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COMPANY REGISTRATION NUMBER: 05108231
CITRUS TRAINING LIMITED
FINANCIAL STATEMENTS
31 May 2024
CITRUS TRAINING LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
CONTENTS
PAGES
Officers and professional advisers
1
Strategic report
2 to 4
Directors' report
5 to 6
Independent auditor's report to the members
7 to 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Notes to the financial statements
14 to 23
CITRUS TRAINING LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
Mr C O'Raghallaigh
Mr W Taylor
Mrs C E Slater (Resigned 8 December 2023)
Mrs T F Goodship
Mr J J P Lincoln (Resigned 14 October 2024)
Miss R Stanley (Appointed 21 October 2024)
COMPANY SECRETARY
Mrs T F Goodship
REGISTERED OFFICE
Citrus Group House
Diamond Way
Nene Park
Irthlingborough
Northamptonshire
NN9 5QF
AUDITOR
Meadows & Co Limited
Chartered Accountants & statutory auditor
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
CITRUS TRAINING LIMITED
STRATEGIC REPORT
YEAR ENDED 31 MAY 2024
INTRODUCTION The Director’s present the Strategic Report of the Citrus Group (the “Group”) for the year ended 31 May 2024 providing an overview of the financial and operational performance of Citrus Group for the financial year ended 31 May 2024.It highlights key financial metrics, principal risks, and strategic objectives that drive the company's long-term success.
PRINCIPAL ACTIVITY & BUSINESS OVERVIEW The Group consists of the following companies: Citrus Training is the UK's leading provider of health, safety, technical training, and qualification services to over 35,000 delegates per year. Providing critical services to the some of the UK's largest organisations across a range of sectors including Built Environment, Utilities, Infrastructure, Facilities Management, and Manufacturing sectors. Supporting the Group's strategic focus on safety, Altitude Safety provide specialist safety equipment solutions to a wide range of sectors. Sales, Hire, and Service solutions compliment the training activity of Citrus Training. Bookmycourse is one of the most established on-line comparison websites for training courses in the UK. Working with most of the UK's most established training providers, it brings together 1000's of course at 100's of locations in 1 website. Specialising in Education & Training, Management & Leadership, Accounting & Finance, BBE Training provide a range of nationally recognised, accredited qualifications via distance learning, blended learning, and classroom methods.
BUSINESS REVIEW The Group continues a strategic focus on strong sectors and has again illustrated resilience against an otherwise challenging macroeconomic backdrop. Turnover grew to record levels in 21-22, with a further increase in 22-23. The group has maintained its high turnover level in 23-24, whilst simultaneously investing in its digital technology and development of its people.
FINANCIAL PERFORMANCE & KEY PERFORMANCE INDICATORS Financial and Non-Financial Key Performance Indicators (KPI's) are included in all individual company reports and Group key performance indicators are also included in Group board reports, along with comparisons of Turnover, Cost of Sales, and individual Overheads to budget and prior year. Particular details of these can be found on page 11 of these financial statements. Salaries, and staff related costs remain a significant overhead to the business, and key to delivering outstanding customer performance. Head count increased during this financial year 23-24. Headcount of 153 (22-23 headcount 152) with FTE% 125.5 (22-23 FTE% 116.4). Citrus Training is the UK's leading provider of health, safety, technical training, and qualification services for the Built Environment and Utility sectors. Our customer-centric approach, underpinned by our core values ensures we continually set the standards in training experience We have focussed this year on our highly valued Trainer and Feedback forms, helping us to implement changes to enable us to fine tune our customer service to the highest standard of excellence. We believe that customer service is key to our success, and investment to be included in our digital transformation, is the digital integration of feedback forms so that these can be completed quickly and easily by the recipient and investigating a wide variety of digital means for submission.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Board are confident that the Group has available financing facilities which are sufficient to meet its working capital requirements. The majority of Group sales and purchases are in sterling, so there is minimal exposure to currency risk. The Board are satisfied that credit risk is adequately managed, and the debt position is monitored and reviewed by directors regularly. As a result, bad debt experience is minimal.
PRINCIPAL RISKS AND UNCERTAINTIES The management of the business and the execution of the Group's strategy are subject to normal risks. The key business risks and uncertainties have been assessed considering their potential impact and the likelihood of occurrence, are considered as follows: Market, competition, and emerging technologies The Group continues to monitor and profile the key sectors it serves and its resilience against some challenging market environments. The Group continues to focus on service quality and delivery as priorities in making our services attractive across our portfolio of business. We will drive a faster move to digital and services evolution, enhancing the customer journey and maximising development opportunities. Talent Success in attracting, retaining, and developing staff, is critical. Focus on staff health and wellbeing, embracing EDI, and improving staff benefits are all continuing initiatives. Financial risk The Group's activities expose it to some financial risk including credit risk, cash flow risk and liquidity risk. The Group's principal financial assets are bank balances and trade debtors. The Group's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debtors. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The Group has some concentration of credit risk with larger contracted customers, but the majority of exposure is spread over a large number of customers. Data privacy and cyber security The Group continues to strengthen its IT project management capability during the year to further enhance its IT security processes and procedures, and specialist support. This investment is ongoing with significant transformation planned during 24-26. The Group can demonstrate full data privacy and cyber security policies fully meeting its statutory and specific client requirements. The Group's Data Protection Officer continues to monitor compliance in this area. Safeguarding The Group continues to recognise the importance of managing risks associated with Safeguarding & Protection. During inspection Ofsted confirmed the arrangements as effective.
FUTURE DEVELOPMENTS AND OUTLOOK The Group's business activities, together with the factors likely to affect its future development, performance, and position, are set out in this report. The financial position of the Group and its liquidity position are set out in the attached accounts. The Board remain committed to accelerating sustainable growth, continually delivering high level customer experience. The Board's commitment to developing its people remains constant. 2024/25 will also see significant investment into its digital infrastructure, embracing technology to deliver efficiencies across the Group and enhanced customer experience to its customers. The Group continue to invest in its facilities and equipment at all locations. Major development plans are in place for Northern geographical locations. The Board will continue to monitor the marketplace as part of their acquisition strategy. Despite continued economic uncertainties the Board are confident that continued investment in our people, together with our exciting planned digital transformation will deliver further growth in forthcoming years.
This report was approved by the board of directors on 27 February 2025 and signed on behalf of the board by:
Mrs T F Goodship
Director
Registered office:
Citrus Group House
Diamond Way
Nene Park
Irthlingborough
Northamptonshire
NN9 5QF
CITRUS TRAINING LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 MAY 2024
The directors present their report and the financial statements of the company for the year ended 31 May 2024 .
DIRECTORS
The directors who served the company during the year were as follows:
Mr C O'Raghallaigh
Mr W Taylor
Mrs T F Goodship
Mr J J P Lincoln
Mrs C E Slater
(Resigned 8 December 2023)
DIVIDENDS
Particulars of recommended dividends are detailed in note 12 to the financial statements.
QUALIFYING INDEMNITY PROVISION
The Company has maintained Trustees/Directors & Officers Liability Insurance throughout the year for the benefit of the Directors. This qualifying third party indemnity provision, as defined by Section 234 of the Companies Act 2006, was in force during the financial year and remains in force at the date of this report. The insurance covers the Directors against liabilities arising from their position as Directors, excluding any liability resulting wrongful employment practice.
DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT
The directors have chosen, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, directors' 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 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 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 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. AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 27 February 2025 and signed on behalf of the board by:
Mrs T F Goodship
Director
Registered office:
Citrus Group House
Diamond Way
Nene Park
Irthlingborough
Northamptonshire
NN9 5QF
CITRUS TRAINING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CITRUS TRAINING LIMITED
YEAR ENDED 31 MAY 2024
OPINION
We have audited the financial statements of Citrus Training Limited (the 'company') for the year ended 31 May 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 May 2024 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. 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.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the 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 or the directors' 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, 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 directors' responsibilities statement, 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'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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: We have undertaken high level reviews of the results and position of the company for the year in question, and have considered the effects of the industry and wider economy on the company. We have made enquiries of management regarding the company's own risk assessment procedures and any identified irregularities, including fraud, identified in the year. We have used our knowledge and understanding of the company's business, including the remuneration of key management personnel, to assess how and where irregularities, including fraud, might arise and we have planned our testing using a risk based approach. We have considered the potential for irregularities, including fraud, in all our testing but have also carried out specific testing to comply with the ISA (UK) requirements regarding management override of controls. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
David Kelland FCA
(Senior Statutory Auditor)
For and on behalf of
Meadows & Co Limited
Chartered Accountants & statutory auditor
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
27 February 2025
CITRUS TRAINING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 MAY 2024
2024
2023
Note
£
£
TURNOVER
4
11,031,546
11,583,242
Cost of sales
5,029,198
5,518,433
-------------
-------------
GROSS PROFIT
6,002,348
6,064,809
Administrative expenses
6,087,894
5,564,681
Other operating income
5
48,000
Group reconstruction costs
237,585
------------
------------
OPERATING (LOSS)/PROFIT
6
( 37,546)
262,543
Interest payable and similar expenses
10
43,475
------------
------------
(LOSS)/PROFIT BEFORE TAXATION
( 81,021)
262,543
Tax on (loss)/profit
11
64,389
65,030
---------
---------
(LOSS)/PROFIT FOR THE FINANCIAL YEAR
( 145,410)
197,513
---------
---------
Repurchase and cancellation of share capital
(117,500)
---------
---------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
( 262,910)
197,513
---------
---------
All the activities of the company are from continuing operations.
CITRUS TRAINING LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Intangible assets
13
163,948
203,296
Tangible assets
14
501,349
638,775
Investments
15
151,750
151,750
---------
---------
817,047
993,821
CURRENT ASSETS
Debtors
16
2,564,339
2,643,830
Cash at bank and in hand
286,222
377,115
------------
------------
2,850,561
3,020,945
CREDITORS: amounts falling due within one year
17
2,702,542
2,208,949
------------
------------
NET CURRENT ASSETS
148,019
811,996
---------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
965,066
1,805,817
CREDITORS: amounts falling due after more than one year
18
7,987
59,398
PROVISIONS
20
104,657
131,087
---------
------------
NET ASSETS
852,422
1,615,332
---------
------------
CAPITAL AND RESERVES
Called up share capital fully paid
23
4,390
4,500
Share premium account
24
1,910
3,426
Profit and loss account
24
846,122
1,607,406
---------
------------
SHAREHOLDERS FUNDS
852,422
1,615,332
---------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 27 February 2025 , and are signed on behalf of the board by:
Mr W Taylor
Director
Company registration number: 05108231
CITRUS TRAINING LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MAY 2024
Called up share capital fully paid
Share premium account
Profit and loss account
Total
£
£
£
£
AT 1 JUNE 2022
4,500
3,426
1,909,893
1,917,819
Profit for the year
197,513
197,513
-------
-------
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
197,513
197,513
Dividends paid and payable
12
( 500,000)
( 500,000)
-------
-------
------------
------------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
( 500,000)
( 500,000)
AT 31 MAY 2023
4,500
3,426
1,607,406
1,615,332
Loss for the year
( 145,410)
( 145,410)
Other comprehensive income for the year:
Repurchase and cancellation of share capital
(110)
(1,516)
(115,874)
(117,500)
-------
-------
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
( 110)
( 1,516)
( 261,284)
( 262,910)
Dividends paid and payable
12
( 500,000)
( 500,000)
----
----
---------
---------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
( 500,000)
( 500,000)
-------
-------
---------
---------
AT 31 MAY 2024
4,390
1,910
846,122
852,422
-------
-------
---------
---------
CITRUS TRAINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Citrus Group House, Diamond Way, Nene Park, Irthlingborough, Northamptonshire, NN9 5QF.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. Consolidation The company has taken advantage of the exemption from preparing consolidated financial statements under Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its results and position are included in the consolidated accounts of its immediate parent company. Going concern The directors have given due regard to the financial position of the company at the year end, at the date of signing and for a period of twelve months following this. Based on the financial position of the company the directors are satisfied that the company has sufficient resources and flexibility to be able to meet its liabilities as they fall due. Financial support is also available between group companies if required. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Shorcontrol Safety Limited which can be obtained from Naas Industrial Estate, Naas, Co Kildare, Ireland. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) No disclosure has been given for the aggregate remuneration of key management personnel. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revenue recognition The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Goodwill Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short Leasehold Property - Over term of the lease
Training & Safety Equipment - 25% straight line
Fixtures & Fittings - 20% straight line
Motor Vehicles - 20% straight line
Equipment - 33% straight line
Investments Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. TURNOVER
Turnover arises from:
2024
2023
£
£
Sale of goods
11,031,546
11,583,242
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. OTHER OPERATING INCOME
2024
2023
£
£
Management charges receivable
48,000
--------
----
6. OPERATING (LOSS)/PROFIT
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
39,348
39,348
Depreciation of tangible assets
285,094
271,174
Loss/(gains) on disposal of tangible assets
486
( 7,537)
Impairment of trade debtors
233,636
37,514
---------
---------
Included within impairment of trade debtors is a provision of £220,000 (2023: £Nil) in respect of amounts due from a subsidiary company.
7. AUDITOR'S REMUNERATION
2024
2023
£
£
Fees payable for the audit of the financial statements
9,000
8,150
-------
-------
8. STAFF COSTS
The average number of persons employed by the company during the year amounted to 115 (2023: 111 ).
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,767,945
3,536,116
Social security costs
23,651
19,253
Other pension costs
128,522
80,156
------------
------------
3,920,118
3,635,525
------------
------------
9. DIRECTORS' REMUNERATION
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
195,122
167,823
Company contributions to defined contribution pension plans
45,504
4,774
---------
---------
240,626
172,597
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
3
3
----
----
10. INTEREST PAYABLE AND SIMILAR EXPENSES
2024
2023
£
£
Bank interest payable
43,475
--------
----
11. TAX ON (LOSS)/PROFIT
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
98,660
111,497
Adjustments in respect of prior periods
( 7,841)
( 62,239)
--------
---------
Total current tax
90,819
49,258
--------
---------
Deferred tax:
Origination and reversal of timing differences
( 26,430)
15,772
--------
--------
Tax on (loss)/profit
64,389
65,030
--------
--------
Reconciliation of tax expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 20 %).
2024
2023
£
£
(Loss)/profit on ordinary activities before taxation
( 81,021)
262,543
--------
---------
(Loss)/profit on ordinary activities by rate of tax
( 20,256)
65,028
Adjustment to tax charge in respect of prior periods
( 7,841)
( 62,239)
Effect of expenses not deductible for tax purposes
93,579
62,837
Effect of capital allowances and depreciation
( 1,093)
( 1,393)
Other movements
797
--------
---------
Tax on (loss)/profit
64,389
65,030
--------
---------
12. DIVIDENDS
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
500,000
500,000
---------
---------
13. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
393,477
---------
Amortisation
At 1 June 2023
190,181
Charge for the year
39,348
---------
At 31 May 2024
229,529
---------
Carrying amount
At 31 May 2024
163,948
---------
At 31 May 2023
203,296
---------
14. TANGIBLE ASSETS
Short Leasehold Property
Training & Safety Equipment
Fixtures & Fittings
Motor Vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jun 2023
709,444
412,792
217,667
177,250
509,288
2,026,441
Additions
20,994
51,867
8,393
8,822
58,078
148,154
Disposals
( 682)
( 3,533)
( 4,997)
( 9,212)
---------
---------
---------
---------
---------
------------
At 31 May 2024
730,438
464,659
225,378
182,539
562,369
2,165,383
---------
---------
---------
---------
---------
------------
Depreciation
At 1 Jun 2023
544,317
251,697
151,485
98,016
342,151
1,387,666
Charge for the year
57,258
71,851
22,889
25,749
107,347
285,094
Disposals
( 635)
( 3,533)
( 4,558)
( 8,726)
---------
---------
---------
---------
---------
------------
At 31 May 2024
601,575
323,548
173,739
120,232
444,940
1,664,034
---------
---------
---------
---------
---------
------------
Carrying amount
At 31 May 2024
128,863
141,111
51,639
62,307
117,429
501,349
---------
---------
---------
---------
---------
------------
At 31 May 2023
165,127
161,095
66,182
79,234
167,137
638,775
---------
---------
---------
---------
---------
------------
15. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 June 2023 and 31 May 2024
151,750
---------
Impairment
At 1 June 2023 and 31 May 2024
---------
Carrying amount
At 31 May 2024
151,750
---------
At 31 May 2023
151,750
---------
16. DEBTORS
2024
2023
£
£
Trade debtors
2,061,100
2,005,065
Amounts owed by group undertakings
90,923
333,305
Prepayments and accrued income
297,133
206,199
Corporation tax repayable
69,798
Other debtors
45,385
99,261
------------
------------
2,564,339
2,643,830
------------
------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Amounts owed by group undertakings
85,998
--------
----
17. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
355,194
249,910
Trade creditors
518,116
706,158
Amounts owed to group undertakings
862,690
334,639
Accruals and deferred income
568,492
518,524
Corporation tax
4,584
Social security and other taxes
350,884
349,855
Obligations under finance leases and hire purchase contracts
3,550
3,024
Other creditors
43,616
42,255
------------
------------
2,702,542
2,208,949
------------
------------
18. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
46,667
Obligations under finance leases and hire purchase contracts
7,987
12,731
-------
--------
7,987
59,398
-------
--------
19. FINANCE LEASES AND HIRE PURCHASE CONTRACTS
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
4,603
4,603
Later than 1 year and not later than 5 years
8,438
13,041
--------
--------
13,041
17,644
--------
--------
20. PROVISIONS
Deferred tax (note 21)
£
At 1 June 2023
131,087
Charge against provision
( 26,430)
---------
At 31 May 2024
104,657
---------
21. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 20)
104,657
131,087
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
104,657
131,087
---------
---------
22. EMPLOYEE BENEFITS
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 123,018 (2023: £ 75,732 ).
As at 31 May 2024 there were amounts included in other creditors totalling £63,420 (2023: £21,747) due in respect of defined contribution pension schemes.
23. CALLED UP SHARE CAPITAL FULLY PAID
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
430,000
4,300
430,000
4,300
A shares of £ 0.01 each
11,000
110
B shares of £ 0.01 each
9,000
90
9,000
90
---------
-------
---------
-------
439,000
4,390
450,000
4,500
---------
-------
---------
-------
Each fully paid 'A' and 'B' ordinary share qualifies pari passu in respect of dividends and capital distributions but has no voting rights.
24. RESERVES
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
25. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
244,643
365,983
Later than 1 year and not later than 5 years
390,981
494,125
Later than 5 years
29,715
54,180
---------
---------
665,339
914,288
---------
---------
26. RELATED PARTY TRANSACTIONS
During the year the company undertook transactions with the following related parties: Subsidiaries were sold services by the company which totalled £231,033 (2023 - £185,782). Subsidiaries sold services to the company which totalled £18,545 (2023 - £2,600). Subsidiaries were charged management fees and rental costs and recharged expenditure which totalled £684,691 (2023 - £337,228). At 31 May 2024 subsidiaries were owed £668,788 (2023 - £334,639). At 31 May 2024 subsidiaries owed the company £305,998 (2023 - £296,175), and a provision of £220,000 (2023 - £Nil) has been offset against this. At 31 May 2024 the parent company owed £4,925 (2023 - £4,925). Directors charged fees totalling £35,750 (2023 - £50,000). The company has also participated in transactions with other related parties but has exercised the exemption allowed under FRS 102 not to disclose transactions with entities, 100% of whose voting rights are controlled within the group.
27. PARENT COMPANY AND ULTIMATE CONTROLLING PARTY
The company is 59.30% (2023 - 56.67%) owned by Shorcontrol Safety Limited a company incorporated in the Republic of Ireland. Shorcontrol Safety Limited is also the parent company of both the smallest and largest group that prepares consolidated accounts which include the results of the company. The registered address of this company is: Naas Industrial Estate, Naas Co Kildare, Ireland. The ultimate controlling party is Mr S Magee.