Company registration number 04773543 (England and Wales)
SIDEKICK GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
SIDEKICK GROUP LTD
COMPANY INFORMATION
Directors
M Bidwell
A Vohmann
P T Vohmann
Secretary
A Vohmann
Company number
04773543
Registered office
Rayner Essex LLP
Tavistock House South
Tavistock Square
London
WC1H 9LG
Auditor
Rayner Essex LLP
Tavistock House South
Tavistock Square
London
WC1H 9LG
SIDEKICK GROUP LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 21
SIDEKICK GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the Business

The company has once again achieved solid results, demonstrating 49% growth in revenue year on year. This is validated by contract extensions to major clients securing revenue streams for a further 3-4 years.

 

Specialising in the fast-growing flexible workspace cleaning market, we are considered an expert. We are optimistic about steady growth in future years supported by strong revenue pipeline and continued growth with existing clients.

 

The company is B-Corp certified, and we now report on the triple bottom line of People, Planet & Profit, by using our integrated carbon accounting platform and National TOMs social value framework. As part of our USP, key clients can now see the ESG impact we have on delivering services bespoke to their contractual needs.

Principal Risks and Uncertainties

The company’s primary financial instruments are the invoice discounting facility with RBS, trade debtors and trade creditors. They are a direct result of the company’s trading operations and management have implemented procedures to monitor and control the associated liquidity and credit risks. Liquidity is managed on a weekly basis with regular reviews and updates of the cashflow forecast.

Key Performance Indicators

Client retention and expanding the client portfolio therefore diluting revenue concentration and successful conversion rates for bid tenders are a key performance driver.

 

The financial KPI’s are Revenue, Gross Profit and Operating profit growth:

On behalf of the board

P T Vohmann
Director
25 March 2025
SIDEKICK GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of the provision of cleaning services and other facilities management.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £563,055. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M Bidwell
A Vohmann
P T Vohmann
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Post reporting date events

There have been no significant events affecting the company since the year end.

Auditor

Rayner Essex have been appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put to the board at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

SIDEKICK GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
P T Vohmann
Director
25 March 2025
SIDEKICK GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SIDEKICK GROUP LTD
- 4 -
Opinion

We have audited the financial statements of Sidekick Group Ltd (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

SIDEKICK GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SIDEKICK GROUP LTD (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities including fraud

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

 

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

 

SIDEKICK GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SIDEKICK GROUP LTD (CONTINUED)
- 6 -

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

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The corresponding figures are unaudited. We have obtained sufficient appropriate audit evidence that the opening balances do not contain misstatements that materially affect the current period’s financial statements.

Use of our report

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

Simon Essex FCA (Senior Statutory Auditor)
For and on behalf of Rayner Essex LLP, Statutory Auditor
Chartered Accountants
Tavistock House South
Tavistock Square
London
WC1H 9LG
27 March 2025
SIDEKICK GROUP LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
16,581,841
11,121,859
Cost of sales
(14,968,357)
(10,099,686)
Gross profit
1,613,484
1,022,173
Administrative expenses
(785,536)
(601,288)
Operating profit
4
827,948
420,885
Interest payable and similar expenses
7
(6,144)
(5,668)
Profit before taxation
821,804
415,217
Tax on profit
8
(197,279)
(100,141)
Profit for the financial year
624,525
315,076

The income statement has been prepared on the basis that all operations are continuing operations.

SIDEKICK GROUP LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
70,536
-
0
Tangible assets
11
81,305
96,637
151,841
96,637
Current assets
Debtors
12
3,033,269
2,479,419
Cash at bank and in hand
18,687
47,266
3,051,956
2,526,685
Creditors: amounts falling due within one year
13
(2,974,659)
(2,413,404)
Net current assets
77,297
113,281
Total assets less current liabilities
229,138
209,918
Creditors: amounts falling due after more than one year
14
(66,083)
(108,333)
Provisions for liabilities
Deferred tax liability
17
6,477
6,477
(6,477)
(6,477)
Net assets
156,578
95,108
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
156,478
95,008
Total equity
156,578
95,108

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
P T Vohmann
Director
Company registration number 04773543 (England and Wales)
SIDEKICK GROUP LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
100
90,782
90,882
Year ended 30 June 2023:
Profit and total comprehensive income
-
315,076
315,076
Dividends
9
-
(310,850)
(310,850)
Balance at 30 June 2023
100
95,008
95,108
Year ended 30 June 2024:
Profit and total comprehensive income
-
624,525
624,525
Dividends
9
-
(563,055)
(563,055)
Balance at 30 June 2024
100
156,478
156,578
SIDEKICK GROUP LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
737,460
655,977
Interest paid
(5,519)
(5,668)
Income taxes paid
(93,664)
(111,574)
Net cash inflow from operating activities
638,277
538,735
Investing activities
Purchase of intangible assets
(88,170)
-
0
Purchase of tangible fixed assets
(8,316)
(89,753)
Repayment of loans
45,662
(57,106)
Net cash used in investing activities
(50,824)
(146,859)
Financing activities
Repayment of bank loans
(49,999)
(50,000)
Payment of finance leases obligations
(2,978)
-
0
Dividends paid
(563,055)
(310,850)
Net cash used in financing activities
(616,032)
(360,850)
Net (decrease)/increase in cash and cash equivalents
(28,579)
31,026
Cash and cash equivalents at beginning of year
47,266
16,240
Cash and cash equivalents at end of year
18,687
47,266
SIDEKICK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
1
Accounting policies
Company information

Sidekick Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Rayner Essex LLP, Tavistock House South, Tavistock Square, London, WC1H 9LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

There are no material uncertainties which may cast doubt on the company’s ability to continue as a going concern. The increases to Employers National Insurance contributions and the reduction to the NI threshold introduced at the Autumn 2024 Budget and successfully been passed on to our existing clients effective from 1st April 2025.

1.3
Turnover

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

 

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied; the amount of turnover can be measured reliably, it is probable that the company will receive the consideration due under the contract, the stage of completion of the contract at the end of the reporting period can be measured reliably and the costs incurred and the costs to complete the contract can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
5 years
SIDEKICK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% straight line basis
Fixtures and fittings
20% straight line basis
IT Equipment
33% straight line basis
Motor vehicles
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 provisions 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

SIDEKICK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

SIDEKICK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SIDEKICK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Cleaning & Facility management services
16,581,841
11,121,859
2024
2023
£
£
Turnover analysed by geographical market
UK
16,581,841
11,121,859
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
27,000
-
0
Depreciation of owned tangible fixed assets
38,638
23,291
Amortisation of intangible assets
17,634
-
Operating lease charges
78,162
60,295
SIDEKICK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
705
474

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
11,473,307
7,773,843
Social security costs
806,463
536,859
Pension costs
189,509
126,391
12,469,279
8,437,093
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
37,067
29,700
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,363
-
Other finance costs:
Interest on finance leases and hire purchase contracts
625
-
Other interest
4,156
5,668
6,144
5,668
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
197,279
93,664
Deferred tax
Origination and reversal of timing differences
-
0
6,477
Total tax charge
197,279
100,141
SIDEKICK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Taxation
(Continued)
- 17 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
821,804
415,217
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
205,451
103,804
Tax effect of expenses that are not deductible in determining taxable profit
21,266
15,457
Effect of change in corporation tax rate
-
0
(20,583)
Capital allowances
(30,404)
(5,014)
Movement in deferred tax provision
-
0
6,477
Other Movements
966
-
0
Taxation charge for the year
197,279
100,141
9
Dividends
2024
2023
£
£
Final paid
563,055
310,850
10
Intangible fixed assets
Development costs
£
Cost
At 1 July 2023
-
0
Additions
88,170
At 30 June 2024
88,170
Amortisation and impairment
At 1 July 2023
-
0
Amortisation charged for the year
17,634
At 30 June 2024
17,634
Carrying amount
At 30 June 2024
70,536
At 30 June 2023
-
0
SIDEKICK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
11
Tangible fixed assets
Plant and machinery
Fixtures and fittings
IT Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
31,306
32,912
55,484
97,285
216,987
Additions
-
0
-
0
8,316
14,990
23,306
At 30 June 2024
31,306
32,912
63,800
112,275
240,293
Depreciation and impairment
At 1 July 2023
28,653
30,934
42,883
17,880
120,350
Depreciation charged in the year
1,011
1,240
10,221
26,166
38,638
At 30 June 2024
29,664
32,174
53,104
44,046
158,988
Carrying amount
At 30 June 2024
1,642
738
10,696
68,229
81,305
At 30 June 2023
2,653
1,978
12,601
79,405
96,637
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,645,488
2,294,838
Other debtors
305,880
80,340
Prepayments and accrued income
81,901
104,241
3,033,269
2,479,419
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
15
50,000
50,000
Obligations under finance leases
16
4,888
-
0
Trade creditors
697,490
535,407
Corporation tax
197,279
93,664
Other taxation and social security
993,457
675,686
Other creditors
937,445
1,050,947
Accruals and deferred income
94,100
7,700
2,974,659
2,413,404

Included in other creditors is an amount due of £nil (2023: £371,747) in respect of an invoice finance facility. The facility is secured by a fixed and floating charge over all the assets of the company.

 

In the current year, the client has not drawn on the facility and therefore there is an amount owed of £272,667 (2023: £nil) included within other debtors at the year end.

SIDEKICK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
58,334
108,333
Obligations under finance leases
16
7,749
-
0
66,083
108,333

Included in the bank loans is Coronavirus Business Interruption Loan Scheme (CBILS) of £108,334 (2023: £158,333). This is split between £50,000 (2023: £50,000) due within one year and £58,334 (2023: £108,333) due after more than one year. This is a government guaranteed loan, that supports businesses that have been affected by coronavirus (COVID-19). This CBILS has a 3.03% fixed interest rate over the first five years.

15
Loans and overdrafts
2024
2023
£
£
Bank loans
108,334
158,333
Payable within one year
50,000
50,000
Payable after one year
58,334
108,333

The long-term loans are secured by fixed and floating charges over the undertaking and assets present and future including goodwill bookdebts, uncalled capital, buildings, fixtures and fixed plant and machinery.

16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
5,960
-
0
In two to five years
9,446
-
0
15,406
-
0
Less: future finance charges
(2,769)
-
0
12,637
-
0

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

SIDEKICK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
6,477
6,477
There were no deferred tax movements in the year.

The deferred tax liability set out above is expected to reverse over 4 years and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
189,509
126,391

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares - class A of £1 each
5
10
5
10
Ordinary shares - class B of £1 each
55
50
55
50
Ordinary shares - class C of £1 each
40
40
40
40
100
100
100
100

All shares have full voting rights in respect of all company matters including the voting of dividends and rank pari pasu in all respect save for the payment of dividends.

During the year, 5 shares were transferred from class A to class B. No new shares were issued or cancelled.

SIDEKICK GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
22,803
-
0
21
Directors' transactions

At the year end the directors' loan account balances were as follows:

 

Amount owed to the director by the company at the year end £238 (2023: £14,279 due to director).

 

Amount owed to the company by director at the year end £10,169 (2023: £31,210 due to the company).

 

Amount owed to the company by director at the year end £10,647 (2023: £35,030 due to the company).

22
Cash generated from operations
2024
2023
£
£
Profit after taxation
624,525
315,076
Adjustments for:
Taxation charged
197,279
100,141
Finance costs
6,144
5,668
Amortisation and impairment of intangible assets
17,634
-
0
Depreciation and impairment of tangible fixed assets
38,638
23,291
Movements in working capital:
Increase in debtors
(599,512)
(489,948)
Increase in creditors
452,752
701,749
Cash generated from operations
737,460
655,977
23
Analysis of changes in net debt
1 July 2023
Cash flows
New finance leases
Other non-cash changes
30 June 2024
£
£
£
£
£
Cash at bank and in hand
47,266
(28,579)
-
-
18,687
Borrowings excluding overdrafts
(158,333)
49,999
-
-
(108,334)
Obligations under finance leases
-
2,978
(14,990)
(625)
(12,637)
(111,067)
24,398
(14,990)
(625)
(102,284)
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