REGISTERED NUMBER: 11278846 (England and Wales) |
NICKY STORY HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
REGISTERED NUMBER: 11278846 (England and Wales) |
NICKY STORY HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 | to | 7 |
Consolidated Income Statement | 8 |
Consolidated Other 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 Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 | to | 28 |
NICKY STORY HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
3365 The Pentagon |
Century Way |
Thorpe Park |
Leeds |
West Yorkshire |
LS15 8ZB |
BANKERS: |
Carmel House |
49-63 Fargate |
Sheffield |
S1 2HD |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
The director presents his strategic report of the company and the group for the year ended 31st August 2024. |
REVIEW OF BUSINESS |
Group turnover was £9m in the year ended 31st August 2024 (2023: £8.2m). The improvement in revenue was attributable to improved performance of Supplies for Candles Ltd, further to the merger with The Soap Kitchen Limited in the previous financial year. This was aided by improved market conditions as the impact of overstocking subsided. |
With all the group's businesses in the same location, after the 2023 relocation of The Soap Kitchen's Limited previous operations, significant synergies were realised as planned. This plus the turnover improvement have enabled the group to return to profitability. The group made a profit before tax of £186k in the year (2023: Loss of £399k before tax). This profit is after amortisation of intangible assets of £196k. |
The net assets of the group totalled £1,566k at the year-end (2023: £1,478k). |
The group uses key performance indicators to monitor performance. These includes sales, gross profit and profit/(loss) before tax as key measures of financial performance (as detailed on page 8, profit and loss account) and stock and cash at bank as key measures of financial position (as detailed on page 10, balance sheet). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The key business risks and uncertainties effecting the group are considered to include. |
a) the overall uncertain economic environment driven by "cost of living crisis" and geo-political factors; and |
b) inflationary pressures on product costs, labour and overheads |
The management team has a close working relationship with key suppliers and its workforce, and this contributes to a reliable supply of materials and labour. |
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and the stability to take advantage of opportunities should they arise. For this reason, it continues to adopt the going concern basis in preparing the financial statements. |
KEY PERFORMANCE INDICATORS |
The directors consider revenue, gross profit margin and EBITDA margins as well as Cash Flow to be the core KPIs for the business. Thus, the business monitors key metrics for revenue, margin and cost ratios throughout the year. |
FUTURE OUTLOOK |
The main trading business continues to gain market share with new product offerings & good product availability. Modest growth is anticipated in the coming year. |
ON BEHALF OF THE BOARD: |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31st August 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st August 2024. |
DIRECTORS |
The directors during the year under review were: |
N Story |
T Story |
FINANCIAL INSTRUMENTS |
The group's financial statements comprise of borrowings such as secured loans, advance receipts in respect of the ordinary activities of the group, cash and liquid resources, finance leases and various other items such as trade debtors and trade creditors that also arise directly from its operations. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Thomas Coombs Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NICKY STORY HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Nicky Story Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 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 affairs as at 31st August 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 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 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 and 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. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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. |
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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NICKY STORY HOLDINGS LIMITED |
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 Report of the Director. |
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 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 director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 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 has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NICKY STORY HOLDINGS LIMITED |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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: |
Based on our understanding of the entity and industries in which it operates, we identified the principal risks of non-compliance with laws and regulations related to health and safety. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, tax legislation and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). |
We assessed the susceptibility of the group financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls, and ensuring these controls operated as intended. We determined the principal risks were related to posting journal entries to manipulate profits, and management bias in accounting estimates. |
To address the risk of fraud through management bias and override of controls, we: |
-Performed analytical procedures to identify any unusual or unexpected relationships. |
-Identified and tested journal entries and identified any significant transactions that were unusual or outside the normal course of business. |
-Investigated the rationale behind significant or unusual transactions. |
-Challenged assumptions and judgements made by management in determining significant accounting estimates. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed audit procedures which included, but were not limited to: |
-Agreeing financial statements disclosures to underlying supporting documentation. |
-Discussions with management of known or suspected instances of non-compliance with laws and regulations. |
-Reading the minutes of meetings of those charged with governance. |
-Reviewing correspondence with relevant regulators. |
At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance of laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement relating to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NICKY STORY HOLDINGS LIMITED |
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 a Report of the Auditors 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 |
Statutory Auditor |
Chartered Accountants |
3365 The Pentagon |
Century Way |
Thorpe Park |
Leeds |
West Yorkshire |
LS15 8ZB |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 9,032,715 | 8,200,689 |
Cost of sales | 6,491,064 | 5,920,483 |
GROSS PROFIT | 2,541,651 | 2,280,206 |
Amortisation | 197,259 | 191,515 |
Administrative expenses | 1,969,731 | 2,123,644 |
2,166,990 | 2,315,159 |
374,661 | (34,953 | ) |
Other operating income | 33,000 | - |
OPERATING PROFIT/(LOSS) | 4 | 407,661 | (34,953 | ) |
Exceptional items | 5 | - | 172,433 |
407,661 | (207,386 | ) |
Interest receivable and similar income | 1,388 | 306 |
409,049 | (207,080 | ) |
Interest payable and similar expenses | 6 | 222,579 | 191,962 |
PROFIT/(LOSS) BEFORE TAXATION | 186,470 | (399,042 | ) |
Tax on profit/(loss) | 7 | 99,103 | (48,671 | ) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 87,367 | (350,371 | ) |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | 87,367 | (350,371 | ) |
OTHER COMPREHENSIVE INCOME |
Revaluation |
Deferred tax |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 87,367 | (350,371 | ) |
Total comprehensive income attributable to: |
Owners of the parent | 87,367 | (350,371 | ) |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
CONSOLIDATED BALANCE SHEET |
31ST AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 1,104,650 | 1,265,309 |
Tangible assets | 11 | 1,969,062 | 2,113,411 |
Investments | 12 | - | - |
Investment property | 13 | - | - |
3,073,712 | 3,378,720 |
CURRENT ASSETS |
Stocks | 14 | 1,206,363 | 1,332,900 |
Debtors | 15 | 901,787 | 633,620 |
Cash at bank and in hand | 369,696 | 512,089 |
2,477,846 | 2,478,609 |
CREDITORS |
Amounts falling due within one year | 16 | 1,818,306 | 1,936,361 |
NET CURRENT ASSETS | 659,540 | 542,248 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 3,733,252 | 3,920,968 |
CREDITORS |
Amounts falling due after more than one year | 17 | (1,969,840 | ) | (2,237,037 | ) |
PROVISIONS FOR LIABILITIES | 21 | (197,342 | ) | (205,228 | ) |
NET ASSETS | 1,566,070 | 1,478,703 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 102 | 102 |
Revaluation reserve | 23 | 454,100 | 465,750 |
Retained earnings | 23 | 1,111,868 | 1,012,851 |
SHAREHOLDERS' FUNDS | 1,566,070 | 1,478,703 |
The financial statements were approved by the director and authorised for issue on 20th February 2025 and were signed by: |
N Story - Director |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
COMPANY BALANCE SHEET |
31ST AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 17 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Non-distributable reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 407,711 | 53,244 |
The financial statements were approved by the director and authorised for issue on |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st September 2022 | 102 | 1,448,572 | 477,400 | 1,926,074 |
Changes in equity |
Dividends | - | (97,000 | ) | - | (97,000 | ) |
Total comprehensive income | - | (338,721 | ) | (11,650 | ) | (350,371 | ) |
Balance at 31st August 2023 | 102 | 1,012,851 | 465,750 | 1,478,703 |
Changes in equity |
Total comprehensive income | - | 99,017 | (11,650 | ) | 87,367 |
Balance at 31st August 2024 | 102 | 1,111,868 | 454,100 | 1,566,070 |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
Called up |
share | Retained | Non-distributable | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1st September 2022 |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31st August 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st August 2024 |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 413,154 | 1,022,177 |
Interest paid | (222,579 | ) | (191,962 | ) |
Tax paid | 12,596 | (62,087 | ) |
Net cash from operating activities | 203,171 | 768,128 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (36,600 | ) | (11,250 | ) |
Purchase of tangible fixed assets | (12,229 | ) | (143,976 | ) |
Interest received | 1,388 | 306 |
Net cash from investing activities | (47,441 | ) | (154,920 | ) |
Cash flows from financing activities |
Loan repayments in year | (271,048 | ) | (229,474 | ) |
Hire purchase capital repayments | (34,691 | ) | (66,275 | ) |
Amount introduced by directors | 689,783 | 297,000 |
Amount withdrawn by directors | (682,167 | ) | (297,437 | ) |
Equity dividends paid | - | (97,000 | ) |
Net cash from financing activities | (298,123 | ) | (393,186 | ) |
(Decrease)/increase in cash and cash equivalents | (142,393 | ) | 220,022 |
Cash and cash equivalents at beginning of year | 2 | 512,089 | 292,067 |
Cash and cash equivalents at end of year | 2 | 369,696 | 512,089 |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit/(loss) before taxation | 186,470 | (399,042 | ) |
Depreciation charges | 353,837 | 415,213 |
Loss on disposal of fixed assets | - | 93,758 |
Finance costs | 222,579 | 191,962 |
Finance income | (1,388 | ) | (306 | ) |
761,498 | 301,585 |
Decrease in stocks | 126,537 | 429,065 |
Increase in trade and other debtors | (281,886 | ) | (23,179 | ) |
(Decrease)/increase in trade and other creditors | (192,995 | ) | 314,706 |
Cash generated from operations | 413,154 | 1,022,177 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st August 2024 |
31/8/24 | 1/9/23 |
£ | £ |
Cash and cash equivalents | 369,696 | 512,089 |
Year ended 31st August 2023 |
31/8/23 | 1/9/22 |
£ | £ |
Cash and cash equivalents | 512,089 | 292,067 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/9/23 | Cash flow | At 31/8/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 512,089 | (142,393 | ) | 369,696 |
512,089 | (142,393 | ) | 369,696 |
Debt |
Finance leases | (60,334 | ) | 34,691 | (25,643 | ) |
Debts falling due within 1 year | (264,911 | ) | 29,460 | (235,451 | ) |
Debts falling due after 1 year | (2,211,429 | ) | 241,589 | (1,969,840 | ) |
(2,536,674 | ) | 305,740 | (2,230,934 | ) |
Total | (2,024,585 | ) | 163,347 | (1,861,238 | ) |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
1. | STATUTORY INFORMATION |
Nicky Story Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. |
Basis of consolidation |
The group financial statements consolidate the financial statements of Nicky Story Holdings Limited and all its subsidiary undertakings drawn up to 31st August each year. |
The financial statements have been prepared in sterling. All monetary amounts in the financial statements are rounded to the nearest £. |
Business combinations |
Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination. |
Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. |
Goodwill is to be amortised evenly over its useful life of 10 years. |
Merger accounting has been used for a subsidiary who has joined the group. The carrying value of the assets and liabilities of the subsidiary have been brought into financial statements from the beginning of the financial year in which the combination occurred. The comparative information has been restated by including the total comprehensive income for all the combining entities for the previous reporting period and their statement of financial position for the previous reporting date. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of goods. |
Goodwill |
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years. Provision is made for any impairment. |
Intangible assets |
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition. |
Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows: |
Computer software | 20% straight line |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows |
Leasehold property | 10% straight line |
Plant and machinery | 25% reducing balance |
Fixtures and fittings | 15% reducing balance/15% straight line |
Motor vehicles | 15% reducing balance |
Website | 20% straight line |
Computer equipment | 33% straight line/25% straight line |
Freehold property | 2% straight line |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Financial instruments |
The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument. |
Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classed as receivable within one year are not amortised. |
Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised. |
Financial assets and liabilities are offset, with the net amount reported in the financial statements, when there is a legally 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. |
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 1,579,707 | 1,391,689 |
Social security costs | 103,593 | 115,036 |
Other pension costs | 22,874 | 101,909 |
1,706,174 | 1,608,634 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Staff | 55 | 68 |
Directors | 2 | 2 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 417,980 | 25,000 |
Directors' pension contributions to money purchase schemes | 816 | 75,864 |
Information regarding the highest paid director for the year ended 31st August 2024 is as follows: |
2024 |
£ |
Emoluments etc | 407,563 |
Pension contributions to money purchase schemes | 659 |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | - | 27,239 |
Other operating leases | 3,630 | 23,564 |
Depreciation - owned assets | 156,578 | 223,698 |
Goodwill amortisation | 168,132 | 168,132 |
Computer software amortisation | 29,127 | 23,383 |
Auditor remuneration-Parent | 9,800 | 6,050 |
Auditor remuneration -subsidiary | 22,750 | 21,475 |
Foreign exchange differences | 3,582 | 14,215 |
5. | EXCEPTIONAL ITEMS |
Exceptional costs of £nil (2023: £172,433) have been incurred in relation to costs on reorganisation in the prior year. These relate to redundancy costs of £nil (2023: £57,510), loss on disposal of £nil (2023: £93,758) and transport costs of £nil (2023: £21,165). |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Loan interest | 222,579 | 191,962 |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 106,989 | 1,624 |
Deferred tax | (7,886 | ) | (50,295 | ) |
Tax on profit/(loss) | 99,103 | (48,671 | ) |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit/(loss) before tax | 186,470 | (399,042 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 21.515 %) |
46,618 |
(85,854 |
) |
Effects of: |
Depreciation in excess of capital allowances | 66,098 | 44,317 |
Utilisation of tax losses | (13,613 | ) | - |
Change in tax rates | - | (7,011 | ) |
Marginal relief | - | (123 | ) |
Total tax charge/(credit) | 99,103 | (48,671 | ) |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31st August 2024. |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation |
Deferred tax |
- | - | - |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | - | 59,500 |
Ordinary B share of £1 |
Interim | - | 37,500 |
- | 97,000 |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1st September 2023 | 1,681,319 | 128,171 | 1,809,490 |
Additions | - | 36,600 | 36,600 |
At 31st August 2024 | 1,681,319 | 164,771 | 1,846,090 |
AMORTISATION |
At 1st September 2023 | 516,901 | 27,280 | 544,181 |
Amortisation for year | 168,132 | 29,127 | 197,259 |
At 31st August 2024 | 685,033 | 56,407 | 741,440 |
NET BOOK VALUE |
At 31st August 2024 | 996,286 | 108,364 | 1,104,650 |
At 31st August 2023 | 1,164,418 | 100,891 | 1,265,309 |
Included in the total net book value of intangible fixed assets was £66,255 (2023: £89,640) in respect of assets held under finance leases. |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1st September 2023 | 1,810,000 | 1,057,862 | 425,331 | 121,866 | 3,415,059 |
Additions | - | 10,619 | - | 1,610 | 12,229 |
Disposals | - | (27,790 | ) | - | - | (27,790 | ) |
Reclassification | 52,775 | - | (52,775 | ) | - | - |
At 31st August 2024 | 1,862,775 | 1,040,691 | 372,556 | 123,476 | 3,399,498 |
DEPRECIATION |
At 1st September 2023 | 36,528 | 997,304 | 168,429 | 99,387 | 1,301,648 |
Charge for year | 36,527 | 38,162 | 62,482 | 19,407 | 156,578 |
Eliminated on disposal | - | (27,790 | ) | - | - | (27,790 | ) |
Reclassification | 26,388 | - | (26,388 | ) | - | - |
At 31st August 2024 | 99,443 | 1,007,676 | 204,523 | 118,794 | 1,430,436 |
NET BOOK VALUE |
At 31st August 2024 | 1,763,332 | 33,015 | 168,033 | 4,682 | 1,969,062 |
At 31st August 2023 | 1,773,472 | 60,558 | 256,902 | 22,479 | 2,113,411 |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 31st August 2024 is represented by: |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2022 | 1,750,000 | - | - | - | 1,750,000 |
Cost | 112,775 | 1,040,691 | 372,556 | 123,476 | 1,649,498 |
1,862,775 | 1,040,691 | 372,556 | 123,476 | 3,399,498 |
The freehold properties were professionally valued at £1,750,000 by Eddisons Commercial Limited, chartered surveyors, in June 2022. |
The historic cost equivalent of freehold properties included at fair value is £1,303,307 (2023: £1,250,532). |
Included in the total net book value of tangible fixed assets was £1,158 (2023: £7,490) in respect of assets held under finance leases. |
Company |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
Transfer to ownership | 843,601 | 306,063 | 8,737 | 1,158,401 |
At 31st August 2024 |
DEPRECIATION |
Transfer to ownership | 842,198 | 169,919 | 8,257 | 1,020,374 |
At 31st August 2024 |
NET BOOK VALUE |
At 31st August 2024 |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st September 2023 |
Impairments | ( |
) |
At 31st August 2024 |
NET BOOK VALUE |
At 31st August 2024 |
At 31st August 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Unit E, Swinton Bridge Industrial Estate Whitelee Road, Swinton, Mexborough, South Yorkshire, England, S64 8BH |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit E, Swinton Bridge Industrial Estate Whitelee Road, Swinton, Mexborough, South Yorkshire, England, S64 8BH |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit C1 Swinton Bridge Industrial Estate, White Lee Road, Swinton, Mexborough, South Yorkshire, United Kingdom, S64 8BH |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit C1 Swinton Bridge Industrial Estate White Lee Road, Swinton, Mexborough, South Yorkshire, S64 8BH |
Nature of business: |
% |
Class of shares: | holding |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Unit E, Swinton Bridge Industrial Estate White Lee Road, Swinton, Mexborough, South Yorkshire, England, S64 8BH |
Nature of business: |
% |
Class of shares: | holding |
13. | INVESTMENT PROPERTY |
Company |
Total |
£ |
FAIR VALUE |
At 1st September 2023 |
Transfer to ownership |
At 31st August 2024 |
NET BOOK VALUE |
At 31st August 2024 |
At 31st August 2023 |
The investment property purchased in April 2019 was professionally valued at £300,000 by Eddisons Commercial Limited, chartered surveyors, in June 2022. |
The historic cost equivalent of investment properties included at fair value is £1,746,913 (2023: £1,720,524). |
14. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Raw materials | 68,683 | 85,596 |
Goods for resale | 1,137,680 | 1,247,304 |
1,206,363 | 1,332,900 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 165,478 | 55,241 |
Amounts owed by group undertakings | - | - |
Other debtors | 160,043 | 190,175 |
Amounts owing from related |
parties | 545,175 | 329,211 | - | - |
Tax | - | 13,719 |
Prepayments and accrued income | 31,091 | 45,274 |
901,787 | 633,620 |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 235,451 | 264,911 |
Hire purchase contracts (see note 19) | 25,643 | 34,726 |
Trade creditors | 799,316 | 982,558 |
Amounts owed to group undertakings | - | - |
Corporation Tax | 107,493 | 1,627 |
Social security and other taxes | 27,797 | 23,570 |
VAT | 102,948 | 53,725 | 1,099 | 1,204 |
Other creditors | 273,156 | 84,467 |
Trade facilities | 88,341 | 312,036 | - | - |
Directors' current accounts | 8,552 | 936 | - | - |
Accruals and deferred income | 149,609 | 177,805 |
1,818,306 | 1,936,361 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 18) | 1,969,840 | 2,211,429 |
Hire purchase contracts (see note 19) | - | 25,608 |
1,969,840 | 2,237,037 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 235,451 | 264,911 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 240,357 | 264,597 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 545,208 | 812,817 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by |
instalments | 1,184,275 | 1,134,015 | 1,184,275 | 1,134,015 |
1,184,275 | 1,134,015 | 1,184,275 | 1,134,015 |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 25,643 | 34,726 |
Between one and five years | - | 25,608 |
25,643 | 60,334 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 17,888 | 17,888 |
Between one and five years | 20,124 | 38,012 |
38,012 | 55,900 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans | 2,205,291 | 2,476,340 |
Hire purchase contracts | 25,643 | 60,334 | - | - |
Trade facilities | 88,341 | 312,036 | - | - |
2,319,275 | 2,848,710 |
Security on the hire purchase contracts is held on the assets they relate to. |
Security on loans is in the forms of a fixed and floating charge over the assets of the group. |
On 3rd February 2023 Supplies For Candles Limited, a wholly owned subsidiary, created a fixed and floating charge against all the assets of Supplies For Candles Limited of £500,000. The balance as at 31st August 2024 totalled £88,341 (2023: £312,036). |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 197,342 | 205,228 | 162,616 | 123,475 |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
21. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1st September 2023 | 205,228 |
Provided during year | (7,886 | ) |
Balance at 31st August 2024 | 197,342 |
Company |
Deferred |
tax |
£ |
Balance at 1st September 2023 |
Provided during year |
Balance at 31st August 2024 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 101 | 101 |
Ordinary B | £1 | 1 | 1 |
102 | 102 |
Ordinary shares rank pari passu except that different rates of dividend can be declared on different |
classes of share. |
23. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1st September 2023 | 1,012,851 | 465,750 | 1,478,601 |
Profit for the year | 87,367 | 87,367 |
Transfer | 11,650 | (11,650 | ) | - |
At 31st August 2024 | 1,111,868 | 454,100 | 1,565,968 |
Company |
Non-distributable |
reserves |
£ |
At 1st September 2023 |
and 31st August 2024 |
NICKY STORY HOLDINGS LIMITED (REGISTERED NUMBER: 11278846) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2024 |
23. | RESERVES - continued |
Retained earnings |
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments. |
Revaluation reserves |
The revaluation reserve represents the cumulate effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted. |
Non distributable reserves |
Where financial instruments and investment properties are measured at fair value a transfer is made to the non-distributable reserve, instead of a transfer to retained earnings, to assist with the identification of profits available for distribution. |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st August 2024 and 31st August 2023: |
N Story | 2024 | 2023 |
£ | £ |
Balance outstanding at start of year | (936 | ) | (1,373 | ) |
Amounts advanced | 682,167 | 297,437 |
Amounts repaid | (689,783 | ) | (297,000 | ) |
Balance outstanding at end of year | (8,552 | ) | (936 | ) |
Interest of £1,082 was charged, at the HMRC beneficial loan rate. The loan is repayable on demand. |
25. | RELATED PARTY DISCLOSURES |
During the year the group received rental income at a commercial rate totalling £33,000 (2023: Nil), sales of £107,115 (2023: Nil) from a company in which Nicky Story is a director of. |
During the year the group recharged salaries to a company in which Nicky Story is a director of totalling £201,712 (2023: £201,218). |
At 31st August 2024 there was a balance owing to the group from companies in which Nicky Story is a director of totalling £545,175 (2023: £329,211). |
During the year the parent company received rental income totalling £192,000 (2023: £25,000) from companies under common control. |
Assets with a net book value of £164,413 were transferred to the parent company during the year from companies under common control. |
26. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Nicky Story. |
27. | PENSION SCHEME |
The group contributes to defined contribution pension schemes. The pension cost charged for the year represents contributions payable by the group to the schemes and amounted to £24,182 (2023: £101,909). |
There were outstanding contributions payable to the schemes as at 31st August 2024 of £5,318 (2023: £4,927). |