Registration number:
Route 101 Limited
for the Year Ended 31 August 2024
Route 101 Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Route 101 Limited
Company Information
Directors |
M S Lawson K Day R Attwood R G Houghton |
Company secretary |
C Attwood |
Registered office |
|
Auditors |
|
Route 101 Limited
Strategic Report for the Year Ended 31 August 2024
The directors present their strategic report for the year ended 31 August 2024.
Principal activity
The principal activity of the company is as a provider of next generation, SaaS customer engagement platforms, offering award winning solutions from market leading vendors. The business delivers a full range of services to ensure clients get the maximum value from the solutions provided, which includes all associated consultancy, professional services, training, and support.
Fair review of the business
Our Directors are pleased to report an increase in turnover against prior year from £21,014,533 (year ending 31 Aug 23) to £21,372,081. Gross profit has grown in FY24 by 12% from FY23 and gross profit margin % has increased to around 47%. Net profit before tax has also increased from prior year from £2,609,465 (year ending 31 Aug 23) to £2,868,724.
These results show a strong and consistent year on year growth for the business.
Recurring revenue from our vendor SaaS sales continued to contribute to more than 90% of our revenues. We also saw an increased uptake in our value added enhanced support offer from our customers.
We were very proud to receive accolades from our top vendors positioning Route 101 as best in class:
• 2023: NICE EMEA Trailblazer of the Year
• 2023: Zendesk's Most Valuable Partner of the Year
• 2023: Zendesk Regional Partner of the Year for UK&I
• 2023: Zendesk Regional Partner for Collaboration UK&I
We have continued to provide professional services directly for Zendesk as their preferred UK implementation partner and we continue to be an Certified Implementation Partner for NICE. We are also a Platinum partner for Gamma.
We have extended our Professional service reach including:
• Omilia Certified Implementation Partner.
• In-house expertise in Ultimate AI.
• In-house practices for WEM including Calabrio and Tymeshift.
• Launch of our Amazon CX practice.
Principal risks and uncertainties
The current UK economy with it’s underlying condition and outlook can influence the way our prospects invest in technology. Route 101 is partially sheltered from the impact of this risk, however, as in tough economic conditions, the services we provide allow our customers and prospects to reduce costs and become more efficient engaging their consumers.
Approved and authorised by the
......................................... |
Route 101 Limited
Directors' Report for the Year Ended 31 August 2024
The directors present their report and the financial statements for the year ended 31 August 2024.
Directors of the company
The directors who held office during the year were as follows:
Dividends
The company paid total dividends of £1,000,000 in the year (2023 - £1,700,000).
Financial instruments
It is the company's policy to minimise the financial risks as much as possible and to that extent, we
base our forward-looking plans upon detailed reviews and scrutiny of the industry and economy to
highlight risks and solve prospective uncertainties. Corporate management are tasked with assessing
financial risk approving all pricing strategies and funding requirements in order to successfully
navigate any financial risk identified. The company does not consider it necessary to employ
derivatives such as forward contracts ot manage financial risk based on the company's current
activities.
Objectives and policies
The company is exposed to price risk, liquidity risk and cash flow risk. Appropriate policies have been
developed and implemented by management to review and monitor key risks applicable to the
company.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk
The company is exposed to price risk as a result of its operations. However, sale prices are agreed
based on cost price plus margin. Management use their experience to determine a selling price that
can be achieved and will support an appropriate profit margin.
Liquidity risk
The company has adequate facilities to meet short term fluctuations in cash flow and, it has adequate
net current assets with no short-term borrowings.
Cashflow risk
The company maintains committed facilities and monitors cash flow requirements to ensure that there
are sufficient funds available for its operations.
Future developments
The objective of the company is to continue to grow and provide communication services to its clients.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Route 101 Limited
Directors' Report for the Year Ended 31 August 2024
Approved by the
|
Route 101 Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements 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 company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Route 101 Limited
Independent Auditor's Report to the Members of Route 101 Limited
Opinion
We have audited the financial statements of Route 101 Limited (the 'company') for the year ended 31 August 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements were 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.
Emphasis of matter
We draw your attention to Note 4 of the financial statements, which describes the exceptional item related to the write-off of deferred income. The directors have provided a detailed explanation regarding the nature and circumstances of this write-off. Our opinion is not modified in respect of this matter.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Route 101 Limited
Independent Auditor's Report to the Members of Route 101 Limited
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
Route 101 Limited
Independent Auditor's Report to the Members of Route 101 Limited
• |
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
• |
inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
• |
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
• |
reviewed minutes of meetings of those charged with governance |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 2006. Our 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.
......................................
For and on behalf of
Freshford House
Redcliffe Way
BS1 6NL
Route 101 Limited
Profit and Loss Account for the Year Ended 31 August 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
- |
|
Operating profit |
2,840,661 |
2,609,465 |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
- |
|
28,063 |
- |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for this or the preceding year other than the results above. Accordingly, a separate Statement of Other Comprehensive income has not been presented.
Route 101 Limited
(Registration number: 08325675)
Balance Sheet as at 31 August 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Other reserves |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
|
Route 101 Limited
Statement of Changes in Equity for the Year Ended 31 August 2024
Share capital |
Other reserves |
Retained earnings |
Total |
|
At 1 September 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
Share based payment transactions |
- |
15,000 |
- |
15,000 |
At 31 August 2024 |
|
|
|
|
Share capital |
Other reserves |
Retained earnings |
Total |
|
At 1 September 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
Share based payment transactions |
- |
27,292 |
- |
27,292 |
At 31 August 2023 |
8,000 |
120,895 |
2,291,178 |
2,420,073 |
Route 101 Limited
Statement of Cash Flows for the Year Ended 31 August 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
( |
- |
|
Finance costs |
|
- |
|
Share based payment transactions |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in trade debtors |
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
Increase in provisions |
|
- |
|
(Decrease)/increase in deferred income, including government grants |
( |
|
|
Cash (used in)/generated from operations |
( |
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
Acquisitions of tangible assets |
( |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
- |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 September |
|
|
|
Cash and cash equivalents at 31 August |
5,640,370 |
8,545,503 |
test
Route 101 Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Going concern
The directors have reviewed the supply chains, key customers and the capital resources available and consider that the company has adequate resources in place to continue trading for the next twelve months.
Based on the above and information available to the directors at the date of approval, the directors consider it appropriate to continue to adopt the going concern basis in preparing these financial statements.
Route 101 Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Judgements and key sources of estimation uncertainty
In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Examples of such judgements include the values of deferred income, prepayments and EMI share option liabilites. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, 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 company exercises judgement to determine useful lives and residual values for tangible fixed assets. The directors consider the appropriateness of rates of depreciation on an ongoing basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. The company recognises the revenue for communications services provision contracts over the term of the contract. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
-The amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- all of the significant risks and rewards of ownership have been transferred to the customer; and
- specific criteria have been met for each of the company's activities.
Finance income and costs policy
Finance income and expenses are recognised using the effective interest method.
Research and Development costs
Research costs are charged to the profit and loss account as incurred. Development costs are capitalised only if they meet specific criteria, including technical feasibility, intention to complete and ability to generate future economic growth. Capitalised development costs are amortised over their useful lives which are reviewed annually and impaired if necessary.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Route 101 Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other 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 reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Long leasehold land and buildings |
33.33% Straight line |
Furniture, fittings and equipment |
33.33% Straight line |
Plant and machinery |
10% Straight line |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademarks, patents and licenses |
20% Straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Route 101 Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under operating leases are charged to the profit and
loss on a straight line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the
risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the
lease and the present value of the minimum lease payments. These assets are depreciated on a
straight-line basis over the shorter of the useful life of the asset and the lease term. The
corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction
of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance
of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Route 101 Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Share based payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
Financial instruments
Recognition and measurement
arrangement, as financial assets, financial liabilities or equity instruments.
Impairment
objective evidence of impairment. If an asset is impaired the impairment loss is the difference
between the carrying amount and the present value of the estimated cash flows discounted at the
asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
The analysis of the company's Turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Europe |
|
|
|
|
Route 101 Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Exceptional income |
The analysis of the company's exceptional income for the year is as follows:
2024 |
2023 |
|
Deferred income written off |
374,487 |
- |
During the year the directors identified that the brought forward deferred income included balances for which no support was available. The directors are unable to identify the period to which the balances relate and where their reversal should be recognised, therefore the directors have made the decision to write the balance off in the current year as an exceptional item.
Operating profit |
Arrived at after charging/(crediting):
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Foreign exchange (gains)/losses |
( |
|
Other interest receivable and similar income |
2024 |
2023 |
|
Other finance income |
|
- |
Interest payable and similar expenses |
2024 |
2023 |
|
Interest expense on other finance liabilities |
|
- |
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Share-based payment expenses |
|
|
Other employee expense |
|
|
|
|
Route 101 Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Sales |
|
|
Marketing |
|
|
Other departments |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
642,289 |
613,400 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Received or were entitled to receive shares under long term incentive schemes |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Key management roles within the company are held by Directors.
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Route 101 Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Taxation |
Tax charged/(credited) in the income statement:
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Arising from changes in tax rates and laws |
- |
2,277 |
Total deferred taxation |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
Tax decrease from other short-term timing differences |
( |
- |
Effect of revenues exempt from taxation |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax expense from unrecognised tax loss or credit |
- |
|
Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period |
( |
- |
Deferred tax expense from unrecognised temporary difference from a prior period |
- |
|
Deferred tax expense/(credit) relating to changes in tax rates or laws |
1,724 |
(2,599) |
Total tax charge |
|
|
Route 101 Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Intangible assets |
Trademarks, patents and licenses |
Total |
|
Cost or valuation |
||
At 1 September 2023 |
|
|
At 31 August 2024 |
|
|
Amortisation |
||
At 1 September 2023 |
|
|
Amortisation charge |
|
|
At 31 August 2024 |
|
|
Carrying amount |
||
At 31 August 2024 |
|
|
At 31 August 2023 |
|
|
Tangible assets |
Long leasehold land and buildings |
Plant and machinery |
Office equipment |
Total |
|
Cost or valuation |
||||
At 1 September 2023 |
|
|
|
|
Additions |
- |
- |
|
|
At 31 August 2024 |
|
|
|
|
Depreciation |
||||
At 1 September 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 August 2024 |
|
|
|
|
Carrying amount |
||||
At 31 August 2024 |
- |
|
|
|
At 31 August 2023 |
|
|
|
|
Route 101 Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Deferred tax assets |
|
- |
|
|
|
Trade debtors are stated after a provision of £2,457 (2023 - £12,352).
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
- |
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
498,137 |
471,302 |
|
Deferred income |
|
|
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 September 2023 |
( |
( |
Increase (decrease) in existing provisions |
|
|
At 31 August 2024 |
- |
- |
|
Route 101 Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £Nil (2023 - £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
8,000 |
|
8,000 |
Reserves |
Share Capital
Reflects the nominal value of the share capital issued by the company.
Retained Earnings
Reflects the accumulated profits and losses of the business, net of distributions to owners.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
- |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Route 101 Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Share-based payments |
The movements in the number of share options during the year were as follows:
2024 |
2023 |
|
Outstanding, start of period |
|
|
Outstanding, end of period |
|
|
|
The movements in the weighted average exercise price of share options during the year were as follows:
2024 |
2023 |
|
Outstanding, start of period |
|
|
Outstanding, end of period |
|
|
|
Scheme details and movements
The movements in the number of share options during the year were as follows:
2024 |
2023 |
|
Outstanding, start of period |
|
|
Granted during the period |
- |
|
Outstanding, end of period |
|
|
|
The movements in the weighted average exercise price of share options during the year were as follows:
2024 |
2023 |
|
Outstanding, start of period |
|
|
Granted during the period |
- |
|
Outstanding, end of period |
|
|
|
Route 101 Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Dividends |
Interim dividends paid
2024 |
2023 |
|||
Interim dividend of 125.00 (2023 - 212.50) per each Ordinary Share |
1,000,000 |
1,700,000 |
||
Related party transactions |
Expenditure with and payables to related parties
2024 |
Key management |
Other related parties |
Rendering of services |
- |
|
Leases |
- |
|
Dividends |
|
- |
|
|
|
|
Transactions with other related parties were carried out at arms length with companies under common control.
Loans to related parties
2024 |
Key management |
Other related parties |
Total |
At start of period |
|
|
|
Advanced |
|
|
|
Repaid |
( |
( |
( |
At end of period |
|
|
|
|
2023 |
Key management |
Other related parties |
Total |
At start of period |
|
|
|
Advanced |
|
|
|
Repaid |
( |
( |
( |
At end of period |
|
|
|
|
Terms of loans to related parties