Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-312023-04-01falseHolding Company11falsefalsefalse 11880992 2023-04-01 2024-03-31 11880992 2022-04-01 2023-03-31 11880992 2024-03-31 11880992 2023-03-31 11880992 2022-04-01 11880992 1 2023-04-01 2024-03-31 11880992 d:Director1 2023-04-01 2024-03-31 11880992 d:RegisteredOffice 2023-04-01 2024-03-31 11880992 d:Agent1 2023-04-01 2024-03-31 11880992 c:Buildings 2023-04-01 2024-03-31 11880992 c:PlantMachinery 2023-04-01 2024-03-31 11880992 c:MotorVehicles 2023-04-01 2024-03-31 11880992 c:OfficeEquipment 2023-04-01 2024-03-31 11880992 c:CurrentFinancialInstruments 2024-03-31 11880992 c:CurrentFinancialInstruments 2023-03-31 11880992 c:Non-currentFinancialInstruments 2024-03-31 11880992 c:Non-currentFinancialInstruments 2023-03-31 11880992 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 11880992 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 11880992 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 11880992 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 11880992 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-03-31 11880992 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 11880992 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-03-31 11880992 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-03-31 11880992 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2024-03-31 11880992 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2023-03-31 11880992 c:ShareCapital 2023-04-01 2024-03-31 11880992 c:ShareCapital 2024-03-31 11880992 c:ShareCapital 2022-04-01 2023-03-31 11880992 c:ShareCapital 2023-03-31 11880992 c:ShareCapital 2022-04-01 11880992 c:RevaluationReserve 2023-04-01 2024-03-31 11880992 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 11880992 c:RetainedEarningsAccumulatedLosses 2024-03-31 11880992 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 11880992 c:RetainedEarningsAccumulatedLosses 2023-03-31 11880992 c:RetainedEarningsAccumulatedLosses 2022-04-01 11880992 d:OrdinaryShareClass1 2023-04-01 2024-03-31 11880992 d:OrdinaryShareClass1 2024-03-31 11880992 d:OrdinaryShareClass1 2023-03-31 11880992 d:OrdinaryShareClass2 2023-04-01 2024-03-31 11880992 d:OrdinaryShareClass2 2024-03-31 11880992 d:OrdinaryShareClass2 2023-03-31 11880992 d:FRS102 2023-04-01 2024-03-31 11880992 d:Audited 2023-04-01 2024-03-31 11880992 d:FullAccounts 2023-04-01 2024-03-31 11880992 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11880992 c:Subsidiary1 2023-04-01 2024-03-31 11880992 c:Subsidiary1 1 2023-04-01 2024-03-31 11880992 d:Consolidated 2024-03-31 11880992 d:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 11880992 5 2023-04-01 2024-03-31 11880992 6 2023-04-01 2024-03-31 11880992 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11880992










LAYKE HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
LAYKE HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
R Sharman 




Registered number
11880992



Registered office
Mcgregors Way
Turnoaks Business Park

Hasland

Chesterfield

England

S40 2WB




Independent auditors
Shorts
Chartered Accountants & Statutory Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA




Bankers
Lloyds Bank plc





 
LAYKE HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14 - 15
Consolidated Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 34


 
LAYKE HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The director presents his strategic report for the year ended 31 March 2024.

Business review
 
The primary activity of the Group is the supply and installation of architectural aluminium.
During the financial year, market conditions stabilised in terms of material cost fluctuations and availability, and have maintained stable for the last 6 months or so. Feedback from our key supply chain is that other than normal inflationary increases, materials are due to remain stable for the forthcoming financial year. 
We have continued securing repeat business during the year with our key clients who appear to be very buoyant about future workload. All sectors within which we operate appear to be busy, both onsite and at tender stage so we have good sector coverage.
Turnover was slightly less than the previous year but in line with expectations. 
The business overall performed well during the financial year and in line with expectations, and we have secured a healthy pipeline of work transitioning into the next financial year.

Principal risks and uncertainties
 
The group recognises the uncertainty in the market and potential downturn in workload, however, whilst there appears to be some uncertainty in the private sector market due to the increase in interest rates, our future pipeline of works appears to be well balanced with both public and private sector financed projects and we therefore do not envisage any notable downturn in our workload. We see a potential increase during the next financial year in our public sector workload whilst the private sector interest rates hopefully stabilise.
Pricing
The Group is exposed to fluctuations in market prices of raw materials. This position is regularly monitored but we have a wide range of suppliers so we can mitigate some of this risk.
Credit risk
The Group assesses all customers prior to conducting business. Customers who require credit accounts must first pass our credit checks and must adhere to our terms and conditions of sale. Trade debtor balances are continuously monitored to minimise our exposure to credit risk.

Key performance indicators
 
The directors have monitored the progress of the overall Group strategy and individual strategic elements by reference to the following key performance indicators:
- Turnover for the year amounted to £9,437,543 (2023: £10,039,486)
- Gross profit margin was 18.2% (2023: 24.7%)
- Operating profit for the year was  £276,023 (2023: £776,933)

Page 1

 
LAYKE HOLDINGS LIMITED
 

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


This report was approved by the board on 14 February 2025 and signed on its behalf.



R Sharman
Director

Page 2

 
LAYKE HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director

The director who served during the year was:

R Sharman 

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated 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 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 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 Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £137,485 (2023 - £569,835).
During the year, the group paid a dividend of £124,862 (2023 - £95,291).

Future developments

Market uncertainty and rising interest rates in the UK stabilised during 2024, and the Group is confident that based on the policies and strategy being implemented, it will deliver consistent results in 2025.

Qualifying third party indemnity provisions

The director has been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. This indemnity does not provide cover in the event of the director acting fraudulently or dishonestly.

Page 3

 
LAYKE HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

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

Post balance sheet events

Subsequent to the year end on 5 November 2024, a property was legally transferred into the entity from a subsidiary undertaking for £1,000,000. The property is now owned by Layke Holdings Limited and will be used by the Group. A formal lease agreement has been signed between the two entities post year end for a market rate rent. 

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 14 February 2025 and signed on its behalf.
 





R Sharman
Director

Page 4

 
LAYKE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAYKE HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Layke Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Emphasis of matter


We draw your attention to note 27 of the financial statements which explains that a subsidiary in the group has legally transferred a property to the parent undertaking subsequent to the year end. 
Our opinion has not been modified in respect of this matter. 


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


Page 5

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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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:


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


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, 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 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

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


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the sector, we identified the laws and regulations applicable to the Group; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
considered journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; 
considered relationship with HMRC, relevant regulators and the Group’s legal advisors; and
review of legal and professional fees and of incident log for evidence of litigation.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
Page 7

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


to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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


Use of our report
 

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





Kirstie Wilson ACA DChA (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditor
  
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA

14 February 2025
Page 8

 
LAYKE HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
9,437,543
10,039,486

Cost of sales
  
(7,718,067)
(7,555,190)

Gross profit
  
1,719,476
2,484,296

Administrative expenses
  
(1,447,503)
(1,710,363)

Other operating income
 5 
4,050
3,000

Operating profit
 6 
276,023
776,933

Interest receivable and similar income
 10 
23,577
3,744

Interest payable and similar expenses
 11 
(69,761)
(59,501)

Profit before taxation
  
229,839
721,176

Tax on profit
 12 
(92,354)
(151,341)

Profit for the financial year
  
137,485
569,835

  

Unrealised surplus on revaluation of tangible fixed assets
  
-
247,696

Total comprehensive income for the year
  
137,485
817,531

  

  

The notes on pages 17 to 34 form part of these financial statements.

Page 9

 
LAYKE HOLDINGS LIMITED
REGISTERED NUMBER: 11880992

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible fixed assets
 14 
387,971
463,062

Tangible fixed assets
 15 
1,363,924
1,394,380

  
1,751,895
1,857,442

Current assets
  

Stocks
 17 
440,167
552,155

Debtors: amounts falling due within one year
 18 
2,507,602
1,960,184

Cash at bank and in hand
  
1,827,985
1,805,010

  
4,775,754
4,317,349

Creditors: amounts falling due within one year
 19 
(2,024,909)
(1,338,698)

Net current assets
  
 
 
2,750,845
 
 
2,978,651

Total assets less current liabilities
  
4,502,740
4,836,093

Creditors: amounts falling due after more than one year
 20 
(838,437)
(1,181,325)

Provisions for liabilities
  

Deferred taxation
 23 
(94,200)
(97,290)

Net assets
  
3,570,103
3,557,478


Capital and reserves
  

Called up share capital 
 24 
100
100

Revaluation reserve
 25 
524,286
535,679

Profit and loss account
 25 
3,045,717
3,021,699

  
3,570,103
3,557,478


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 February 2025.




R Sharman
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 10

 
LAYKE HOLDINGS LIMITED
REGISTERED NUMBER: 11880992

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
3,699,056
3,699,056

Current assets
  

Debtors: amounts falling due within one year
 18 
12,238
8,294

Cash at bank and in hand
  
149
150

  
12,387
8,444

Creditors: amounts falling due within one year
 19 
(58,267)
(24,721)

Net current liabilities
  
 
 
(45,880)
 
 
(16,277)

Total assets less current liabilities
  
3,653,176
3,682,779

  

Creditors: amounts falling due after more than one year
 20 
(512,683)
(650,579)

  

Net assets
  
3,140,493
3,032,200


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account carried forward
  
3,140,393
3,032,100

  
3,140,493
3,032,200


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 February 2025.


R Sharman
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 11

 
LAYKE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
100
302,239
2,532,899
2,835,238


Comprehensive income for the year

Profit for the year
-
-
569,835
569,835

Surplus on revaluation of freehold property
-
247,696
-
247,696
Total comprehensive income for the year
-
247,696
569,835
817,531

Dividends: Equity capital
-
-
(95,291)
(95,291)

Transfer to/from profit and loss account
-
(14,256)
14,256
-



At 1 April 2023
100
535,679
3,021,699
3,557,478


Comprehensive income for the year

Profit for the year
-
-
137,485
137,485
Total comprehensive income for the year
-
-
137,485
137,485

Dividends: Equity capital
-
-
(124,860)
(124,860)

Transfer to/from profit and loss account
-
(11,393)
11,393
-


At 31 March 2024
100
524,286
3,045,717
3,570,103


The notes on pages 17 to 34 form part of these financial statements.

Page 12

 
LAYKE HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
100
2,944,067
2,944,167


Comprehensive income for the year

Profit for the year
-
183,324
183,324
Total comprehensive income for the year
-
183,324
183,324

Dividends: Equity capital
-
(95,291)
(95,291)



At 1 April 2023
100
3,032,100
3,032,200


Comprehensive income for the year

Profit for the year
-
233,153
233,153
Total comprehensive income for the year
-
233,153
233,153

Dividends: Equity capital
-
(124,860)
(124,860)


At 31 March 2024
100
3,140,393
3,140,493


The notes on pages 17 to 34 form part of these financial statements.

Page 13

 
LAYKE HOLDINGS LIMITED
 

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

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
137,485
569,835

Adjustments for:

Amortisation of intangible assets
75,091
75,091

Depreciation of tangible assets
108,604
87,759

Loss on disposal of tangible assets
(11,887)
(5,885)

Government grants
(4,050)
(3,000)

Interest paid
69,761
59,501

Interest received
(23,577)
(3,744)

Taxation charge
92,354
151,341

Decrease in stocks
111,988
364,625

(Increase)/decrease in debtors
(484,184)
515,823

Increase/(decrease) in creditors
590,116
(1,095,852)

Corporation tax (paid)
(169,026)
(169,036)

Net cash generated from operating activities

492,675
546,458


Cash flows from investing activities

Purchase of tangible fixed assets
(90,521)
(216,985)

Sale of tangible fixed assets
24,261
20,832

Government grants received
4,050
3,000

Interest received
23,577
3,744

HP interest paid
(1,908)
(2,100)

Net cash used in investing activities

(40,541)
(191,509)
Page 14

 
LAYKE HOLDINGS LIMITED
 

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


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(242,642)
(240,953)

Repayment of/new finance leases
6,196
35,385

Dividends paid
(124,860)
(95,291)

Interest paid
(67,853)
(57,401)

Net cash used in financing activities
(429,159)
(358,260)

Net increase/(decrease) in cash and cash equivalents
22,975
(3,311)

Cash and cash equivalents at beginning of year
1,805,010
1,808,321

Cash and cash equivalents at the end of year
1,827,985
1,805,010


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,827,985
1,805,010


The notes on pages 17 to 34 form part of these financial statements.

Page 15

 
LAYKE HOLDINGS LIMITED
 

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





At 1 April 2023
Cash flows
New finance leases
At 31 March 2024
£

£

£

£

Cash at bank and in hand

1,805,010

22,975

-

1,827,985

Debt due after 1 year

(1,063,913)

243,813

-

(820,100)

Debt due within 1 year

(221,771)

(1,170)

-

(222,941)

Finance leases

(47,395)

22,932

(29,128)

(53,591)


471,931
288,550
(29,128)
731,353

The notes on pages 17 to 34 form part of these financial statements.

Page 16

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Layke Holdings Limited is a private company limited by shares, incorporated in England and Wales (registered number: 11880992). Its registered office is Mcgregors Way, Turnoaks Business Park, Hasland, Chesterfield, England, S40 2WB. The principal activity of the company throughout the year was that of a holding company.

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 Comprehensive Income in these financial statements.

The companys functional and presentation currency is pounds sterling.

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 Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 23 May 2019.

Page 17

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

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

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.

 
2.4

Operating leases: the Group as lessee

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

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

 
2.5

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 Comprehensive Income in the same period as the related expenditure.

Page 18

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income. 

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 repsect 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; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 

 
2.8

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 Comprehensive Income over its useful economic life which is 10 years. 

 
2.9

Tangible fixed assets

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

Page 19

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold property
-
2%
reducing balance
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
15%
reducing balance

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

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

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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.

Page 20

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

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

 
2.14

Financial instruments

The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction,  the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
2.15

Dividends

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

Page 21

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Work in progress valuation
Management make estimates regarding the value of work in progress related to contracts. Such estimates are based on the stage of completion of a particular contract and managements knowledge and past experience of the contracts and industry in general. The amount relating to such estimates is £397,200 (2023: £457,175) and is included within stocks.
(ii) Impairment of debtors
The group makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The amount of trade debtors after making such provision was £2,250,731 (2023: £1,639,109).
(iii) Stock provisioning
The group makes an estimate of the recoverable value of stock of finished goods and goods for resale. When assessing impairment of stock, management considers factors such as market conditions, ageing profile of stock and historical experience. The amount of stock after making such a provision was £42,967 (2023: £94,980).


4.


Turnover

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


2024
2023
£
£

Sales
9,437,543
10,039,486


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Government grants receivable
4,050
3,000


Page 22

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
108,604
87,759

Profit on disposal of tangible fixed assets
(11,887)
(5,885)

Defined contribution pension costs
47,848
44,891


7.


Auditor's remuneration

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


2024
2023
£
£



Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
18,950
27,200


.


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

2024
2023
£
£



Taxation compliance services
2,750
2,500

Property transfer advice
3,500
-

Management accounts services
24,000
-

30,250
2,500

Page 23

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Employees

Staff costs, including director's remuneration, were as follows:


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


Wages and salaries
2,030,156
1,978,231
-
-

Social security costs
211,832
211,986
-
-

Cost of defined contribution scheme
47,848
44,891
-
-

2,289,836
2,235,108
-
-


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
51
53
-
-



Director
1
1
1
1

52
54
1
1


9.


Director's remuneration

2024
2023
£
£

Director's emoluments
20,314
14,214



10.


Interest receivable

2024
2023
£
£


Other interest receivable
23,577
3,744

Page 24

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
67,853
57,401

Finance leases and hire purchase contracts
1,908
2,100

69,761
59,501


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
95,444
139,859


Deferred tax


Origination and reversal of timing differences
(3,090)
11,482


Taxation on profit on ordinary activities
92,354
151,341
Page 25

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
229,839
721,176


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
57,460
137,023

Effects of:


Non-tax deductible amortisation of goodwill and impairment
18,773
14,267

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,186
2,379

Capital allowances for year in excess of depreciation
3,728
(5,694)

Capital gains
-
(5,159)

Remeasurement of deferred tax
-
2,756

Group relief
6,207
5,769

Total tax charge for the year
92,354
151,341


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




13.


Dividends

2024
2023
£
£


A Ordinary shares
62,430
47,199


B Ordinary shares
62,430
48,092

124,860
95,291

Page 26

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Intangible assets

Group





Goodwill

£



Cost


At 1 April 2023
750,912



At 31 March 2024

750,912



Amortisation


At 1 April 2023
287,849


Charge for the year on owned assets
75,091



At 31 March 2024

362,940



Net book value



At 31 March 2024
387,972



At 31 March 2023
463,063



Page 27

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
1,000,000
307,674
392,805
174,723
1,875,202


Additions
-
16,548
62,473
11,500
90,521


Disposals
-
-
(72,317)
(6,261)
(78,578)



At 31 March 2024

1,000,000
324,222
382,961
179,962
1,887,145



Depreciation


At 1 April 2023
-
178,870
168,651
133,301
480,822


Charge for the year on owned assets
20,000
20,510
49,243
6,685
96,438


Charge for the year on financed assets
-
-
12,166
-
12,166


Disposals
-
-
(60,130)
(6,074)
(66,204)



At 31 March 2024

20,000
199,380
169,930
133,912
523,222



Net book value



At 31 March 2024
980,000
124,842
213,031
46,050
1,363,923



At 31 March 2023
1,000,000
128,804
224,154
41,422
1,394,380

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
36,497
27,968

Page 28

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

The freehold land and buildings were valued by Bradley Hall, Chartered Surveyors and Estate Agents on 30 May 2023.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£

Group


Cost
625,075
625,075

Accumulated depreciation
(203,334)
(194,727)

Net book value
421,741
430,348


16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 April 2023
3,699,056



At 31 March 2024
3,699,056





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Class of shares

Holding

M B Glass Holdings Limited
Ordinary
100%

Page 29

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Direct subsidiary undertaking (continued)

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

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

M B Glass Holdings Limited
210
262,035


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Class of shares

Holding

M B Glass Supplies Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

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

M B Glass Supplies Limited
3,740,695
241,459


17.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
42,967
94,980

Work in progress
397,200
457,175

440,167
552,155


Page 30

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Debtors

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


Trade debtors
2,250,731
1,639,109
-
-

Other debtors
177,978
259,298
12,238
8,294

Prepayments and accrued income
78,893
61,777
-
-

2,507,602
1,960,184
12,238
8,294



19.


Creditors: Amounts falling due within one year

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

Bank loans
247,025
221,771
47,025
21,771

Trade creditors
1,471,391
932,913
-
-

Corporation tax
-
18,640
-
-

Other taxation and social security
82,170
64,773
-
-

Obligations under finance lease and hire purchase contracts
30,677
22,933
-
-

Accruals and deferred income
193,646
77,668
11,242
2,950

2,024,909
1,338,698
58,267
24,721


Included within creditors falling due within one year are secured liabilities in respect of net obligations under hire purchase contracts of £30,677 (2023: £22,933) which are secured against the underlying assets and secured liabilities in respect of bank loans and overdrafts of £222,941 (2023: £221,771) which are secured in the form of a fixed and floating charge (see Note 27).

Page 31

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Creditors: Amounts falling due after more than one year

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

Bank loans
796,016
1,063,913
512,683
580,579

Net obligations under finance leases and hire purchase contracts
22,913
24,462
-
-

Other creditors
-
70,000
-
70,000

Accruals and deferred income
19,508
22,950
-
-

838,437
1,181,325
512,683
650,579


Included within creditors falling due after more than one year are secured liabilities in respect of net obligations under hire purchase contracts of £22,913 (2023: £24,462)  which are secured against the underlying assets and secured liabilities in respect of bank loans of £820,100 (2023: £1,063,913) which are secured in the form of a fixed and floating charge (see Note 27).




21.


Loans


Analysis of the maturity of loans is given below:


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

Amounts falling due within one year

Bank loans
247,025
221,771
47,025
21,771

Amounts falling due 1-2 years

Bank loans
248,724
221,242
48,724
21,242

Amounts falling due 2-5 years

Bank loans
241,582
357,849
158,249
74,516

Amounts falling due after more than 5 years

Bank loans
305,711
484,822
305,711
484,822

1,043,042
1,285,684
559,709
602,351


Page 32

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
30,677
22,933

Between 1-5 years
22,913
24,462

53,590
47,395


23.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
97,290
85,808


Charged to profit or loss
(3,090)
11,482



At end of year
94,200
97,290



2023



Group
Group
2024
2023
£
£

Accelerated capital allowances
75,628
78,421

Revaluation of property
19,698
19,698

Provisions
(1,126)
(829)

94,200
97,290

Page 33

 
LAYKE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



90 (2023 - 90) A shares shares of £1.00 each
90
90
10 (2023 - 10) B shares shares of £1.00 each
10
10

100

100



25.


Reserves

Revaluation reserve

Amounts included in the revaluation reserve are made of up revaluation gains / losses and transfers of related depreciation. All amounts in the revaluation reserve are non-distributable.

Profit and loss account

Profit and loss account represents all current and prior period retained profits and losses and is all considered to be distributable.


26.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £47,848 (2023: £44,891). Contributions totalling £10,514 (2023: £7,734) were payable to the fund at the balance sheet date and are included in creditors.


27.


Related party transactions

Security exists in the form of a fixed and floating charge over all of the assets within the group in respect of the bank liabilities held across the group. 


28.


Post balance sheet events

Subsequent to the year end on 5 November 2024, a property was legally transferred into the entity from a subsidiary undertaking for £1,000,000. The property is now owned by Layke Holdings Limited and will be used by the Group. A formal lease agreement has been signed between the two entities post year end for a market rate rent. 

Page 34