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REGISTERED NUMBER: 03624767 (England and Wales)















The Coin Group Limited

Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31st March 2024






The Coin Group Limited (Registered number: 03624767)

Contents of the Consolidated Financial Statements
for the Year Ended 31st March 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


The Coin Group Limited

Company Information
for the Year Ended 31st March 2024







DIRECTORS: E Bland
W R Whymark



REGISTERED OFFICE: Unit 1, Lancaster Court
Coronation Road
Cressex Business Park
High Wycombe
Buckinghamshire
HP12 3TD



REGISTERED NUMBER: 03624767 (England and Wales)



SENIOR STATUTORY AUDITOR: S. Paramaguru (FCCA)



AUDITORS: Param & Company Limited
1st Floor
44-50 The Broadway
Southall
Middlesex
UB1 1QB

The Coin Group Limited (Registered number: 03624767)

Group Strategic Report
for the Year Ended 31st March 2024


The directors present their strategic report of the company and the group for the year ended 31st March 2024.

REVIEW OF BUSINESS
The group continues to offer care and support for individuals with learning disabilities and autism through residential care facilities, supported living services, and move-on accommodation in Buckinghamshire.

It also provides temporary housing solutions to local authorities for homelessness through bed and breakfast facilities.

Additionally, the group is redeveloping its properties through a construction project to create new accommodations, a project which should be completed within the next twelve months.

PRINCIPAL RISKS AND UNCERTAINTIES
Effective risk and opportunity management remains vital for achieving the group's strategic goals and sustainable value while upholding standards. Senior management handles risk management and control environments, but the board holds ultimate responsibility for defining the nature and acceptable level of risks within the strategic framework.

The group conducts regular, thorough assessments of principal risks that could impact its business model, strategy, performance, solvency, and liquidity. Each risk is evaluated in relation to the group's strategic objectives, with key risks outlined below.

Market Risks

The group depends on delivering services to publicly funded UK entities like local authorities, and any significant revenue reduction from these services could negatively affect its business, operations, and financial health. To mitigate this risk, the group focuses on maintaining high service quality, strong relationship management, and diversifying its contract income streams.

Inflation risks

Future changes in National Living Wage rates will significantly affect labour costs in the social care sector, with uncertainty around cost recovery through fee increases. Inability to recover these costs could negatively impact profit margins. This risk is mitigated by careful cost control measures.

Regulatory risks

The group operates in a highly regulated environment, where non-compliance could result in severe penalties and loss of essential registration certificates. To mitigate this risk, the group enforces rigorous internal governance, audits, and oversight, along with strict quality policies and procedures to ensure resident safety.

Liquidity risks

The group utilises facility term loans with fixed-term interest rates, capital repayment holidays, and applied covenants. Risks are mitigated through strong relationships with banking partners, regular compliance reporting, oversight of key business issues, and a prudent liquidity management policy.


The Coin Group Limited (Registered number: 03624767)

Group Strategic Report
for the Year Ended 31st March 2024

PERFORMANCE OVERVIEW
The group's performance continues to be primarily influenced by the availability and occupancy rates of its beds. While the number of available beds has remained consistent in recent years, the removal of all Covid-19 restrictions has led to a notable increase in occupancy. This rise in occupancy has directly contributed to growth in both turnover and profit margins for the group

Occupancy rates for the year were:

Service 2024 2023 2022

No. of
Beds

Occupancy

No. of
Beds

Occupancy

No of
Beds

Occupancy

Residential Care 19 84% 19 92% 19 96%
Supported Living 38 94% 36 76% 32 76%
Homelessness 40 96% 40 62% 46 89%

Overall 95 92% 95 82% 97 85%


As occupancy rates have risen over the past year, turnover has continued to improve. Residential care and supported living income saw a notable increase of 9.47%, while income from homelessness services grew by 32.4%. These gains contributed to an overall increase in income for the group of 17.8% for the year.


Income for the year, per service was:

Service 2024 2023 2022

Residential Care 2,174,042 2,208,407 2,169,874
Supported Living 2,000,475 1,762,091 1,302,942
Homelessness 412,678 471,719 791,421
Construction Income 1,611,684 1,218,107 384,877
Other Group Income 920,046 435,056 143,301

Overall 7,118,925 6,095,380 4,795,415

Although the impact of global inflation on prices across all sectors has eased this year, the pressure on the group's gross margins has remained high. Despite these ongoing challenges, the group has managed to increase its gross margin to 29.7% (up from 28.5% in 2023). The group continues to closely monitor price increases and adjust its policies to mitigate their impact in future years.

Staff costs remain the largest single expense for the group, and these are continuously monitored by senior management using key performance indicators to ensure they align with the services provided. For the current year, staff costs, as a percentage of turnover, have decreased to 41.8% (from 46.5% in 2023). This reduction is largely due to the non-use of agency staff, which helped offset the expected increase in staffing costs from the rise in national minimum wages. However, with further minimum wage increases expected in the coming years, the group anticipates increased pressure on staffing costs. It will continue to carefully monitor the impact of these changes on both costs and margins.

The group's net assets have seen a slight increase, reaching £10.68 million (compared to £10.29 million in 2023). These asset values are regularly reviewed to assess potential opportunities for future growth.


The Coin Group Limited (Registered number: 03624767)

Group Strategic Report
for the Year Ended 31st March 2024

CONCLUSION
The financial statements have been prepared on a going concern basis, which assumes that the company will continue its operations for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business.

The board considers that the group is well placed to manage its business risks successfully and conclude that there is a reasonable expectation that the group will continue in operation and would be able to meet liabilities as they fall due for the foreseeable future.

ON BEHALF OF THE BOARD:





E Bland - Director


27th March 2025

The Coin Group Limited (Registered number: 03624767)

Report of the Directors
for the Year Ended 31st March 2024


The directors present their report with the financial statements of the company and the group for the year ended 31st March 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31st March 2024.

DIRECTORS
E Bland has held office during the whole of the period from 1st April 2022 to the date of this report.

Other changes in directors holding office are as follows:

W R Whymark - appointed 1st April 2022 - resigned 9th January 2023
W R Whymark - reappointed 29th March 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the 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, Param & Company Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





E Bland - Director


27th March 2025

Report of the Independent Auditors to the Members of
The Coin Group Limited


Opinion
We have audited the financial statements of The Coin Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st March 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
The Coin Group 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.

Report of the Independent Auditors to the Members of
The Coin Group Limited


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

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

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

o Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
o Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
o Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
o Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.

Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
o Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
o Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
The Coin Group Limited


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




S. Paramaguru (FCCA) (Senior Statutory Auditor)
for and on behalf of Param & Company Limited
1st Floor
44-50 The Broadway
Southall
Middlesex
UB1 1QB

27th March 2025

The Coin Group Limited (Registered number: 03624767)

Consolidated Income Statement
for the Year Ended 31st March 2024

31.3.24 31.3.23
as restated
Notes £    £   

TURNOVER 7,118,925 6,095,380

Cost of sales 4,999,292 4,355,037
GROSS PROFIT 2,119,633 1,740,343

Administrative expenses 1,207,422 1,153,491
912,211 586,852

Other operating income 48,284 65,819
OPERATING PROFIT 4 960,495 652,671

Gain/loss on revaluation of investment
property

-

(11,075

)
960,495 641,596

Interest payable and similar expenses 5 408,180 373,964
PROFIT BEFORE TAXATION 552,315 267,632

Tax on profit 6 307,197 430,232
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

245,118

(162,600

)
Profit/(loss) attributable to:
Owners of the parent 245,118 (162,600 )

The Coin Group Limited (Registered number: 03624767)

Consolidated Other Comprehensive Income
for the Year Ended 31st March 2024

31.3.24 31.3.23
as restated
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 245,118 (162,600 )


OTHER COMPREHENSIVE INCOME
Revaluation Reserve 371,569 -
Income tax relating to other comprehensive
income

(83,314

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

288,255

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

533,373

(162,600

)
Note
Prior year adjustment 9 (377,356 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

156,017

Total comprehensive income attributable to:
Owners of the parent 156,017 (162,600 )

The Coin Group Limited (Registered number: 03624767)

Consolidated Balance Sheet
31st March 2024

31.3.24 31.3.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 535,044 -
Tangible assets 11 15,845,762 15,524,880
Investments 12 - -
Investment property 13 6,523,817 2,690,641
22,904,623 18,215,521

CURRENT ASSETS
Debtors 14 6,535,563 5,920,085
Cash at bank and in hand 75,318 397,243
6,610,881 6,317,328
CREDITORS
Amounts falling due within one year 15 8,258,650 6,180,820
NET CURRENT (LIABILITIES)/ASSETS (1,647,769 ) 136,508
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,256,854

18,352,029

CREDITORS
Amounts falling due after more than one
year

16

(7,562,873

)

(5,382,130

)

PROVISIONS FOR LIABILITIES 20 (2,869,521 ) (2,678,812 )
NET ASSETS 10,824,460 10,291,087

CAPITAL AND RESERVES
Called up share capital 21 2 2
Revaluation reserve 22 8,021,521 7,733,266
Retained earnings 22 2,802,937 2,557,819
SHAREHOLDERS' FUNDS 10,824,460 10,291,087

The financial statements were approved by the Board of Directors and authorised for issue on 27th March 2025 and were signed on its behalf by:





E Bland - Director


The Coin Group Limited (Registered number: 03624767)

Company Balance Sheet
31st March 2024

31.3.24 31.3.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 4,967,021 4,975,488
Investments 12 3,004 2,001
Investment property 13 125,000 125,000
5,095,025 5,102,489

CURRENT ASSETS
Debtors 14 8,763,516 7,880,047
Cash at bank and in hand 15,065 317,150
8,778,581 8,197,197
CREDITORS
Amounts falling due within one year 15 4,920,649 4,341,116
NET CURRENT ASSETS 3,857,932 3,856,081
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,952,957

8,958,570

CREDITORS
Amounts falling due after more than one
year

16

(2,043,230

)

(2,043,230

)

PROVISIONS FOR LIABILITIES 20 (1,271,787 ) (1,408,186 )
NET ASSETS 5,637,940 5,507,154

CAPITAL AND RESERVES
Called up share capital 21 2 2
Revaluation reserve 3,383,960 3,383,960
Retained earnings 2,253,978 2,123,192
SHAREHOLDERS' FUNDS 5,637,940 5,507,154

Company's profit/(loss) for the financial year 130,786 (51,258 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 27th March 2025 and were signed on its behalf by:





E Bland - Director


The Coin Group Limited (Registered number: 03624767)

Consolidated Statement of Changes in Equity
for the Year Ended 31st March 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st April 2022 2 2,732,982 7,733,266 10,466,250

Changes in equity
Total comprehensive income - 214,756 - 214,756
Dividends - (12,563 ) - (12,563 )
Balance at 31st March 2023 2 2,935,175 7,733,266 10,668,443
Prior year adjustment - (377,356 ) - (377,356 )
As restated 2 2,557,819 7,733,266 10,291,087

Changes in equity
Total comprehensive income - 245,118 288,255 533,373
Balance at 31st March 2024 2 2,802,937 8,021,521 10,824,460

The Coin Group Limited (Registered number: 03624767)

Company Statement of Changes in Equity
for the Year Ended 31st March 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st April 2022 2 2,174,450 3,383,960 5,558,412

Changes in equity
Deficit for the year - (44,345 ) - (44,345 )
Total comprehensive income - (44,345 ) - (44,345 )
Balance at 31st March 2023 2 2,130,105 3,383,960 5,514,067
Prior year adjustment - (6,913 ) - (6,913 )
As restated 2 2,123,192 3,383,960 5,507,154

Changes in equity
Profit for the year - 130,786 - 130,786
Total comprehensive income - 130,786 - 130,786
Balance at 31st March 2024 2 2,253,978 3,383,960 5,637,940

The Coin Group Limited (Registered number: 03624767)

Consolidated Cash Flow Statement
for the Year Ended 31st March 2024

31.3.24 31.3.23
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,358,006 3,963,963
Interest paid (408,180 ) (373,964 )
Tax paid (153,577 ) 25,537
Net cash from operating activities 796,249 3,615,536

Cash flows from investing activities
Purchase of intangible fixed assets (594,493 ) -
Purchase of tangible fixed assets (23,394 ) (69,249 )
Purchase of investment property (3,833,176 ) (2,565,641 )
Sale of tangible fixed assets - 5,840
Net cash from investing activities (4,451,063 ) (2,629,050 )

Cash flows from financing activities
New loans in year 6,070,084 5,507,855
Loan repayments in year (2,414,138 ) (3,722,582 )
Amount withdrawn by directors (330,556 ) (2,428,680 )
Share issue (1 ) -
Government grants 7,500 -
Equity dividends paid - (12,563 )
Net cash from financing activities 3,332,889 (655,970 )

(Decrease)/increase in cash and cash equivalents (321,925 ) 330,516
Cash and cash equivalents at beginning of
year

2

397,243

66,727

Cash and cash equivalents at end of year 2 75,318 397,243

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31st March 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.3.24 31.3.23
as restated
£    £   
Profit before taxation 552,315 267,632
Depreciation charges 95,215 41,185
Profit on disposal of fixed assets - (3,080 )
Loss on revaluation of fixed assets - 11,075
Government grants (7,500 ) -
Finance costs 408,180 373,964
1,048,210 690,776
Decrease in stocks - 1,824,567
Increase in trade and other debtors (221,436 ) (78,440 )
Increase in trade and other creditors 531,232 1,527,060
Cash generated from operations 1,358,006 3,963,963

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 75,318 397,243
Year ended 31st March 2023
31.3.23 1.4.22
as restated
£    £   
Cash and cash equivalents 397,243 66,727


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 397,243 (321,925 ) 75,318
397,243 (321,925 ) 75,318
Debt
Debts falling due within 1 year (2,404,271 ) (1,475,203 ) (3,879,474 )
Debts falling due after 1 year (5,382,130 ) (2,180,743 ) (7,562,873 )
(7,786,401 ) (3,655,946 ) (11,442,347 )
Total (7,389,158 ) (3,977,871 ) (11,367,029 )

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements
for the Year Ended 31st March 2024


1. STATUTORY INFORMATION

The Coin Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, which are described in Note 2, management is required to make judgments that have a significant effect on the amounts recognized in the financial statements. The most significant judgments made in preparing the financial statements are as follows:

1. Impairment of Goodwill and Intangible Assets The company tests goodwill and intangible assets for impairment annually or when there is an indication of impairment. Management exercises judgment in determining the recoverable amount of goodwill and intangible assets, which involves estimating future cash flows, selecting an appropriate discount rate, and determining the future growth rates of cash flows. These estimates are inherently subjective and could differ from actual future outcomes.

2. Revenue Recognition The company applies judgment in determining the appropriate timing of revenue recognition, particularly for long-term contracts, and when there is significant uncertainty about the collectability of revenue.

3. Lease Classification The company assesses whether leases are operating or finance leases based on judgment, particularly when determining whether a lease transfers substantially all of the risks and rewards of ownership. This involves evaluating factors such as the lease term, present value of lease payments, and the value of the leased asset.

4. Tax Provisions and Recognition of Deferred Tax Assets The company applies judgment in determining the amount of tax provisions required, including estimates regarding the likelihood of tax positions being sustained. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilized.

5. Allowance for Doubtful Accounts (Accounts Receivable) The company evaluates the collectability of accounts receivable by assessing the risk of default by customers. This evaluation is based on historical experience, customer creditworthiness, and current economic conditions. Given the judgment involved, there is a possibility that the allowance for doubtful accounts may not fully reflect future credit losses.

6. Useful Lives of Property, Plant, and Equipment The company estimates the useful lives of its property, plant, and equipment, which affects the depreciation expense recognized. Changes in factors such as technological advancements, market conditions, and the physical condition of assets could result in different estimates of useful lives and, consequently, affect depreciation expense.

These estimates are based on information available at the time the financial statements are prepared and require judgment in their application. The actual results may differ from these estimates due to changing circumstances or new information becoming available. Management continuously monitors these estimates and updates them as necessary.

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st March 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is all derived from the principal activity, being the provision of services

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% Straight line
Fixtures and fittings - 25% Straight line, 20% Straight line and 10% on cost
Computer equipment - 33% Straight Line

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
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.

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st March 2024


2. ACCOUNTING POLICIES - continued

Going concern
The Directors are confident that the company has adequate resources to continue operational existence for the foreseeable future. In consideration of going concern, the Directors continually review the Company's future cashflow forecasts and profit projections, on both a base case and sensitized basis, considering the principal risks and uncertainties that may arise. These forecasts have been prepared based on market data, experience trading within the sector and anticipated future trading. There is nothing to indicate from these forecasts, that the Company would not be able to continue successfully as a Going Concern in the future

3. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
as restated
£    £   
Wages and salaries 2,678,217 2,159,351
Social security costs 242,679 187,465
Other pension costs 54,857 42,944
2,975,753 2,389,760

The average number of employees during the year was as follows:
31.3.24 31.3.23
as restated

The Coin Group Ltd 11 9
White Leaf Support Ltd 103 99
114 108

31.3.24 31.3.23
as restated
£    £   
Directors' remuneration 213,361 154,612
Directors' pension contributions to money purchase schemes 9,131 8,613

Information regarding the highest paid director for the year ended 31st March 2024 is as follows:
31.3.24

£   
Emoluments etc 72,800
Pension contributions to money purchase schemes 2,201

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st March 2024


4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
as restated
£    £   
Other operating leases 28,441 27,580
Depreciation - owned assets 35,767 41,185
Profit on disposal of fixed assets - (3,080 )
Goodwill amortisation 59,449 -
Auditors' remuneration 28,000 14,340

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
as restated
£    £   
Bank interest 1 54
Bank loan interest 405,556 364,047
Other interest payable 2,623 8,726
Interest payable - 1,137
408,180 373,964

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
as restated
£    £   
Current tax:
UK corporation tax 161,488 66,927

Deferred tax 145,709 363,305
Tax on profit 307,197 430,232

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st March 2024


6. TAXATION - continued

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:

31.3.24 31.3.23
as restated
£    £   
Profit before tax 552,315 267,632
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

138,079

50,850

Effects of:
Expenses not deductible for tax purposes 656 2,709
Depreciation in excess of capital allowances 6,796 7,347
Utilisation of tax losses 1,095 3,227
Adjustments to tax charge in respect of previous periods - 1,314
Movement in deferred tax 145,709 363,305
Credit
Profit on disposal of tangible assets - (624 )
Loss on revaluation investment property - 2,104
Amortisiation of Goodwill 14,862 -
Total tax charge 307,197 430,232

Tax effects relating to effects of other comprehensive income

31.3.24
Gross Tax Net
£    £    £   
Revaluation Reserve 371,569 (83,314 ) 288,255

31.3.23
Gross Tax Net
£    £    £   
Revaluation Reserve

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
31.3.24 31.3.23
as restated
£    £   
Final - 12,563

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st March 2024


9. PRIOR YEAR ADJUSTMENT

During the preparation of the current year's financial statements, it was determined that a bank loan facility for The Coin Group Limited was incorrectly recorded in the previously issued financial statements for prior periods. This error resulted from the misreporting of a director’s liability associated with previous banking facilities that were refinanced in the prior financial period.

The correction of this error led to adjustments to the bank loan balance and related liabilities. These adjustments impact the prior period’s financial statements, including the balance sheet and income statement.

It was determined that a deferred tax liability associated with the valuation of the company's construction project for 5 Amersham Hill Holdings Limited was omitted from the previously issued financial statements for prior periods. This omission was due to an error in the calculation of the deferred tax liability.

The correction of this error resulted in an adjustment to the deferred tax liability for the prior periods, as well as a corresponding impact on the tax expense and retained earnings.

The following table summarizes the impact of the restatement on the prior period financial statements:

Financial Statement As previously Restatement As restated
reported£ adjustment£ £
Bank loan liability 9,399,117 2,043,230 11,442,347
Directors liability 1,460,328 2,036,317 3,496,645
Interest expense 357,134 6,913 664,407
Retain earnings (beginning of period) 2,564,732 (6,913 ) 2,557,819
Net income for the year 274,545 (6,913 ) 267,632
Deferred tax liability 2,308,369 370,443 2,678,812
Tax Expenses 59,789 370,443 430,232

The restatement of prior period financial statements reflects the correct treatment of the bank loan facility, including the director's liability related to the refinancing of previous banking facilities. it also effects the revised calculation of the deferred tax liability based on the updated valuation of the construction project. The adjustments ensures that the liabilities are appropriately recognised in the period in which they occurred.

This restatement does not affect cash flows for the prior periods. The company has taken corrective actions to ensure that similar errors do not occur in the future.

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
Additions 594,493
At 31st March 2024 594,493
AMORTISATION
Amortisation for year 59,449
At 31st March 2024 59,449
NET BOOK VALUE
At 31st March 2024 535,044

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st March 2024


11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Short and Computer
property leasehold fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1st April 2023 15,522,287 22,746 162,458 39,334 15,746,825
Additions - - 18,436 4,958 23,394
Revaluations 333,255 - - - 333,255
At 31st March 2024 15,855,542 22,746 180,894 44,292 16,103,474
DEPRECIATION
At 1st April 2023 55,000 22,563 112,883 31,499 221,945
Charge for year 5,000 183 24,310 6,274 35,767
At 31st March 2024 60,000 22,746 137,193 37,773 257,712
NET BOOK VALUE
At 31st March 2024 15,795,542 - 43,701 6,519 15,845,762
At 31st March 2023 15,467,287 183 49,575 7,835 15,524,880

Cost or valuation at 31st March 2024 is represented by:

Fixtures
Freehold Short and Computer
property leasehold fittings equipment Totals
£    £    £    £    £   
Valuation in 2017 7,182,604 - - - 7,182,604
Valuation in 2019 1,772,563 - - - 1,772,563
Valuation in 2021 576,136 - - - 576,136
Valuation in 2022 1,255,000 - - - 1,255,000
Valuation in 2024 333,255 - - - 333,255
Cost 4,735,984 22,746 180,894 44,292 4,983,916
15,855,542 22,746 180,894 44,292 16,103,474

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st March 2024


11. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Short and Computer
property leasehold fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1st April 2023 5,000,000 22,746 20,277 8,111 5,051,134
Additions - - - 2,290 2,290
At 31st March 2024 5,000,000 22,746 20,277 10,401 5,053,424
DEPRECIATION
At 1st April 2023 35,000 22,563 12,402 5,681 75,646
Charge for year 5,000 183 3,407 2,167 10,757
At 31st March 2024 40,000 22,746 15,809 7,848 86,403
NET BOOK VALUE
At 31st March 2024 4,960,000 - 4,468 2,553 4,967,021
At 31st March 2023 4,965,000 183 7,875 2,430 4,975,488

Included in cost or valuation of land and buildings is freehold land of £ 4,235,000 (2023 - £ 4,235,000 ) which is not depreciated.

Cost or valuation at 31st March 2024 is represented by:

Fixtures
Freehold Short and Computer
property leasehold fittings equipment Totals
£    £    £    £    £   
Valuation in 2016 3,397,565 - - - 3,397,565
Valuation in 2022 265,000 - - - 265,000
Cost 1,337,435 22,746 20,277 10,401 1,390,859
5,000,000 22,746 20,277 10,401 5,053,424

12. FIXED ASSET INVESTMENTS

Company
Other
investments
£   
COST
At 1st April 2023 2,001
Additions 1,003
At 31st March 2024 3,004
NET BOOK VALUE
At 31st March 2024 3,004
At 31st March 2023 2,001

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st March 2024


12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

White Leaf Care Properties Limited
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD
Nature of business: Residential nursing care facilities
%
Class of shares: holding
Ordinary 100.00

5 Amersham Hill Holdings Limited
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD
Nature of business: Other Accommodation
%
Class of shares: holding
Ordinary 100.00

Coin Developments Limited
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00

5 Amersham Hill Trading Limited
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD
Nature of business: Other Accommodation
%
Class of shares: holding
Ordinary 100.00

Zimcor Limited
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00

Sparks Café Limited
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD
Nature of business:
%
Class of shares: holding
Ordinary 100.00

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st March 2024


12. FIXED ASSET INVESTMENTS - continued

White Leaf Support Ltd
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD
Nature of business: Residential Care activities
%
Class of shares: holding
Ordinary 100.00

4a Priory Road Limited
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD
Nature of business: Other Accommodation
%
Class of shares: holding
Ordinary 100.00

Highworth Close Limited
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD
Nature of business: Other Accommodation
%
Class of shares: holding
Ordinary 100.00


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st April 2023 2,690,641
Additions 3,833,176
At 31st March 2024 6,523,817
NET BOOK VALUE
At 31st March 2024 6,523,817
At 31st March 2023 2,690,641

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2023 (11,075 )
Cost 6,534,892
6,523,817

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st March 2024


13. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1st April 2023
and 31st March 2024 125,000
NET BOOK VALUE
At 31st March 2024 125,000
At 31st March 2023 125,000

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2023 (11,075 )
Cost 136,075
125,000

If investment property had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
as restated
£    £   
Cost 136,075 136,075

Investment property was valued on an open market basis on 16th November 2023 by an independent surveyor .

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
as restated as restated
£    £    £    £   
Trade debtors 444,080 843,822 107,768 632,871
Provision for credit notes (11,728 ) - (11,728 ) -
Provision for bad debts (78,384 ) (91,049 ) (68,164 ) (68,164 )
Amounts owed by group undertakings - - 3,304,407 2,200,417
Other debtors 8,412 4,785 - -
Related Party Loan to 65 Prior y Avenue Ltd 981,754 1,010,754 981,754 1,010,754
Loan Retention 500,000 - - -
Directors' current accounts 3,496,575 2,972,316 3,302,872 2,972,316
s455 tax recoverable 1,114,743 1,003,157 1,114,743 1,003,157
Prepayments and accrued income 80,111 176,300 31,864 128,696
6,535,563 5,920,085 8,763,516 7,880,047

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st March 2024


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 17) 3,879,474 2,404,271 - -
Trade creditors 516,622 280,085 369,022 124,889
Amounts owed to group undertakings - - 2,639,255 2,402,309
Tax 1,328,199 1,208,702 1,108,377 1,029,501
Social security and other taxes 63,845 77,440 5,860 3,204
VAT 80,049 105,875 80,400 107,434
Other creditors 1,950,254 1,728,515 672,761 649,441
Service Charge Surplus 94,181 74,098 - -
Accruals and deferred income 300,102 265,826 - -
Accrued expenses 45,924 36,008 44,974 24,338
8,258,650 6,180,820 4,920,649 4,341,116

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
as restated as restated
£    £    £    £   
Bank loans (see note 17) 7,562,873 5,382,130 2,043,230 2,043,230

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
as restated as restated
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 3,879,474 2,404,271 - -
Amounts falling due between one and two years:
Bank loans - 1-2 years 226,905 - - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 792,763 503,505 - -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans 4,878,625 4,878,625 2,043,230 2,043,230
Repayable by instalments
Bank loans more 5 yr by instal 1,664,580 - - -

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st March 2024


18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31.3.24 31.3.23
as restated
£    £   
Within one year 68,475 88,089
Between one and five years 42,200 108,081
110,675 196,170

Company
Non-cancellable operating leases
31.3.24 31.3.23
as restated
£    £   
Within one year 51,482 60,113
Between one and five years 30,801 79,689
82,283 139,802

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
as restated as restated
£    £    £    £   
Bank loans 11,442,347 7,786,401 2,043,230 2,043,230

Included within bank loans are loans from Barclays Bank totalling £nil (2023 £2.28m) which was repaid in full during the year. This loan was replaced by a new facility from NatWest Bank totalling £2.32m which has a term of 15 years and interest payable at at rate of 2.2% above base.

Also included with bank loans are loans from Shawbrook Bank totalling £ 5.38m (2023: £5.5m) which are secured by a first charges over the property assets of the group. These are interest only loans which are subject to an annual interest rate of 4.06% fixed until February 2028 after which the rate will revert to a margin of 3.34% over the variable Shawbrook Base Rate.

A further development loan has been provided by Shawbrook Bank for the construction of properties by the group which stands at £ 3.55m at the year end (2023: £nil). It is anticipated that this development loan will be refinanced within the next year following completion of the construction projects.

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st March 2024


20. PROVISIONS FOR LIABILITIES

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
as restated as restated
£    £    £    £   
Deferred tax 2,869,521 2,678,812 1,271,787 1,408,186

Group
Deferred
tax
£   
Balance at 1st April 2023 2,678,812
Provided during year 195,418
Credit to Income Statement during year (4,709 )
Balance at 31st March 2024 2,869,521

Company
Deferred
tax
£   
Balance at 1st April 2023 1,408,186
Provided during year (136,399 )
Balance at 31st March 2024 1,271,787

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: as restated
£    £   
2 Ordinary £1 2 2

22. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st April 2023 2,935,175 7,733,266 10,668,441
Prior year adjustment (377,356 ) (377,356 )
2,557,819 10,291,085
Profit for the year 245,118 245,118
Re-valuation reserve - 288,255 288,255
At 31st March 2024 2,802,937 8,021,521 10,824,458

The Coin Group Limited (Registered number: 03624767)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st March 2024


22. RESERVES - continued

Company
Revaluation
reserve
£   
At 1st April 2023
and 31st March 2024 3,383,960


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2024 and 31st March 2023:

31.3.24 31.3.23
as restated
£    £   
E Bland
Balance outstanding at start of year (3,172,389 ) (2,357,915 )
Amounts advanced (418,205 ) (3,870,279 )
Amounts repaid 93,950 3,055,805
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,496,644 ) (3,172,389 )

24. RELATED PARTY DISCLOSURES

During the year the company paid rent to two companies which are wholly owned the director. Rents totalling £ 167,370 (2023: £ 120,879) were paid to 56 Upper Green Street Limited, registered in England under number 11488588 together with rents totalling £ 90,000 (2023: £ 90,000) being paid to 65 Priory Avenue Ltd, registered in England under number 11379998. As at the year end there is an amount due to 56 Upper Green Street Ltd of £ Nil. (2023: £ 3,693) and an amount due to 65 Priory Avenue Ltd of £ 14,340 (2023: 25,140)

During the year the company also made loans available to these two companies. A loan totalling £670,604 was received from 56 Upper Green Street Limited (2023: £638,087) and a loan of £ 981,754 (2023: £1,094,254) was made to 65 Priory Avenue Limited. Both of these loan remain outstanding at the year end.

25. ULTIMATE CONTROLLING PARTY

The controlling party is E Bland.