Company registration number 02911522 (England and Wales)
WARRANT INVESTMENTS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
WARRANT INVESTMENTS PLC
COMPANY INFORMATION
Directors
A I Fine
J L Stevens
Secretary
J L Stevens
Company number
02911522
Registered office
One Wellstones
Watford
Hertfordshire
WD17 2AE
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
Business address
One Wellstones
Watford
Hertfordshire
England
WD17 2AE
WARRANT INVESTMENTS PLC
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 30
WARRANT INVESTMENTS PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
The principal activity of the Group is property investment. The Group operates in both the commercial and residential sectors and its activities include the re-development of properties to be held as long-term investments and to sell in the market.
Business review
The Business focus has been to continue the asset management of the existing property portfolio post-Covid, to seek planning consents for the conversion of the upper parts of previously let buildings to residential use and to establish closer long-term relationships with all its tenants.
Only one property was sold during the year being a vacant public house in Dorking.
Planning permission was obtained for a further two flats at Talbot House Market Street Shrewsbury to increase the number of flats to fifteen, where works on the £2m conversion are due to commence in December 2024 with a planned completion of March 2026. Terms have already been agreed regarding the letting of the re-designed ground floor to an independent leisure operator.
After a third Planning Application for a redevelopment of Croydon was refused, planning permission has since been obtained under the prior notification rule to convert the existing second floor into two self-contained flats. Works are due to commence on-site in March 2025 with a planned completion date of July 2025. The ground and first floor, having been separated from the second floor, is under offer and the letting to an independent restaurant operator was completed after the year end.
The lease renewal at Petts Wood remains outstanding, although the existing tenants Sainsbury Supermarkets Limited have confirmed their wish to renew the lease. After the year end, the vacant unit in Southampton was re-let.
Tenants continue to meet payment of their rental commitments, and many have restored their rental deposits. Only one commercial unit is vacant, and proposals are advanced to convert this riverside property into four residential units especially as the residential estate continues to experience an increase in rental income with very few vacancies.
The Group completed its Portfolio refinancing in July 2024 with funds secured for a further five-year term. The majority of the Portfolio was professionally revalued by Allsop & Co which led to a reduction in the asset valuation of the Portfolio due to the impact of higher interest rates.
Principal risks and uncertainties
All funding, treasury and investments of cash and cash investments are carried out with major UK banks except for the loans from related parties which are as disclosed in the financial statements.
Increased interest rates present uncertainties to the business. The Group's existing property portfolio is substantially let. The current ratio of loan to value is 41%. The company is well placed to cope with any further increase in interest rates.
WARRANT INVESTMENTS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Financial key performance indicators
The consolidated profit and loss account shows a group loss after taxation of £1,035,038 (2023:£1,025,045) which has been transferred to reserves.
Turnover includes rental income of £1,701,384 (2023: £1,550,095) which increased by 14.8% during the year.
Administrative expenses were higher by 0.04% in 2024 at £1,248,091 (2023: £1,199,107).
The amount of Loan interest payable of has increased on the previous year £811,097 (2023: £693,109).
The outstanding bank loans have increased by 0.01% to £11,096,779 (2023: £11,040,897).
On 31 October 2024, the net assets of the Group were £17,521,011 (2023: £18,556,049). At the year-end, the valuation of investment properties was £25,595,000 (2023: £27,140,000) which is a decrease of £1,545,000 from the previous year.
Directors' statement of compliance with duty to promote the success of the Group
The Directors of the Group, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 and include a duty to promote the success of the Group, which is summarized below.
As part of their induction, the Directors are briefed on their duties and they can access professional advice on these either through the Group, or if they judge it necessary, from an independent provider.
The Directors fulfil their duties partly through a governance framework that delegates day to day decision making to. employees of the Group. The Board recognizes that such delegation needs to extend beyond more than simple financial authorities, and therefore set out below we have summarized how the Directors fulfil their ongoing operational duties:
Our People
The company is committed to being a responsible business. Our behavior is aligned with the expectations of our people, clients, investors, communities and society as a whole. For our business to succeed we need to manage our people's performance and develop and bring through talent while ensuring we operate as efficiently as possible. We must ensure common values that inform and guide our behavior, so we achieve our goals in the right way.
Business Relationships
Our strategy prioritizes organic growth, to achieve this we need to develop and maintain strong Landlord/Tenant relationships. We value all our suppliers and have contracts in place with our key suppliers.
Community and Environment
The Group's approach is to use our position of strength to create positive change for the people and communities with which we interact. We want to leverage our expertise and enable colleagues to support the communities around us.
Section 172 of the Companies Act
The Directors must act in accordance with a set of general duties outlined in Section 172 of the Companies Act 2006. The Directors must demonstrate that they act in good faith and promote the success of the Group for the benefit of its stakeholders. Examples of how the Directors respond to these requirements are:
WARRANT INVESTMENTS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
Section 172: The likely consequences of any decision in the long term
The Groups' strategic plan is closely monitored by the directors. There are regular meetings with the Board reviewing performance and a range of other reporting. Consideration of risks and opportunities are also reviewed throughout the year, together with scenario planning and stress testing of plans where appropriate to support consideration of different outcomes in strategic planning. The Groups' strategic programmes focus on optimising delivery of strategic objectives in the short, medium and longer term.
Section 172: The interests of the Group’s employees
The Directors recognise that all employees are fundamental and core to our business and delivery of our strategic ambitions. The success of our business depends on attracting, retaining and motivating employees. From ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment, the Directors factor the implications of decisions on employees and the wider workforce, where relevant and feasible.
Section 172: The need to foster the Group’s business relationships with suppliers, customers and others
The Group maintains regular contact with frequent suppliers and tenants. The Group seeks the promotion and application of certain general principles in such relationships.
Section 172: The impact of the Group’s operations on the community and the environment
The Group recognises its responsibility to consider its impact on the environment through its direct operations and indirectly through its supply chain.
Section 172: The desirability of the Group maintaining a reputation for high standards of business conduct, and the need to act fairly between members of the Group
The Group has a clear Code of Conduct and framework of Policies and Procedures to support the highest standards of business conduct, integrity and adherence to regulatory requirements, fostering fairness amongst members of the Group.
Section 172: the need to act fairly as between the members of the Group
In approving the Group's annual financial statements, the Directors carefully review the financial statements and duly consider a number of factors, including (but not limited to) any recommendations or observations from the board and/or the Group's auditors. To the extent that any operational or control recommendations are raised to the Directors, they are duly considered and discussed with the board and a course of action agreed, thereby facilitating a long-term approach by ensuring future good practice and having regard for the interests of the Group's shareholders in respect of the Group's financial efficacy.
J L Stevens
Director
28 April 2025
WARRANT INVESTMENTS PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A I Fine
J L Stevens
Going concern
The group meets its day to day working capital requirements through bank facilities. The group's forecast and projections, taking account of reasonable possible changes in performance, show that the group will be able to operate within the level of its current facilities.
Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Auditor
Goodman Jones LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Energy and carbon report
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
WARRANT INVESTMENTS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Engagement with suppliers, customers and others
Being in the secondary property industry the Group is used to dealing with many types of businesses including tenants from large multinational businesses to small sole traders. Keeping good sound relationships with both is key. The group also uses many small operators and suppliers, usually paying invoices within 30 days or less in most instances to again foster good working relationships. We have in place a set purchase system to streamline and speed up payment supporting our small suppliers.
On behalf of the board
J L Stevens
Director
28 April 2025
WARRANT INVESTMENTS PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WARRANT INVESTMENTS PLC
- 6 -
Opinion
We have audited the financial statements of Warrant Investments PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 October 2024 and of the group's loss 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.
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 group and parent 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
WARRANT INVESTMENTS PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WARRANT INVESTMENTS PLC
- 7 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.
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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:
Discussions with management, including consideration of known or suspected instances of non compliance with laws and regulation and fraud;
Reading minutes of meetings of those charged with governance;
Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
Identifying and testing journal entries;
Challenging assumptions and judgements made by management in their significant accounting estimates.
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.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
WARRANT INVESTMENTS PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WARRANT INVESTMENTS PLC
- 8 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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.
Matthew Cook (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP, Statutory Auditor
Chartered Accountants
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
28 April 2025
WARRANT INVESTMENTS PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
1,701,384
1,550,095
Administrative expenses
(1,248,091)
(1,199,107)
Other operating income
390,727
284,729
Movement in fair value of investment properties
(1,239,494)
(1,403,506)
Profit on disposal of investment properties
(2,630)
118,287
Operating loss
4
(398,104)
(649,502)
Interest receivable and similar income
8
42,777
48,506
Interest payable and similar expenses
9
(811,097)
(693,109)
Loss before taxation
(1,166,424)
(1,294,105)
Tax on loss
10
131,386
269,060
Loss for the financial year
(1,035,038)
(1,025,045)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
WARRANT INVESTMENTS PLC
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,079
5,190
Investment property
12
25,595,000
27,140,000
25,600,079
27,145,190
Current assets
Debtors
16
3,290,266
2,917,245
Cash at bank and in hand
1,409,859
1,250,428
4,700,125
4,167,673
Creditors: amounts falling due within one year
17
(906,512)
(11,784,285)
Net current assets/(liabilities)
3,793,613
(7,616,612)
Total assets less current liabilities
29,393,692
19,528,578
Creditors: amounts falling due after more than one year
18
(11,413,514)
(372,660)
Provisions for liabilities
Deferred tax liability
20
459,167
599,869
(459,167)
(599,869)
Net assets
17,521,011
18,556,049
Capital and reserves
Called up share capital
22
12,620
12,620
Revaluation reserve
4,224,134
5,398,116
Profit and loss reserves
13,284,257
13,145,313
Total equity
17,521,011
18,556,049
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
28 April 2025
J L Stevens
Director
Company registration number 02911522 (England and Wales)
WARRANT INVESTMENTS PLC
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,079
5,190
Investment property
12
22,845,000
24,440,000
Investments
13
2
2
22,850,081
24,445,192
Current assets
Debtors
16
4,312,942
4,087,515
Cash at bank and in hand
1,353,742
1,129,476
5,666,684
5,216,991
Creditors: amounts falling due within one year
17
(798,557)
(11,679,127)
Net current assets/(liabilities)
4,868,127
(6,462,136)
Total assets less current liabilities
27,718,208
17,983,056
Creditors: amounts falling due after more than one year
18
(11,413,514)
(372,660)
Provisions for liabilities
Deferred tax liability
20
459,167
599,869
(459,167)
(599,869)
Net assets
15,845,527
17,010,527
Capital and reserves
Called up share capital
22
12,620
12,620
Revaluation reserve
4,224,134
5,398,116
Profit and loss reserves
11,608,773
11,599,791
Total equity
15,845,527
17,010,527
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,164,999 (2023 - £612,253 loss).
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
28 April 2025
J L Stevens
Director
Company registration number 02911522 (England and Wales)
WARRANT INVESTMENTS PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2022
12,620
6,173,964
13,394,510
19,581,094
Year ended 31 October 2023:
Loss and total comprehensive income
-
-
(1,025,045)
(1,025,045)
Transfers
-
(775,848)
775,848
-
Balance at 31 October 2023
12,620
5,398,116
13,145,313
18,556,049
Year ended 31 October 2024:
Loss and total comprehensive income
-
-
(1,035,038)
(1,035,038)
Transfers
-
(1,173,982)
1,173,982
-
Balance at 31 October 2024
12,620
4,224,134
13,284,257
17,521,011
WARRANT INVESTMENTS PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2022
12,620
6,173,964
11,436,196
17,622,780
Year ended 31 October 2023:
Loss and total comprehensive income for the year
-
-
(612,253)
(612,253)
Transfers
-
(775,848)
775,848
-
Balance at 31 October 2023
12,620
5,398,116
11,599,791
17,010,527
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
(1,165,000)
(1,165,000)
Transfers
-
(1,173,982)
1,173,982
-
Balance at 31 October 2024
12,620
4,224,134
11,608,773
15,845,527
WARRANT INVESTMENTS PLC
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
567,946
612,250
Interest paid
(811,097)
(693,109)
Income taxes paid
(14,954)
Net cash outflow from operating activities
(243,151)
(95,813)
Investing activities
Purchase of tangible fixed assets
(1,583)
-
Purchase of investment property
(106,994)
(501,006)
Proceeds from disposal of investment property
412,500
700,000
Repayment of loans
-
(377)
Interest received
42,777
48,506
Net cash generated from investing activities
346,700
247,123
Financing activities
Proceeds from new bank loans
11,096,779
-
Repayment of bank loans
(11,040,897)
(740,142)
Net cash generated from/(used in) financing activities
55,882
(740,142)
Net increase/(decrease) in cash and cash equivalents
159,431
(588,832)
Cash and cash equivalents at beginning of year
1,250,428
1,839,260
Cash and cash equivalents at end of year
1,409,859
1,250,428
WARRANT INVESTMENTS PLC
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
562,676
513,133
Interest paid
(742,162)
(624,695)
Net cash outflow from operating activities
(179,486)
(111,562)
Investing activities
Purchase of tangible fixed assets
(1,583)
Purchase of investment property
(105,824)
(501,006)
Proceeds from disposal of investment property
412,500
700,000
Repayment of loans
(377)
Interest received
42,777
48,506
Net cash generated from investing activities
347,870
247,123
Financing activities
Proceeds from new bank loans
11,096,779
-
Repayment of bank loans
(11,040,897)
(740,142)
Net cash generated from/(used in) financing activities
55,882
(740,142)
Net increase/(decrease) in cash and cash equivalents
224,266
(604,581)
Cash and cash equivalents at beginning of year
1,129,476
1,734,057
Cash and cash equivalents at end of year
1,353,742
1,129,476
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
1
Accounting policies
Company information
Warrant Investments PLC (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is One Wellstones, Watford, Hertfordshire, WD17 2AE.
The group consists of Warrant Investments PLC and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Warrant Investments PLC together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern
The group meets its day to day working capital requirements through bank facilities. The group's forecast and projections, taking account of reasonable possible changes in performance, show that the group will be able to operate within the level of its current facilities.
Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured at 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 turnover is recognised:
Turnover represents the sale of properties and rents receivable. Amounts are stated net of value added tax. Turnover in respect of rental and other income is recognised over the period to which it relates and amounts received in advanced are carried forward as deferred income.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The company's investment properties were valued at the balance sheet by the directors, who include qualified Chartered Surveyors, based on open market value using their knowledge and experience.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rental income
1,701,384
1,550,095
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
1,701,384
1,550,095
2024
2023
£
£
Other revenue
Interest income
42,777
48,506
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging:
Depreciation of owned tangible fixed assets
1,694
1,730
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
16,000
11,450
Audit of the financial statements of the company's subsidiaries
6,500
7,250
22,500
18,700
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
2
2
2
2
Development
3
3
3
3
Total
5
5
5
5
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
390,000
390,000
390,000
390,000
Social security costs
47,615
47,124
47,615
47,124
Pension costs
750
3,750
750
3,750
438,365
440,874
438,365
440,874
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
300,000
300,000
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
150,000
150,000
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
11,456
17,044
Other interest income
31,321
31,462
Total income
42,777
48,506
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
11,456
17,044
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
811,097
693,109
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
9,316
Adjustments in respect of prior periods
4,422
Total current tax
9,316
4,422
Deferred tax
Origination and reversal of timing differences
(140,702)
(273,482)
Total tax credit
(131,386)
(269,060)
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
10
Taxation
(Continued)
- 23 -
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(1,166,424)
(1,294,105)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(291,606)
(323,526)
Tax effect of expenses that are not deductible in determining taxable profit
(20,137)
2,152
Effect of revaluations of investments
321,059
321,374
Under/(over) provided in prior years
4,422
Deferred tax adjustments
(140,702)
(273,482)
Taxation credit
(131,386)
(269,060)
11
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 November 2023
66,846
Additions
1,583
At 31 October 2024
68,429
Depreciation and impairment
At 1 November 2023
61,656
Depreciation charged in the year
1,694
At 31 October 2024
63,350
Carrying amount
At 31 October 2024
5,079
At 31 October 2023
5,190
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11
Tangible fixed assets
(Continued)
- 24 -
Company
Fixtures and fittings
£
Cost
At 1 November 2023
53,849
Additions
1,583
At 31 October 2024
55,432
Depreciation and impairment
At 1 November 2023
48,659
Depreciation charged in the year
1,694
At 31 October 2024
50,353
Carrying amount
At 31 October 2024
5,079
At 31 October 2023
5,190
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 November 2023
27,140,000
24,440,000
Additions through external acquisition
106,994
105,824
Disposals
(412,500)
(412,500)
Net gains or losses through fair value adjustments
(1,239,494)
(1,288,324)
At 31 October 2024
25,595,000
22,845,000
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. The historical cost of the properties totalled £18,163,141 (2023 - £21,724,357).
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
2
2
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
2
Carrying amount
At 31 October 2024
2
At 31 October 2023
2
14
Subsidiaries
Details of the company's subsidiaries at 31 October 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Warrant Securities Limited
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
One Wellstones, Watford, Hertfordshire, WD17 2AE
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,865,421
2,850,130
3,891,207
4,023,359
Carrying amount of financial liabilities
Measured at fair value through profit or loss
Measured at amortised cost
12,217,483
12,088,399
12,125,419
11,992,935
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
57,802
47,063
57,802
33,442
Amounts owed by group undertakings
-
-
1,025,786
1,186,850
Other debtors
1,357,619
1,353,067
1,357,619
1,353,067
Prepayments and accrued income
424,845
67,115
421,735
64,156
1,840,266
1,467,245
2,862,942
2,637,515
Amounts falling due after more than one year:
Other debtors
1,450,000
1,450,000
1,450,000
1,450,000
Total debtors
3,290,266
2,917,245
4,312,942
4,087,515
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
111,525
11,040,897
111,525
11,040,897
Trade creditors
33,187
17,892
31,293
16,030
Corporation tax payable
9,316
Other taxation and social security
93,227
68,546
86,652
58,852
Other creditors
57,587
132,080
23,207
89,951
Accruals and deferred income
601,670
524,870
545,880
473,397
906,512
11,784,285
798,557
11,679,127
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
10,985,254
10,985,254
Other creditors
428,260
372,660
428,260
372,660
11,413,514
372,660
11,413,514
372,660
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
11,096,779
11,040,897
11,096,779
11,040,897
Payable within one year
111,525
11,040,897
111,525
11,040,897
Payable after one year
10,985,254
10,985,254
The bank loans are secured by fixed charges over investment properties.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Revaluation of investment property
459,167
599,869
Liabilities
Liabilities
2024
2023
Company
£
£
Revaluation of investment property
459,167
599,869
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
599,869
599,869
Credit to profit or loss
(140,702)
(140,702)
Liability at 31 October 2024
459,167
459,167
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
750
3,750
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
21
Retirement benefit schemes
(Continued)
- 28 -
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued
Ordinary shares of 1p each fully paid
14,848
14,848
148
148
Ordinary shares of 1p each partly paid
4,988,928
4,988,928
12,472
12,472
5,003,776
5,003,776
12,620
12,620
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
75,000
75,000
75,000
75,000
Between two and five years
268,750
300,000
268,750
300,000
In over five years
-
43,750
-
43,750
343,750
418,750
343,750
418,750
24
Related party transactions
In the period, the Group has received rental income totalling £37,500 (2023- £63,320 ), recharge income totalling £30,186 (2023:£nil) from a company with a common director.
In the period, the Group paid management charges and recharges totalling £166,957 (2023- £342,488 ) to a company with a common director.
At the balance sheet date, the company was owed by companies with common directors £2,801,640 (2023- £2,795,216 ). Interest totalling £26,898 (2023- £25,891 ) accrued on this balance.
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 29 -
25
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(1,035,038)
(1,025,045)
Adjustments for:
Taxation credited
(131,386)
(269,060)
Finance costs
811,097
693,109
Investment income
(42,777)
(48,506)
Fair value loss/(gain) on investment properties
1,239,494
1,403,506
Depreciation and impairment of tangible fixed assets
1,694
1,730
Movements in working capital:
Increase in debtors
(373,021)
(98,958)
Increase/(decrease) in creditors
97,883
(44,526)
Cash generated from operations
567,946
612,250
26
Cash generated from operations - company
2024
2023
£
£
Loss for the year after tax
(1,165,000)
(612,253)
Adjustments for:
Taxation credited
(140,702)
(273,482)
Finance costs
742,162
624,695
Investment income
(42,777)
(48,506)
Fair value loss/(gain) on investment properties
1,288,324
948,506
Depreciation and impairment of tangible fixed assets
1,694
1,730
Movements in working capital:
Increase in debtors
(225,427)
(89,628)
Increase/(decrease) in creditors
104,402
(37,929)
Cash generated from operations
562,676
513,133
27
Analysis of changes in net debt - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
1,250,428
159,431
1,409,859
Borrowings excluding overdrafts
(11,040,897)
(55,882)
(11,096,779)
(9,790,469)
103,549
(9,686,920)
WARRANT INVESTMENTS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 30 -
28
Analysis of changes in net debt - company
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
1,129,476
224,266
1,353,742
Borrowings excluding overdrafts
(11,040,897)
(55,882)
(11,096,779)
(9,911,421)
168,384
(9,743,037)
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