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Registered number: 06619349










SECKLOE 402 LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
SECKLOE 402 LIMITED
 
 
COMPANY INFORMATION


Directors
G V Tookey 
R J Denning 




Registered number
06619349



Registered office
Equilibrium House
Mansion Close

Moulton Park Industrial Estate

Northampton

NN3 6RU




Independent auditor
MHA

Century House

The Lakes

Northampton

NN4 7HD





 
SECKLOE 402 LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Consolidated Statement of Income and Retained Earnings
 
9
Consolidated Balance Sheet
 
10 - 11
Company Balance Sheet
 
12 - 13
Consolidated Statement of Cash Flows
 
14 - 15
Consolidated Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 35


 
SECKLOE 402 LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

Introduction
 
The directors present their Strategic Report for the period ended 31 March 2024.

Business review
 
The Seckloe 402 Group had a highly successful period ending 31 March 2024. We extended our accounting period from 12 to 17 months to align with a new venture that we have established, called Study Tech Limited.
Study Tech Limited was formed as a 50/50 Joint Venture with Assistive Solutions Limited to operate a £200m contract that together we were awarded for delivery of assessments, equipment, training and support for students receiving Disabled Students Allowance in England and Wales. The contract runs for 3 years with two potential extensions of 1 further year. This contract has transformed the Seckloe Group as both of its operating companies, Sight and Sound Technology and Access Assessment Centres Limited will subcontract to Study Tech for key elements of the contract.
Our operations in Scotland grew significantly as well as more Universities and Colleges selected Sight and Sound Technology as the provider for their students taking Disabled Students Allowance funded by the Scottish Academic Advisory Service (SAAS). We also grew gross margin in this operation, further increasing net contribution to the overall Group.
Our Irish operation felt the headwind of competition towards the end of the 17-month period, posting a lower turnover, although gross margin was increased and this business gain supported itself.
Our Blind and Low Vision (BLV) technology business performed well, our Master Distribution of software for Blind and VI grew again and whilst new products contributed to hardware sales and profits.  The consolidation of the supply chain in BLV markets has challenged our previous market differentiation, so we were pleased to establish a number of exclusive distribution contracts in this market that will re-establish our unique high quality offering, which coupled with our trademark technical support service, promises to re-ignite growth in hardware and cement our clear leadership in this market across UK and Ireland.
Tight cost control as we grow so fast will ensure a significant growth in net profit, allowing us to enter 2025 debt free at Group Level.

Principal risks and uncertainties
 
The major risk to the Group will be in establishing our new portfolio in the BLV market, however tight cost control in the new DSA contract will allow for significant growth in contribution and profit which will allow for investment in the BLV brand, largely removing any group wide risk.

Financial key performance indicators
 
     2024   2022   % change 
Turnover     £25,297,899  £12,603,128  100.8%
Operating margin    7.0%   3.8%   3.2%

Page 1

 
SECKLOE 402 LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024


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



................................................
G V Tookey
Director

Date: 30 January 2025

Page 2

 
SECKLOE 402 LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

The directors present their report and the financial statements for the period ended 31 March 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 period, after taxation, amounted to £1,185,183 (2022 - £232,492).

No dividends paid in the period (2022 - £Nil).

Directors

The directors who served during the period were:

G V Tookey 
R J Denning 

Future developments

The directors intend for the Company to continue its strategy of organic growth.

Page 3

 
SECKLOE 402 LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

There were no post balance sheet events identified.

Auditor

Following a rebranding exercise on 15 May 2023 the trading name of the company's independent auditor changed from MHA MacIntyre Hudson to MHA.

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





................................................
G V Tookey
Director

Date: 30 January 2025

Page 4

 
SECKLOE 402 LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SECKLOE 402 LIMITED
 

Opinion


We have audited the financial statements of Seckloe 402 Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 March 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 31 March 2024 and of the Group's profit for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 5

 
SECKLOE 402 LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SECKLOE 402 LIMITED (CONTINUED)


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 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 period 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.


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.


Matters on which we are required to report by exception
 

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 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; or
• the directors were not entitled to prepare the financial statements in accordance with the small     companies regime and take advantage of the small companies’ exemptions in preparing the Directors’    Report and from the requirement to prepare a Group Strategic Report.


Page 6

 
SECKLOE 402 LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SECKLOE 402 LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

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

• Enquiry of management and those charged with governance around actual and potential litigation and         claims;
• Performing audit work over the risk of management override of controls, including testing of journal              entries and other adjustments for appropriateness, evaluating the business rationale of significant                transactions outside the normal course of business and revieing accounting estimates for bias;
• Reviewing minutes of meetings of those charged with governance;
• Reviewing financial statement disclosures and testing supporting documentation to assess compliance 
 with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 


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


Page 7

 
SECKLOE 402 LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SECKLOE 402 LIMITED (CONTINUED)


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 Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Richard Powell BA FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Northampton, United Kingdom

 
Date: 
5 February 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 8

 
SECKLOE 402 LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 MARCH 2024

17 month period ended
2024
2022
Note
£
£

  

Turnover
 4 
25,297,899
12,603,128

Cost of sales
  
(18,343,455)
(9,054,434)

Gross profit
  
6,954,444
3,548,694

Distribution costs
  
(2,660,087)
(1,530,642)

Administrative expenses
  
(2,524,461)
(1,544,851)

Other operating income
 5 
(1,055)
2,734

Operating profit
 6 
1,768,841
475,935

Income from participating interests
  
81,139
-

Interest receivable and similar income
 10 
17,849
841

Interest payable and similar expenses
 11 
(208,962)
(143,388)

Profit before tax
  
1,658,867
333,388

Tax on profit
 12 
(473,684)
(100,896)

Profit after tax
  
1,185,183
232,492

  

  

Retained earnings at the beginning of the period
  
545,150
312,658

Profit for the period attributable to the owners of the parent
  
1,185,183
232,492

Retained earnings at the end of the period
  
1,730,333
545,150


  

The notes on pages 17 to 35 form part of these financial statements.

Page 9

 
SECKLOE 402 LIMITED
REGISTERED NUMBER: 06619349

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

31 March
31 October
2024
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
383,364
687,220

Tangible assets
 14 
201,683
174,544

Investments
 15 
81,639
-


  
666,686
861,764

Current assets
  

Stocks
 16 
1,794,676
475,084

Debtors: amounts falling due within one year
 17 
2,316,051
2,027,632

Cash at bank and in hand
 18 
2,113,367
1,591,726


  
6,224,094
4,094,442

Creditors: amounts falling due within one year
 19 
(2,732,957)
(1,763,980)

Net current assets
  
 
 
3,491,137
 
 
2,330,462

Total assets less current liabilities
  
4,157,823
3,192,226

Creditors: amounts falling due after more than one year
 20 
(1,588,096)
(1,824,298)

Provisions for liabilities
  

Deferred taxation
 21 
(43,554)
(41,454)

Other provisions
 22 
(54,412)
(39,896)

  
 
 
(97,966)
 
 
(81,350)

Net assets
  
2,471,761
1,286,578


Capital and reserves
  

Called up share capital 
 23 
741,428
741,428

Profit and loss account
 24 
1,730,333
545,150

  
2,471,761
1,286,578


Page 10

 
SECKLOE 402 LIMITED
REGISTERED NUMBER: 06619349
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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




................................................
G V Tookey
Director

Date: 30 January 2025

The notes on pages 17 to 35 form part of these financial statements.

Page 11

 
SECKLOE 402 LIMITED
REGISTERED NUMBER: 06619349

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

31 March
31 October
2024
2022
Note
£
£

Fixed assets
  

Investments
 15 
4,232,596
4,232,596

  
4,232,596
4,232,596

Current assets
  

Debtors: amounts falling due within one year
 17 
95,849
6,886

Cash at bank and in hand
 18 
850,341
490,370

  
946,190
497,256

Creditors: amounts falling due within one year
 19 
(4,503,028)
(4,691,158)

Net current liabilities
  
 
 
(3,556,838)
 
 
(4,193,902)

Total assets less current liabilities
  
675,758
38,694

  

Creditors: amounts falling due after more than one year
 20 
(1,471,429)
(1,565,965)

  

Net liabilities
  
(795,671)
(1,527,271)


Capital and reserves
  

Called up share capital 
 23 
741,428
741,428

Profit and loss account brought forward
  
(2,268,699)
(2,123,373)

Profit/(loss) for the period
  
731,600
(145,326)

Profit and loss account carried forward
  
(1,537,099)
(2,268,699)

  
(795,671)
(1,527,271)


Page 12

 
SECKLOE 402 LIMITED
REGISTERED NUMBER: 06619349
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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


................................................
G V Tookey
Director

Date: 30 January 2025

The notes on pages 17 to 35 form part of these financial statements.

Page 13

 
SECKLOE 402 LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024

31 March
31 October
2024
2022
£
£

Cash flows from operating activities

Profit for the financial period
1,185,183
232,492

Adjustments for:

Amortisation of intangible assets
330,639
234,787

Depreciation of tangible assets
82,306
47,585

Profit on disposal of tangible assets
(1,140)
-

Government grants
1,075
-

Interest paid
208,962
143,388

Interest received
(17,849)
(841)

Taxation charge
473,684
100,896

(Increase)/decrease in stocks
(1,319,592)
366,967

Decrease/(increase) in debtors
25,580
(493,833)

(Increase)/decrease in amounts owed by joint ventures
(313,999)
-

Increase in creditors
570,558
65,126

Increase/(decrease) in provisions
14,516
(17,511)

Share of operating (loss)/profit in joint ventures
(81,139)
-

Corporation tax (paid)
(93,897)
(157,956)

Net cash generated from operating activities

1,064,887
521,100


Cash flows from investing activities

Purchase of intangible fixed assets
(26,783)
-

Purchase of tangible fixed assets
(109,445)
(87,169)

Sale of tangible fixed assets
1,140
-

Government grants received
(1,075)
-

Purchase of share in joint ventures
(500)
-

Interest received
17,849
841

Net cash from investing activities

(118,814)
(86,328)
Page 14

 
SECKLOE 402 LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

31 March
31 October

2024
2022

£
£


Cash flows from financing activities

Repayment of loans
(141,666)
(100,000)

Repayment of other loans
(94,536)
(300,000)

Interest paid
(208,962)
(143,388)

Net cash used in financing activities
(445,164)
(543,388)

Net increase/(decrease) in cash and cash equivalents
500,909
(108,616)

Cash and cash equivalents at beginning of period
1,591,726
1,700,342

Cash and cash equivalents at the end of period
2,092,635
1,591,726


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
2,113,367
1,591,726

Bank overdrafts
(20,732)
-

2,092,635
1,591,726


The notes on pages 17 to 35 form part of these financial statements.

Page 15

 
SECKLOE 402 LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2024




At 1 November 2022
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,591,726

521,641

2,113,367

Bank overdrafts

-

(20,732)

(20,732)

Debt due after 1 year

(1,824,298)

236,202

(1,588,096)

Debt due within 1 year

(100,000)

-

(100,000)


(332,572)
737,111
404,539

The notes on pages 17 to 35 form part of these financial statements.

Page 16

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Seckloe 402 Limited is a private company, limited by shares, incorporated in England and Wales, registered number 06619349. The registered office of the Company is Equilibrium House, Mansion Close, Moulton Park Industrial Estate, Northampton, NN3 6RU.

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.

Page 17

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The directors have performed a robust analysis of forecast future cash flows taking into account the potential impacts on the business of possible future scenarios. This analysis also considers the effectiveness of available measures to assist in mitigating any impacts.
A key risk on the business was the restructuring of the Disabled Students Allowance delivery arrangements. The Group has been successful in the ongoing tender, being awarded 2 of the 4 regions. The Group has formed a Joint Venture with another party to develop systems and to deliver the service for the contract which is scheduled to run until 2026 with the potential for 2 further years. This contract, which started in November 2023 will increase turnover and profit by a significant amount, requiring investment to scale to meet the needs of the contract. The directors believe that this contract will underpin the Group's financial health for many years to come.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 18

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.6

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.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Income and Retained Earnings in the same period as the related expenditure.

Page 19

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

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.

 
2.10

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.

 
2.11

Current and deferred taxation

The tax expense for the period 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.

Page 20

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of income and retained earnings over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 The estimated useful lives range as follows:

Goodwill
-
10 years straight line
Computer software
-
up to 5 years straight line

 
2.13

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
10 years straight line
Motor vehicles
-
4 to 5 years straight line
Office equipment
-
3 years straight line
Computer equipment
-
up to 5 years straight line

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 21

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.
In the consolidated accounts, joint ventures are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the joint venture. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-taxation results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in joint ventures are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.


 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

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.

Page 22

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.20

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily separated from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty relate to depreciation and warranty provisions. The rates of depreciation applied to fixed assets are based on the experience of the business in the consumption of economic value of each class of asset. The warranty provision is based on management's best estimate of probable future economic costs.


4.


Turnover

The whole of the turnover is attributable to its principal activity.

Analysis of turnover by country of destination:

2024
2022
£
£

United Kingdom
24,731,426
11,863,951

Rest of Europe
566,473
739,177

25,297,899
12,603,128


Page 23

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

5.


Other operating income

2024
2022
£
£

Government grants receivable
(1,075)
-

Sundry income
20
2,734

(1,055)
2,734



6.


Operating profit

The operating profit is stated after charging:

2024
2022
£
£

Exchange differences
(971)
(43,201)

Other operating lease rentals
150,217
83,643


7.


Auditor's remuneration

During the period, the Group obtained the following services from the Company's auditor:


2024
2022
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
27,750
26,000

Fees payable to the Group's auditor in respect of:
-
-

  Taxation compliance services
4,350
-

  All other services
850
-

Page 24

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Employees

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


Group
31 March
Group
31 October
Company
31 March
Company
31 October
2024
2022
2024
2022
£
£
£
£


Wages and salaries
2,459,939
1,402,860
232,716
163,362

Social security costs
290,490
177,295
30,343
22,093

Cost of defined contribution scheme
111,071
54,445
-
-

2,861,500
1,634,600
263,059
185,455


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



Group
Group
Company
Company
        2024
        2022
        2024
        2022
            No.
            No.
            No.
            No.









Management
3
2
2
2



Sales and administration
39
34
-
-



Profuction and logistics
10
9
-
-

52
45
2
2


9.


Directors' remuneration

2024
2022
£
£

Directors' emoluments
232,716
163,362

Group contributions to defined contribution pension schemes
50,950
24,000

283,666
187,362


The highest paid director received remuneration of £232,716 (2022 - £136,362).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £50,950 (2022 - £24,000).

Page 25

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

10.


Interest receivable

2024
2022
£
£


Other interest receivable
17,849
841


11.


Interest payable and similar expenses

2024
2022
£
£


Bank interest payable
11,590
10,959

Other loan interest payable
197,372
132,429

208,962
143,388


12.


Taxation


2024
2022
£
£

Corporation tax


Current tax on profits for the year
471,584
93,896


Total current tax
471,584
93,896

Deferred tax


Origination and reversal of timing differences
2,100
7,000

Total deferred tax
2,100
7,000


Tax on profit
473,684
100,896
Page 26

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
 
12.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2024
2022
£
£


Profit on ordinary activities before tax
1,658,867
333,388


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
414,717
63,344

Effects of:


Non-tax deductible amortisation of goodwill and impairment
79,561
42,682

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
202
447

Other timing differences leading to an increase (decrease) in taxation
2,599
(5,577)

Non-taxable income
(22,037)
-

Effect of change in current year tax rates
(1,358)
-

Total tax charge for the period/year
473,684
100,896


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

13.


Intangible assets

Group







Computer software
Goodwill
Total

£
£
£



Cost


At 1 November 2022
43,058
3,500,928
3,543,986


Additions
26,783
-
26,783


Disposals
(14,717)
-
(14,717)



At 31 March 2024

55,124
3,500,928
3,556,052



Amortisation


At 1 November 2022
29,769
2,826,997
2,856,766


Charge for the period on owned assets
12,394
318,245
330,639


On disposals
(14,717)
-
(14,717)



At 31 March 2024

27,446
3,145,242
3,172,688



Net book value



At 31 March 2024
27,678
355,686
383,364



At 31 October 2022
13,289
673,931
687,220



Page 28

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

14.


Tangible fixed assets

Group








Leasehold improvements
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 November 2022
110,518
16,693
65,073
384,506
576,790


Additions
8,856
11,000
21,074
68,515
109,445


Disposals
-
(16,693)
(14,603)
(255,348)
(286,644)



At 31 March 2024

119,374
11,000
71,544
197,673
399,591



Depreciation


At 1 November 2022
64,409
16,693
47,423
273,721
402,246


Charge for the period on owned assets
8,417
550
8,387
64,952
82,306


Disposals
-
(16,693)
(14,603)
(255,348)
(286,644)



At 31 March 2024

72,826
550
41,207
83,325
197,908



Net book value



At 31 March 2024
46,548
10,450
30,337
114,348
201,683



At 31 October 2022
46,109
-
17,650
110,785
174,544

Page 29

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

15.


Fixed asset investments

Group








Investment in joint ventures

£



Cost or valuation


Additions
500


Share of profit/(loss)
81,139



At 31 March 2024
81,639




During the period, the Group acquired 50% of the issued share capital of Study Tech Limited, whose registered office is Equilibrium House Mansion Close, Moulton Park Industrial Estate, Northampton, NN3 6RU.

Company








Investments in subsidiary companies

£



Cost


At 1 November 2022
4,232,596



At 31 March 2024
4,232,596





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Sight and Sound Technology Limited
Ordinary
100%
Access Assessment Centres Limited
Ordinary
  100%

All subsidiary undertakings have the same registered office address as the Company.

Page 30

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

16.


Stocks

Group
31 March
Group
31 October
2024
2022
£
£

Finished goods and goods for resale
1,794,676
475,084



17.


Debtors

Group
31 March
Group
31 October
Company
31 March
Company
31 October
2024
2022
2024
2022
£
£
£
£


Trade debtors
1,382,062
1,370,009
-
-

Amounts owed by group undertakings
-
-
85,000
-

Amounts owed by joint ventures and associated undertakings
313,999
-
-
-

Other debtors
463,023
459,350
2,011
2,010

Prepayments and accrued income
156,967
198,273
8,838
4,876

2,316,051
2,027,632
95,849
6,886



18.


Cash and cash equivalents

Group
31 March
Group
31 October
Company
31 March
Company
31 October
2024
2022
2024
2022
£
£
£
£

Cash at bank and in hand
2,113,367
1,591,726
850,341
490,370

Less: bank overdrafts
(20,732)
-
-
-

2,092,635
1,591,726
850,341
490,370


Page 31

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

19.


Creditors: Amounts falling due within one year

Group
31 March
Group
31 October
Company
31 March
Company
31 October
2024
2022
2024
2022
£
£
£
£

Bank overdrafts
20,732
-
-
-

Bank loans
100,000
100,000
-
-

Trade creditors
1,867,990
1,304,197
-
-

Amounts owed to group undertakings
-
-
4,491,703
4,691,079

Corporation tax
472,066
94,379
-
-

Other taxation and social security
87,535
72,393
-
-

Other creditors
67,044
20,839
11,325
79

Accruals and deferred income
117,590
172,172
-
-

2,732,957
1,763,980
4,503,028
4,691,158


Bank loans are secured by a fixed and floating charge over the assets of the Group.


20.


Creditors: Amounts falling due after more than one year

Group
31 March
Group
31 October
Company
31 March
Company
31 October
2024
2022
2024
2022
£
£
£
£

Bank loans
116,667
258,333
-
-

Other loans
1,471,429
1,565,965
1,471,429
1,565,965

1,588,096
1,824,298
1,471,429
1,565,965


Bank and other loans are secured by a fixed and floating charge over the assets of the Group.

Please provide details of the terms of payment or repayment and the rates of any interest payable on the amounts repayable more than five years after the balance sheet date.

Page 32

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

21.


Deferred taxation


Group



2024
2022


£

£






At beginning of year
41,454
34,454


Charged to profit or loss
2,100
7,000



At end of year
43,554
41,454






The provision for deferred taxation is made up as follows:

Group
31 March
Group
31 October
2024
2022
£
£

Accelerated capital allowances
51,558
42,066

Unpaid pensions
(8,004)
(612)

43,554
41,454


22.


Provisions


Group



Warranty provision

£





At 1 November 2022
39,896


Charged to profit or loss
14,516



At 31 March 2024
54,412

The provision is in place in respect of warranties given to customers for stock items sold.

Page 33

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

23.


Share capital

31 March
31 October
2024
2022
£
£
Allotted, called up and fully paid



296,571 (2022 - 296,571) Ordinary A shares of £1.00 each
296,571
296,571
444,857 (2022 - 444,857) Ordinary B shares of £1.00 each
444,857
444,857

741,428

741,428


Ordinary A shares carry preferential dividend rights in addition to ordinary dividend rights, preferential capital distribution rights on winding up and voting rights equal to one vote per share, with additional voting rights available in certain circumstances.
Ordinary B shares carry ordinary dividend rights, ordinary capital distribution rights on winding up and voting rights equal to one vote per share.


24.


Reserves

Profit and loss account

The profit and loss account reserve includes all current and prior period retained profits and losses.


25.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately to those of the Group in an independently administered fund. At 31 March 2024 outstanding contributions payable by the Group to the fund totalled £32,018 (2022 - £8,727).


26.


Commitments under operating leases

At 31 March 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
31 March
Group
31 October
2024
2022
£
£

Not later than 1 year
91,077
115,245

Later than 1 year and not later than 5 years
280,394
298,837

Later than 5 years
128,333
227,500

499,804
641,582
Page 34

 
SECKLOE 402 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

27.Other financial commitments

The Group enters into foreign exchange forward contracts to hedge against adverse currency exchange movements. The Group has entered into foreign exchange forward contracts to buy US Dollars. The total net value of contracts outstanding at 31 March 2024 which are maturing post year end was £123,203 (2022 - £1,209,677).
The Group has provided a guarantee to HMRC of £50,000 (2022 - £50,000).


28.


Related party transactions

The Group is taking advantage of the provisions available under Section 33.1A of FRS 102 not to disclose transactions with members of a wholly owned group.
During the period, the Group made sales to the joint venture of £181,703 (2022 - £Nil) and purchases of £7,944 (2022 - £Nil)
As at 31 March 2024 the Group was owed £313,999 (2022 - £Nil) from the joint venture.

 
Page 35