and improved. The primary component of this methodology comprises specific allowances and collective allowances.

A debtor is subject to impairment test when valid indications exist, at the assessment date, which demonstrate that the customer will not be able to meet his obligations and/or when the flow of receipts decelerates over time. Usually such indications include failure of communication with the customers and indications of significant financial difficulty.

Amounts individually provided for concern claims evaluated individually for impairment based upon management's best estimate of the present value of the cash flows which are expected to be received.

In assessing the need for collective allowance, management considers debtors in arrears over 121 days but excludes those for which there are valid indications that they will be collected.

The accuracy of provisions depends on the accuracy of future cash flows for specific allowances and the model assumptions and parameters used in determining collective allowances. While this necessarily involves judgement, management believes that their provisions are reasonable and supportable.

Assets impairment
The Group reviews on an annual basis the carrying amounts of investments, tangible assets and intangible assets, in order to determine if there is an indication of impairment. If any such indication exists an impairment review is carried out in order to determine the extent of the impairment loss.

Useful lives of depreciable tangible and intangible assets
The management assesses the estimated useful lives and related depreciation & amortisation charges for purchased and internally generated intangible assets and tangible assets and reviews the assessment at regular intervals. Management estimates are based on the projected operating life cycle of these assets. Such estimates are not expected to change significantly, however, management may modify depreciation and amortisation rates wherever useful lives turn out to be different than previously estimated and writes down or writes off assets.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised when services are rendered to the customers.

Rental income is recognised evenly over the period of the rental.

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life
or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold : Over the life of the lease
Plant and machinery : 20% - 33% on cost
Motor vehicles : 20% on cost


The company has adopted a policy not to depreciate the asset in the year of acquisition, however full depreciation will be provided in the year of disposal.

Investments in associates
Investments in associate undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Dividends
Final dividends distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's shareholders, while interim dividend distributions are recognised in the period in which the dividends are declared and paid.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued

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 measured 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.

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 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 or 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.

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. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing 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.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the group.

An analysis of revenue by class of business is given below:

2023 2022
£    £   
Rental Income 23,273,693 21,950,443
23,273,693 21,950,443

An analysis of revenue by geographical market is given below:

2023 2022
£    £   
United Kingdom 23,273,693 21,950,443
23,273,693 21,950,443

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was as follows:

Company
Caridon Property Limited

2023 2022
Management and Finance 7 7
Property managers and administration 59 50


Subsidiary
Caridon Management Ltd
2023 20222
Management and Finance 2 2

The average number of employees by undertakings that were proportionately consolidated during the year was 61 (2022 - 52).

5. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Director's remuneration 17,280 22,530

6. OPERATING PROFIT

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

2023 2022
£    £   
Other operating leases 192,738 180,391
Depreciation - owned assets 142,369 58,874
Depreciation - assets on finance leases 4,798 12,752
Profit on disposal of fixed assets (9,663 ) (10,950 )
Auditors' remuneration 21,500 19,800

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 6,972 6,485
Interest payable 1,343 3,565
Hire purchase 473 1,907
8,788 11,957

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 116,740 69,451

Deferred tax 84,223 73,471
Tax on profit 200,963 142,922

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 700,309 707,666
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

175,077

134,457

Effects of:
Expenses not deductible for tax purposes 4,102 9,810
Income not taxable for tax purposes 2,416 -
Capital allowances in excess of depreciation (47,240 ) (74,816 )
Movements in deferred tax 84,223 73,471
Other tax adjustments (17,615 ) -
Total tax charge 200,963 142,922

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2023 2022
£    £   
Ordinary B shares of £0.1 each
Interim 135,996 135,996

11. PROPERTY, PLANT AND EQUIPMENT

Group
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 November 2022 56,465 970,871 320,719 1,348,055
Additions - 323,028 20,930 343,958
Disposals - - (27,035 ) (27,035 )
At 31 October 2023 56,465 1,293,899 314,614 1,664,978
DEPRECIATION
At 1 November 2022 42,301 464,283 184,406 690,990
Charge for year 10,374 111,930 24,863 147,167
Eliminated on disposal - - (15,039 ) (15,039 )
At 31 October 2023 52,675 576,213 194,230 823,118
NET BOOK VALUE
At 31 October 2023 3,790 717,686 120,384 841,860
At 31 October 2022 14,164 506,588 136,313 657,065

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

11. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Fixed assets, included in the above, which are held under finance leases are as follows:
Motor
vehicles
£   
COST
At 1 November 2022 108,140
Disposals (27,035 )
At 31 October 2023 81,105
DEPRECIATION
At 1 November 2022 72,151
Charge for year 4,798
Eliminated on disposal (15,039 )
At 31 October 2023 61,910
NET BOOK VALUE
At 31 October 2023 19,195
At 31 October 2022 35,989

Company
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 November 2022 56,465 702,219 125,369 884,053
Additions - 260,311 - 260,311
At 31 October 2023 56,465 962,530 125,369 1,144,364
DEPRECIATION
At 1 November 2022 42,301 335,136 125,369 502,806
Charge for year 10,374 77,053 - 87,427
At 31 October 2023 52,675 412,189 125,369 590,233
NET BOOK VALUE
At 31 October 2023 3,790 550,341 - 554,131
At 31 October 2022 14,164 367,083 - 381,247

Fixed assets, included in the above, which are held under finance leases are as follows:
Motor
vehicles
£   
COST
At 1 November 2022
and 31 October 2023 27,035
DEPRECIATION
At 1 November 2022
and 31 October 2023 27,035
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

12. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
At 1 November 2022
and 31 October 2023 185
NET BOOK VALUE
At 31 October 2023 185
At 31 October 2022 185
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 100 185 285
NET BOOK VALUE
At 31 October 2023 100 185 285
At 31 October 2022 100 185 285

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

Caridon Management Ltd
Registered office: United Kingdom
Nature of business: Property Management
%
Class of shares: holding
Ordinary shares 100.00
2023 2022
£    £   
Aggregate capital and reserves 312,973 496,407
Loss for the year (183,434 ) (104,904 )


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,617,239 1,905,348 1,331,198 1,638,063
Amounts owed by group undertakings - - 491,973 16,657
Other debtors 1,651,199 1,419,319 1,318,398 1,308,557
VAT 12,779 - - -
Prepayments and accrued income 375,895 423,927 272,937 379,261
3,657,112 3,748,594 3,414,506 3,342,538

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 10,000 9,929 10,000 9,929
Finance leases (see note 17) 38,206 6,183 15,836 3,744
Trade creditors 1,087,303 1,114,296 966,753 1,018,755
Tax 230,305 253,656 191,586 185,209
Social security and other taxes 47,869 54,961 46,112 54,532
VAT - 3,172 - -
Other creditors 1,127,394 1,051,055 1,125,596 1,049,162
Accruals and deferred income 501,472 633,810 501,472 633,810
Accrued expenses 670,437 648,909 645,548 632,234
3,712,986 3,775,971 3,502,903 3,587,375

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 16) 15,833 25,904 15,833 25,904
Finance leases (see note 17) - 54,745 - 15,546
15,833 80,649 15,833 41,450

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 9,929 10,000 9,929
Amounts falling due between two and five years:
Bank loans - 2-5 years 15,833 25,904 15,833 25,904

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Finance leases
2023 2022
£    £   
Net obligations repayable:
Within one year 38,206 6,183
Between one and five years - 54,745
38,206 60,928

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

17. LEASING AGREEMENTS - continued

Company
Finance leases
2023 2022
£    £   
Net obligations repayable:
Within one year 15,836 3,744
Between one and five years - 15,546
15,836 19,290

Amounts owed under hire purchase agreements are secured over assets acquired under such agreements.

18. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 191,111 106,887 137,000 69,700

Group
Deferred
tax
£   
Balance at 1 November 2022 106,887
Provided during year 84,224
Balance at 31 October 2023 191,111

Company
Deferred
tax
£   
Balance at 1 November 2022 69,700
Provided during year 67,300
Balance at 31 October 2023 137,000

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
6,000 Ordinary £0.01 60 60
1,000 Ordinary B £0.1 100 100
4,000 Ordinary D £0.01 40 40
200 200

CARIDON PROPERTY LIMITED (REGISTERED NUMBER: 06883096)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

20. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 November 2022 1,890,279 5 1,890,284
Profit for the year 499,346 499,346
Dividends (135,996 ) (135,996 )
At 31 October 2023 2,253,629 5 2,253,634

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 November 2022 1,395,771 5 1,395,776
Profit for the year 682,781 682,781
Dividends (135,996 ) (135,996 )
At 31 October 2023 1,942,556 5 1,942,561


21. OTHER FINANCIAL COMMITMENTS

The company rents all its properties as lessee and lessor and all tenancies are short term tenancies.

22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Included in other debtors, due within one year, is an amount totalling £1,466,364 (2022: £1,366,953) owed from entities under common control.

These loans are provided interest free and repayable on demand.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M J Carrozzo.