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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | S. Paramaguru (FCCA) |
AUDITORS: |
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: |
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: |
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. |
for and on behalf of |
1st Floor |
44-50 The Broadway |
Southall |
Middlesex |
UB1 1QB |
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 |
( |
) |
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 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Revaluation reserve |
Retained earnings | 2,123,192 |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year | 130,786 | (51,258 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Deficit for the year | - | (44,345 | ) | - | (44,345 | ) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31st March 2023 |
Prior year adjustment | - | ( |
) | - | ( |
) |
As restated |
Changes in equity |
Profit for the year | - | 130,786 | - | 130,786 |
Total comprehensive income | - |
Balance at 31st March 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Freehold property | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
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 |
Additions |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
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 |
Additions |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
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 |
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 1 Lancaster Court, Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire. HP12 3TD |
Nature of business: |
% |
Class of shares: | holding |
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 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
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 |
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 | - | - |
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 |
6,535,563 | 5,920,085 |
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 |
Amounts owed to group undertakings | - | - |
Tax | 1,328,199 | 1,208,702 |
Social security and other taxes | 63,845 | 77,440 |
VAT | 80,049 | 105,875 | 80,400 | 107,434 |
Other creditors | 1,950,254 | 1,728,515 |
Service Charge Surplus | 94,181 | 74,098 | - | - |
Accruals and deferred income | 300,102 | 265,826 |
Accrued expenses | 45,924 | 36,008 |
8,258,650 | 6,180,820 |
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 |
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 |
Between one and five years |
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 |
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 |
Provided during year | ( |
) |
Balance at 31st March 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | as restated |
£ | £ |
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 |
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. |