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COMPANY REGISTRATION NUMBER: 07800291
Platinum Retail Limited
Financial Statements
For the year ended
30 April 2024
Platinum Retail Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
5
Independent auditor's report to the members
8
Consolidated statement of comprehensive income
12
Consolidated statement of financial position
13
Company statement of financial position
14
Consolidated statement of changes in equity
15
Company statement of changes in equity
16
Consolidated statement of cash flows
17
Notes to the financial statements
18
Platinum Retail Limited
Officers and Professional Advisers
The board of directors
L K Sejpal
S R Sejpal
Company secretary
L K Sejpal
Registered office
Unit 1B Anglo House
Bell Lane Office Village
Bell Lane
Amersham
England
HP6 6FA
Auditor
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
Platinum Retail Limited
Strategic Report
Year ended 30 April 2024
The Directors present their Strategic Report for Platinum Retail Limited and its subsidiaries (the Group) together with the audited financial statements for the year ended 30 April 2024. Fair Review of the Business The Group's principal activity is fuel retailing, augmented by revenue from convenience stores and renting ancillary properties to tenants. The Group owns 49 (2023: 40) petrol filling stations branded Texaco, BP, Shell, and Jet. Performance during the reporting period has been very strong, with minimal changes in market competition and stable consumer demand for fuel. Fuel margins were strong for most of the trading periods. Group Objectives and Business Model The Group aims to deliver a high-quality fuel and retail offering on the forecourt through partnerships with premium fuel brands and shop suppliers. The changing consumer preference for convenience positions the Group to meet this demand effectively with its established network and recognisable brands. The Group operates a Company-owned, agent-operated model, retaining ownership responsibilities while subcontracting site operations to retailers. These retailers are incentivised through a commission-based structure to maintain high service standards and maximise returns. This collaborative approach ensures customer retention, particularly in residential areas. Key themes in the UK fuel retailing industry include: - Strong fuel brands: Investment in promotions and branding attracts consumers. - Competitive pricing: Retailers use POS marketing to encourage premium fuel purchases. - Non-fuel offering: Convenience food and food-to-go options attract customers beyond fuel purchases. - Prime locations: Site success depends on demographics, traffic flow, and accessibility. Market Trends and External Environment Analysis The UK fuel retail sector is undergoing significant transformation due to shifts in consumer behaviour, technological advancements, and regulatory changes. Key trends include: - Transition to EVs: Increasing government support for electric vehicles reshapes consumer preferences and site requirements. - Sustainability Initiatives: Retailers are integrating renewable energy solutions and reducing carbon footprints. - Digital Transformation: Technology adoption in operations, customer engagement, and loyalty programs is accelerating. - Macroeconomic Conditions: Inflation and rising interest rates have influenced purchasing power and operational costs. Sustainability and ESG Initiatives The Group is committed to sustainability and ESG principles: - Environmental Responsibility: Implementation of energy-efficient practices and collaboration with renewable energy providers. The group is looking towards adopting a solar-powered energy solution. This will start to be rolled out in mid-2025. - Social Responsibility: Support local communities through employment opportunities and charity partnerships. - Governance: Regular oversight by the board ensures the business remains compliant with legal requirements and upholds the highest ethical standards. Technological Innovations The Group is leveraging technology to enhance operational efficiency and customer experience: - Digital Payment Solutions: Enabling seamless transactions via mobile apps and contactless payments. - Data Analytics: Using customer data to optimise offerings and increase site performance. - Automated Systems: Advanced monitoring of stock levels and operational workflows. Financial Operational Review All sites, including those acquired in 2023-2024, contributed to the Group's successful operating profit. Strategic expansion of the "Food to Go" offering is already underway, with the implementation of BP's Wild Beans Café concept. Eight locations have already been implemented, with another six locations to follow in 2025. Development of refreshing products is also in hand for the Subway locations together with the drive-through Starbucks coffee brand. The UK's economic challenges, including high inflation and rising energy costs, have impacted the Group. The Directors actively monitor these issues and implement measures to mitigate their effects. The Group delivered strong financial performance: - Revenues: £164m (2023 - £117m) - Operating profit: £10.0m (2023 - £6.6m) - Profit after tax: £4.2m (2023 - £3.7m) Strategy The Group focuses on improving its customer value proposition and empowering Site Operators to achieve strategic goals. Growth potential lies in the Shop offer, with partnerships being explored with Deliveroo, Eat, and Uber Eats. The Group's overarching strategy includes investing in sites for strong returns, enhancing shareholder profitability, and expanding the portfolio through quality site acquisitions. Continuous improvement is pursued through staff training, supplier relationships, and enhanced on-site offerings. Climate Risk and Mitigation The Group recognises the potential impact of climate change on its operations, including: - Regulatory Compliance: Adapting to environmental legislation and carbon reduction targets. - EV Transition: Expanding EV charging infrastructure to align with the Government's 2035 goals. - Supply Chain Resilience: Partnering with suppliers to reduce emissions and improve sustainability. The Group continuously assesses its environmental impact and collaborates with stakeholders to implement green initiatives. Financial, Liquidity, Cash Flow, and Credit Risks The Group monitors cash balances and flows as part of its control procedures, ensuring sound investment decisions. Cash balances are retained at reputable financial institutions, minimising credit risk. Security, Safety, Health, and Environmental Risk (SSHE) The Group prioritises the safety and health of customers, employees, and other stakeholders. Environmental risks related to petroleum product storage and handling are managed proactively. The Directors believe the Group's SSHE focus effectively mitigates risks, ensuring minimal financial impact. Product, Price, and Volatility Risk The Group's input prices are influenced by global crude oil and refined product prices. To manage volatility, input prices and competitor retail pricing are monitored daily. Electric Vehicles (EV) and EV Charging Stations The Group's EV strategy aligns with the Government's 2035 target. Agreements have been signed to roll out EV stations at 4 locations initially. A comprehensive network review is underway to identify further opportunities for EV charging installations. Key Performance Indicators (KPIs) The directors consider the Group's KPI's for 2024 and 2023 respectively are set out as below and the directors note the performance has improved significantly: - Gross profit margin 9.92% vs 9.28% - Earnings before interest, tax, depreciation, and amortisation (EBITDA) £12.6m vs £8.8m - Revenue growth 40.0% - EV stations launched 4 vs 0. Operating/Employee Partners The Group values its people and fosters a respectful and inclusive workplace. It provides professional growth opportunities and adheres to equal opportunity principles. Customers - Key Interests: Convenience, safety, fair pricing, and excellent customer service. - Engagement Methods: Promotional activities. Site Operators - Key Interests: Training, site development, and operational support. - Engagement Methods: Support from Area Managers, explicit operating models, and compliance with payment terms. Future Developments The Group is actively negotiating for additional strategic locations and has transitioned entirely to a commission-managed trading model to minimise shrinkage. Directors project robust trading performance and promising acquisition prospects for the upcoming year. Section 172(1) Statement In accordance with Section 414CZA (1) of the Companies Act 2006, the Directors confirm their adherence to Section 172(1), considering: (a) Long-term consequences: Acquisition of quality sites and scaling benefits. (b) Employee interests: Healthy workplace and fair remuneration. (c) Business relationships: Transparent supplier and customer engagement. (d) Community and environment: Periodic updates on operations' impacts. (e) Business conduct standards: Regular risk assessments and compliance. (f) Fairness among members: Equal treatment of all stakeholders. The Directors remain committed to delivering sustainable growth and value for stakeholders, maintaining high standards of operational and financial performance.
This report was approved by the board of directors on 31 January 2025 and signed on behalf of the board by:
S R Sejpal
Director
Registered office:
Unit 1B Anglo House
Bell Lane Office Village
Bell Lane
Amersham
England
HP6 6FA
Platinum Retail Limited
Directors' Report
Year ended 30 April 2024
The directors present their report and the financial statements of the group for the year ended 30 April 2024 .
Directors
The directors who served the company during the year were as follows:
L K Sejpal
S R Sejpal
Dividends
The directors do not recommend the payment of a dividend.
Greenhouse gas emissions and energy consumption
Unit
2024
2023
Emissions resulting from activities for which the group is responsible
tCO2e
1,078
759
Emissions resulting from the purchase of electricity by the group for its own use
tCO2e
1,054
730
-------
-------
Total emissions
tCO2e
2,132
1,489
Total energy consumption
kWh
4,785,921
3,616,104
Intensity metric - Tonnes C02e per £1m turnover
6.80
6.60
------------
------------
Methodologies for energy and emissions calculations
Platinum Retail Limited has chosen to report on the following key items within its environmental boundary: - Scope 1 - transport (company vehicles) - 17tCO2e (2023 - 25tCO2e) - Scope 2 - Building electricity - 1054tCO2e (2023 - 730tCO2e) - Scope 3 - Transport (grey Fleet) - 7tCO2e (2023 - 4tCO2e) The building energy data has been calculated using invoices provided by the energy supplier on a monthly or quarterly basis. Fuel usage associated with the fleet vehicles has been populated from the use of annual mileage reports provided by the Operations Manager. Grey fleet data has been source from a fuel expenses breakdown submitted by employees during the reporting period with additional information provided by the Operations Manager In order to calculate the associated greenhouse gas emissions, the appropriate carbon conversion factors have been utilised from the 'DEFRA Greenhouse Gas Reporting: Conversion Factors 2023' database.
Principal measures taken to increase energy efficiency
As a result of the SECR reports for the periods, Platinum Retail will be reviewing what action can be taken to reduce their carbon footprint further. The measures to be considered and evaluated could include the following; - Reducing and optimising the voltage across their sites as a result of the UK reducing its voltage in line with European Standards to 220V. - To develop, communicate and promote a robust energy awareness programme with realistic energy and carbon emissions targets and goals. - Involvement of staff to reduce energy consumption and associated carbon emissions. - Inclusion of certified renewable energy in energy contracts to drive down carbon emissions.
Disclosure of information in the strategic report
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 31 January 2025 and signed on behalf of the board by:
S R Sejpal
Director
Registered office:
Unit 1B Anglo House
Bell Lane Office Village
Bell Lane
Amersham
England
HP6 6FA
Platinum Retail Limited
Independent Auditor's Report to the Members of Platinum Retail Limited
Year ended 30 April 2024
Opinion
We have audited the financial statements of Platinum Retail Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the consolidated statement of 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 the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 April 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; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report 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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental, health and safety legislation and the Foods Standard Agency; - 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 set out in Note 3 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 director 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 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.
Jonathan Day
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
31 January 2025
Platinum Retail Limited
Consolidated Statement of Comprehensive Income
Year ended 30 April 2024
2024
2023
Note
£
£
Turnover
4
163,791,992
116,948,371
Cost of sales
147,547,096
106,100,817
---------------
---------------
Gross profit
16,244,896
10,847,554
Administrative expenses
6,864,157
5,397,237
Other operating income
5
626,064
1,178,605
-------------
-------------
Operating profit
6
10,006,803
6,628,922
Other interest receivable and similar income
3,221
53,182
Interest payable and similar expenses
10
3,663,212
1,481,787
-------------
-------------
Profit before taxation
6,346,812
5,200,317
Tax on profit
11
2,069,043
1,474,261
------------
------------
Profit for the financial year
4,277,769
3,726,056
------------
------------
Revaluation of tangible assets
( 65,844)
------------
------------
Total comprehensive income for the year
4,211,925
3,726,056
------------
------------
All the activities of the group are from continuing operations.
Platinum Retail Limited
Consolidated Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
12
379,906
445,067
Tangible assets
13
121,002,291
104,359,993
---------------
---------------
121,382,197
104,805,060
Current assets
Stocks
15
3,107,108
2,473,195
Debtors
16
8,565,736
10,570,884
Cash at bank and in hand
8,992,855
2,493,112
-------------
-------------
20,665,699
15,537,191
Creditors: amounts falling due within one year
17
25,735,590
16,648,809
-------------
-------------
Net current liabilities
5,069,891
1,111,618
---------------
---------------
Total assets less current liabilities
116,312,306
103,693,442
Creditors: amounts falling due after more than one year
18
52,036,992
43,777,917
Provisions
Taxation including deferred tax
19
10,842,513
10,694,649
---------------
---------------
Net assets
53,432,801
49,220,876
---------------
---------------
Capital and reserves
Called up share capital
22
123
123
Share premium account
23
7,443,108
7,443,108
Revaluation reserve
23
26,213,729
26,279,573
Profit and loss account
23
19,775,841
15,498,072
-------------
-------------
Shareholders funds
53,432,801
49,220,876
-------------
-------------
These financial statements were approved by the board of directors and authorised for issue on 31 January 2025 , and are signed on behalf of the board by:
S R Sejpal
Director
Company registration number: 07800291
Platinum Retail Limited
Company Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
13
63,376,914
50,661,604
Investments
14
9,085,954
9,085,954
-------------
-------------
72,462,868
59,747,558
Current assets
Stocks
15
1,972,678
1,413,951
Debtors
16
15,415,552
13,152,710
Cash at bank and in hand
5,763,939
1,306,301
-------------
-------------
23,152,169
15,872,962
Creditors: amounts falling due within one year
17
16,613,050
10,849,300
-------------
-------------
Net current assets
6,539,119
5,023,662
-------------
-------------
Total assets less current liabilities
79,001,987
64,771,220
Creditors: amounts falling due after more than one year
18
33,051,423
20,633,498
Provisions
Taxation including deferred tax
19
5,885,912
5,688,226
-------------
-------------
Net assets
40,064,652
38,449,496
-------------
-------------
Capital and reserves
Called up share capital
22
123
123
Share premium account
23
7,443,108
7,443,108
Revaluation reserve
23
19,050,069
19,050,069
Profit and loss account
23
13,571,352
11,956,196
-------------
-------------
Shareholders funds
40,064,652
38,449,496
-------------
-------------
The profit for the financial year of the parent company was £ 1,615,156 (2023: £ 1,847,144 ).
These financial statements were approved by the board of directors and authorised for issue on 31 January 2025 , and are signed on behalf of the board by:
S R Sejpal
Director
Company registration number: 07800291
Platinum Retail Limited
Consolidated Statement of Changes in Equity
Year ended 30 April 2024
Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total
Note
£
£
£
£
£
At 1 May 2022
123
7,443,108
27,221,748
10,829,841
45,494,820
Profit for the year
3,726,056
3,726,056
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
( 942,175)
942,175
----
------------
-------------
-------------
-------------
Total comprehensive income for the year
( 942,175)
4,668,231
3,726,056
At 30 April 2023
123
7,443,108
26,279,573
15,498,072
49,220,876
Profit for the year
4,277,769
4,277,769
Other comprehensive income for the year:
Revaluation of tangible assets
13
( 65,844)
( 65,844)
----
------------
-------------
-------------
-------------
Total comprehensive income for the year
( 65,844)
4,277,769
4,211,925
----
------------
-------------
-------------
-------------
At 30 April 2024
123
7,443,108
26,213,729
19,775,841
53,432,801
----
------------
-------------
-------------
-------------
Platinum Retail Limited
Company Statement of Changes in Equity
Year ended 30 April 2024
Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total
£
£
£
£
£
At 1 May 2022
123
7,443,108
19,647,188
9,511,933
36,602,352
Profit for the year
1,847,144
1,847,144
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
597,119
597,119
Tax relating to components of other comprehensive income
11
( 597,119)
( 597,119)
----
------------
-------------
------------
-------------
Total comprehensive income for the year
( 597,119)
2,444,263
1,847,144
At 30 April 2023
123
7,443,108
19,050,069
11,956,196
38,449,496
Profit for the year
1,615,156
1,615,156
----
------------
-------------
-------------
-------------
Total comprehensive income for the year
1,615,156
1,615,156
----
------------
-------------
-------------
-------------
At 30 April 2024
123
7,443,108
19,050,069
13,571,352
40,064,652
----
------------
-------------
-------------
-------------
Platinum Retail Limited
Consolidated Statement of Cash Flows
Year ended 30 April 2024
2024
2023
Note
£
£
Cash generated from operations
24
21,803,424
5,279,289
Interest paid
( 3,663,212)
( 1,481,787)
Interest received
3,221
53,182
Tax paid
( 1,921,182)
( 2,336,102)
-------------
------------
Net cash from operating activities
16,222,251
1,514,582
-------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 19,108,545)
( 21,552,491)
Proceeds from sale of tangible assets
( 4,999)
-------------
-------------
Net cash used in investing activities
( 19,113,544)
( 21,552,491)
-------------
-------------
Cash flows from financing activities
Proceeds from borrowings
13,787,928
31,523,155
Repayments of borrowings
( 4,559,889)
( 13,567,515)
Directors loans made or repaid
162,997
2,874,996
Loans repaid to other third parties
(500,000)
-------------
-------------
Net cash from financing activities
9,391,036
20,330,636
-------------
-------------
Net increase in cash and cash equivalents
6,499,743
292,727
Cash and cash equivalents at beginning of year
2,493,112
2,200,385
------------
------------
Cash and cash equivalents at end of year
8,992,855
2,493,112
------------
------------
Platinum Retail Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1B Anglo House, Bell Lane Office Village, Bell Lane, Amersham, England, HP6 6FA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
There are no disclosure exemptions.
Consolidation
The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings as set out in note 13 to the financial statements. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: 1 Valuation of investments At the end of each financial year, the directors assess investments in subsidiaries for any indicators of impairment. The directors believe that there are no indicators of impairment as the subsidiaries continue to trade profitably and have a net asset position at the year end. 2 Recoverability of intercompany debts Amounts owed from the group companies are assessed for the recoverability of the balance. The directors believe this balance to be recoverable due to subsidiary undertakings remaining to trade profitably and having a net asset position at the year end. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: 1 Deferred tax Deferred tax is calculated at the expected future tax rate. Tax rates are subject to change and thus this estimate is subject to change in future periods. 2 Amortisation of goodwill The directors have carried out an assessment of useful life of goodwill and it has been determined that 10 years is an appropriate amortisation policy. 3 Impairment of goodwill Goodwill is tested for impairment annually and whenever events or changes in circumstances indicate that the carrying amount of goodwill has been impaired, for example due to a changed business climate. In order to determine if the value of goodwill has been impaired, the group relies on a number of factors, including historical results, business plans, forecasts and market data. Changes in the conditions for these judgements and estimates can significantly affect the assessed value of goodwill and its recoverable amount. 4 Valuation of freehold and leasehold land and buildings The directors have determined the fair value of the freehold and leasehold land and buildings as at 30 April 2024, using the FMOP multiple method. A number of properties owned by the group were valued during the year by an independent firm of Chartered Surveyors. The directors have considered the valuation bases as applied by the independent firm of Chartered surveyors and supplemented this with the director's industry experience and economic factors, to determine the fair value of all freehold and leasehold land and buildings. 5 Depreciation on freehold buildings The group and company recognises depreciation at 2% straight line on its freehold buildings. The land value attributed to the company's land and buildings has been estimated at 10%, therefore depreciation is only charged on the remaining 90% which is the estimated cost of the buildings. This estimate is based on the expected value of the land element of the property based on the remedial work required and restrictions on development meaning the inherent value is significantly less than that of the building.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Straight line over 10 years
Negative goodwill
-
Straight line over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold buildings
-
2% straight line
Leasehold buildings
-
5% straight line
Plant and machinery
-
5 - 15% Straight line
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20 - 25% Reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
The stock figure per the accounts is comprised of wet stock, i.e. fuel. Wet stock is valued at the most recent purchase cost, based on prevailing fuel prices at the year end. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
163,791,992
116,948,371
---------------
---------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Other operating income
626,064
1,178,605
---------
------------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
65,161
65,161
Depreciation of tangible assets
2,408,917
2,058,734
Gains on disposal of tangible assets
( 3,515)
Operating lease payments
271,197
253,396
------------
------------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
21,353
37,500
--------
--------
Fees payable to the company's auditor and its associates for other services:
Audit of the financial statements of associates
38,647
52,500
Other non-audit services
17,500
11,854
--------
--------
56,147
64,354
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Administrative staff
5
8
Management staff
1
----
----
6
8
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
275,274
234,500
Social security costs
19,499
22,001
Other pension costs
4,674
3,296
---------
---------
299,447
259,797
---------
---------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
68,980
38,333
--------
--------
10. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
3,482,276
1,481,787
Other interest payable and similar charges
180,936
------------
------------
3,663,212
1,481,787
------------
------------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
1,920,219
1,430,821
Adjustments in respect of prior periods
963
------------
------------
Total current tax
1,921,182
1,430,821
------------
------------
Deferred tax:
Origination and reversal of timing differences
147,861
43,440
------------
------------
Tax on profit
2,069,043
1,474,261
------------
------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19.49 %).
2024
2023
£
£
Profit on ordinary activities before taxation
6,346,812
5,200,317
------------
------------
Profit on ordinary activities by rate of tax
1,602,992
1,013,542
Adjustment to tax charge in respect of prior periods
2,034
Effect of expenses not deductible for tax purposes
29,640
24,680
Effect of capital allowances and depreciation
426,569
431,936
Other tax adjustment to increase/(decrease) tax liability
7,808
4,103
------------
------------
Tax on profit
2,069,043
1,474,261
------------
------------
12. Intangible assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
735,416
( 73,214)
662,202
---------
--------
---------
Amortisation
At 1 May 2023
237,856
( 20,721)
217,135
Charge for the year
72,483
( 7,322)
65,161
---------
--------
---------
At 30 April 2024
310,339
( 28,043)
282,296
---------
--------
---------
Carrying amount
At 30 April 2024
425,077
( 45,171)
379,906
---------
--------
---------
At 30 April 2023
497,560
( 52,493)
445,067
---------
--------
---------
The company has no intangible assets.
13. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
105,404,032
1,613,998
1,390,286
29,773
108,438,089
Additions
17,760,250
260,529
939,006
148,760
19,108,545
Disposals
( 21,073)
( 21,073)
Revaluations
( 393,513)
( 393,513)
---------------
------------
------------
---------
---------------
At 30 April 2024
122,770,769
1,874,527
2,329,292
157,460
127,132,048
---------------
------------
------------
---------
---------------
Depreciation
At 1 May 2023
1,799,217
1,208,816
1,049,494
20,569
4,078,096
Charge for the year
2,137,273
109,403
145,552
16,689
2,408,917
Disposals
( 15,749)
( 13,838)
( 29,587)
Revaluations
( 327,669)
( 327,669)
---------------
------------
------------
---------
---------------
At 30 April 2024
3,608,821
1,302,470
1,195,046
23,420
6,129,757
---------------
------------
------------
---------
---------------
Carrying amount
At 30 April 2024
119,161,948
572,057
1,134,246
134,040
121,002,291
---------------
------------
------------
---------
---------------
At 30 April 2023
103,604,815
405,182
340,792
9,204
104,359,993
---------------
------------
------------
---------
---------------
Company
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
51,267,533
1,331,906
29,773
52,629,212
Additions
13,155,039
935,756
148,760
14,239,555
Disposals
( 21,073)
( 21,073)
---------------
------------
---------
-------------
At 30 April 2024
64,422,572
2,267,662
157,460
66,847,694
---------------
------------
---------
-------------
Depreciation
At 1 May 2023
952,529
994,510
20,569
1,967,608
Charge for the year
1,356,076
144,245
16,689
1,517,010
Disposals
( 13,838)
( 13,838)
---------------
------------
---------
-------------
At 30 April 2024
2,308,605
1,138,755
23,420
3,470,780
---------------
------------
---------
-------------
Carrying amount
At 30 April 2024
62,113,967
1,128,907
134,040
63,376,914
---------------
------------
---------
-------------
At 30 April 2023
50,315,004
337,396
9,204
50,661,604
---------------
------------
---------
-------------
In all group companies the properties were valued at fair value by the directors as at 30 April 2024 using the FMOP multiple method. The directors have considered the valuation bases as applied by an independent firm of Chartered Surveyors and supplemented this with the directors industry experience and economic factors, to determine the fair value of all freehold land and buildings. There has been revaluation of 4 sites in the year. Freehold and leasehold land and buildings in the group are carried at valuation. If freehold and leasehold property was measured using the cost model, the carrying amounts would have been approximately £78.9m (2023 - £62.6m) being cost of £83.5 (2023 - £65.8m) and depreciation of £4.5m (2023 - £2.2m). Freehold and leasehold land and buildings in the company are carried at valuation. If freehold and leasehold property was measured using the cost model, the carrying amounts would have been approximately £37.8m (2023 - £25.3) being cost of £40.3m (2023 - £27.1m) and depreciation of £2.4m (2023 - £1.5m).
14. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
9,085,954
------------
Impairment
At 1 May 2023 and 30 April 2024
------------
Carrying amount
At 1 May 2023 and 30 April 2024
9,085,954
------------
At 30 April 2023
9,085,954
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
The Dearnside Motor Company Limited
Ordinary
100
J Bros (Investments) Limited
Ordinary
100
Linvick Limited
Ordinary
100
R. O'Leary Limited
Ordinary
100
Dove Retail Limited
Ordinary
100
All companies are incorporated in England and have been consolidated in these financial statements. All companies registered office address is Unit B1 Anglo House, Bell Lane Office Village, Bell Lane, Amersham, England, HP6 6FA.
15. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
3,107,108
2,473,195
1,972,678
1,413,951
------------
------------
------------
------------
16. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
4,166,285
2,974,996
2,378,843
1,444,736
Amounts owed by group undertakings
10,109,053
10,119,040
Prepayments and accrued income
376,789
468,672
293,563
270,678
Other debtors
4,022,662
7,127,216
2,634,093
1,318,256
------------
-------------
-------------
-------------
8,565,736
10,570,884
15,415,552
13,152,710
------------
-------------
-------------
-------------
17. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
2,699,731
3,003,035
1,596,208
1,682,902
Trade creditors
13,675,275
7,265,992
7,904,577
3,857,457
Amounts owed to group undertakings
511,767
526,972
Accruals and deferred income
487,770
507,471
330,285
402,588
Corporation tax
27,851
656,257
Social security and other taxes
1,699,124
1,716,775
464,534
243,420
Director loan accounts
4,066,536
2,794,268
4,113,626
2,789,109
Other creditors
3,107,154
1,361,268
1,664,202
690,595
-------------
-------------
-------------
-------------
25,735,590
16,648,809
16,613,050
10,849,300
-------------
-------------
-------------
-------------
The bank loans are secure by a first legal charge over the freehold property, a fixed and floating charge over the assets of the company and a composite guarantee between the company and its subsidiary undertakings.
A director has provided a personal guarantee of £1m for the loans in Platinum Retail Limited and J Bros (Investments) Limited and its subsidiaries, Linvick Limited and R. O'Leary Limited.
18. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
52,036,992
43,777,917
33,051,423
20,633,498
-------------
-------------
-------------
-------------
The bank loans are secure by a first legal charge over the freehold property, a fixed and floating charge over the assets of the company and a composite guarantee between the company and its subsidiary undertakings.
A director has provided a personal guarantee of £1m for the loans in Platinum Retail Limited and J Bros (Investments) Limited and its subsidiaries, Linvick Limited and R. O'Leary Limited.
19. Provisions
Group
Deferred tax (note 20)
£
At 1 May 2023
10,694,649
Additions
415,046
Charge against provision
( 267,182)
-------------
At 30 April 2024
10,842,513
-------------
Company
Deferred tax (note 20)
£
At 1 May 2023
5,688,226
Additions
197,686
------------
At 30 April 2024
5,885,912
------------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 19)
10,842,513
10,694,649
5,885,912
5,688,226
-------------
-------------
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
340,521
94,979
239,436
41,751
Revaluation of tangible assets
10,501,992
10,599,670
5,646,476
5,646,475
-------------
-------------
------------
------------
10,842,513
10,694,649
5,885,912
5,688,226
-------------
-------------
------------
------------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 4,674 (2023: £ 3,296 ).
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
123
123
123
123
----
----
----
----
23. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
24. Cash generated from operations
2024
2023
£
£
Profit for the financial year
4,277,769
3,726,056
Adjustments for:
Depreciation of tangible assets
2,408,917
2,058,734
Amortisation of intangible assets
65,161
65,161
Other interest receivable and similar income
( 3,221)
( 53,182)
Interest payable and similar expenses
3,663,212
1,481,787
Gains on disposal of tangible assets
( 3,515)
Tax on profit
2,069,043
1,474,261
Accrued (income)/expenses
( 182,695)
174,682
Changes in:
Stocks
( 633,913)
( 158,647)
Trade and other debtors
2,005,148
( 7,254,283)
Trade and other creditors
8,137,518
3,764,720
-------------
------------
21,803,424
5,279,289
-------------
------------
25. Analysis of changes in net debt
At 1 May 2023
Cash flows
At 30 Apr 2024
£
£
£
Cash at bank and in hand
2,493,112
6,499,743
8,992,855
Debt due within one year
(5,797,303)
(968,964)
(6,766,267)
Debt due after one year
(43,777,917)
(8,259,075)
(52,036,992)
-------------
------------
-------------
( 47,082,108)
( 2,728,296)
( 49,810,404)
-------------
------------
-------------
26. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
230,800
230,800
230,800
230,800
Later than 1 year and not later than 5 years
794,146
882,275
794,146
882,275
Later than 5 years
690,904
833,575
690,904
833,575
------------
------------
------------
------------
1,715,850
1,946,650
1,715,850
1,946,650
------------
------------
------------
------------
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
110,000
115,000
110,000
115,000
Later than 1 year and not later than 5 years
440,000
440,000
440,000
440,000
Later than 5 years
429,754
539,754
429,754
539,754
---------
------------
---------
------------
979,754
1,094,754
979,754
1,094,754
---------
------------
---------
------------
Platinum Retail Limited
Notes to the Financial Statements (continued)
Year ended 30 April 2024
27. Directors' advances, credits and guarantees
The company operated directors loan accounts with the company which remained in credit throughout the year.
28. Related party transactions
Group
The group has taken advantage of the exemption available and has not disclosed related party transactions with other members of the group. At the year end, £4,066,536 (2023 - £2,789,109) was owed to the directors by the group. Interest totalling £180,000 (2023 - £nil) was paid to the directors.
Company
At the year end, £4,113,626 (2023 - £2,789,109) was owed to the directors by the company. Interest totalling £180,000 (2023 - £nil) was paid to the directors. In the prior year, the company held a bank loan of £22,316,400 which in addition to being secured against a freehold property in the group, was additionally secured against a property owned personally by the director. This loan was refinanced in the year and therefore is no longer secured against the directors property. Nil rent (2023 - £40,000) was paid on this property and at the year end the company owed £nil (2022 - £46,275) to the director. The directors are considered to be the key management personnel, details of which are disclosed in note 9 to the financial statements.
29. Controlling party
The controlling party of the group is S R Sejpal .