Company Registration No. SC578050 (Scotland)
CRAIG GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
CRAIG GROUP LIMITED
COMPANY INFORMATION
Director
J Douglas Craig OBE, MA, CA, DHC (Chairman)
Secretary
LC Secretaries Limited
Company number
SC578050
Registered office
Johnstone House
52-54 Rose Street
Aberdeen
United Kingdom
AB10 1HA
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
Bankers
HSBC
95-99 Union Street
Aberdeen
United Kingdom
AB11 6BD
CRAIG GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 6
Director's responsibilities statement
7
Independent auditor's report
8 - 11
Profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 34
CRAIG GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The director presents the strategic report and financial statements for the year ended 30 April 2024.

Fair review of the business

The group's principal activities are as an international supply house providing procurement services to some of the largest energy companies both in the North Sea and across the world. In addition, one of the company's subsidiaries is a golf equipment retailer, providing driving range facilities.

 

Turnover for the group for the year was £197m (2023: £188m), a 5% year on year increase, with a stabilisation of growth and activity especially in North America compared to prior years. The increase in activity hasn’t been enough to offset the general cost pressures and costs of expanding into new geographic areas which results in an operating profit of £1.7m down from the 2023 operating profit of £2.7m. With the effects of negative exchange rate movements and increase in interest cost driven by the increase in interest rates, the total comprehensive income was £1m (2023: £1.9m). At the year end, the group had net assets of £11.7m (2023: £10.8m), net current assets of £10.6m (2023: £9.6m) and had cash on hand of £7.6m (2023: £5.1m).

 

The group's strategy is to develop key relationships with large international customers with the goal of becoming a global partner and being the first contact for all of their supplies in our chosen international markets. It is a key focus of management to ensure the service provided is ahead of our competitors and as efficient as possible.

 

Craig International Limited, a direct subsidiary of Craig Group Limited, has a number of subsidiaries which operate in selected overseas locations. The overseas activities complement the UK business and use the same systems and operating platforms to deliver client service.

 

Principal risks and uncertainties

Foreign exchange risk

Given the international dynamics of the group, it is exposed to fluctuations in foreign currency exchange rates. Both realised and unrealised gains and losses impact upon the group’s results. From time to time, the group will use appropriate hedging instruments such as forward contracts to mitigate their exposure in this area.

 

Market and economic risk

The principal risks to the group are the worldwide energy prices and government fiscal policies which directly impacts activity levels of the energy sector as well as other macro economic factors in our markets.

 

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses cash generated from operations and bank finance to provide adequate working capital.

Development and performance

Future developments

The group continues to evaluate other opportunities to expand into new geographical areas with its existing customer base.

 

The director recognises the group’s growth has stabilised in North America and is now looking to increase activity in other geographical areas having already invested in the initial setup of operations in these areas.  By continually driving innovation through the business model, the group continues to improve efficiency in the supply chain adding value to it customers.

 

As of September 2023, the group had established an Australian company to take advantage of increasing business and opportunities in the Western Australian energy industry.

Going Concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the Director has reviewed sensitised trading and cashflow forecasts.

On this basis, the Director continues to adopt the going concern basis in preparing the financial statements.

CRAIG GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Key performance indicators

The key performance indicators the director monitors are turnover, gross margin and operating profit. Turnover for the group for the year was £198m (2023: £188m), the gross margin was 6.6% (2023: 6.8%) and the group's operating profit was £1.7m (2023 profit: £2.7m). In terms of the financial position, the director considers debtors, net current assets and borrowing levels. As at 30 April 2024, the group had debtors of £36.8m (2023: £37.7m), net current assets of £10.6m (2023: £9.6m) and bank finance of £11.4m (2023: £6.4m).

 

Non-financial KPI's which the group measures are, on time delivery and win/loss ratio of quotes to improve performance and efficiency of its operations.

Section 172(1) Statement

This statement, is intended to show how the director has approached and met their responsibilities under s172 Companies Act 2006 during the period. The statement has been prepared in response to the obligations as set out in the Companies (Miscellaneous Reporting) Regulations 2018.

 

As required by s172 of the UK Companies Act 2006, a director of a company must act in a way they consider, is in good faith, and would most likely promote the success of the company for the benefit of its shareholders. In doing this, the director must have regard, amongst other matters, to the:

 

 

Effective engagement with key stakeholders is critical to the long-term success of the business. Dialogue with stakeholders assists in identifying the effects of group policies and practices, predicting future developments and trends and realigning strategy.

 

Shareholder

The Chairman (shareholder) holds monthly meetings with the group's directors and regional managers to discuss operational results, potential opportunities and strategic direction for the business.

Workforce

The group is committed to being a responsible business, maintaining and improving the methods by which employees are involved and can contribute. The group’s approach is to fully discuss any matters that may impact the employee’s interests, through regular staff communications and meetings.

Customers

The group is committed to developing and maintaining strong client relationships for the long term. Management engage with customers on regular basis, to assess activity levels and performance. Management embraces customer feedback regarding service and quality, which is given the highest priority, so enabling the group to provide a better all-round service.

Suppliers

The group is committed to developing and maintaining strong supplier relationships for the long term.

 

Community and the environment

The group constantly aims to provide added value while supplying goods to customers in a low carbon or carbon neutral way.

CRAIG GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

On behalf of the board

J Douglas Craig OBE, MA, CA, DHC (Chairman)
Director
29 January 2025
CRAIG GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

The director presents his annual report and financial statements for the year ended 30 April 2024.

Branches

The results of the group include those from the group's non-trading branch in Oman.

Results and dividends

The results for the year are set out on page 12.

No ordinary dividends were paid or declared (2023: £nil). No preference dividends were paid (2023: £nil). The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

J Douglas Craig OBE, MA, CA, DHC (Chairman)
Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
374,409
224,626
- Electricity purchased
157,735
226,534
- Fuel consumed for transport
108,600
98,611
640,744
549,771
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
68.00
40.00
- Fuel consumed for owned transport
27.00
24.00
95.00
64.00
Scope 2 - indirect emissions
- Electricity purchased
35.00
50.00
Total gross emissions
130.00
114.00
Intensity ratio
Tonnes CO2e per customer purchase order (PO)
0.0045
0.0042
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.

CRAIG GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per customer purchase order (PO).

Measures taken to improve energy efficiency

The group is accredited to ISO14001:2015 standard, the following represents our environmental responsibilities and acts as a framework for our annual objectives and targets.

 

 

 

 

 

 

 

 

 

Strategic Report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and financial risk management as well as engagement with suppliers, customers and others which have been covered as part of the Section 172(1) statement to the extent these are applicable.

Statement of disclosure to auditor

So far as the director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the group is unaware. Additionally, the director has taken all the necessary steps that he ought to have taken as director in order to make himself aware of all relevant audit information and to establish that the auditor of the group is aware of that information.

CRAIG GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
On behalf of the board
J Douglas Craig OBE, MA, CA, DHC (Chairman
Director
29 January 2025
CRAIG GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

CRAIG GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRAIG GROUP LIMITED
- 8 -
Opinion

We have audited the financial statements of Craig Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

CRAIG GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRAIG GROUP LIMITED
- 9 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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:

 

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or parent company or to cease operations, or has no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

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

 

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

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:

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

 

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

CRAIG GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRAIG GROUP LIMITED
- 10 -

Extent to which the audit was considered capable of detecting irregularities, included fraud (continued)

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the parent company and the sector in which they operate, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

 

We gained an understanding of how the group and the parent company are complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the group and parent company's financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

 

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

 

 

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

CRAIG GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRAIG GROUP LIMITED
- 11 -

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 parent 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 parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jenny Junnier (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
29 January 2025
Chartered Accountants
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
CRAIG GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
197,337,370
187,720,591
Cost of sales
(184,281,838)
(174,999,185)
Gross profit
13,055,532
12,721,406
Administrative expenses
(11,362,674)
(10,049,577)
Operating profit
4
1,692,858
2,671,829
Interest payable and similar expenses
7
(421,272)
(267,442)
Profit before taxation
1,271,586
2,404,387
Tax on profit
8
(237,755)
(567,693)
Profit for the financial year
20
1,033,831
1,836,694
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CRAIG GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
£
£
Profit for the financial year
1,033,831
1,836,694
Other comprehensive (expenditure)/income
Currency translation differences
(77,469)
41,293
Total comprehensive income for the financial year
956,362
1,877,987
Total comprehensive income for the year is all attributable to the owners of the parent company.
CRAIG GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,141,765
1,134,749
Current assets
Stocks
12
2,190,134
2,251,091
Debtors
13
36,816,972
37,749,795
Cash at bank and in hand
7,616,336
5,074,583
46,623,442
45,075,469
Creditors: amounts falling due within one year
14
(36,038,328)
(35,429,701)
Net current assets
10,585,114
9,645,768
Total assets less current liabilities
11,726,879
10,780,517
Creditors: amounts falling due after more than one year
15
(10,833)
(20,833)
Net assets
11,716,046
10,759,684
Capital and reserves
Called up share capital
18
3,800,003
3,800,003
Merger reserves
733,165
733,165
Profit and loss reserves
19
7,182,878
6,226,516
Total equity
11,716,046
10,759,684
The financial statements were approved and signed by the director and authorised for issue on 29 January 2025
29 January 2025
J Douglas Craig OBE, MA, CA, DHC (Chairman)
Director
CRAIG GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
10
515,002
515,002
Current assets
Debtors
13
3,285,000
3,285,000
Cash at bank and in hand
1
1
3,285,001
3,285,001
Net current assets
3,285,001
3,285,001
Net assets
3,800,003
3,800,003
Capital and reserves
Called up share capital
18
3,800,003
3,800,003

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £0 (2023 - £0 profit).

The financial statements were approved and signed by the director and authorised for issue on 29 January 2025
29 January 2025
J Douglas Craig OBE, MA, CA, DHC (Chairman)
Director
Company Registration No. SC578050
CRAIG GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
Share capital
Merger reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2022
3,800,003
733,165
4,348,529
8,881,697
Year ended 30 April 2023:
Profit for the year
-
-
1,836,694
1,836,694
Other comprehensive income:
Currency translation differences on overseas subsidiaries
-
-
41,293
41,293
Total comprehensive income for the year
-
-
1,877,987
1,877,987
Balance at 30 April 2023
3,800,003
733,165
6,226,516
10,759,684
Year ended 30 April 2024:
Profit for the year
-
-
1,033,831
1,033,831
Other comprehensive expenditure:
Currency translation differences on overseas subsidiaries
-
-
(77,469)
(77,469)
Total comprehensive income for the year
-
-
956,362
956,362
Balance at 30 April 2024
3,800,003
733,165
7,182,878
11,716,046
CRAIG GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
Share capital
£
Balance at 1 May 2022
3,800,003
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
Balance at 30 April 2023
3,800,003
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
Balance at 30 April 2024
3,800,003
CRAIG GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(1,155,526)
173,827
Interest paid
(421,272)
(267,442)
Income taxes paid
(385,101)
(607,363)
Net cash outflow from operating activities
(1,961,899)
(700,978)
Investing activities
Purchase of tangible fixed assets
(245,593)
(912,105)
Net cash used in investing activities
(245,593)
(912,105)
Financing activities
Repayment of bank loans
(10,000)
(10,000)
Movement in directors loan account
(188,611)
(801,977)
Net cash used in financing activities
(198,611)
(811,977)
Net decrease in cash and cash equivalents
(2,406,103)
(2,425,060)
Cash and cash equivalents at beginning of year
(1,290,092)
1,119,082
Effect of foreign exchange rates
(77,469)
15,886
Cash and cash equivalents at end of year
(3,773,664)
(1,290,092)
Relating to:
Cash at bank and in hand
7,616,336
5,074,583
Bank finance included in creditors payable within one year
(11,390,000)
(6,364,675)
CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
1
Accounting policies
Company information

Craig Group Limited (“the company”) is a private company limited by shares domiciled and incorporated in Scotland. The registered office is Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA. The company's trading address is Craig House, Tern Place, Bridge of Don, Aberdeen, Scotland, AB23 8JX. The company's registered number is SC578050. The principal activities of the company and its subsidiaries (collectively known as "the group") and the nature of the group's operations are set out in the Strategic Report on page 1.

 

The group consists of Craig Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest pound sterling.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

FRS 102 reduced disclosure framework - parent company

The parent company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements under FRS 102 (to the extent applicable):

 

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Craig Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the Director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the Director has reviewed sensitised trading and cashflow forecasts.

On this basis, the Director continues to adopt the going concern basis in preparing the financial statements.

CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
1.4
Turnover

Turnover represents amounts derived from procurement and the provision of services to third party customers.

Turnover is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods) or as services are provided.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following straight line bases:

Freehold property
Not depreciated
Tenant's improvements
6-7% per annum
Freehold property improvements
10% per annum
Fixtures, fittings and equipment
5-20% per annum
Motor vehicles
25% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

 

No depreciation is charged on freehold property as, in the opinion of the director, the residual value is not materially different to the carrying value.

1.6
Fixed asset investments

In the parent company, interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets and fixed asset investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are valued using the average cost method. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, bank finance and deposits held at call with banks and bank overdrafts and other forms of bank financing. Bank overdrafts and financing are shown within current liabilities.

CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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 and 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 certain debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

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

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including certain creditors and bank borrowings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial liabilities

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

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.

Deferred tax

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.

 

The group’s liability for tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

The group and certain subsidiaries operate defined contribution pension schemes. The assets of these schemes are held separately in independently administered funds. The amount charged to the profit and loss account represents the contributions payable to the schemes in respect of the accounting period.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 23 -
1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

 

The assets and liabilities of overseas subsidiary undertakings are translated at the closing exchange rates. Profit and loss accounts of such undertakings are consolidated at the average rates of exchange during the period. The average rate is a reasonable approximation of actual daily rates for each transaction. Gains and losses arising on these transactions are taken to the statement of comprehensive expenditure for the period.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of intercompany investments and debt

Recoverability of intercompany investments and debt is a judgement exercised by management which has a significant effect on the company's balance sheet (see note 13). Management review the valuation of this and assess recoverability on a regular basis.

The director considers that there are no other judgements, estimates or underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Procurement and provision of services
197,337,370
187,720,591
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom and Europe
44,417,646
42,670,515
North America
83,628,815
82,284,888
Middle East
39,206,413
33,144,810
Rest of World
30,084,496
29,620,378
197,337,370
187,720,591
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
163,030
128,352
Management fees receivable
-
(26,771)
Depreciation of owned tangible fixed assets
238,577
186,848
Operating lease charges
323,850
453,151
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
8,700
6,000
Audit of the financial statements of the company's subsidiaries
79,300
65,950
88,000
71,950
For other services
All other non-audit services
10,000
15,000
CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management and Adminstration
54
48
-
-
Operations
123
111
-
-
Total
177
159
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
7,328,492
6,250,800
-
0
-
0
Social security costs
237,677
217,725
-
-
Pension costs
108,838
101,559
-
0
-
0
7,675,007
6,570,084
-
0
-
0

There was no director's remuneration in the period.

7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts, loans and bank finance
421,272
267,442
8
Taxation
2024
2023
£
£
Current tax
Foreign current tax on profits for the current period
220,881
567,693
Deferred tax
Origination and reversal of timing differences
32,413
-
0
Adjustment in respect of prior periods
(15,539)
-
0
Total deferred tax
16,874
-
0
Total tax charge
237,755
567,693
CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Taxation
(Continued)
- 26 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,271,586
2,404,387
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
317,897
601,097
Effect of overseas tax rates
(64,603)
(33,404)
Deferred tax adjustments in respect of prior years
(15,539)
-
0
Taxation charge
237,755
567,693

 

9
Tangible fixed assets
Group
Freehold property
Tenant's improvements
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
665,374
1,006,944
2,180,632
125,971
3,978,921
Additions
-
0
17,436
141,662
86,495
245,593
Disposals
-
0
-
0
-
0
(74,834)
(74,834)
Exchange adjustments
-
0
136,920
50,031
35,258
222,209
At 30 April 2024
665,374
1,161,300
2,372,325
172,890
4,371,889
Depreciation and impairment
At 1 May 2023
33,696
816,067
1,896,166
98,243
2,844,172
Depreciation charged in the year
37,983
25,755
151,709
23,130
238,577
Eliminated in respect of disposals
-
0
-
0
-
0
(74,834)
(74,834)
Exchange adjustments
-
0
136,920
50,031
35,258
222,209
At 30 April 2024
71,679
978,742
2,097,906
81,797
3,230,124
Carrying amount
At 30 April 2024
593,695
182,558
274,419
91,093
1,141,765
At 30 April 2023
631,678
190,877
284,466
27,728
1,134,749
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
515,002
515,002
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
515,002
Carrying amount
At 30 April 2024
515,002
At 30 April 2023
515,002
CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
11
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Country of incorporation
Nature of business
Class of
% Held
shares held
Direct
Indirect
Craig International Supplies (West Africa) Limited
Ghana
Dormant
Ordinary
0
100.00
Craig International Supplies Austria
Austria
International supply house
Ordinary
0
100.00
Craig International Supplies Canada
Canada
International supply house
Ordinary
0
100.00
Craig International Supplies Germany GmbH
Germany
International supply house
Ordinary
0
100.00
Craig Supplies Inc
USA
International supply house
Ordinary
0
100.00
Craig International Limited
United Kingdom
International supply house
Ordinary
100.00
-
Craig International Middle East DMCC
Dubai
International supply house
Ordinary
0
100.00
Craig International Supplies Mozambique
Mozambique
Dormant
Ordinary
0
100.00
Grampian Golf & Leisure Associates Limited
United Kingdom
Golf retailers and provision of driving range
Ordinary
100.00
-
* C R A I G International Mechanical & Engineering Equipment Trading LLC
Dubai
International supply house
Ordinary
0
49.00
* Craig International For Trading In Oil Field Equipment LLC
Qatar
International supply house
Ordinary
0
49.00
Craig International Supplies (Proprietary) Limited
South Africa
International supply house
Ordinary
0
100.00
Craig International Supplies Singapore PTE. LTD
Singapore
International supply house
Ordinary
0
100.00
Craig International (Australia) PTY  Ltd
Australia
International supply house
Ordinary
0
100.00
Craig International Supplies Limited
United Kingdom
Dormant
Ordinary
0
100.00

*Craig International For Trading in Oil Field Equipment LLC and C R A I G International Mechanical & Engineering Equipment Trading LLC are recognised as subsidiaries on the basis that Craig Group Limited controls the entities.

 

The registered addresses of the above are as follows:

CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
12
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods held for resale
2,190,134
2,251,091
-
-
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
30,708,856
32,524,698
-
0
-
0
Amounts owed by group undertakings
-
-
3,285,000
3,285,000
Other debtors
919,281
1,180,387
-
0
-
0
Prepayments and accrued income
5,188,835
4,044,710
-
0
-
0
36,816,972
37,749,795
3,285,000
3,285,000

Other debtors include £665,818 (2023: £666,977) of deposits under bank guarantees issued by one of the group's subsidiary companies.

 

Amounts owed by group undertakings are interest free and repayable on demand.

14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank finance and overdrafts
16
11,400,000
6,374,675
-
0
-
0
Trade creditors
20,290,131
24,773,655
-
0
-
0
Corporation tax payable
-
0
147,346
-
0
-
0
Other taxation and social security
244,336
203,876
-
-
Other creditors
1,437,532
2,339,149
-
0
-
0
Accruals and deferred income
2,666,329
1,591,000
-
0
-
0
36,038,328
35,429,701
-
0
-
0

Other creditors includes £119,521 (2023: £468,222) owed to the director.

15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
16
10,833
20,833
-
0
-
0
CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
16
Bank loans and finance
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
20,833
30,833
-
0
-
0
Bank finance
5,803,579
6,364,675
-
0
-
0
Bank overdrafts
5,586,421
-
0
-
0
-
0
11,410,833
6,395,508
-
-
Payable within one year
11,400,000
6,374,675
-
0
-
0
Payable after one year
10,833
20,833
-
0
-
0

Included in bank finance is an amount of £5,803,579 (2023 - £6,374,675) which is secured by a floating charge over certain group assets. The remaining amount of £5,586,421 (2023 - £nil) relates to accounts in overdraft within the group's cash pooling arrangement.

 

Bank loans are secured by a floating charge granted by Grampian Golf & Leisure Associates Limited.

The bank loan of £20,177 is repayable in monthly instalments over a period of 6 years commencing June 2021. The interest rate on the loan is 2.5%.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,838
101,559

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

Contributions totaling £15,870 (2023: £11,187) were payable to the fund at the year end and are included in creditors.

CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
3,800,000
3,800,000
3,800,000
3,800,000
Preference shares classified as equity
3,800,000
3,800,000
Total equity share capital
3,800,003
3,800,003

In 2021, £3,800,000 of director's loan balances were converted into preference shares of £1 each.

 

The ordinary shares have voting rights. Preference shares do not entitle the holders to vote. Preference share holders are entitled to receive notice of all general meetings but shall not be entitled to attend or vote thereat.

 

No dividend shall be paid or declared in respect of the ordinary shares in any accounting period unless the holders of the preference shares have received a fixed amount of £5,000 in aggregate in respect of the preference shares held by them during that accounting period.

 

On a return of assets on liquidation, capital reduction or otherwise, the assets of the company remaining after the payment of its liabilities shall be applied as follows:

 

i) First, in paying to the holders of the preference shares the subscription price per share together with a sum equal to any arrears of the preferred dividend calculated down to the date of the return of capital.

 

ii) The balance of such assets shall then be distributed amongst the holders of the ordinary shares in proportion to the amounts paid up.

 

Subject to redemption being permissible under the Companies Act 2006, all of the issued preference shares shall be redeemable at the option of the company.

19
Merger reserves

The merger reserve represents the excess of the nominal value of shares acquired over the nominal value of the shares issued in exchange.

20
Profit and loss reserves

The profit and loss reserve represents cumulative realisable profits and losses of the group less distributions.

21
Financial commitments, guarantees and contingent liabilities

The group has taken advantage of the exemptions in section 479A to 479C of the Companies Act 2006, meaning that the Company's subsidiary, Grampian Golf & Leisure Associates Limited, is exempt from audit.

CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 32 -
22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
213,647
178,282
-
-
Between two and five years
319,401
361,500
-
-
In over five years
332,630
362,712
-
-
865,678
902,494
-
-
CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 33 -
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
472,041
459,632
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales and management fees received
2024
2023
£
£
Group
Entities under common control
46,356
26,771
Management fees paid
2024
2023
£
£
Group
Entities under common control
37,276
42,220

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities under common control
997,892
1,033,811

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
£
£
Group
Entities under common control
210,410
270,560

 

CRAIG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 34 -
24
Director's transactions

During the year to 30 April 2024, the director provided total loans to the group of £500,000 (2023:£1,700,000). During the period, £848,701 (2023: £2,501,977) has been repaid to the director. The balance due to the director at the year end was £119,521 (2023: £468,222). The director's loan is interest free and has no fixed repayment terms.

25
Controlling party

The company is controlled by J Douglas Craig OBE, MA, CA, DHC, director, who owns 100% of the company's issued ordinary share capital.

26
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
1,033,831
1,836,694
Adjustments for:
Taxation charged
237,755
567,693
Finance costs
421,272
267,442
Depreciation and impairment of tangible fixed assets
238,577
186,848
Movements in working capital:
Decrease in stocks
60,957
600,086
Decrease/(increase) in debtors
1,121,434
(12,290,466)
(Decrease)/increase in creditors
(4,269,352)
8,980,123
Effect of foreign exchange on working capital
-
25,407
Cash (absorbed by)/generated from operations
(1,155,526)
173,827
27
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
5,074,583
2,541,753
7,616,336
Bank finance
(6,364,675)
(5,025,325)
(11,390,000)
(1,290,092)
(2,483,572)
(3,773,664)
Borrowings excluding overdrafts
(30,833)
10,000
(20,833)
(1,320,925)
(2,473,572)
(3,794,497)
2024-04-302023-05-01falsefalseCCH SoftwareCCH Accounts Production 2024.300No description of principal activityJ Douglas Craig OBE, MA, CA, DHC (Chairman)LC Secretaries 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