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REGISTERED NUMBER: 10784592 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

SPENCER CLARKE GROUP LIMITED

SPENCER CLARKE GROUP LIMITED (REGISTERED NUMBER: 10784592)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 8

Statement of Financial Position 9

Notes to the Financial Statements 10


SPENCER CLARKE GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: Mr M D Shorrock





REGISTERED OFFICE: 11 Bartle Court Business Centre
Rosemary Lane
Bartle
Preston
Lancashire
PR4 0HF





REGISTERED NUMBER: 10784592 (England and Wales)





AUDITORS: Wallwork Nelson & Johnson
Chartered Accountants & Statutory Auditors
Chandler House
7 Ferry Road Office Park
Riversway
Preston
Lancashire
PR2 2YH

SPENCER CLARKE GROUP LIMITED (REGISTERED NUMBER: 10784592)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The director presents his strategic report for the year ended 30 June 2024.

GENERAL REVIEW
The principal activities of the business continue to be recruitment activities within both the public and private sectors.

The company again experienced growth during the year in terms of increased turnover, revenue and profitability.

In order to facilitate future growth and ambition, it was determined that we focus on growing our education division and increasing our public sector offering.

The challenges continue to be an increase in compliance costs and reduction of margins within the public sector, along with increased competition

PRINCIPAL RISKS AND UNCERTAINTIES
The biggest risk and uncertainty for the business is a reduction in spend within the public sector and changes in legislation.

PEOPLE
Our people are at the heart of our business' success. We grew the team by increasing our back office, marketing and resourcing functions to support new and existing consultants.

Some of the key highlights during the last year in relation to people are promotions of several staff and appointments to our senior leadership team.

PLANET
We are committed to achieving a reduction of 90% in greenhouse gas emissions by 2035, along with a commitment to achieving net zero greenhouse gas emissions by 2045.

FUTURE FOCUS
The team have been working hard in developing our offering within the public sector, opening new divisions to facilitate future growth.

ON BEHALF OF THE BOARD:





Mr M D Shorrock - Director


27 March 2025

SPENCER CLARKE GROUP LIMITED (REGISTERED NUMBER: 10784592)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 JUNE 2024

The director presents his report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of an employment placement agency.

DIVIDENDS
An interim dividend of 1938.67 per share was paid on 30 June 2024. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 30 June 2024 will be £ 193,867 .

DIRECTORS
Mr M D Shorrock has held office during the whole of the period from 1 July 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mr M R Spencer - resigned 4 April 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

SPENCER CLARKE GROUP LIMITED (REGISTERED NUMBER: 10784592)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 JUNE 2024


AUDITORS
The auditors, Wallwork Nelson & Johnson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




Mr M D Shorrock - Director


27 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SPENCER CLARKE GROUP LIMITED

Opinion
We have audited the financial statements of Spencer Clarke Group Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and 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 company's affairs as at 30 June 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SPENCER CLARKE GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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, or 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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:


- Enquiry of management around the actual and potential litigation and claims.
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulation.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including reviewing journals entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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
SPENCER CLARKE 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.




Paul Woodburn (Senior Statutory Auditor)
for and on behalf of Wallwork Nelson & Johnson
Chartered Accountants & Statutory Auditors
Chandler House
7 Ferry Road Office Park
Riversway
Preston
Lancashire
PR2 2YH

27 March 2025

SPENCER CLARKE GROUP LIMITED (REGISTERED NUMBER: 10784592)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

30/6/24 30/6/23
Notes £    £   

TURNOVER 37,597,559 31,121,521

Cost of sales 30,695,550 25,730,826
GROSS PROFIT 6,902,009 5,390,695

Administrative expenses 4,964,220 3,690,741
1,937,789 1,699,954

Other operating income 7,750 4,942
OPERATING PROFIT 4 1,945,539 1,704,896

Interest receivable and similar income 7,330 856
1,952,869 1,705,752

Interest payable and similar expenses 5 156,020 83,753
PROFIT BEFORE TAXATION 1,796,849 1,621,999

Tax on profit 6 485,083 363,818
PROFIT FOR THE FINANCIAL YEAR 1,311,766 1,258,181

Retained earnings at beginning of year 2,041,158 1,501,407

Dividends 7 (193,867 ) (718,430 )

RETAINED EARNINGS AT END OF
YEAR

3,159,057

2,041,158

SPENCER CLARKE GROUP LIMITED (REGISTERED NUMBER: 10784592)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 16,092 11,234
Tangible assets 9 640,469 459,786
656,561 471,020

CURRENT ASSETS
Stocks 10 168,350 176,800
Debtors 11 5,031,171 4,045,402
Cash at bank and in hand 2,177,787 542,022
7,377,308 4,764,224
CREDITORS
Amounts falling due within one year 12 4,527,132 2,963,231
NET CURRENT ASSETS 2,850,176 1,800,993
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,506,737

2,272,013

CREDITORS
Amounts falling due after more than one
year

13

(274,427

)

(198,598

)

PROVISIONS FOR LIABILITIES 17 (73,153 ) (32,157 )
NET ASSETS 3,159,157 2,041,258

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 3,159,057 2,041,158
SHAREHOLDERS' FUNDS 3,159,157 2,041,258

The financial statements were approved by the director and authorised for issue on 27 March 2025 and were signed by:





Mr M D Shorrock - Director


SPENCER CLARKE GROUP LIMITED (REGISTERED NUMBER: 10784592)

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

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d).

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

- The amount of revenue can be measured reliably

- It is probable that the company will receive the consideration due under the contract

- The costs incurred or to be incurred in respect of the contract can be measured reliably

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.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - in accordance with the property
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

SPENCER CLARKE GROUP LIMITED (REGISTERED NUMBER: 10784592)

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

2. ACCOUNTING POLICIES - continued

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
30/6/24 30/6/23
£    £   
Wages and salaries 2,930,375 1,883,684
Social security costs 424,842 208,894
Other pension costs 27,891 66,772
3,383,108 2,159,350

The average number of employees during the year was as follows:
30/6/24 30/6/23

Management 10 8
Sales and administration 39 27
49 35

30/6/24 30/6/23
£    £   
Directors' remuneration 45,730 9,876
Directors' pension contributions to money purchase schemes (10,254 ) 41,018

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

SPENCER CLARKE GROUP LIMITED (REGISTERED NUMBER: 10784592)

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

4. OPERATING PROFIT

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

30/6/24 30/6/23
£    £   
Hire of plant and machinery 43,258 -
Other operating leases 30,625 59,572
Depreciation - owned assets 73,857 50,959
Depreciation - assets on hire purchase contracts 47,844 29,197
Profit on disposal of fixed assets (66 ) -
Patents and licences amortisation 872 657
Auditors' remuneration 10,000 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30/6/24 30/6/23
£    £   
Hire purchase 12,253 9,833
Factoring charges 143,767 73,920
156,020 83,753

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/6/24 30/6/23
£    £   
Current tax:
UK corporation tax 444,087 338,144

Deferred tax 40,996 25,674
Tax on profit 485,083 363,818

UK corporation tax has been charged at 25% .

SPENCER CLARKE GROUP LIMITED (REGISTERED NUMBER: 10784592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 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:

30/6/24 30/6/23
£    £   
Profit before tax 1,796,849 1,621,999
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

449,212

308,180

Effects of:
Expenses not deductible for tax purposes 22,207 23,370
Income not taxable for tax purposes (16 ) -
Depreciation in excess of capital allowances 10,267 7,588
Utilisation of tax losses (2,423 ) -
Under provision (1,223 ) -
Adjustments to tax charge due to change in tax rates 7,059 24,680
Total tax charge 485,083 363,818

7. DIVIDENDS
30/6/24 30/6/23
£    £   
Ordinary shares of £1 each
Interim 193,867 718,430

8. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 July 2023 13,151
Additions 5,730
At 30 June 2024 18,881
AMORTISATION
At 1 July 2023 1,917
Amortisation for year 872
At 30 June 2024 2,789
NET BOOK VALUE
At 30 June 2024 16,092
At 30 June 2023 11,234

SPENCER CLARKE GROUP LIMITED (REGISTERED NUMBER: 10784592)

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

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 237,535 60,248 250,560 44,659 593,002
Additions 128,835 18,382 243,305 19,804 410,326
Disposals - - (111,366 ) (848 ) (112,214 )
At 30 June 2024 366,370 78,630 382,499 63,615 891,114
DEPRECIATION
At 1 July 2023 58,833 20,110 29,197 25,076 133,216
Charge for year 53,846 9,605 47,844 10,406 121,701
Eliminated on disposal - - (3,722 ) (550 ) (4,272 )
At 30 June 2024 112,679 29,715 73,319 34,932 250,645
NET BOOK VALUE
At 30 June 2024 253,691 48,915 309,180 28,683 640,469
At 30 June 2023 178,702 40,138 221,363 19,583 459,786

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023 250,560
Additions 243,305
Disposals (111,366 )
At 30 June 2024 382,499
DEPRECIATION
At 1 July 2023 29,197
Charge for year 47,844
Eliminated on disposal (3,722 )
At 30 June 2024 73,319
NET BOOK VALUE
At 30 June 2024 309,180
At 30 June 2023 221,363

10. STOCKS
30/6/24 30/6/23
£    £   
Stocks 168,350 176,800

SPENCER CLARKE GROUP LIMITED (REGISTERED NUMBER: 10784592)

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

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade debtors 4,376,658 2,812,489
Other debtors 200,263 81,000
Directors' current accounts 244,185 237,710
Tax 80,227 73,214
Prepayments 129,838 840,989
5,031,171 4,045,402

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Other loans (see note 14) 2,619,436 1,583,468
Hire purchase contracts (see note 15) 38,547 19,688
Trade creditors 32,778 33,567
Tax 244,731 337,959
Social security and other taxes 721,624 177,408
Pensions 43,258 41,389
Accruals and deferred income 1 -
Accrued expenses 826,757 769,752
4,527,132 2,963,231

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/24 30/6/23
£    £   
Hire purchase contracts (see note 15) 274,427 198,598

14. LOANS

An analysis of the maturity of loans is given below:

30/6/24 30/6/23
£    £   
Amounts falling due within one year or on demand:
Invoice discounting facility 2,619,436 1,583,468

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30/6/24 30/6/23
£    £   
Net obligations repayable:
Within one year 38,547 19,688
Between one and five years 274,427 198,598
312,974 218,286

SPENCER CLARKE GROUP LIMITED (REGISTERED NUMBER: 10784592)

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

15. LEASING AGREEMENTS - continued

Non-cancellable operating leases
30/6/24 30/6/23
£    £   
Within one year 46,219 46,219
Between one and five years 92,798 139,017
139,017 185,236

16. SECURED DEBTS

The following secured debts are included within creditors:

30/6/24 30/6/23
£    £   
Invoice discounting facility 2,619,436 1,583,468

The invoice discounting facility is secured by a fixed and floating charge over the company's assets.

17. PROVISIONS FOR LIABILITIES
30/6/24 30/6/23
£    £   
Deferred tax 73,153 32,157

Deferred
tax
£   
Balance at 1 July 2023 32,157
Provided during year 40,996
Balance at 30 June 2024 73,153

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/24 30/6/23
value: £    £   
100 Ordinary £1 100 100

19. RESERVES
Retained
earnings
£   

At 1 July 2023 2,041,158
Profit for the year 1,311,766
Dividends (193,867 )
At 30 June 2024 3,159,057

SPENCER CLARKE GROUP LIMITED (REGISTERED NUMBER: 10784592)

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

20. ULTIMATE PARENT COMPANY

The company is controlled by MDRS Investments Limited.

The parent undertaking of the largest and smallest group for which consolidated accounts are prepared is MDRS Investments Limited, a company incorporated in England. Consolidated accounts are available from its registered office at 11 Bartle Court Business Centre, Rosemary Lane, Bartle, Preston, Lancashire, PR4 0HF.

In the opinion of the directors this is the company's ultimate parent and controlling party.

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

30/6/24 30/6/23
£    £   
Mr M D Shorrock
Balance outstanding at start of year 237,710 -
Amounts advanced 139,595 237,710
Amounts repaid (133,120 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 244,185 237,710

22. RELATED PARTY DISCLOSURES

The director operated a loan account with the company. The balance owed from the director at 30 June 2024 was £244,185 (2023: £237,710).

The company is a wholly owned subsidiary of MDRS Investments Limited and has taken advantage of the exemption conferred by section 33.1A of FRS102 not to disclose transactions with MDRS Investments Limited.