|
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
|
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's or the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
|
Other information |
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information 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. |
|
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
● |
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
● |
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. |
|
Matters on which we are required to report by exception |
Ceefox Holdings Limited |
Consolidated Statement of Cash Flows |
for the year ended 30 June 2024 |
|
Notes |
|
2024 |
|
2023 |
£ |
£ |
Operating activities |
Profit for the financial year |
1,715,207 |
|
1,696,648 |
|
Adjustments for: |
Loss on sale of fixed assets |
- |
|
21,832 |
Interest receivable |
(9,592) |
|
(14,753) |
Tax on profit on ordinary activities |
574,727 |
|
443,429 |
Depreciation and Impairment |
7,555 |
|
8,000 |
Increase in stocks |
(14,884) |
|
(7,561) |
(Increase)/decrease in debtors |
(33,842) |
|
652,952 |
Increase/(decrease) in creditors |
89,841 |
|
(83,796) |
|
|
|
2,329,012 |
|
2,716,751 |
|
Interest received |
9,592 |
|
14,753 |
Corporation tax paid |
(503,717) |
|
(470,427) |
|
Cash generated by operating activities |
1,834,887 |
|
2,261,077 |
|
|
|
|
|
|
Investing activities |
Payments to acquire tangible fixed assets |
(3,404) |
|
(8,705) |
Payments to acquire investments |
- |
|
(40,000) |
Proceeds from sale of investment properties |
- |
|
188,025 |
Proceeds from sale of investments |
30,000 |
|
- |
|
Cash generated by investing activities |
26,596 |
|
139,320 |
|
|
|
|
|
|
Financing activities |
Equity dividends paid |
(1,929,590) |
|
(2,547,177) |
|
Cash used in financing activities |
(1,929,590) |
|
(2,547,177) |
|
|
|
|
|
|
Net cash used |
Cash generated by operating activities |
1,834,887 |
|
2,261,077 |
Cash generated by investing activities |
26,596 |
|
139,320 |
Cash used in financing activities |
(1,929,590) |
|
(2,547,177) |
|
Net cash used |
(68,107) |
|
(146,780) |
|
Cash and cash equivalents at 1 July |
941,158 |
|
1,087,938 |
Cash and cash equivalents at 30 June |
873,051 |
|
941,158 |
|
|
|
|
|
|
Cash and cash equivalents comprise: |
Cash at bank |
873,051 |
|
941,158 |
|
|
|
|
|
|
|
|
|
Investment property |
|
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss. Investment properties are valued in accordance with dirctors' valuations. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Critical accounting estimates and judgements |
|
|
The directors consider that there are no critical accounting estimates and judgements which could result in a significant impact on the financial statements. |
|
|
3 |
Analysis of turnover |
2024 |
|
2023 |
£ |
£ |
|
|
Sale of services |
11,263,057 |
|
10,738,175 |
|
Rent Received |
97,845 |
|
94,357 |
|
|
|
|
|
|
11,360,902 |
|
10,832,532 |
|
|
|
|
|
|
|
|
|
|
By geographical market: |
|
|
UK |
11,360,902 |
|
10,832,532 |
|
|
|
|
|
|
|
|
|
|
4 |
Operating profit |
2024 |
|
2023 |
£ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
6,288 |
|
8,000 |
|
Auditors' remuneration for audit services |
9,500 |
|
9,000 |
|
Key management personnel compensation (including directors' emoluments) |
|
40,000 |
|
47,000 |
|
|
|
|
|
|
|
|
|
|
5 |
Directors' emoluments |
2024 |
|
2023 |
£ |
£ |
|
|
Company contributions to defined contribution pension plans |
40,000 |
|
40,000 |
|
|
|
|
|
|
|
|
|
|
|
Number of directors to whom retirement benefits accrued: |
2024 |
|
2023 |
Number |
Number |
|
|
Defined contribution plans |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
6 |
Staff costs |
2024 |
|
2023 |
£ |
£ |
|
|
Wages and salaries |
12,000 |
|
37,500 |
|
Social security costs |
- |
|
- |
|
Other pension costs |
40,000 |
|
40,000 |
|
|
|
|
|
|
52,000 |
|
77,500 |
|
|
|
|
|
|
|
|
|
|
|
Average number of employees during the year |
Number |
Number |
|
|
Administration |
5 |
|
5 |
|
|
|
|
|
|
5 |
|
5 |
|
|
|
|
|
|
|
|
|
|
7 |
Taxation |
2024 |
|
2023 |
£ |
£ |
|
Analysis of charge in period |
|
Current tax: |
|
UK corporation tax on profits of the period |
574,727 |
|
443,429 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit on ordinary activities |
574,727 |
|
443,429 |
|
|
|
|
|
|
|
|
|
|
|
Factors affecting tax charge for period |
|
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
|
|
|
|
|
|
|
2024 |
|
2023 |
£ |
£ |
|
Profit on ordinary activities before tax |
2,289,934 |
|
2,140,077 |
|
|
|
|
|
|
|
|
|
|
Standard rate of corporation tax in the UK |
25% |
|
19% |
|
£ |
£ |
|
Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
572,484 |
|
406,615 |
|
|
Effects of: |
|
Expenses not deductible for tax purposes |
(641) |
|
4,899 |
|
Capital allowances for period in excess of depreciation |
2,884 |
|
(1,681) |
|
Utilisation of tax losses |
- |
|
33,596 |
|
|
Current tax charge for period |
574,727 |
|
443,429 |
|
|
|
|
|
|
|
|
|
|
|
Factors that may affect future tax charges |
|
None |
|
|
8 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
The Group |
|
Cost |
|
At 1 July 2023 |
1 |
|
At 30 June 2024 |
1 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 30 June 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 30 June 2024 |
1 |
|
At 30 June 2023 |
1 |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
|
9 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Fixtures, fittings, tools and equipment |
|
|
|
|
|
|
|
|
At cost |
|
The Group |
£ |
|
Cost or valuation |
|
At 1 July 2023 |
89,470 |
|
Additions |
3,404 |
|
Disposals |
(4,174) |
|
At 30 June 2024 |
88,700 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2023 |
66,454 |
|
Charge for the year |
6,288 |
|
On disposals |
(2,907) |
|
At 30 June 2024 |
69,835 |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 30 June 2024 |
18,865 |
|
At 30 June 2023 |
23,016 |
|
|
|
|
|
|
|
|
|
|
|
10 |
Investment property |
2024 |
|
The Group |
£ |
|
Valuation |
|
At 1 July 2023 |
2,558,497 |
|
At 30 June 2024 |
2,558,497 |
|
|
|
|
|
|
|
|
|
11 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
|
Cost |
|
At 1 July 2023 |
300 |
|
|
At 30 June 2024 |
300 |
|
The company holds 20% or more of the share capital of the following companies: |
|
Capital and |
Profit (loss) |
|
Company |
Shares held |
reserves |
for the year |
|
|
Class |
% |
£ |
£ |
|
Ceefox Sports Consultancy Limited |
Ordinary |
100 |
|
12,193 |
|
1,673,527 |
|
Ceefox Properties Limited |
Ordinary |
100 |
|
86,413 |
|
34,649 |
|
Ceefox Developments Limited |
Ordinary |
100 |
|
15 |
|
- |
|
|
12 |
Stocks |
2024 |
|
2023 |
£ |
£ |
|
The Group |
|
Work in progress |
45,176 |
|
30,292 |
|
|
|
|
|
|
|
|
|
|
13 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
The Group |
|
Trade debtors |
1,200,000 |
|
1,200,000 |
|
Prepayments and accrued income |
39,649 |
|
5,807 |
|
|
|
|
|
|
1,239,649 |
|
1,205,807 |
|
|
|
|
|
|
|
|
|
|
The Company |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
2,585,956 |
|
2,665,956 |
|
|
|
|
|
|
|
|
|
|
|
|
14 |
Investments held as current assets |
2024 |
|
2023 |
|
The Group and Company |
£ |
£ |
|
Fair value |
|
Unlisted investments |
140,000 |
|
170,000 |
|
|
|
|
|
|
|
|
|
|
|
15 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
The Group |
|
Trade creditors |
9,476 |
|
16 |
|
Corporation tax |
294,726 |
|
223,716 |
|
Other taxes and social security costs |
194,197 |
|
95,317 |
|
Other creditors |
655,272 |
|
655,271 |
|
Accruals and deferred income |
1,436,000 |
|
1,454,500 |
|
|
|
|
|
|
2,589,671 |
|
2,428,820 |
|
|
|
|
|
|
|
|
|
|
The Company |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
1,100,635 |
|
946,045 |
|
Corporation tax |
1,649 |
|
852 |
|
Other creditors |
71 |
|
71 |
|
|
|
|
|
|
1,102,355 |
|
946,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
Share capital |
Nominal |
|
2024 |
|
2024 |
|
2023 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
200 |
|
200 |
|
200 |
|
|
|
|
|
|
|
|
|
|
17 |
Profit and loss account |
2024 |
|
2023 |
£ |
£ |
|
The Group |
|
At 1 July |
2,499,751 |
|
3,350,280 |
|
Profit for the financial year |
1,715,207 |
|
1,696,648 |
|
Dividends |
(1,929,590) |
|
(2,547,177) |
|
|
At 30 June |
2,285,368 |
|
2,499,751 |
|
|
|
|
|
|
|
|
|
|
18 |
Dividends |
2024 |
|
2023 |
£ |
£ |
|
|
Dividends on ordinary shares (note 17) |
1,929,590 |
|
2,547,177 |
|
|
|
|
|
|
|
|
|
|
|
19 |
Related party transactions |
|
|
During the period the company entered into a consultancy agreement with Lucy Foxcroft-Gall Marketing Consultancy for £9,424 (2023 £32,308) with L Foxcroft-Gall a director of the company. All transactions were at arm's length and on normal commercial terms. |
|
|
20 |
Controlling party |
|
|
The company is controlled by Mrs Carol Foxcroft by virtue of her holding 100% of the issued share capital of the company. |
|
|
21 |
Presentation currency |
|
|
The financial statements are presented in Sterling. |
|
|
22 |
Legal form of entity and country of incorporation |
|
|
Ceefox Holdings Limited is a private company limited by shares and incorporated in England. |
|
|
23 |
Principal place of business |
|
|
The address of the company's principal place of business and registered office is: |
|
|
8 Adelaide Row |
|
Seaham |
|
Co. Durham |
|
SR7 7EF |