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Registered number: 10617689
















CORE COMMUNICATION HOLDINGS LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024


































img4481.png


CORE COMMUNICATION HOLDINGS LIMITED

 
COMPANY INFORMATION


DIRECTORS
A Greaves 
J Lovell 




REGISTERED NUMBER
10617689



REGISTERED OFFICE
956 Buckingham Avenue

Slough

United Kingdom

SL1 4NL




INDEPENDENT AUDITORS
Bishop Fleming Bath Limited
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL




BANKERS
Barclays Bank PLC
1 Churchill Place

London

E14 5HP






CORE COMMUNICATION HOLDINGS LIMITED


CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated statement of financial position
 
9
Company statement of financial position
 
10
Consolidated statement of changes in equity
 
11
Company statement of changes in equity
 
12
Consolidated statement of cash flows
 
13
Consolidated analysis of net debt
 
14
Notes to the financial statements
 
15 - 32



CORE COMMUNICATION HOLDINGS LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

INTRODUCTION
 
The Directors present their strategic report for Core Communication Holdings Limited (the 'Company') and its subsidiaries (together the 'Group') for the year ended 30 June 2024. The Company serves as a holding company for entities in retail telecommunication services and distribution, and provides management services to these entities.

BUSINESS REVIEW
 
During the year, the businesses of the group showed satisfactory growth.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The Group operates in a competitive industry and must continue to work hard to maintain, and grow, market share.
Development of eSIM technologies presents an oppurtunity to identify and invest in the segments of the market expected to drive growth.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The Group focuses on the quality of the customers that it recruits for its Mobile Network partners (based on lifetime customer revenue): securing high quality mobile customers results in improved revenues and margins. Other products (e.g. mobile accessories) are managed with reference to gross product margin and growth potential.

OTHER KEY PERFORMANCE INDICATORS
 
Within the distribution division, the Group tracks active shops, shop visits, connections and other metrics which are important to the Group and to its network partners.


This report was approved by the board and signed on its behalf.



J Lovell
Director

Date: 12 March 2025

Page 1


CORE COMMUNICATION HOLDINGS LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £4,528,906 (2023: £4,090,974).

No dividends were declared during the period (2023: £nil).

DIRECTORS

The directors who served during the year were:

A Greaves 
J Lovell 

FUTURE DEVELOPMENTS

The Directors continue to look for opportunities to increase revenues and margin earned from the sim
distribution business as well as improving the range of products offered within the mobile phone accessories business both locally and internationally.
The Group continues to develop its IT platforms in anticipation of the market transition to eSIMs. 

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

POST BALANCE SHEET EVENTS

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

AUDITORS

The auditorsBishop Fleming Bath Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






J Lovell
Director

Date: 12 March 2025

956 Buckingham Avenue
Slough
United Kingdom
SL1 4NL

Page 2


CORE COMMUNICATION HOLDINGS LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.

Page 3


CORE COMMUNICATION HOLDINGS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE COMMUNICATION HOLDINGS LIMITED
OPINION


We have audited the financial statements of Core Communication Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Statements of financial position, the Consolidated Statement of cash flows, the Consolidated analysis of net debt, the Consolidated and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 30 June 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 4


CORE COMMUNICATION HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE COMMUNICATION HOLDINGS LIMITED (CONTINUED)

OPINION 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the 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 Directors' report.


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


adequate accounting records have not been kept 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 Directors' responsibilities statement set out on page 3, 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 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.


Page 5


CORE COMMUNICATION HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE COMMUNICATION HOLDINGS LIMITED (CONTINUED)

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 an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

The nature of the industry, sector, control environment and business performance;
Results of our enquiries of management and directors in relation to their own identification and assessment of the risk and irregularities within the Group; and 
any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspect or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identifies the highest area of risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the fianncial statements. The key laws we considered in this context include the UK Companies Act and UK tax legislation. In addition we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamanetal for the Group's ability to operate or avoid a material penalty. These included health and safety regulations, employment legislation, data protection laws and telecommunication legislation.

Our audit procedures performed to respond to the risk identified included, but were not limited to:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Challenging assumptions and judgments made by management in their significant accounting estimates;
Reviewing valuation reports produced by external property surveyors'
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing board minutesl and 
Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Page 6


CORE COMMUNICATION HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE COMMUNICATION HOLDINGS LIMITED (CONTINUED)

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 
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 Auditors' report.


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 2006Our 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 Auditors' 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.






Ria Burridge FCCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming Bath Limited
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

14 March 2025
Page 7


CORE COMMUNICATION HOLDINGS LIMITED

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
47,498,666
37,643,698

Cost of sales
  
(37,127,433)
(28,639,795)

Gross profit
  
10,371,233
9,003,903

Administrative expenses
  
(4,382,671)
(3,809,124)

Operating profit
 5 
5,988,562
5,194,779

Interest receivable and similar income
 9 
3,201
2

Profit before taxation
  
5,991,763
5,194,781

Tax on profit
 10 
(1,462,857)
(1,103,807)

Profit for the financial year
  
4,528,906
4,090,974

Profit for the year attributable to:
  

Owners of the parent Company
  
4,528,906
4,090,974

  
4,528,906
4,090,974

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 32 form part of these financial statements.

Page 8


CORE COMMUNICATION HOLDINGS LIMITED
REGISTERED NUMBER:10617689

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
2,636
661

Tangible assets
 12 
260,593
281,913

  
263,229
282,574

Current assets
  

Stocks
 14 
1,767,563
1,463,486

Debtors: amounts falling due within one year
 15 
24,094,232
21,774,957

Cash at bank and in hand
 16 
5,445,170
3,420,507

  
31,306,965
26,658,950

Creditors: amounts falling due within one year
 17 
(6,577,159)
(6,477,395)

Net current assets
  
 
 
24,729,806
 
 
20,181,555

Total assets less current liabilities
  
24,993,035
20,464,129

Provisions for liabilities
  

Net assets
  
24,993,035
20,464,129


Capital and reserves
  

Called up share capital 
 18 
42,572,001
42,572,001

Other reserves
 19 
(42,571,800)
(42,571,800)

Profit and loss account
 19 
24,992,834
20,463,928

  
24,993,035
20,464,129


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





J Lovell
Director

Date: 12 March 2025

The notes on pages 15 to 32 form part of these financial statements.

Page 9


CORE COMMUNICATION HOLDINGS LIMITED
REGISTERED NUMBER:10617689

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
42,580,545
42,580,545

  
42,580,545
42,580,545

Current assets
  

Debtors: amounts falling due within one year
 15 
16,572,564
13,090,534

Cash at bank and in hand
 16 
72,455
75,548

  
16,645,019
13,166,082

Creditors: amounts falling due within one year
 17 
(8,565)
(8,845)

Net current assets
  
 
 
16,636,454
 
 
13,157,237

Total assets less current liabilities
  
59,216,999
55,737,782

  

  

Net assets
  
59,216,999
55,737,782


Capital and reserves
  

Called up share capital 
 18 
42,572,001
42,572,001

Profit and loss account
 19 
16,644,998
13,165,781

  
59,216,999
55,737,782


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





J Lovell
Director

Date: 12 March 2025

The notes on pages 15 to 32 form part of these financial statements.

Page 10


CORE COMMUNICATION HOLDINGS LIMITED


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
42,572,001
(42,571,800)
16,372,954
16,373,155


Comprehensive income for the year

Profit for the year
-
-
4,090,974
4,090,974



At 1 July 2023
42,572,001
(42,571,800)
20,463,928
20,464,129


Comprehensive income for the year

Profit for the year
-
-
4,528,906
4,528,906


At 30 June 2024
42,572,001
(42,571,800)
24,992,834
24,993,035


The notes on pages 15 to 32 form part of these financial statements.

Page 11


CORE COMMUNICATION HOLDINGS LIMITED


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
42,572,001
8,523,567
51,095,568


Comprehensive income for the year

Profit for the year
-
4,642,214
4,642,214



At 1 July 2023
42,572,001
13,165,781
55,737,782


Comprehensive income for the year

Profit for the year
-
3,479,217
3,479,217


At 30 June 2024
42,572,001
16,644,998
59,216,999


The notes on pages 15 to 32 form part of these financial statements.

Page 12


CORE COMMUNICATION HOLDINGS LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
4,528,906
4,090,974

Adjustments for:

Amortisation of intangible assets
500
221

Depreciation of tangible assets
145,314
110,582

Interest received
(3,201)
(2)

Taxation charge
1,462,857
1,103,807

(Increase)/decrease in stocks
(304,077)
901,244

Decrease in debtors
1,156,610
454,208

(Increase) in amounts owed by associated undertakings
(3,475,885)
(4,617,379)

Increase/(decrease) in creditors
518,481
(794,373)

Corporation tax (paid)
(1,881,574)
(1,062,072)

Net cash generated from operating activities

2,147,931
187,210


Cash flows from investing activities

Purchase of intangible fixed assets
(2,475)
(100)

Purchase of tangible fixed assets
(123,994)
(165,434)

Interest received
3,201
2

Net cash from investing activities

(123,268)
(165,532)


Net increase in cash and cash equivalents
2,024,663
21,678

Cash and cash equivalents at beginning of year
3,420,507
3,398,829

Cash and cash equivalents at the end of year
5,445,170
3,420,507


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,445,170
3,420,507

5,445,170
3,420,507


The notes on pages 15 to 32 form part of these financial statements.

Page 13


CORE COMMUNICATION HOLDINGS LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

3,420,507

2,024,663

5,445,170



3,420,507
2,024,663
5,445,170

The notes on pages 15 to 32 form part of these financial statements.

Page 14


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

Core Communication Holdings Limited is a private company limited by shares incorporated in the United Kingdom. The registered office is 956 Buckingham Avenue, Slough, England, SL1 4NL.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

GOING CONCERN

Directors consider the business to have sufficient resources to continue to trade for a period of at least 12 months.

Page 15


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 16


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue 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 revenue can be measured reliably;
it is probable that the Group 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.

 
2.6

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 17


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.9

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.10

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)


2.11
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25% to 33% Straight Line
Office equipment
-
25% to 33% Straight Line
Computer equipment
-
25% to 33% Straight Line
Computer Software
-
50% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
 

Page 19


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.17

FINANCIAL INSTRUMENTS

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 20


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)


2.17
FINANCIAL INSTRUMENTS (CONTINUED)


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

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:
Determining whether leases entered into by the group either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Determining whether there are indicators of impairment of the group's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the unit.
Tangible fixed assets are depreciated over their useful lives, taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles, and maintenance programmes are taken into account.
The group determines whether there are conditions that exist at the balance sheet date that indicates that the net realisable value of individual stock lines are less than the carrying value. Such indicators include post year end sales, and market demand. 

Page 21


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


TURNOVER

The whole of the turnover is attributable to the principal activity of the group.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
47,498,666
37,643,698

47,498,666
37,643,698



5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
145,314
110,582

Exchange differences
(61,179)
42,600

Defined contribution pension cost
371,524
278,668

Amortisation of intangible assets, including goodwill
500
221


6.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
23,250
22,150

Page 22


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
6,773,568
6,440,989

Social security costs
720,806
657,857

Cost of defined contribution scheme
371,524
278,668

7,865,898
7,377,514


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administrative Staff
185
176



Directors
2
2

187
178


8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
471,926
461,695

Group contributions to defined contribution pension schemes
26,544
35,658

498,470
497,353


During the year retirement benefits were accruing to 2 directors (2023: 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £263,524 (2023: £261,701).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £16,544 (2023: £5,140).


9.


INTEREST RECEIVABLE

2024
2023
£
£


Bank and other interest receivable
3,201
2

3,201
2

Page 23


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
1,496,684
1,092,424

Adjustments in respect of previous periods
(36,951)
(367)


1,459,733
1,092,057


TOTAL CURRENT TAX
1,459,733
1,092,057

DEFERRED TAX


Origination and reversal of timing differences
3,124
11,750

TOTAL DEFERRED TAX
3,124
11,750


TAX ON PROFIT
1,462,857
1,103,807
Page 24


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,991,763
5,194,781


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 20.5%)
1,499,928
1,064,930

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
764
29,604

Capital allowances for year in excess of depreciation
-
(3,786)

Amounts charged directly to STRGL or otherwise transferred
-
(28,899)

Adjustments to tax charge in respect of prior periods
(37,309)
57,276

Adjustment to deferred tax charge in respect of prior periods
-
(18,467)

Exempt ABGH distributions
(375)
-

Remeasurement of deferred tax for changes in tax rate
-
3,233

Other differences leading to an increase (decrease) in the tax charge
(151)
-

Marginal relief
-
(84)

TOTAL TAX CHARGE FOR THE YEAR
1,462,857
1,103,807


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There are no known factors expected to materially affect future tax charges. 

Page 25


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


INTANGIBLE ASSETS

Group 





Trademarks

£



COST


At 1 July 2023
968


Additions
2,475



At 30 June 2024

3,443



AMORTISATION


At 1 July 2023
307


Charge for the year on owned assets
500



At 30 June 2024

807



NET BOOK VALUE



At 30 June 2024
2,636



At 30 June 2023
661



Page 26


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


TANGIBLE FIXED ASSETS

Group






Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment
Computer Software
Total

£
£
£
£
£
£



COST OR VALUATION


At 1 July 2023
164,030
60,565
422,447
10,825
-
657,867


Additions
18,235
-
52,184
-
53,575
123,994


Transfers between classes
-
-
(164,902)
-
164,902
-



At 30 June 2024

182,265
60,565
309,729
10,825
218,477
781,861



DEPRECIATION


At 1 July 2023
143,581
35,952
185,596
10,825
-
375,954


Charge for the year on owned assets
18,829
17,235
69,953
-
39,297
145,314


Transfers between classes
-
-
(26,450)
-
26,450
-



At 30 June 2024

162,410
53,187
229,099
10,825
65,747
521,268



NET BOOK VALUE



At 30 June 2024
19,855
7,378
80,630
-
152,730
260,593



At 30 June 2023
20,449
24,613
236,851
-
-
281,913


13.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST OR VALUATION


At 1 July 2023
42,580,545



At 30 June 2024
42,580,545




Page 27


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

DIRECT SUBSIDIARY UNDERTAKINGS


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Core Communication Retail Limited
956 Buckingham Avenue, Slough, England, SL1 4NL
Ordinary
100%
Core Communication Services Limited
956 Buckingham Avenue, Slough, England, SL1 4NL
Ordinary
100%


INDIRECT SUBSIDIARY UNDERTAKING


The following was an indirect subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Core Telecommunications International Limited
Office 6, Limestone House, Drogheda Street, Balbriggan, Dublin, K32 E951, Republic of Ireland
Ordinary
100%


14.


STOCKS

Group
Group
2024
2023
£
£

Finished goods and goods for resale
1,767,563
1,463,486

1,767,563
1,463,486


Page 28


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,827,408
5,745,136
-
-

Amounts owed by group undertakings
-
-
153,848
147,563

Amounts owed by joint ventures and associated undertakings
16,418,473
12,942,588
16,418,473
12,942,588

Other debtors
1,352
27,025
243
383

Prepayments and accrued income
4,846,999
3,060,208
-
-

24,094,232
21,774,957
16,572,564
13,090,534



16.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
5,445,170
3,420,507
72,455
75,548

5,445,170
3,420,507
72,455
75,548


Page 29


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Payments received on account
168,605
-
-
-

Trade creditors
1,624,402
731,471
780
-

Amounts owed to group undertakings
-
986,803
-
-

Corporation tax
55,680
363,037
-
3,845

Other taxation and social security
1,396,287
857,241
-
-

Other creditors
38,984
29,180
6,285
-

Accruals and deferred income
3,293,201
3,509,663
1,500
5,000

6,577,159
6,477,395
8,565
8,845


Page 30


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



42,572,001 (2023: 42,572,001) Ordinary shares of £1.00 each
42,572,001
42,572,001



19.


RESERVES

Other reserves

The other reserves represents the difference between the nominal value of the shares issued and the nominal value of the shares received in exchange during the group restructure.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


20.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £371,524 (2023: £278,668). Contributions totalling £32,698 (2023: £29,180) were payable to the fund at the reporting date and are included in creditors.


21.


COMMITMENTS UNDER OPERATING LEASES

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
187,884
140,913

Later than 1 year and not later than 5 years
610,623
46,971

798,507
187,884
Page 31


CORE COMMUNICATION HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


RELATED PARTY TRANSACTIONS

The group has taken the exemption under FRS102 from disclosing the details of transactions between wholly owned members of the same group.


2024
2023
£
£

Amounts owed by companies under common control
16,418,473
12,942,588
Sales to companies under common control
450
-
16,418,923
12,942,588

Key Management Personnel

Key management personnel consists of the directors of the company. The directors receive remuneration as shown in note 8.


23.


CONTROLLING PARTY

The ultimate controlling party is A Greaves by virtue of his majority shareholding.

Page 32