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Registered number: 14581030
Bedspace Group Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 29 June 2024
Contents
Page
Strategic Report 1—3
Directors' Report 4—6
Independent Auditor's Report 7—10
Consolidated Statement of Income and Retained Earnings 11
Consolidated Statement of Financial Position 12
Company Statement of Financial Position 13
Consolidated Statement of Cash Flows 14
Notes to the Consolidated Statement of Cash Flows 15
Notes to the Financial Statements 16—24
Page 1
Strategic Report
The directors present their strategic report for the year ended 29 June 2024.
Review of the Business
Overview
Bedspace Group operates within the social care sector in the UK and has established a reputation for delivering high-quality care services to individuals and families in need. This review covers the company’s performance, strategic developments for the financial year ending 29 June 2024.
Financial Performance
For the year ended 29 June 2024, the group has reported a turnover increase of 24.3% to £21,010,537 which has been driven by an expansion of services and an increase in referrals. Our gross profit margin has improved to 19.8% from 16.7% in the previous year, reflecting operational efficiencies and effective cost management strategies combined with a uplift in pricing on various fixed price contracts and frameworks occasioned by inflationary pressures. Although operational overheads have increased by £526,634 or 20.7% from the previous year (after adjusting for exceptional items) the group’s Profit before Taxation has returned to a more satisfactory level of 5.4% of Turnover (up from 2.6% in the previous year). 
Operational Highlights
1. Service Expansion: The group successfully launched the Bedspace Pathway of services, which has been well-received by the community and aligns with our mission to provide comprehensive support to individuals requiring care.
2. Quality Improvement Initiatives: The implementation of new training programs for staff and adherence to updated care standards have led to improved client satisfaction ratings.
3. Community Engagement: We have strengthened our ties with local communities through events and partnerships, reinforcing our commitment to social responsibility and improving community well-being.
Compliance and Governance
Bedspace Group has ensured adherence to all statutory obligations:
• Financial Statements: The group's financial statements for the year have been prepared in compliance with applicable accounting standards and provide a true and fair view of the group's financial position.
• Corporate Governance: The board of directors has met regularly to oversee business operations and ensure accountability. Corporate governance practices have been reviewed to align with best practices in the social care sector.
• Regulatory Compliance: The group maintains a focus on safety, quality of care, and continuous improvement.
Ofsted Registration
Ofsted (the Office for Standards in Education, Children's Services and Skills) registration from spring 2024 has had a significant impact on the delivery of social care services in the UK. Registration will play a crucial role in ensuring that social care delivery is effective, accountable, and of high quality, which will ultimately benefit both service providers and the individuals they care for.
Ofsted registration ensures that social care providers meet statutory standards and regulations. This promotes quality assurance in the services delivered, ensuring that children's needs are prioritized.
Registered services are subject to regular inspections by Ofsted. These inspections evaluate the effectiveness, safety, and quality of care provided. The outcomes influence public perception and funding. Being registered with Ofsted holds organisations accountable for their service delivery. Poor inspection ratings can lead to interventions, fines, or even closure, emphasizing the importance of maintaining high standards.
Ofsted's feedback identifies areas for improvement, allowing services to develop and refine their practices. This constant push for improvement benefits both care providers and service users.
Increase in National Living Wage
The recent increases in the national living wage has had have several impacts on the delivery of social care in the private sector:
1. Increased Labor Costs: A rise in the national living wage has lead to higher wages for care staff. While this can improve employee satisfaction and retention, it also elevates operational costs for care providers.
2. Staff Recruitment and Retention: A higher wage will potentially help attract more workers to the sector, which has been facing staffing shortages. We hope that the improved pay will reduce staff turnover rates, resulting in a more stable workforce that will enhance the quality of care.
3. Quality of Care: The higher wages will lead to a more motivated workforce, potentially improving the quality of care delivered. Well-compensated staff should be more engaged and committed to their roles.
4. Public Funding and Support: If the government increases the national living wage without corresponding funding or support for care providers, there may be financial strain on those services, potentially leading to reduced care options or increased reliance on public resources.
5. Operational Adjustments: Care providers might need to reassess their service delivery models, possibly leading to streamlined operations or changes in service offerings to maintain profitability.
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Review of the Business - continued
In conclusion, while higher wages can positively impact workforce morale and care quality, they also pose challenges regarding financial sustainability, service accessibility, and operational adjustments within the social care sector. Providers may need to balance these factors carefully to continue delivering effective care.
Future Outlook
Looking ahead, we aim to further enhance our service offerings and expand our market presence. Key strategic goals for the upcoming year include:
• Investing in technology to improve care delivery and operational efficiencies.
• Exploring partnerships with other organizations to diversify service offerings.
• Continued focus on staff development and retention to maintain a skilled workforce.
The future of social care in the UK is expected to evolve in several key ways:
1. Integration of Services: There is a strong emphasis on integrating health and social care services. This aims to provide more holistic support for individuals, focusing on preventing issues rather than just responding to them.
2. Technology and Digital Solutions: The use of technology in social care is on the rise, with innovations such as telehealth, digital care management systems, and assistive technologies playing a significant role in enhancing care delivery and improving access.
3. Workforce Development: As demand for social care increases, there will be a push for workforce training, recruitment, and retention strategies to ensure a skilled workforce capable of meeting diverse needs.
4. Personalisation of Services: There is a trend toward person-centered care, which tailors services to the individual preferences and circumstances of each person, empowering them to take an active role in their care.
5. Funding and Policy Reforms: Ongoing discussions regarding the funding and policy framework for social care, including potential reforms like the proposed social care cap, will continue to impact the sector’s sustainability and accessibility.
6. Focus on Mental Health: The importance of mental health support is increasingly recognized, leading to greater integration of mental health services within social care.
7. Community-based Support: A shift towards community-based support systems is expected, promoting the use of local resources and services to enhance the social aspect of care.
These developments will likely shape how social care is delivered and experienced in the coming years, aiming for a system that is more responsive to individual needs and challenges.
Conclusion
The year ending 29 June 2024, has been marked by significant achievements and growth. With a strong commitment to quality, compliance, and community engagement, we are well-positioned to adapt to the evolving needs of those we serve while ensuring sustainable business practices.
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Principal Risks and Uncertainties
The principal risks facing the business are:-
Staff and recruitment
We are no different to other businesses in terms of staffing issues. We are finding it difficult to maintain our growth and add new services as staff recruitment is very challenging and expensive.
Inflation
Again, we are all concerned by this, we must find savings in our empty properties, and other overheads to remain competitive.
Price Increases
Most of our services are under Contracted Terms which will make it difficult to negotiate price increases with our
customers. We have started negotiations with most of them and are hopeful of being able to pass at least some of our increased costs.
Longer rental contracts on housing stock
Housing is getting harder to find, so to secure our business we must sign up our housing stock to longer leases. This obviously has its own risks as we will be less flexible on what we can hand back.
New Operational Systems
The cost implications of the transformation program which will provide a comprehensive and integrated system is a huge, but necessary, cost to ensure we can continue to offer a high quality of service combined with continued growth.
Key performance indicators
The group monitors its business closely and regularly using several industry standard Key Performance Indicators including, but not limited to the following:
Gross Profit Margin - up from 15.7% to 19.8%
Revenue per Staff Headcount - down very slightly from £69,870 to £67,558
Temporary staff costs as a Percentage of Total staff costs - up from 11.6% to 12.8%
Debtor Days - down from 53 to 45 days
On behalf of the board
Mr N G Thornhill
Director
27th March 2025
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Directors' Report
The directors present their report and the financial statements for the year ended 29 June 2024.
Principal Activity
The principal activity of the group in the year under review was that of a provider of accommodation and related
services. The principal activity of the company in the year under review was that of holding company activities.
Future Developments
These are covered in the Review of Business in the Strategic Report.
Dividends
The total distribution for dividends for the year ended 30 June 2024 was £450,000 (2023 - £280,143).
Financial Instruments
The group uses various financial instruments; these include invoice factoring, loan notes, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations.
The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail below.
The main risks arising from the group's financial instruments are categorised as liquidity risk, market risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below. The group does not use any derivative financial instruments.
Liquidity risk
The group makes efforts to manage the financial risk by the monitoring of cashflow to ensure that the it is able to meet its foreseeable debts as they fall due and to invest any cash assets profitably.
Market risk
The main customers of the group are Local Authorities. These have seen decreases in Government funding and restrictions in Council Tax rises in recent years which create a risk that their social care spending may be cut and threaten the group's revenue.
Credit risk
The group's principal financial assets are cash and trade debtors. The credit risk associated with the cash is minimal. The principal credit risk therefore arises from its trade debtors. In order to manage credit risk, debts are factored and the group has an internal credit control function to chase recovery of overdue debts.
Directors
The directors who held office during the year were as follows:
Mr N G Thornhill
Mr C Wareing
Employee Engagement Statement
1. Employee Engagement and Communication
The group recognises the importance of effective communication and engagement with employees. We ensure that employees are informed about the company’s financial performance, strategic objectives, and key developments through regular meetings, internal newsletters, and digital platforms.
2. Employee Involvement and Consultation
We actively encourage employee participation in decision-making processes through structured forums, surveys, and engagement programs. Feedback from employees is valued and considered in shaping workplace policies and operational improvements.
3. Equality, Diversity, and Inclusion
The group is committed to fostering a diverse and inclusive workplace. We ensure equal opportunities in recruitment, training, and career progression, irrespective of gender, ethnicity, disability, or other protected characteristics.
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Employee Engagement Statement - continued
4. Employee Development and Well-being
We invest in employee growth by providing training programs, skill development workshops, and career advancement opportunities. Employee well-being is a priority, and we offer wellness programs, mental health support, and a safe working environment.
5. Employee Recognition and Rewards
To maintain motivation and productivity, we have structured reward programs, performance incentives, and recognition initiatives that align with the company’s goals and values.
6. Compliance with Section 172 of the Companies Act 2006
In accordance with Section 172 of the Companies Act 2006, the board considers employee interests when making strategic decisions to promote the company’s long-term success.
Diasabled employees
The group is committed to fostering an inclusive and diverse workplace that provides equal opportunities for all employees, including individuals with disabilities. In compliance with applicable laws and regulations, we ensure that reasonable accommodations are made to support employees with disabilities in performing their job functions effectively.
As part of our commitment to diversity, we encourage self-identification of disabilities, while ensuring that all disclosures are voluntary, confidential, and used solely for the purpose of enhancing workplace accessibility and compliance with legal requirements.
The group does not discriminate based on disability in hiring, promotions, compensation, or any other aspect of employment. We continuously assess our workplace policies and accessibility initiatives to create an environment where all employees can thrive.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies 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 company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and 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 of 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.
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Independent Auditors
The auditors, Ascendis Audit Limited, will be proposed for re-appointment under section 455 of the Companies Act 2006
On behalf of the board
Mr N G Thornhill
Director
27th March 2025
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Independent Auditor's Report
Qualified opinion
We have audited the financial statements of Bedspace Group Limited (the "parent company") and its subsidiaries (the "group") for the year ended 29 June 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 
In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion section of our report, the financial statements:
- give a true and fair view of the state of the group's and company's affairs as at 29 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 Practise; and;
- have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Qualified Opinion
Included in the 2023 comparative figures for other creditors is a balance of £1,432,350 which comprised of the receipt of housing benefit and universal credit from the Department of Work and Pensions on behalf of the company’s service users. There were a significantly large number of individual receipts dating back to September 2019 included within this balance. The company had liaised extensively with its local authority customers to establish whether these receipts were owed back to the latter or whether these receipts should be treated as the company’s revenue with no success. The directors therefore took the prudent view that these receipts were in fact owed back to the local authority customers. We were unable to satisfy ourselves as to the correct treatment of these receipts due to this lack of third party customer confirmation as to whose income these receipts were in respect of.
Consequently we were unable to determine whether the £1,432,350 should be treated as revenue or as a liability, and whether the £779,004 credited to 2023’s profit (as an exceptional item) should be treated as revenue or as a liability.
In addition, if any adjustments to this balance were to be required, the key performance indicators in the strategic report would also need to be amended.
Included in the 2023 comparative figures for tangible fixed assets was an amount of £258,055 relating to furniture, fittings and household goods which were located in each of the homes accommodating the company’s service users. We were unable to physically verify these assets as, due to the vulnerability of the service users, access to the homes was not permitted.
Consequently we were unable to determine whether any impairment of these assets was needed and could therefore not conclude that the £258,055 was not materially overstated. 
In addition, if any adjustments to this balance were required, the key performance indicators in the strategic report would also need to be amended.
In summary we were unable to determine whether the financial statements showed a true and fair view of the comparative year ended 29 June 2023.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified 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 entity's ability to continue as a going concern for a period of at least 12 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.
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Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 in respect of the year ended 29 June 2024.
As described in the Basis for Qualified Opinion section of our report, we were unable to satisfy ourselves as to the treatment of the £1,432,350 balance in other creditors for 2023, the £779,004 credited to profit in 2023 and the £258,055 net book value of tangible fixed assets for the year ended 29 June 2023. We concluded that where the other information refers to these transactions, balances or related balances it may be materially misstated for the same reason.
Opinions on Other Matters Prescribed by the Companies Act 2006
Except for the possible effects of the matters described in the Basis for Qualified Opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
- the information given in the 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.
Matters on Which We Are Required to Report by Exception
Except for the matters described in the Basis for Qualified Opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.
Arising solely from the limitation on the scope of our work relating to the subsidiary's Other creditors and Tangible fixed assets, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.
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:
- returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made. 
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.
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Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, we considered the following:
- the nature of the industry, control environment and business performance including the design of the group's
remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
- our enquiries of management about their own identification and assessment of the risks of irregularities;
- 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, suspected or
alleged fraud;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: bank payment processing, payroll, sales
processing, and credit card/cash transactions. In common with all audits under lSAs (UK), we are also required to
perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the group operates in, focusing on
provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, Ofsted, pensions legislation and tax legislation.
Audit response to risks identified:-
Our procedures to respond to the risks identified above included the following:
- 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;
- enquiring of management concerning actual and potential litigation and claims;
- reviewing a sample of bank payments, sales transactions (including accrued income) and payroll entries;
- reviewing correspondence with Ofsted in the year.
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal
entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial
statements but compliance with which may be fundamental to the group's ability to operate or to avoid a material
penalty.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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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 that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Allan Byrne BA (Double Hons) FCA (Senior Statutory Auditor)
for and on behalf of Ascendis Audit Limited , Statutory Auditor
27th March 2025
Ascendis Audit Limited
Unit 3, Building 2, The Colony
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
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Consolidated Statement of Income and Retained Earnings
2024 2023
Notes £ £
TURNOVER 3 21,010,537 16,908,527
Cost of sales (16,843,841 ) (14,258,870 )
GROSS PROFIT 4,166,696 2,649,657
Administrative expenses (3,235,966 ) (2,481,939 )
Other operating income 42,237 74,067
OPERATING PROFIT 4 972,967 241,785
Other interest receivable and similar income 35,446 1,353
Interest payable and similar charges - (1,622 )
PROFIT BEFORE TAXATION 1,008,413 241,516
Tax on Profit 9 (295,984 ) (24,521 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 712,429 216,995
Profit attributable to:
Owners of the parent 629,754 191,668
Non-controlling interest 82,675 25,327
712,429 216,995
RETAINED EARNINGS
As at 30 June 2023 368,902 457,377
Dividends paid (450,000) (280,143)
As at 29 June 2024 548,656 368,902
The notes on pages 15 to 24 form part of these financial statements.
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Consolidated Statement of Financial Position
Registered number: 14581030
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 10 646,426 808,032
Tangible Assets 11 528,834 395,743
1,175,260 1,203,775
CURRENT ASSETS
Debtors 13 4,520,035 3,622,993
Cash at bank and in hand 162,705 519,221
4,682,740 4,142,214
Creditors: Amounts Falling Due Within One Year 14 (3,798,970 ) (3,584,443 )
NET CURRENT ASSETS (LIABILITIES) 883,770 557,771
TOTAL ASSETS LESS CURRENT LIABILITIES 2,059,030 1,761,546
PROVISIONS FOR LIABILITIES
Deferred Taxation 16 (122,630 ) (87,575 )
NET ASSETS 1,936,400 1,673,971
CAPITAL AND RESERVES
Called up share capital 17 88 88
Share premium account 1,237,547 1,237,547
Income Statement 548,656 368,902
Equity attributable to owners of the parent 1,786,291 1,606,537
Non-controlling interest 150,109 67,434
TOTAL EQUITY 1,936,400 1,673,971
On behalf of the board
Mr N G Thornhill
Director
27th March 2025
The notes on pages 15 to 24 form part of these financial statements.
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Company Statement of Financial Position
Registered number: 14581030
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 12 178 178
178 178
CURRENT ASSETS
Debtors 13 50,752 88
50,752 88
Creditors: Amounts Falling Due Within One Year 14 (842 ) (178 )
NET CURRENT ASSETS (LIABILITIES) 49,910 (90 )
TOTAL ASSETS LESS CURRENT LIABILITIES 50,088 88
NET ASSETS 50,088 88
CAPITAL AND RESERVES
Called up share capital 17 88 88
Income Statement 50,000 -
SHAREHOLDERS' FUNDS 50,088 88
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £500,000 (2023: £ no result)
On behalf of the board
Mr N Thornhill
Director
27th March 2025
The notes on pages 15 to 24 form part of these financial statements.
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Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 269,944 856,687
Interest paid - (1,622 )
Tax refunded/(paid) 14,316 (215,514 )
Net cash generated from operating activities 284,260 639,551
Cash flows from investing activities
Purchase of tangible assets (583,959 ) (491,855 )
Proceeds from disposal of tangible assets 1,143 192,863
Interest received 35,446 1,353
Net cash used in investing activities (547,370 ) (297,639 )
Cash flows from financing activities
Equity dividends paid (450,000 ) (280,143 )
Repayment of bank borrowings (18,782 ) (192,886 )
Repayment of other loans (14,814) -
Amount introduced by directors 752 -
Amount withdrawn by directors - (88)
Net cash used in financing activities (482,844 ) (473,117 )
Decrease in cash and cash equivalents (745,954 ) (131,205 )
Cash and cash equivalents at beginning of year 2 123,385 254,590
Cash and cash equivalents at end of year 2 (622,569 ) 123,385
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 712,429 216,995
Adjustments for:
Tax on profit 295,984 24,521
Interest expense - 1,622
Interest income (35,446 ) (1,353 )
Amortisation of intangible assets 161,606 161,606
Loss on disposal of tangible assets 449,725 442,294
Movements in working capital:
(Increase)/decrease in trade and other debtors (897,130 ) 49,656
Decrease in trade and other creditors (417,224 ) (38,654 )
Net cash generated from operations 269,944 856,687
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 162,705 519,221
Overdraft facilities repayable on demand (785,274 ) (395,836 )
Cash and cash equivalents as stated in the Statement of Cash Flows (622,569) 123,385
3. Analysis of changes in net funds/(debt)
As at 30 June 2023 Cash flows As at 29 June 2024
£ £ £
Cash at bank and in hand 519,221 (356,516) 162,705
Overdraft facilities repayable on demand (395,836) (389,438) (785,274)
Cash and cash equivalents 123,385 (745,954) (622,569 )
Debts falling due within one year (33,596 ) 33,596 -
89,789 (712,358) (622,569)
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Notes to the Financial Statements
1. General Information
Bedspace Group Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 14581030 and its registered office and principal place of business is 473 Chester Road, Trafford, Manchester, M16 9HF.
The presentational currency of the financial statements is the Pound Sterling (£).
Amounts in these financial statements are rounded to the nearest £.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The consolidated financial statements present the results of the company and its subsidiaries ("the group") as if they form a single entity, drawn up to 29 June.
As the group was created by means of a share for share exchange, the group is consolidated using the merger method.
Intercompany transactions and balances between the company and its subsidiaries are eliminated in full on
consolidation.
2.3. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenues and expenditure during the year. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Management do not consider that there are any judgements (apart from those involving estimations) that have been made in the process of applying the group's accounting policies which have a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are as follows:
Property, plant and equipment
At each reporting date property, plant and equipment is assessed for any indication of impairment. If such
indication exists, the recoverable amount of the asset is determined based on value in use calculations which
require estimates to be made of future cash flows. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Goodwill
Goodwill is being amortised over its estimated useful economic life of ten years. This is reviewed on an annual
basis and at each reporting date goodwill is assessed for any indication of impairment.
Housing Benefit/Universal Credit receipts
The Department of Work and Pensions pays Housing Benefit and Universal Credit to the group in respect of its service users. Some of these receipts are due to the group, and some are due to its customers (the Local
Authorities). The directors have to use their judgement into deciding which is which, and this impacts on whether the receipt is taken to the Consolidated Statement of Income and Retained Earnings or is recognised as a liability on the Consolidated Statement of Financial Position.
2.4. Turnover
The group's turnover relates to the provision of weekly accomodation services. Turnover is recognised on a receivable basis with accrued income recognised when services are invoiced in arrears. Turnover is stated net of VAT and any discounts.
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2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the Consolidated Statement of Income and Retained Earnings over its estimated economic life of ten years.
Goodwill with a cost amounting to £99,296 was fully amortised in 2020 in respect of a previous acquisition.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% on reducing balance
Plant & Machinery 80% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 25% on cost
Computer Equipment 25% on cost
2.7. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.8. Cash and Cash Equivalents
Cash and cash equivalents comprise cash at bank less invoice financing balance.
2.9. Financial Instruments
The group only has basic financial instruments which are recorded at amortised cost.
Trade and other debtors
Trade and other debtors are stated at amortised cost less impairment for bad and doubtful debts.
Trade and other creditors
Trade and other creditors are recognised at amortised cost.
2.10. 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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.11. Pensions
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.
3. Turnover
There is only one class of business (the provision of accomodation and related services) and all income is generated in the United Kingdom.
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4. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Operating lease rentals 114,825 112,423
Depreciation of tangible fixed assets 449,725 281,527
Amortisation of intangible fixed assets 161,606 161,606
Not included in the 2023 comparative is exceptional depreciation of £160,767 which was charged to the profit and loss account in 2023 and was included within exceptional items (see note 10).
Profit on disposal of fixed assets in the year was £1,143 (2023: £3,180).
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the group and company's financial statements 11,000 10,500
The audit services relates to the audit of the subsidiary undertaking, Bedspace Resource Limited.
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 9,075,141 7,482,715
Social security costs 919,229 755,740
Other pension costs 184,768 150,143
10,179,138 8,388,598
7. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 311 (2023: 261)
Company
Average number of employees, including directors, during the year was: NIL (2023: NIL)
311 261
- -
8. Directors' remuneration
2024 2023
£ £
Emoluments 53,703 30,500
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9. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 20.5% 275,245 62,289
Prior period adjustment (14,316 ) 9,419
260,929 71,708
Deferred Tax
Deferred taxation 35,055 (47,187 )
Total tax charge for the period 295,984 24,521
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 1,008,413 241,516
Tax on profit at 25% (UK standard rate) 252,103 49,463
Goodwill/depreciation not allowed for tax 40,402 33,096
Expenses not deductible for tax purposes 16,299 25,635
Capital allowances (43,138 ) (17,728 )
Short term timing differences 9,579 -
Research and Development tax credit - (19,011 )
Prior period adjustment (14,316 ) 9,419
Difference in tax rates - (8,531 )
Deferred tax from unrecognised tax loss or credit 35,055 (47,187 )
Revenue exempt from taxation - (635 )
Total tax charge for the period 295,984 24,521
10. Intangible Assets
Group
Goodwill
£
Cost
As at 30 June 2023 1,715,358
As at 29 June 2024 1,715,358
Amortisation
As at 30 June 2023 907,326
Provided during the period 161,606
As at 29 June 2024 1,068,932
Net Book Value
As at 29 June 2024 646,426
As at 30 June 2023 808,032
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Company
The company had no intangible fixed assets as at 29 June 2024 or 29 June 2023.
11. Tangible Assets
Group
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 30 June 2023 23,271 717,611 18,140 128,536
Additions 127,303 402,546 - 21,676
Disposals - - (7,995 ) -
As at 29 June 2024 150,574 1,120,157 10,145 150,212
Depreciation
As at 30 June 2023 7,220 459,556 11,283 81,414
Provided during the period 12,222 383,080 2,537 22,600
Disposals - - (7,995 ) -
As at 29 June 2024 19,442 842,636 5,825 104,014
Net Book Value
As at 29 June 2024 131,132 277,521 4,320 46,198
As at 30 June 2023 16,051 258,055 6,857 47,122
Computer Equipment Total
£ £
Cost
As at 30 June 2023 142,544 1,030,102
Additions 32,434 583,959
Disposals - (7,995 )
As at 29 June 2024 174,978 1,606,066
Depreciation
As at 30 June 2023 74,886 634,359
Provided during the period 30,429 450,868
Disposals - (7,995 )
As at 29 June 2024 105,315 1,077,232
Net Book Value
As at 29 June 2024 69,663 528,834
As at 30 June 2023 67,658 395,743
Company
The company had no tangible fixed assets as at 29 June 2024 or 29 June 2023.
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12. Investments
Company
Subsidiaries
£
Cost
As at 30 June 2023 178
As at 29 June 2024 178
Provision
As at 30 June 2023 -
As at 29 June 2024 -
Net Book Value
As at 29 June 2024 178
As at 30 June 2023 178
Subsidiaries
Details of the company's subsidiaries as at 29 June 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Bedspace Holdings Limited 473 Chester Road, Trafford, Manchester, M16 9HF Ordinary 88.00% -
Bedspace Resource Limited 473 Chester Road, Trafford, Manchester, M16 9HF Ordinary - 88.00%
The investment in Bedspace Resource Limited is an indirect investment held by Bedspace Holdings Limited.
13. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 2,970,907 2,404,880 - -
Prepayments and accrued income 1,237,030 941,572 - -
Other debtors 261,346 276,453 - -
Directors' loan accounts - 88 - 88
Amounts owed by related parties 50,752 - 50,752 -
4,520,035 3,622,993 50,752 88
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14. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 529,642 455,452 - -
Bank loans and overdrafts 785,274 414,618 - -
Other loans - 14,814 - -
Corporation tax 356,545 81,300 - -
Other taxes and social security 977,387 850,043 - -
Other creditors 922,773 1,652,163 - -
Accruals and deferred income 96,586 116,053 - -
Directors' loan accounts 664 - 752 -
Amounts owed to group undertakings - - - 178
Amounts owed to related parties 130,099 - 90 -
3,798,970 3,584,443 842 178
The following secured debts are included within creditors:
Group
2024 2023
£ £
Bank loans and overdrafts - 18,782
Other loans 785,274 395,836
The other loan is an invoice financing balance.
15. Loans
An analysis of the maturity of loans is given below:
Group
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans - 18,782
Other loans - 14,814
- 33,596
16. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Accelerated capital allowances 132,209 87,575
Other timing differences (9,579) -
122,630 87,575
The movement on the provision for the year is as follows:
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2024
2023
£
£
As at 30 June 2023
87,575
134,762
Charge/(credit) to profit 
35,055
(47,187)
image
image
As at 29 June 2024
122,630
image
87,575
image
17. Share Capital
2024 2023
Allotted, called up and fully paid £ £
8,800 Ordinary Shares of £ 0.01 each 88 88
18. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 296,836 250,516
Later than one year and not later than five years 261,669 289,528
558,505 540,044
19. Pension Commitments
The group operates a defined contribution 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 this fund and amounted to £184,768 (2023: £150,143). Contributions payable at the year end date were £38,314 (2023: £32,787).
20. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 30 June 2023 Amounts advanced Amounts repaid Amounts written off As at 29 June 2024
£ £ £ £ £
Mr Nicholas Thornhill 45 - 45 - -
Mr Christopher Wareing 43 - 43 - -
Interest was charged on the advances at a rate of 2%. The advances were repayable on demand and the group held no security in their respect.
21. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 450,000 280,143
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22. Reserves
Group
Retained earnings - this reserve includes all current and prior year retained profits and losses net of distributions to shareholders.
Share premium account - this reserve represents the premium paid on the allotment of shares.
Company
Retained earnings - this reserve includes all current and prior year retained profits and losses net of distributions to shareholders.
23. Related Party Disclosures
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Dividends paid to the directors in the year amounted to £450,000 (2023: £280,143).
Balances between the parent and subsidiary undertaking are shown in note 14 and 15.
The company is also related to Bedspace Trust as one of the directors has a 1/3 stake as a member of the Trust. During the year the company made sales of £87,894 (2023: £nil) to, and made purchases of £217,903 (2023: £nil) from, the Trust. At the year end the company owed the Trust £130,009 (2023: £nil), and the Trust owed the company £4,976 (2023: £nil).
24. Controlling Parties
The company has no single controlling party.
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