REGISTERED NUMBER: 13996201 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 30 June 2024 |
for |
Gipfel Electrical Holdings Limited |
REGISTERED NUMBER: 13996201 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 30 June 2024 |
for |
Gipfel Electrical Holdings Limited |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Statement of Financial Position | 10 |
Company Statement of Financial Position | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Financial Statements | 17 |
Gipfel Electrical Holdings Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
The directors present their strategic report of the company and the group for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
Sales for the year to June 2024 were 8.7% ahead of the previous 12-month period. Given the tough trading conditions, this was a satisfactory performance. Pleasingly, notwithstanding the difficult market, the gross margin held up well and was very similar to the previous year at 21.7%. Overheads were higher than the prior year as the group invested in additional staff, particularly in sales, to support its future growth plans. Discretionary marketing spend was also higher than the previous year resulting in an operating profit margin before amortization of goodwill of 5.3% against 5.8% in the previous year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the Company's strategy are subject to a number of risks that are set out below: |
Trade Receivables |
The group insures all trade receivables. Trading in excess of insured limits is approved at board level. |
Cost Price Fluctuations |
The group is exposed to fluctuation in cost prices from suppliers, often driven by exchange rate fluctuations and supply side bottle necks. All participants in the UK electrical distribution sector are exposed to the same risks. Furthermore, prices to customers are set by a discount off the standard trade price. Customers, in general, understand that prices move in line with changes in the trade price of goods. |
Supplier Failure |
As a distributor, the group is exposed to the failure or closure of an OEM supplier. The group has access to alternative suppliers for all its key product lines. |
Interest Rates |
The company is exposed to changes in the UK Base Rate as all our banking facilities are based on a margin over the UK bank base rate. Notwithstanding interest rates at a cyclical high, interest cover for the 12 months to June 2024 was a healthy 2.9 times. |
Financial Liquidity |
The group may need access to short term funds to satisfy working capital requirements. The group maintains significant committed medium-term and short-term facilities in excess of planned requirements. Headroom on these facilities has been between £1m and £2m over the past twelve months. |
Information Technology Systems |
Maintaining accurate product and customer records are critical to be able to process customer orders accurately and efficiently. The group uses third party software in all areas. IT risks, including cyber and ransom attacks are reviewed by the board with the help of an external IT consultant. IT security is continually monitored and upgraded including training for staff to eliminate, as far as possible, elementary security risks. |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
SECTION 172(1) STATEMENT |
The directors consider that they have acted in a manner that is most likely to promote the success of the group for the benefit of all shareholders, and in doing so, have had regard to all the stakeholders and matters set down in section 172 of the Companies Act 2006. |
They key stakeholders and method of engagement have been identified as follows: |
Shareholders - the company provides regular quarterly reports to its shareholders along with the annual budget and year end audited results. |
Employees - effective two-way communication with our staff is a priority. |
Customers - understanding our customers and fulfilling their needs is a key differentiator for the Pinnacle operating businesses. |
Suppliers - our outbound service to our customers can never be better than our inbound supply. Building long-term mutually beneficial relationships with suppliers is a key component of our strategy. |
FUTURE DEVELOPMENTS |
We intend to develop and grow the business by: |
- | opening new branches; |
- | continuing to focus on organic growth through increased product lines and new customer focus; |
- |
maintaining tight control over operating costs so that increases in sales drive an improvement in operating margins; and |
- | using surplus cash generated to pay down debt. |
KEY PERFORMANCE INDICATORS |
Given the nature of the business, the use of non-financial KPIs is deemed to provide limited additional analysis of the performance of the parent company and the group, as such these are not tracked by management.. For each operating subsidiary in the group, the following KPIs are used to monitor performance: |
- Sales and sales growth |
- % Gross profit : sales |
- % Operating profit : sales |
- % Operating profit : sales |
- Days working capital employed |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
OUTLOOK |
Sales growth last year was satisfactory considering the economic and sector headwinds. Trading in the first four months of the current year has been very encouraging. The reduction in interest rates, albeit gradual, should have a positive effect in the medium term. In general, the new government's priorities around reducing planning regulations and investing in new infrastructure should provide good support for future growth in our sector. Our drive into new product areas, renewables in particular, is beginning to pay dividends. Adding new customer growth to this, we are anticipating solid sales growth in the year ahead. |
In line with our strategy to open new branches, we will be opening a new branch in Oldham in the new year. We have found excellent new-build premises just of the M62 where the fit out is well underway. We will be opening for business in January 2025. |
ON BEHALF OF THE BOARD: |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Report of the Directors |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulation. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the company financial statements in accordance with United Kingdom generally accepted accounting practice (United Kingdom Accounting Standards, comprising FRS 102 ‘The financial reporting standard applicable in the UK and Republic of Ireland’, and applicable law). |
Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to: |
- | Select suitable accounting policies and then apply them consistently; |
- | State whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | Make judgements and accounting estimates that are reasonable and prudent; and. |
- | Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business. |
The directors are also 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are 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 each director 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, Haines Watts, 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 |
Gipfel Electrical Holdings Limited |
Opinion |
We have audited the financial statements of Gipfel Electrical Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 30 June 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Gipfel Electrical 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 Directors. |
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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
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. |
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 company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. 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. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principle risks were related to inflated income and surplus. |
Report of the Independent Auditors to the Members of |
Gipfel Electrical Holdings Limited |
Audit procedures performed included: |
- | Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
- | Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- | Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable law and regulations; |
- | Challenging assumptions and judgements made by management in its significant accounting estimates; |
- | Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with 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 due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Consolidated Statement of Comprehensive Income |
for the Year Ended 30 June 2024 |
Period |
22.3.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER | 3 | 25,116,851 | 29,696,904 |
Cost of sales | 19,679,754 | 23,720,136 |
GROSS PROFIT | 5,437,097 | 5,976,768 |
Administrative expenses | 4,268,084 | 4,330,057 |
1,169,013 | 1,646,711 |
Other operating income | - | 31,397 |
OPERATING PROFIT | 5 | 1,169,013 | 1,678,108 |
Exceptional items | 6 | - | 135,302 |
1,169,013 | 1,542,806 |
Interest payable and similar expenses | 7 | 508,885 | 474,538 |
PROFIT BEFORE TAXATION | 660,128 | 1,068,268 |
Tax on profit | 8 | 260,957 | 305,504 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
399,171 |
762,764 |
Profit attributable to: |
Owners of the parent | 256,948 | 565,384 |
Non-controlling interests | 142,223 | 197,380 |
399,171 | 762,764 |
Total comprehensive income attributable to: |
Owners of the parent | 256,948 | 565,384 |
Non-controlling interests | 142,223 | 197,380 |
399,171 | 762,764 |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Consolidated Statement of Financial Position |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 2,707,882 | 2,860,439 |
Tangible assets | 11 | 447,413 | 324,726 |
Investments | 12 | - | - |
3,155,295 | 3,185,165 |
CURRENT ASSETS |
Stocks | 13 | 2,803,908 | 2,763,577 |
Debtors | 14 | 7,126,802 | 5,966,835 |
Cash at bank and in hand | 593,390 | 484,452 |
10,524,100 | 9,214,864 |
CREDITORS |
Amounts falling due within one year | 15 | 9,811,952 | 8,154,475 |
NET CURRENT ASSETS | 712,148 | 1,060,389 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,867,443 |
4,245,554 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(2,508,184 |
) |
(3,338,434 |
) |
PROVISIONS FOR LIABILITIES | 20 | (88,536 | ) | (35,568 | ) |
NET ASSETS | 1,270,723 | 871,552 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 5,062 | 5,062 |
Retained earnings | 22 | 822,332 | 565,384 |
SHAREHOLDERS' FUNDS | 827,394 | 570,446 |
NON-CONTROLLING INTERESTS | 23 | 443,329 | 301,106 |
TOTAL EQUITY | 1,270,723 | 871,552 |
The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by: |
D Bramwell - Director |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Company Statement of Financial Position |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(19,531 |
) |
803,314 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Issue of share capital | 5,062 | - | 5,062 | - | 5,062 |
Total comprehensive income | - | 565,384 | 565,384 | 197,380 | 762,764 |
5,062 | 565,384 | 570,446 | 197,380 | 767,826 |
Acquisition of non-controlling interest |
- |
- |
- |
103,726 |
103,726 |
Balance at 30 June 2023 | 5,062 | 565,384 | 570,446 | 301,106 | 871,552 |
Total comprehensive income | - | 256,948 | 256,948 | 142,223 | 399,171 |
Balance at 30 June 2024 | 5,062 | 822,332 | 827,394 | 443,329 | 1,270,723 |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Company Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2024 |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Consolidated Statement of Cash Flows |
for the Year Ended 30 June 2024 |
Period |
22.3.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 603,770 | 2,008,616 |
Interest paid | (508,885 | ) | (474,538 | ) |
Tax paid | (338,179 | ) | (242,743 | ) |
Net cash from operating activities | (243,294 | ) | 1,291,335 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (3,485,234 | ) |
Purchase of tangible fixed assets | (267,629 | ) | (263,937 | ) |
Sale of tangible fixed assets | 11,333 | 16,754 |
Net cash from investing activities | (256,296 | ) | (3,732,417 | ) |
Cash flows from financing activities |
New loans in year | 1,388,354 | 3,297,446 |
New hire purchase loans | 150,918 | - |
Payment of earn-out to former owners | (600,000 | ) | - |
Capital repayments in year | (330,695 | ) | (371,912 | ) |
Amount withdrawn by directors | (49 | ) | - |
Net cash from financing activities | 608,528 | 2,925,534 |
Increase in cash and cash equivalents | 108,938 | 484,452 |
Cash and cash equivalents at beginning of year |
2 |
484,452 |
- |
Cash and cash equivalents at end of year | 2 | 593,390 | 484,452 |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 30 June 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
22.3.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Profit before taxation | 660,128 | 1,068,268 |
Depreciation charges | 143,247 | 112,171 |
Profit on disposal of fixed assets | (9,638 | ) | (12,004 | ) |
Amortisation | 152,559 | 194,871 |
Government grants | - | (9,147 | ) |
Finance costs | 508,885 | 474,538 |
1,455,181 | 1,828,697 |
Increase in stocks | (40,331 | ) | (42,348 | ) |
Increase in trade and other debtors | (1,159,968 | ) | (473,975 | ) |
Increase in trade and other creditors | 348,888 | 696,242 |
Cash generated from operations | 603,770 | 2,008,616 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 593,390 | 484,452 |
Period ended 30 June 2023 |
30.6.23 | 22.3.22 |
£ | £ |
Cash and cash equivalents | 484,452 | - |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 30 June 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 484,452 | 108,938 | 593,390 |
484,452 | 108,938 | 593,390 |
Debt |
Finance leases | (305,718 | ) | (65,603 | ) | (371,321 | ) |
Debts falling due within 1 year | (245,002 | ) | (77,783 | ) | (322,785 | ) |
Debts falling due after 1 year | (2,546,242 | ) | 322,713 | (2,223,529 | ) |
(3,096,962 | ) | 179,327 | (2,917,635 | ) |
Total | (2,612,510 | ) | 288,265 | (2,324,245 | ) |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Gipfel Electrical Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirement of paragraph 33.7. |
Critical accounting judgements and key sources of estimation uncertainty |
Management have assessed that there are no significant judgements or estimates that have had a material effect on amounts recognised in the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Gains and losses arising on the disposal of an asset are determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss in the the gain or loss arises. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the term of the lease, whichever is the shorter. |
Plant and machinery | - | 25% on cost |
Fixtures and fittings | - | 25% on cost |
Motor vehicles | - | 25% on cost |
Computer equipment | - | 25% on cost |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss 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. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provision of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented 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. |
Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and cash equivalents, are initially measured at transaction price, including transaction costs, and are then subsequently carried at amortised cost using the effective interest method, less provision for impairment, unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future lease receipts discounted at a market rate of interest. |
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash |
equivalents, trade and other receivables due with the operating cycle fall into this category of financial instruments. |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Impairment of financial assets |
Financial assets are assessed for indicators of impairment at each reporting date. |
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying value amount and the present value of the future cash flows at the asset(s) original effective interest rate. |
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. |
Financial Liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of its liabilities. |
Basic financial instruments, which include trade and other payables and bank and other loans are initially measured at their transaction price after transaction costs. When this constitute a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. |
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. |
Derecognition of financial instruments |
Derecognition of financial assets |
Financial assets are derecognised when their contractual right to future cash flows expire, or are settled, or when the company transfers the asset and substantially all of the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire, are discharged or cancelled. |
3. | TURNOVER |
The main turnover stream of the Group is the wholesale of electronic and telecommunications equipment and parts to UK based businesses, sole-traders and the general public. Turnover is also generated from the wholesale of plumbing and heating equipment and parts, available to the same customer base. All turnover is generated within the United Kingdom. |
30.6.24 | 30.6.23 |
. | £ | £ |
Wholesale of electronic and telecommunications equip. and parts | 22,845,685 | 26,020,861 |
Wholesale of plumbing and heating equip. and parts | 2,669,800 | 2,899,702 |
25,116,851 | 28,920,563 |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | EMPLOYEES AND DIRECTORS |
Period |
22.3.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries | 2,183,207 | 2,187,860 |
Social security costs | 257,150 | 215,179 |
Other pension costs | 134,093 | 207,013 |
2,574,450 | 2,610,052 |
The average number of employees during the year was as follows: |
Period |
22.3.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
Directors | 5 | 4 |
Staff | 49 | 44 |
The average number of employees by undertakings that were proportionately consolidated during the year was 52 (2023 - 46 ) . |
Period |
23.2.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
. | £ | £ |
Directors' remuneration | 306,968 | 193,689 |
Directors' pension contributions to money purchase schemes | 72,591 | 94,426 |
Information regarding the highest paid director for the year ended 30 June 2024 is as follows: |
Year Ended |
30.6.24 |
£ |
Remuneration of highest paid director | 140,640 |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
22.3.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Hire of plant and machinery | 34,801 | 31,242 |
Depreciation - owned assets | 65,131 | 96,653 |
Depreciation - assets on hire purchase contracts | 78,119 | 15,518 |
Profit on disposal of fixed assets | (9,638 | ) | (12,004 | ) |
Goodwill amortisation | 152,557 | 190,696 |
Computer software amortisation | 2 | 4,175 |
Auditors' remuneration | 25,600 | 18,300 |
Other non- audit services | - | 3,117 |
6. | EXCEPTIONAL ITEMS |
Period |
22.3.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Exceptional items | - | (135,302 | ) |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
22.3.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Bank loan interest | 196,923 | 218,895 |
Hire purchase | 20,830 | 13,691 |
Invoice financing | 291,132 | 241,952 |
508,885 | 474,538 |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
22.3.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Current tax: |
UK corporation tax | 207,491 | 298,652 |
Deferred tax | 53,466 | 6,852 |
Tax on profit | 260,957 | 305,504 |
Reconciliation of total tax charge 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: |
Period |
22.3.22 |
Year Ended | to |
30.6.24 | 30.6.23 |
£ | £ |
Profit before tax | 660,128 | 1,068,268 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20.500 %) |
165,032 |
218,995 |
Effects of: |
Expenses not deductible for tax purposes | 87,623 | 52,978 |
Capital allowances in excess of depreciation | (36,214 | ) | (2,037 | ) |
Utilisation of tax losses | (26,820 | ) | - |
Adjustments to tax charge in respect of previous periods | 17,870 | - |
Deferred tax | 53,466 | 35,568 |
Total tax charge | 260,957 | 305,504 |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
and 30 June 2024 | 3,051,135 | 16,700 | 3,067,835 |
AMORTISATION |
At 1 July 2023 | 190,696 | 16,698 | 207,394 |
Amortisation for year | 152,557 | 2 | 152,559 |
At 30 June 2024 | 343,253 | 16,700 | 359,953 |
NET BOOK VALUE |
At 30 June 2024 | 2,707,882 | - | 2,707,882 |
At 30 June 2023 | 2,860,439 | 2 | 2,860,441 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Improvements | Plant and | and |
to property | machinery | fittings |
£ | £ | £ |
COST |
At 1 July 2023 | 20,165 | 95,151 | 268,749 |
Additions | 13,550 | 234 | 9,021 |
Disposals | - | - | - |
At 30 June 2024 | 33,715 | 95,385 | 277,770 |
DEPRECIATION |
At 1 July 2023 | 20,165 | 77,436 | 220,674 |
Charge for year | 1,947 | 11,308 | 22,167 |
Eliminated on disposal | - | - | - |
At 30 June 2024 | 22,112 | 88,744 | 242,841 |
NET BOOK VALUE |
At 30 June 2024 | 11,603 | 6,641 | 34,929 |
At 30 June 2023 | - | 17,715 | 48,075 |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 | 476,451 | 13,504 | 874,020 |
Additions | 221,646 | 23,178 | 267,629 |
Disposals | (90,500 | ) | - | (90,500 | ) |
At 30 June 2024 | 607,597 | 36,682 | 1,051,149 |
DEPRECIATION |
At 1 July 2023 | 217,875 | 13,141 | 549,291 |
Charge for year | 102,549 | 5,279 | 143,250 |
Eliminated on disposal | (88,805 | ) | - | (88,805 | ) |
At 30 June 2024 | 231,619 | 18,420 | 603,736 |
NET BOOK VALUE |
At 30 June 2024 | 375,978 | 18,262 | 447,413 |
At 30 June 2023 | 258,576 | 363 | 324,729 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2023 | 9,700 | 305,288 | 314,988 |
Additions | - | 75,675 | 75,675 |
Disposals | - | (24,801 | ) | (24,801 | ) |
At 30 June 2024 | 9,700 | 356,162 | 365,862 |
DEPRECIATION |
At 1 July 2023 | 7,275 | 62,570 | 69,845 |
Charge for year | 2,425 | 75,694 | 78,119 |
Eliminated on disposal | - | (24,801 | ) | (24,801 | ) |
At 30 June 2024 | 9,700 | 113,463 | 123,163 |
NET BOOK VALUE |
At 30 June 2024 | - | 242,699 | 242,699 |
At 30 June 2023 | 2,425 | 242,718 | 245,143 |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Pinnacle UK Group Ltd |
Registered office: Unit 4 Turbine Road, Turbine Business Park, Birkenhead, CH41 9BA |
Nature of business: Holding company |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Pinnacle Electrical Supplies (Birkenhead) Limited |
Registered office: Unit 4 Turbine Road, Turbine Business Park, Birkenhead, CH41 9BA |
Nature of business: Wholesale & distrib of electrical equip/ parts |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Pinnacle Electrical Supplies (Bolton) Limited |
Registered office: Unit 4 Turbine Road, Turbine Business Park, Birkenhead, CH41 9BA |
Nature of business: Wholesale & distrib of electrical equip/ parts |
% |
Class of shares: | holding |
Ordinary A shares | 51.00 |
Pinnacle Plumbing and Heating Supplies Limited |
Registered office: Unit 4 Turbine Road, Turbine Business Park, Birkenhead, CH41 9BA |
Nature of business: Wholesale & distrib of plumbing,heating & aircon |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Pinnacle Electrical Supplies (Oldham) Limited |
Registered office: Unit 4 Turbine Road, Turbine Business Park, Birkenhead, CH41 9BA |
Nature of business: Wholesale & distrib of electrical equip/ parts |
% |
Class of shares: | holding |
Ordinary shares | 100.00 |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
13. | STOCKS |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Stocks | 2,803,908 | 2,763,577 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Trade debtors | 6,357,059 | 4,925,773 |
Amounts owed by group undertakings | - | - |
Other debtors | 59,602 | 562 |
Directors' current accounts | 49 | - | - | - |
Prepayments and accrued income | 710,092 | 1,040,500 |
7,126,802 | 5,966,835 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 322,785 | 245,002 |
Hire purchase contracts (see note 18) | 86,666 | 73,526 |
Trade creditors | 3,791,677 | 3,163,796 |
Amounts owed to group undertakings | - | - |
Tax | 86,878 | 217,566 |
Social security and other taxes | 50,871 | 61,480 |
VAT | 250,792 | 172,055 | - | 29,149 |
Other creditors | 375,101 | 197,216 |
Deferred consideration | 560,000 | 600,000 | 560,000 | 600,000 |
Pension contributions unpaid | 7,797 | 2,727 | - | - |
Invoice financing | 3,598,451 | 2,210,097 | - | - |
Accruals and deferred income | 680,934 | 1,211,010 |
9,811,952 | 8,154,475 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Bank loans (see note 17) | 1,523,529 | 1,846,242 |
Other loans (see note 17) | 700,000 | 700,000 |
Hire purchase contracts (see note 18) | 284,655 | 232,192 |
Deferred consideration | - | 560,000 | - | 560,000 |
2,508,184 | 3,338,434 |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
The amount included within other loans relates to amounts payable to the shareholders. The loan is an unsecured loan repayable over a period of more than 1 year, although the exact repayment date is yet to be determined. The loan incurs interest at a favourable rate to the parent company. |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 322,785 | 245,002 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 667,924 | 361,659 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 855,605 | 1,484,583 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Subordinated shareholder loans | 700,000 | 700,000 | 700,000 | 700,000 |
The amount included within the bank loans relates to 2 loans payable to Arbuthnot Commercial Asset Based Lending Limited.The first loan being a £1,400,000 loan issued on 6 April 2022 which is secured through a fixed charge (see note 19 for further detail). The loan incurs interest at base rate plus a margin of 5.0% and is repayable in 36 equal instalments of £38,888.88, the first payment due in May 2025. |
The second loan is a loan for £700,000 issued on 6 April 2022 which is secured through a floating charge (see note 19 for further detail). The loan incurs interst at a base rate plus a margin of 4.35% and is repayable in 48 equal instalments of £14,583.33, the first payment being made in April 2022. |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
30.6.24 | 30.6.23 |
£ | £ |
Net obligations repayable: |
Within one year | 86,666 | 73,526 |
Between one and five years | 284,655 | 232,192 |
371,321 | 305,718 |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
19. | SECURED DEBTS |
Arbuthnot Commercial Asset Based Lending Limited holds a fixed charge over the intellectual property against the name of Pinnacle Electrical Supplies Ltd, Pinnacle Electrical Supplies (Bolton) Ltd and Pinnacle Plumbing & Heating Ltd and a fixed charge over all present and future book and other receivables owing to these entities. Subsequent to the year end, this fixed charge was extended to all cover the intellectual property and all present and future book and other receivables owing to Pinnacle Electrical Supplies (Oldham) Limited. |
Arbuthnot Commercial Asset Based Lending Limited also holds a floating charge over all property or undertaking of the company dated 6 April 2022. This covers all existing and future liabilities across the Gipfel Group. Subsequent to the year end, as with the fixed charge, the floating charge was extended to also cover Pinnacle Electrical Supplies (Oldham) Limited. |
The obligations under the finance leases are secured on the items to which the finance leases relate. |
20. | PROVISIONS FOR LIABILITIES |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Deferred tax | 88,536 | 35,568 |
Group |
Deferred tax |
£ |
Balance at 1 July 2023 | 35,568 |
Provided during year | 52,968 |
Balance at 30 June 2024 | 88,536 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | 1 | 5,062 | 5,062 |
22. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 July 2023 | 565,384 |
Profit for the year | 256,948 |
At 30 June 2024 | 822,332 |
Gipfel Electrical Holdings Limited (Registered number: 13996201) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
22. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 July 2023 |
Deficit for the year | ( |
) |
At 30 June 2024 |
23. | NON-CONTROLLING INTERESTS |
On 6th April 2022, Gipfel Electrical Holdings Ltd acquired 100% of Pinnacle UK Group Ltd. |
Pinnacle UK Group Ltd owns 51% of Pinnacle Electrical Supplies (Bolton) Ltd with the remaining 49% owned by non-controlling interests. |
24. | RELATED PARTY DISCLOSURES |
During the year, the group paid £52,000 (2023: £85,500) rental costs to a Pinnacle Commercial Property Limited, a related company controlled through common directorship of the subsidiary undertakings. No amount was outstanding (2023: £Nil) at year end. |
25. | ULTIMATE CONTROLLING PARTY |
The controlling party and the ultimate controlling party are not known. |
The group is not considered to have an ultimate controlling party on account of no individual person or group of connected persons holding a controlling shareholding in the parent company. |