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Registered number: 06480383









WAYNE CONNOLLY HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr W.E.G. Connolly (appointed 12 March 2008)
Mr A Barton (appointed 25 June 2019)
Mr C. P. Price (appointed 25 June 2019)




Registered number
06480383



Registered office
E1-E2 Lyntown Trading Estate
Eccles

Manchester

M30 9QG




Independent auditors
Hardy & Company (Hyde) Ltd
Chartered Certified Accountants & Statutory Auditors

Onward Chambers

34 Market Street

Hyde

Cheshire

SK14 1AH





 
WAYNE CONNOLLY HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 4
Directors' report
5 - 6
Independent auditors' report
7 - 10
Consolidated statement of income and retained earnings
11
Consolidated balance sheet
12 - 13
Company balance sheet
14
Consolidated statement of cash flows
15 - 16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 36


 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The company is a holding company and has one wholly owned subsidiary – Connolly Scaffolding Limited, which operates primarily as a plant hire company.                                                

Page 1

 
WAYNE CONNOLLY HOLDINGS LIMITED
 

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

Business review
 
Year ending April 2024 was again a positive year for the Group with our turnover increasing to £7,036,218 generating a pre-tax profit of £931,418, adding to an already strong balance sheet. Our borrowings have continued to reduce over this period.
Overheads have remained relatively static, despite a challenging environment with rising wages and raw material costs and increasing premises costs.
Our policy for 2023-24 was to consolidate our operation and reduce borrowings, which we feel we have achieved.
We have continued the investment to fully digitise our management system, with us achieving  100% digitisation with-in this year. Having live UpToDate management information is key to continually improving the efficiency of the business and improving margins, which is represented by being able to achieve 13.23% pre-tax profit
Our EBITDA is £1,546,884 compared with £1,481,800 in the previous accounting period.
Social value investment continued throughout FY 23-24, in such schemes as contributing to Ronald McDonald House, Cancer Trust, Lighthouse Charity, Christies Hospice and employee backed schemes. We have embarked on setting our ESG policy in 2024-25 where targeted social values will remain a key part.
The principal activity of the Group remains to be the erect and hire of scaffolding to main contractors and owner developers. Our projects run from multimillion pound contracts through to smaller local commercial schemes. 
The directors decision to reverse out of the new build residential/social housing market remains, due to the over competitive market conditions with smaller scaffolding companies competing and driving sales down, coupled with a volatile seasonable nature producing a much reduced margin and poor returns. 
During FY 2023-24 we secured and started £8.6m of projects, with an average contract value of £168k and the largest being £3.4m.
Our forward order book for FY 2024-25 stands at £9.8m of projects( which are underway), with a further £4.9m of projects in the design phase, which we fully expect to start with-in this coming financial year. In addition we are in extended negotiation (pre-contract meeting) with a further £500k. 
We operate mainly within the North West UK, however we had specific projects in the South West (Cornwall, Plymouth, Cardiff), Leeds, Newcastle upon Lyme, Leicester, London and Bristol.
Throughout FY 23-24 we continued to target specific infrastructure (bridge) contracts, whilst continuing to steadily grow (albeit modestly) our market share of rail contracts. We see this sector as our biggest growth through the next 4 years. We secured and started the iconic Clifton Suspension Bridge (Bristol) with-in this FY 23-24.
Our achieved T/O of the infrastructure and rail projects during FY 23-24 amounted to just over £500K, FY 24-25 we expect this to rise to £1.5m.
We are a fully audited NASC (National Access Scaffolding Confederation) member, we have several audited SIPPS and are fully RISQ (rail) audited. Our employee base remains to be fully employed status. Despite labour shortages, we are still of the opinion this is the best policy for the company to engage and grow employees through our in-house apprenticeship.
We employed 19 labourers and PT1 scaffolders, (figure at the end of the financial year) who we fully expect to move through the business during 2024-25, with the aim of them being fully trained scaffolders with-in 2 years. Our training plan demonstrates all employees are enrolled in further education and CPD.
 
Page 2

 
WAYNE CONNOLLY HOLDINGS LIMITED
 

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

Health and safety is a key part of our business and is a major key performance indicator for our clients. We have strengthened our health and safety department with a further new appointment and are pleased to confirm we have continued to improve our incident rates, which has been rewarded with a reduction year on year of our insurance premiums.
Our investment over the past 5 years in system scaffolding (£4.6m) has continued to prove fruitful to the business, reducing labour times (erecting of the scaffolding), contributing to our already improving safety record and reducing overall time period for training. Continuing this investment is key to the continued growth and success of the business and assists in mitigating  the risks and uncertainties the construction is facing/will face.

Principal risks and uncertainties
 
Liquidity risk:
The Group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
The Group manages the risk by maintaining regular contact with existing finance providers to evaluate options in future funding decisions.
Interest rate risk:
The Group is exposed to interest rate risk on Current Account.
The Group manages the risk by constantly monitoring their policies to ensure that they are not exposed to short term interest rate movements.
Credit risk:
The Group is not exposed to a high degree of credit risk as surplus funds are minimised due to working capital requirements. These are then retained in either a short term current account or call deposit account as agreed by the Board of Directors.
The Group manages this risk by continuously considering the credit ratings of financial institutes that they have relationships with.
Given the political uncertainty in the past few years, ( post Covid, Brexit ), we remain cautious in relation to projects moving from the design phase to starting on site. This has been a slow process, with various reasons for delay, ranging from client uncertainty, raw material costs (increasing overall build costs) new legislation (regarding to cladding refurbishment/replacement due to Grenfell fallout) to planning issues, causing projects to slip from expected start dates. 
This has caused some difficulty in predicting cashflow, with expected funds slipping and having to expediate existing projects to fill the gap.
Whilst the political landscape seems settled for the next 4 years or so, we feel that construction will improve, however we remain cautious for the short term and the previous slippage will be continually monitored. However, our forward order book, expansion in new sectors, investment in system scaffolding, fully digitising the management systems, and strong pipeline of new business means we are well poised to face future challenges.
Given the above, our policy for the past year and for this next 2024-25 FY, is to continue to repay financial commitments, continue to reduce borrowings, to enable us to have a cash surplus by FY end 24-25.

Page 3

 
WAYNE CONNOLLY HOLDINGS LIMITED
 

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

Financial key performance indicators
 
The directors have prepared detailed cashflow forecasts, budgets and with a strong pipeline of projects (including forward order book) for the next 12 months, all demonstrate that the business will remain profitable, and will continue to reduce borrowings leaving a positive cash position at the year-end 2024-25.
The business monitors the cashflow, as part of its daily control procedures, and the directors consider the cash and future requirements of the business on a regular basis to ensure that appropriate funds are available.
The business has assumed the current available support will continue and accordingly consider it appropriate that the accounts are prepared on an ongoing concern basis.
T/O increased by £317,924 (4.7% increase).
Operating Profit increased by £57,144 (4.7% increase).
Wages reduced (despite a rising labour cost), meaning we are achieving an increased margin by continual efficiency drives.

 



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



Mr W.E.G. Connolly
Director

Date: 29 January 2025

Page 4

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

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

Results and dividends

The profit for the year, after taxation, amounted to £923,244 (2023 - £859,990).



Directors

The directors who served during the year were:

Mr W.E.G. Connolly (appointed 12 March 2008)
Mr A Barton (appointed 25 June 2019)
Mr C. P. Price (appointed 25 June 2019)

Future developments

The Group does not intend to decrease its trade.

Page 5

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

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

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

Post balance sheet events

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

Auditors

The auditorsHardy & Company (Hyde) Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





Mr W.E.G. Connolly
Director

Date: 29 January 2025

Page 6

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAYNE CONNOLLY HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Wayne Connolly Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated statement of income and retained earnings, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 7

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAYNE CONNOLLY HOLDINGS LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 8

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAYNE CONNOLLY HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, 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.


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and sector, we identified that the principal risks of non-compliance
with laws and regulations related to the Companies Act 2006 and the UK tax legislation and we considered the
extent to which non-compliance might have a material effect on the financial statements.                                       
We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements
and determined that the principal risks were related to management bias in accounting estimates and
judgements, revenue recognistion and going concern.
Our procedures to respond to risks identified include making enquiry of management and those charged with
governance, reviewing financial statement disclosures and testing to support documentation to assess
compliance with applicable laws and regulations, auditing the risk of management overide of controls, including
testing of journal entries and other adjustments for appropriateness.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 9

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WAYNE CONNOLLY HOLDINGS LIMITED (CONTINUED)





Paul Robert Campbell (Senior statutory auditor)
  
for and on behalf of
Hardy & Company (Hyde) Ltd
 
Chartered Certified Accountants and Registered Auditors
  
Onward Chambers
34 Market Street
Hyde
Cheshire
SK14 1AH

29 January 2025
Page 10

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
7,036,218
6,718,294

Cost of sales
  
(4,341,973)
(4,200,636)

Gross profit
  
2,694,245
2,517,658

Administrative expenses
  
(1,439,753)
(1,332,485)

Operating profit
 5 
1,254,492
1,185,173

Interest payable and similar expenses
 9 
(323,037)
(252,617)

Profit before tax
  
931,455
932,556

Tax on profit
 10 
(8,211)
(72,566)

Profit after tax
  
923,244
859,990

  

  

Retained earnings at the beginning of the year
  
4,101,444
3,621,454

  
4,101,444
3,621,454

Profit for the year attributable to the owners of the parent
  
923,244
859,990

Dividends declared and paid
  
(300,000)
(380,000)

Retained earnings at the end of the year
  
4,724,688
4,101,444

Non-controlling interest at the end of the year
  

The notes on pages 18 to 36 form part of these financial statements.

Page 11

 
WAYNE CONNOLLY HOLDINGS LIMITED
REGISTERED NUMBER: 06480383

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
6,205,068
6,277,737

  
6,205,068
6,277,737

Current assets
  

Stocks
 13 
10,414
11,657

Debtors: amounts falling due within one year
 14 
1,851,287
1,558,174

Cash at bank and in hand
 15 
32,749
10,012

  
1,894,450
1,579,843

Creditors: amounts falling due within one year
 16 
(2,292,279)
(2,429,036)

Net current liabilities
  
 
 
(397,829)
 
 
(849,193)

Total assets less current liabilities
  
5,807,239
5,428,544

Creditors: amounts falling due after more than one year
 17 
(812,455)
(1,065,215)

Provisions for liabilities
  

Deferred taxation
 21 
(270,046)
(261,835)

  
 
 
(270,046)
 
 
(261,835)

Net assets excluding pension asset
  
4,724,738
4,101,494

Net assets
  
4,724,738
4,101,494


Capital and reserves
  

Called up share capital 
 22 
50
50

Profit and loss account
 23 
4,724,688
4,101,444

Equity attributable to owners of the parent Company
  
4,724,738
4,101,494

  
4,724,738
4,101,494


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr W.E.G. Connolly
Director

Date: 29 January 2025
Page 12

 
WAYNE CONNOLLY HOLDINGS LIMITED
REGISTERED NUMBER: 06480383
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024


The notes on pages 18 to 36 form part of these financial statements.

Page 13

 
WAYNE CONNOLLY HOLDINGS LIMITED
REGISTERED NUMBER: 06480383

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 12 
190,050
190,050

  
190,050
190,050

Current assets
  

Debtors: amounts falling due within one year
 14 
532,831
477,343

Cash at bank and in hand
 15 
25,222
10,012

  
558,053
487,355

Creditors: amounts falling due within one year
 16 
(402,848)
(332,188)

Net current assets
  
 
 
155,205
 
 
155,167

Total assets less current liabilities
  
345,255
345,217

  

  

Net assets excluding pension asset
  
345,255
345,217

Net assets
  
345,255
345,217


Capital and reserves
  

Called up share capital 
 22 
50
50

Profit and loss account brought forward
  
345,168
357,305

Profit for the year
  
300,037
367,862

Other changes in the profit and loss account

  

(300,000)
(380,000)

Profit and loss account carried forward
  
345,205
345,167

  
345,255
345,217


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr W.E.G. Connolly
Director

Date: 29 January 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 14

 
WAYNE CONNOLLY HOLDINGS LIMITED
 

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

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
923,244
859,990

Adjustments for:

Depreciation of tangible assets
292,428
284,489

Loss on disposal of tangible assets
1,779
(20,140)

Interest paid
323,037
252,617

Taxation charge
8,211
72,566

Decrease in stocks
1,243
2,798

(Increase)/decrease in debtors
(157,113)
754,510

(Increase) in amounts owed by joint ventures
(1,000)
(884)

(Decrease) in creditors
(315,357)
(209,685)

Increase in amounts owed to groups
1
1
Page 15

 
WAYNE CONNOLLY HOLDINGS LIMITED
 

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


2024
2023

£
£



Net cash generated from operating activities

1,076,473
1,996,262


Cash flows from investing activities

Purchase of tangible fixed assets
(224,340)
(1,041,582)

Sale of tangible fixed assets
2,800
147,071

HP interest paid
(21,154)
(2,659)

Net cash from investing activities

(242,694)
(897,170)

Cash flows from financing activities

Repayment of loans
(423,763)
(58,719)

Repayment of/new finance leases
268,126
(262,614)

Dividends paid
(300,000)
(380,000)

Interest paid
(301,883)
(249,958)

Net cash used in financing activities
(757,520)
(951,291)

Net increase in cash and cash equivalents
76,259
147,801

Cash and cash equivalents at beginning of year
(650,924)
(798,725)

Cash and cash equivalents at the end of year
(574,665)
(650,924)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
32,749
10,012

Bank overdrafts
(607,414)
(660,936)

(574,665)
(650,924)


The notes on pages 18 to 36 form part of these financial statements.

Page 16

 
WAYNE CONNOLLY HOLDINGS LIMITED
 

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




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

10,012

22,737

32,749

Bank overdrafts

(660,936)

53,522

(607,414)

Debt due after 1 year

(913,772)

387,576

(526,196)

Debt due within 1 year

(669,473)

68,202

(601,271)

Finance leases

(202,005)

(268,126)

(470,131)


(2,436,174)
263,911
(2,172,263)

The notes on pages 18 to 36 form part of these financial statements.

Page 17

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Wayne Connolly Holdings Limited is a private company limited by shares, registered in the United Kingdom number 06480383. Its registered office is E1-E2 Lyntown Trading Estate, Eccles, Manchester, M30 9QG. During the year the principal activity of the company continued to be that of a holding company for Connolly Scaffolding Limited, who provide scaffolding.                                                                                                                              

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

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

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2005.

Page 18

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Revenue

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

Rendering of services

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

 
2.4

Operating leases: the Group as lessee

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

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

 
2.5

Finance costs

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

 
2.6

Borrowing costs

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

 
2.7

Pensions

Defined contribution pension plan

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

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

Page 19

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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

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

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

 
2.9

Tangible fixed assets

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

Page 20

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Plant and machinery
-
Nil
Motor vehicles
-
25%
Reducing Balance
Fixtures and fittings
-
5%
Reducing Balance
Office equipment
-
5%
Reducing Balance

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

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

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Stocks

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

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

 
2.12

Debtors

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

Page 21

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

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

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.14

Creditors

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

 
2.15

Provisions for liabilities

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

 
2.16

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 22

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

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

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

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Page 23

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

There are no material judgements in applying accounting policies to disclose; and there are no material key sources of uncertainty.

Page 24

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
7,036,218
6,718,294

7,036,218
6,718,294


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
7,036,218
6,718,294

7,036,218
6,718,294



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
40,186
48,417


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
3,300
3,000

Page 25

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
2,805,244
2,922,224

Social security costs
292,086
303,802

Cost of defined contribution scheme
140,923
135,628

3,238,253
3,361,654


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


        2024
        2023
            No.
            No.







137
143


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
158,408
151,276

Group contributions to defined contribution pension schemes
7,200
9,924

165,608
161,200


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
301,883
249,958

Finance leases and hire purchase contracts
21,154
2,659

323,037
252,617

Page 26

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
8,211
72,566

Total deferred tax
8,211
72,566


Taxation on profit on ordinary activities
8,211
72,566

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
931,455
932,556


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
232,864
177,186

Effects of:


Capital allowances for year in excess of depreciation
(4,054)
(134,039)

Utilisation of tax losses
(228,801)
(45,453)

Changes in provisions leading to an increase (decrease) in the tax charge
8,202
72,566

Unrelieved tax losses carried forward
-
2,306

Total tax charge for the year
8,211
72,566


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Tangible fixed assets

Group





Page 27

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           11.Tangible fixed assets (continued)


Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 May 2023
145,685
8,056,377
642,843
26,236
52,039


Additions
-
190,081
26,200
-
8,058


Disposals
-
-
(8,495)
-
-



At 30 April 2024

145,685
8,246,458
660,548
26,236
60,097



Depreciation


At 1 May 2023
11,251
2,317,842
266,556
19,178
30,618


Charge for the year on owned assets
2,914
190,109
30,894
353
1,214


Charge for the year on financed assets
-
-
66,943
-
-


Disposals
-
-
(3,916)
-
-



At 30 April 2024

14,165
2,507,951
360,477
19,531
31,832



Net book value



At 30 April 2024
131,520
5,738,507
300,071
6,705
28,265



At 30 April 2023
134,434
5,738,536
376,287
7,058
21,422
Page 28

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           11.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 May 2023
8,923,180


Additions
224,339


Disposals
(8,495)



At 30 April 2024

9,139,024



Depreciation


At 1 May 2023
2,645,445


Charge for the year on owned assets
225,484


Charge for the year on financed assets
66,943


Disposals
(3,916)



At 30 April 2024

2,933,956



Net book value



At 30 April 2024
6,205,068



At 30 April 2023
6,277,737




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
131,520
134,434

131,520
134,434


The net book value of assets held under hire purchase agreements total £207,380 (2023: £252,702).

Page 29

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Fixed asset investments

Group












Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
190,050



At 30 April 2024
190,050





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Connolly Scaffolding Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Connolly Scaffolding Limited
4,569,533
923,207

Page 30

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
10,414
11,657

10,414
11,657


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


14.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,242,755
999,641
-
-

Amounts owed by joint ventures and associated undertakings
1,884
884
-
-

Other debtors
532,831
510,123
532,831
477,343

Prepayments and accrued income
73,817
47,526
-
-

1,851,287
1,558,174
532,831
477,343



15.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
32,749
10,012
25,222
10,012

Less: bank overdrafts
(607,414)
(660,936)
-
-

(574,665)
(650,924)
25,222
10,012


Page 31

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
607,414
660,936
-
-

Bank loans
601,271
637,458
-
-

Trade creditors
508,861
858,093
-
-

Amounts owed to group undertakings
-
1
-
-

Corporation tax
135,000
-
135,000
-

Other taxation and social security
202,538
76,993
-
-

Obligations under finance lease and hire purchase contracts
183,872
50,562
-
-

Other creditors
41,593
113,620
263,888
324,988

Accruals and deferred income
11,730
31,373
3,960
7,200

2,292,279
2,429,036
402,848
332,188



The following liabilities were secured:
Group
Group
2024
2023
£
£

Bank overdraft and loans
1,208,685
1,298,394

Obligations under finance leases and hire purchase contracts
183,872
50,562

1,392,557
1,348,956

Details of security provided:

The assets are secured over a fixed and floating charge across the business and against specific fixed
assets.

Page 32

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
526,196
913,772

Net obligations under finance leases and hire purchase contracts
286,259
151,443

812,455
1,065,215



The following liabilities were secured:
Group
Group
2024
2023
£
£


Bank loans
526,196
913,772

Net obligations under finance leases and hire purchase contracts
286,259
151,443

812,455
1,065,215

Details of security provided:

The assets are secured over a fixed and floating charge across the business and against specfic fixed
assets.



Page 33

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
601,271
637,458


601,271
637,458

Amounts falling due 1-2 years

Bank loans
247,813
518,391


247,813
518,391

Amounts falling due 2-5 years

Bank loans
278,383
395,381


278,383
395,381


1,127,467
1,551,230



19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
183,872
50,562

Between 1-5 years
286,259
151,443

470,131
202,005

Page 34

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Financial instruments

Group
Group
2024
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
32,749
10,012




Financial assets measured at fair value through profit or loss.


21.


Deferred taxation


Group



2024


£






At beginning of year
(261,835)


Charged to profit or loss
(8,211)



At end of year
(270,046)

Company


2024






At end of year
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
(270,046)
(261,835)

(270,046)
(261,835)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50 (2023 - 50) Ordinary shares shares of £1.00 each
50
50


Page 35

 
WAYNE CONNOLLY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


24.


Transactions with directors

During the year the directors loan account amounted to £397,831, this was made
up of an opening debit balance of £477,342, advances totalling £244,971 credits totalling £24,482 and
dividends of £300,000. This is represented within other debtors.

 
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