REGISTERED NUMBER: 03443003 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31 July 2024 |
for |
Sandhurst Autoprint Limited |
REGISTERED NUMBER: 03443003 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31 July 2024 |
for |
Sandhurst Autoprint Limited |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
Sandhurst Autoprint Limited |
Company Information |
for the Year Ended 31 July 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
TOR |
Saint-Cloud Way |
Maidenhead |
Berkshire |
SL6 8BN |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Group Strategic Report |
for the Year Ended 31 July 2024 |
The director presents his strategic report of the company and the group for the year ended 31 July 2024. |
REVIEW OF BUSINESS |
The group's key financial performance indicators during the period were as follows: |
2024 | 2023 |
£'000s | £'000s |
Group turnover | 21,679 | 23,243 |
Gross profit | 5,850 | 6,273 |
Operating profit / (loss) | 1,390 | 1,449 |
EBITDA | 2,049 | 2,017 |
Net cash from operating activities | 2,737 | 1,217 |
Cash at bank | 5,196 | 4,169 |
The group's operating results have performed in line with the expectations of the directors. During the year the group managed its operational efficiency and cost control which has enabled the group to report a gross profit margin of 26.99% in line with 2023. The group's key profit measure is EBITDA, which is calculated as operating profit excluding depreciation and amortisation, which in 2024 was £2,040,378. The group's operating profit reported on a statutory basis was £1,389,872 which includes depreciation and amortisation of £650,506. |
The group continues to invest both in its people and fixed assets. Capital expenditure on tangible assets was £613,328 in the year as key part of continuing the growth of the group. |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Group Strategic Report |
for the Year Ended 31 July 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Interest risk |
The group's loans carry a mix of variable and fixed rate of interest which spreads the risk reducing the chance that changes in interest rate would increase the group's interest costs. |
Liquidity risk |
The group produce detailed monthly management accounts and forecasts, which enable the management to monitor the cash position and to ensure that there is sufficient liquidity and cash to minimise the risk of the group being unable to pay its debts as they fall due. The loan's maturity profile means that there are no significant debt repayment outflows that would adversely affect the day-to-day operation of the business and the group maintains sufficient cash reserves for the continued operation of the business and foreseen investments. |
Credit risk |
The group's principle credit risk arises from the ability of its customers to meet their contractual obligation to pay their debts as and when they fall due. The group's approach to managing this risk is to continually monitor debt collection, performing appropriate credit checks on new and existing customers using third party credit reference agencies to assess creditworthiness and set appropriate credit and payment terms. |
Currency risk |
The group trades predominantly with UK headquartered businesses in Sterling and has minimal currency risk. |
Competitive risk |
The market in which the group operates is competitive. The group is passionate about customer success and being trusted to deliver exceptional services. The focus on strong customer relationships and service offerings mitigate the competitive risk. |
Tax risk |
All transactions undertaken by the group have a business purpose and a commercial rationale. The group does not engage in any aggressive tax planning and does not implement structures purely for tax planning purposes. In relation to tax compliance, it is the policy of the group to fully comply with all applicable tax rules, regulations and disclosure requirements. The group uses appropriately qualified external advisors to look after the group's tax affairs. |
ON BEHALF OF THE BOARD: |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Report of the Director |
for the Year Ended 31 July 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31 July 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group during the year was the supply of materials for, and the manufacture of, vehicle registration plates, the leasing of equipment for manufacture thereof and the operation of a garage. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 July 2024 was £700,000. |
DIRECTOR |
DONATIONS |
In the year, donations were made totalling £3,951 (2023: £9,014) |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 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 director is 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 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 group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Sandhurst Autoprint Limited |
Opinion |
We have audited the financial statements of Sandhurst Autoprint Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 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 31 July 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 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 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 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 Group 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 Group 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 Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Sandhurst Autoprint Limited |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, 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 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Sandhurst Autoprint 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: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlines above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. |
Extent to which the audit was considered capable of detecting irregularities, including fraud. |
-The engagement partners ensured that the engagement team collectively had the appropriate competence, capabilities and skill to identify or recognise non-compliance with applicable laws and regulations; |
-we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
-we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instance of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by; |
-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and |
-understanding the design of the company's remuneration policies. |
To address the risk of fraud through management bias and override of controls, we; |
-performed analytical procedures to identify unusual or unexpected relationships; |
-tested journal entries to identify unusual transactions; |
-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
-investigated the rationale behind significant or unusual transactions. |
Audit response to risks identified |
In response to the risk of irregularities and non-compliance with laws and regulations; we designed procedures which included, but were not limited to; |
-agreeing financial statement disclosures to underlying supporting documentation; |
-enquiring of management as to actual and potential litigation and claims; and |
-reviewing correspondence with HMRC, relevant regulators and company's legal advisors. |
Report of the Independent Auditors to the Members of |
Sandhurst Autoprint Limited |
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 audit 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 of collusion. |
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. |
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 |
Statutory Auditors |
TOR |
Saint-Cloud Way |
Maidenhead |
Berkshire |
SL6 8BN |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Consolidated Income Statement |
for the Year Ended 31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
TURNOVER | 3 | 21,679,389 | 23,243,146 |
Cost of sales | (15,829,152 | ) | (16,969,823 | ) |
GROSS PROFIT | 5,850,237 | 6,273,323 |
Distribution costs | (1,903,072 | ) | (1,732,992 | ) |
Administrative expenses | (2,611,206 | ) | (3,112,949 | ) |
1,335,959 | 1,427,382 |
Other operating income | 53,913 | 21,817 |
OPERATING PROFIT | 5 | 1,389,872 | 1,449,199 |
Interest receivable and similar income | 48,039 | 8,073 |
1,437,911 | 1,457,272 |
Interest payable and similar expenses | 6 | (75,203 | ) | (58,926 | ) |
PROFIT BEFORE TAXATION | 1,362,708 | 1,398,346 |
Tax on profit | 7 | (337,889 | ) | (493,586 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,024,819 | 904,760 |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Consolidated Other Comprehensive Income |
for the Year Ended 31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,024,819 | 904,760 |
OTHER COMPREHENSIVE INCOME |
Revaluation reserve | - | 159,783 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
159,783 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,024,819 | 1,064,543 |
Total comprehensive income attributable to: |
Owners of the parent | 1,024,819 | 1,064,543 |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Consolidated Balance Sheet |
31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 883,118 | 972,860 |
Tangible assets | 11 | 5,219,157 | 5,111,013 |
Investments | 12 | - | - |
Investment property | 13 | 624,478 | 596,818 |
6,726,753 | 6,680,691 |
CURRENT ASSETS |
Stocks | 14 | 2,874,127 | 3,491,592 |
Debtors | 15 | 2,379,724 | 2,110,910 |
Cash at bank | 16 | 5,195,785 | 4,169,114 |
10,449,636 | 9,771,616 |
CREDITORS |
Amounts falling due within one year | 17 | (3,482,184 | ) | (2,971,543 | ) |
NET CURRENT ASSETS | 6,967,452 | 6,800,073 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 13,694,205 | 13,480,764 |
CREDITORS |
Amounts falling due after more than one year | 18 | (680,083 | ) | (791,402 | ) |
PROVISIONS FOR LIABILITIES | 22 | (848,690 | ) | (848,749 | ) |
NET ASSETS | 12,165,432 | 11,840,613 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 50,000 | 50,000 |
Investment revaluation reserve | 24 | 1,064,826 | 1,064,826 |
Retained earnings | 24 | 11,050,606 | 10,725,787 |
SHAREHOLDERS' FUNDS | 12,165,432 | 11,840,613 |
The financial statements were approved by the director and authorised for issue on 4 April 2025 and were signed by: |
Mr T M Sanders - Director |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Company Balance Sheet |
31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank | 16 |
CREDITORS |
Amounts falling due within one year | 17 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 18 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,619,493 | 876,811 |
The financial statements were approved by the director and authorised for issue on |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 July 2024 |
Called up | Investment |
share | Retained | revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 August 2022 | 50,000 | 9,821,027 | 905,043 | 10,776,070 |
Changes in equity |
Total comprehensive income | - | 904,760 | 159,783 | 1,064,543 |
Balance at 31 July 2023 | 50,000 | 10,725,787 | 1,064,826 | 11,840,613 |
Changes in equity |
Dividends | - | (700,000 | ) | - | (700,000 | ) |
Total comprehensive income | - | 1,024,819 | - | 1,024,819 |
Balance at 31 July 2024 | 50,000 | 11,050,606 | 1,064,826 | 12,165,432 |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Company Statement of Changes in Equity |
for the Year Ended 31 July 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2024 |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Consolidated Cash Flow Statement |
for the Year Ended 31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,052,900 | 1,529,438 |
Tax paid | (315,777 | ) | (312,923 | ) |
Net cash from operating activities | 2,737,123 | 1,216,515 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (72,708 | ) | (10,880 | ) |
Purchase of tangible fixed assets | (613,328 | ) | (1,199,236 | ) |
Purchase of investment property | (27,660 | ) | (86,360 | ) |
Sale of tangible fixed assets | 68,320 | 129,089 |
Interest received | 48,039 | 8,073 |
Net cash from investing activities | (597,337 | ) | (1,159,314 | ) |
Cash flows from financing activities |
Loan repayments in year | (287,912 | ) | 234,272 |
Amount introduced by directors | (50,000 | ) | - |
Interest Paid | (75,203 | ) | (43,409 | ) |
Equity dividends paid | (700,000 | ) | - |
Net cash from financing activities | (1,113,115 | ) | 190,863 |
Increase in cash and cash equivalents | 1,026,671 | 248,064 |
Cash and cash equivalents at beginning of year | 2 | 4,169,114 | 3,921,050 |
Cash and cash equivalents at end of year | 2 | 5,195,785 | 4,169,114 |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 July 2024 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
31.7.24 | 31.7.23 |
£ | £ |
Profit for the financial year | 1,024,819 | 904,760 |
Depreciation charges | 513,040 | 434,869 |
Profit on disposal of fixed assets | (43,493 | ) | (52,062 | ) |
Amortisation of Intangible assets | 137,466 | 133,143 |
Finance costs | 75,203 | 58,926 |
Finance income | (48,039 | ) | (8,073 | ) |
Taxation | 337,889 | 493,586 |
1,996,885 | 1,965,149 |
Decrease in stocks | 617,465 | 33,386 |
(Increase)/decrease in trade and other debtors | (274,089 | ) | 96,562 |
Increase/(decrease) in trade and other creditors | 712,639 | (565,659 | ) |
Cash generated from operations | 3,052,900 | 1,529,438 |
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 31 July 2024 |
31.7.24 | 1.8.23 |
£ | £ |
Cash and cash equivalents | 5,195,785 | 4,169,114 |
Year ended 31 July 2023 |
31.7.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 4,169,114 | 3,921,050 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.8.23 | Cash flow | At 31.7.24 |
£ | £ | £ |
Net cash |
Cash at bank | 4,169,114 | 1,026,671 | 5,195,785 |
4,169,114 | 1,026,671 | 5,195,785 |
Debt |
Debts falling due within 1 year | (545,202 | ) | 174,219 | (370,983 | ) |
Debts falling due after 1 year | (783,758 | ) | 113,693 | (670,065 | ) |
(1,328,960 | ) | 287,912 | (1,041,048 | ) |
Total | 2,840,154 | 1,314,583 | 4,154,737 |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Sandhurst Autoprint Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 2). |
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. lntercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. |
The company's subsidiary, Mogo (UK) Limited exempt from the requirements of the Companies Act 2006 relating to the audit of their accounts for the financial period ended 31 July 2024 by virtue of Section 479A of that Act. |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following have had the most significant effect on amounts recognised in the financial statements. |
Tangible fixed assets |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the asset and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. |
Goodwill |
The company establishes a reliable estimate of the useful life of goodwill and intangible assets arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected usual life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses. |
Taxation |
The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with previous tax submissions. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. |
Bad debt provisions |
Provisions are estimated by the company in respect of specific debts based upon the age of the debt and knowledge of known issues. |
Stock provisions |
Provisions are estimated by the company in respect of specific stock items based upon the age and condition of the items and knowledge of known issues. |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: the Group has transferred the significant risks and rewards of ownership to the buyer; the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the Group will receive the consideration due under the transaction: and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable that the Group will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably. |
Goodwill |
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful life of 10 years. |
Intangible assets |
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Development costs are being amortised on the reducing balance method at a rate of 20%. |
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis. |
Freehold property | - Straight line over 50 years |
Leasehold property | - Straight line over life of the lease |
Plant and machinery | - 25% reducing balance |
Motor vehicles | - Straight line over 3 years |
Fixtures and fittings | -10% reducing balance |
Leasing equipment | - 33% reducing balance |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss. |
Revaluation of tangible fixed assets |
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. |
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. |
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. |
Investment property |
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. |
Valuation of investments |
Investments in subsidiaries are measured at cost less accumulated impairment. |
Stocks |
Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
Financial instruments |
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
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. |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 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 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. |
Foreign currencies |
Functional and presentation currency |
The Company's functional and presentational currency is GBP. |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
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 plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. |
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds. |
Debtors |
Short-term, debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management. |
Creditors |
Short-term, creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance sheet. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
31.7.24 | 31.7.23 |
£ | £ |
United Kingdom | 21,679,389 | 23,243,146 |
21,679,389 | 23,243,146 |
4. | EMPLOYEES AND DIRECTORS |
31.7.24 | 31.7.23 |
£ | £ |
Wages and salaries | 2,442,085 | 2,399,340 |
Social security costs | 248,083 | 254,888 |
Other pension costs | 169,720 | 126,526 |
2,859,888 | 2,780,754 |
The average number of employees during the year was as follows: |
31.7.24 | 31.7.23 |
Administrative staff | 41 | 46 |
Production staff | 39 | 35 |
Distribution staff | 12 | 14 |
31.7.24 | 31.7.23 |
£ | £ |
Director's remuneration | 16,875 | 14,175 |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.7.24 | 31.7.23 |
£ | £ |
Other operating leases | 525,166 | 245,615 |
Depreciation - owned assets | 480,357 | 446,718 |
Profit on disposal of fixed assets | (43,493 | ) | (52,062 | ) |
Goodwill amortisation | 133,143 | 133,143 |
Development costs amortisation | 24,984 | 26,676 |
Computer software amortisation | 4,323 | - |
Auditors' remuneration | 23,857 | 26,343 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.7.24 | 31.7.23 |
£ | £ |
Bank loan interest | 75,203 | 43,409 |
Loan interest | - | 15,517 |
75,203 | 58,926 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.7.24 | 31.7.23 |
£ | £ |
Current tax: |
UK corporation tax | 337,948 | 154,945 |
Deferred tax | (59 | ) | 338,641 |
Tax on profit | 337,889 | 493,586 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.7.24 | 31.7.23 |
£ | £ |
Profit before tax | 1,362,708 | 1,398,346 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 21.005 %) |
340,677 |
293,723 |
Effects of: |
Expenses not deductible for tax purposes | 42,020 | 33,728 |
Tax rate differences | - | 54,115 |
Short term timing difference leading to an increase in taxation | (10,887 | ) | 16,481 |
Other timing difference leading to an increase in taxation | (33,921 | ) | 104,055 |
Losses utilised not recognised as Deferred asset | - | (8,516 | ) |
Total tax charge | 337,889 | 493,586 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 July 2024. |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
7. | TAXATION - continued |
31.7.23 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation reserve | 159,783 | - | 159,783 |
8. | 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. |
9. | DIVIDENDS |
31.7.24 | 31.7.23 |
£ | £ |
Ordinary shares of £1 each |
Interim | 700,000 | - |
10. | INTANGIBLE FIXED ASSETS |
Group |
Development | Computer |
Goodwill | costs | software | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2023 | 1,807,430 | 336,684 | - | 2,144,114 |
Additions | - | 40,608 | 32,100 | 72,708 |
At 31 July 2024 | 1,807,430 | 377,292 | 32,100 | 2,216,822 |
AMORTISATION |
At 1 August 2023 | 955,548 | 215,706 | - | 1,171,254 |
Amortisation for year | 133,143 | 24,984 | 4,323 | 162,450 |
At 31 July 2024 | 1,088,691 | 240,690 | 4,323 | 1,333,704 |
NET BOOK VALUE |
At 31 July 2024 | 718,739 | 136,602 | 27,777 | 883,118 |
At 31 July 2023 | 851,882 | 120,978 | - | 972,860 |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
10. | INTANGIBLE FIXED ASSETS - continued |
Company |
Development |
costs |
£ |
COST |
At 1 August 2023 |
Additions |
At 31 July 2024 |
AMORTISATION |
At 1 August 2023 |
Amortisation for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Long | Plant and |
property | leasehold | leasehold | machinery |
£ | £ | £ | £ |
COST |
At 1 August 2023 | 3,402,585 | 131,223 | 142,973 | 2,974,211 |
Additions | - | - | - | 117,313 |
Disposals | - | (40,373 | ) | - | (112,707 | ) |
At 31 July 2024 | 3,402,585 | 90,850 | 142,973 | 2,978,817 |
DEPRECIATION |
At 1 August 2023 | 220,314 | 71,800 | 142,973 | 1,932,191 |
Charge for year | 2,462 | 16,934 | - | 219,725 |
Eliminated on disposal | - | (40,373 | ) | - | (112,395 | ) |
At 31 July 2024 | 222,776 | 48,361 | 142,973 | 2,039,521 |
NET BOOK VALUE |
At 31 July 2024 | 3,179,809 | 42,489 | - | 939,296 |
At 31 July 2023 | 3,182,271 | 59,423 | - | 1,042,020 |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Other | Computer |
fittings | assets | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2023 | 774,169 | 1,238,119 | 34,388 | 8,697,668 |
Additions | 15,315 | 480,700 | - | 613,328 |
Disposals | (75,708 | ) | (236,484 | ) | (6,160 | ) | (471,432 | ) |
At 31 July 2024 | 713,776 | 1,482,335 | 28,228 | 8,839,564 |
DEPRECIATION |
At 1 August 2023 | 526,687 | 684,648 | 8,042 | 3,586,655 |
Charge for year | 53,035 | 181,428 | 6,773 | 480,357 |
Eliminated on disposal | (66,150 | ) | (221,545 | ) | (6,142 | ) | (446,605 | ) |
At 31 July 2024 | 513,572 | 644,531 | 8,673 | 3,620,407 |
NET BOOK VALUE |
At 31 July 2024 | 200,204 | 837,804 | 19,555 | 5,219,157 |
At 31 July 2023 | 247,482 | 553,471 | 26,346 | 5,111,013 |
Included within Other assets is motor vehicles and leasing equipment. |
Company |
Fixtures |
Short | Plant and | and | Other |
leasehold | machinery | fittings | assets | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2023 |
Additions |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 August 2023 | 596,818 |
Additions | 27,660 |
At 31 July 2024 | 624,478 |
NET BOOK VALUE |
At 31 July 2024 | 624,478 |
At 31 July 2023 | 596,818 |
Fair value at 31 July 2024 is represented by: |
£ |
Valuation in 2024 | 624,478 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.7.24 | 31.7.23 |
£ | £ |
Cost | 350,675 | 350,675 |
The 2024 valuations were made by the director, on an open market value for existing use basis. |
14. | STOCKS |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Stocks | 2,874,127 | 3,491,592 |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
15. | DEBTORS |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 1,971,946 | 1,767,968 |
Amounts owed by group undertakings | - | - |
Other debtors | 94,327 | 48,621 |
Directors' loan accounts | 50,000 | - | 50,000 | - |
Tax | 38,033 | 93,308 |
Prepayments and accrued income | 225,418 | 201,013 |
2,379,724 | 2,110,910 |
Amounts falling due after more than one year: |
Amounts owed by group undertakings | - | - |
Aggregate amounts | 2,379,724 | 2,110,910 |
16. | CASH AT BANK |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Cash and cash equivalents | 5,195,785 | 4,169,114 | 2,611,695 | 1,421,883 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 370,983 | 545,202 |
Trade creditors | 1,890,540 | 1,269,731 |
Amounts owed to group undertakings | - | - |
Tax | 81,887 | 114,991 |
Social security and other taxes | 70,256 | 76,466 |
VAT | 309,611 | 378,086 | 115,117 | 184,320 |
Other creditors | 311,225 | 127,462 |
Accrued expenses | 447,682 | 459,605 |
3,482,184 | 2,971,543 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Bank loans (see note 19) | 670,065 | 783,758 |
Accruals and deferred income | 10,018 | 7,644 |
680,083 | 791,402 |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 370,983 | 545,202 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 180,124 | 179,371 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 360,248 | 358,741 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 129,693 | 245,646 | - | - |
The bank loan is secured by charges over the freehold properties. |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
31.7.24 | 31.7.23 |
£ | £ |
Within one year | 74,667 | 149,333 |
Between one and five years | - | 74,667 |
74,667 | 224,000 |
Company |
Non-cancellable operating | leases |
31.7.24 | 31.7.23 |
£ | £ |
Within one year |
Between one and five years |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
31.7.24 | 31.7.23 |
£ | £ |
Bank loans | 1,041,048 | 1,328,960 |
The bank loans are secured by charges over the freehold properties. |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
22. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Deferred tax | 747,690 | 747,749 | 305,276 | 319,172 |
Other provisions | 101,000 | 101,000 | 101,000 | 101,000 |
Aggregate amounts | 848,690 | 848,749 | 406,276 | 420,172 |
Group |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 August 2023 | 747,749 | 101,000 |
Credit to Income Statement during year | (59 | ) | - |
Balance at 31 July 2024 | 747,690 | 101,000 |
Company |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 August 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 July 2024 |
Other provisions relates to a dilapidation provision, totalling £101,000 (2023: £101,000). |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.24 | 31.7.23 |
value: | £ | £ |
Ordinary | £1 | 50,000 | 50,000 |
Ordinary shares each carry a right to vote, a right to a dividend and a right to a capital distribution in the event of a winding up or return of capital. Ordinary shares are not redeemable. |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
24. | RESERVES |
Group |
Investment |
Retained | revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 August 2023 | 10,725,787 | 1,064,826 | 11,790,613 |
Profit for the year | 1,024,819 | 1,024,819 |
Dividends | (700,000 | ) | (700,000 | ) |
At 31 July 2024 | 11,050,606 | 1,064,826 | 12,115,432 |
Company |
Retained |
earnings |
£ |
At 1 August 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 July 2024 |
Revaluation reserve |
Revaluation reserve is the cumulative unrealised gains of revaluation of fixed assets, less provision for deferred taxation. |
Profit and loss account |
Includes all current and prior year retained profits and losses. |
25. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023: |
31.7.24 | 31.7.23 |
£ | £ |
Mr T M Sanders |
Balance outstanding at start of year | - | - |
Amounts advanced | 50,000 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 50,000 | - |
26. | RELATED PARTY DISCLOSURES |
The company was under the control of TM Sanders throughout the current and previous year. T M Sanders is the sole director and majority shareholder. During the year T M Sanders received dividends of £700,000 (2023: £NIL). At the year end £50,000 (2023: £NIL) was owed by T M Sanders and is included in debtors. |
Jondo UK Limited is a company in which the director, T M Sanders, owns 50% of the share capital. During the year the company was invoiced £135,639 (2023: £104,213) by Sandhurst Autoprint Limited and Sandhurst Autoprint Limited invoiced the company £12,736 (2023: £205). At the year end £24,999 (2023: £24,999) was owed to Jondo UK Limited and is included in other creditors and £30,942 (2023: £12,292) was owed by Jondo UK Limited and is included in trade debtors. |
Sandhurst Autoprint Limited (Registered number: 03443003) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 July 2024 |
During the year, a total of key management personnel compensation of £ 91,323 (2023 - £ 66,648 ) was paid. |
Key management personnel is considered to be the directors by title within the group. |
27. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr T M Sanders. |
28. | 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 the fund and amounted to £169,720 (2023: £126,526). At year end there were £19,030 (2023: £15,491) of unpaid pensions. |
29. | SUBSIDIARIES |
Name |
Principal Activity |
Class of shares |
Nominal value of shares |
Holding |
Retained earnings as at 31/07/2024 |
Freight Products (UK) Limited |
Manufacturing and distribution |
Ordinary |
£5,000 |
100% |
£2,153,145 |
Europlate Limited | Dormant | Ordinary | £100 | 100% | £0 |
SAP Group Properties Limited |
Renting office space |
Ordinary |
£100 |
100% |
£581,829 |
Mogo (UK) Limited | Holding company | Ordinary | £1,002 | 100% | £1,002 |
Newauto Limited |
Manufacturing and distribution |
Ordinary |
£1,002 |
100% |
£934,926 |
West Heath Garage Limited |
Dormant |
Ordinary |
£1 |
100% |
£0 |
West Heath Garage (Farnborough) Limited |
Sale of new and used cars |
Ordinary |
£204,500 |
100% |
£(353,612) |
The registered office of Freight Products (UK) Limited is Unit 2, 106 Hawley Lane, Farnborough, Hampshire, GU14 8JE. |
The registered office of all other subsidiaries is Unit 9, Springlakes Estate, Deadbrook Lane, Aldershot, Hampshire, GU12 4UH. |