REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
Sectorsure No. 10 Limited |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
Sectorsure No. 10 Limited |
Sectorsure No. 10 Limited (Registered number: 07924407) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 6 |
Statement of Financial Position | 7 |
Statement of Changes in Equity | 8 |
Statement of Cash Flows | 9 |
Notes to the Financial Statements | 10 |
Sectorsure No. 10 Limited |
COMPANY INFORMATION |
for the Year Ended 31 July 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors and Chartered Accountants |
Units SCF 1 & 2 |
Western International Market |
Hayes Road |
Southall |
Middlesex |
UB2 5XJ |
SOLICITORS: |
6 Bishopsmead Parade |
East Horsley |
Surrey |
KT24 6SR |
Sectorsure No. 10 Limited (Registered number: 07924407) |
STRATEGIC REPORT |
for the Year Ended 31 July 2024 |
The directors present their strategic report for the year ended 31 July 2024. |
REVIEW OF BUSINESS |
The company operated 8 BP branded petrol stations with 8 associated Londis convenience stores within the period. Our fixed-term supply contract with BP was extended for a further 5 years from 9th April 2023 and the Company entered into a new 3-year shop supply contract with Londis with all 8 sites re-branded between September 2023 and January 2024. Of the 8 sites operated by the company, 6 are held freehold and 2 are leased from the Parent Company under a 15-year term sale and lease back agreement which commenced in May 2023. This financial period now includes the trading results of the freehold BP site at Rivenhall South, A12 London Road, Witham, CM8 3HB which was acquired from BP in September 2023. |
RESULTS AND PERFORMANCE |
We are pleased to report a 22.1% increase in turnover to £45,057,839 (12 months to 2023- £36,896,135) with an 11.8% increase in gross profit to £5,801,476 (12 months to 2023 - £5,187,954). In the year, the Company continued to invest in its employees by improving on its market leading remuneration packages and incurred additional non-recurring repairs and maintenance expenses, notably at the newly acquired Rivenhall South. The full impact of rent payments for the two leasehold sites (Museum and Hampstead now owned by the Parent Company) are also reflected in this financial period for the first time. Despite further increases to the cost of energy and loan interest charges the Company was able to mitigate the impact of increased expenses in the period and deliver pre-tax profits for the 12-month period of £2,091,173 (12 months to 2023 - £2,465,794). The Company's operating performance produced a post-tax comprehensive income for the 12-month period of £3,717,257 and net worth grew year on year by 13.4%. |
BUSINESS ENVIRONMENT |
Performance across the network reflected our continued reinvestment across all sites and reassuringly we saw an increase in total litres sold over the prior period at 7 of the 8 sites and shop sales held up despite concerns over cost of living pressures. The prior period benefitted from increased margins on fuel and whilst BP contracts allow the Company to set its own fuel prices, pricing must inevitably reflect local competition. Margins continue to face stiff competition from nearby supermarkets and discount retailers and our strategy is to continue to focus on retailing high-quality branded fuels. BP promotes strict guidelines for operating standards, with Health and Safety procedures uppermost. |
ENVIRONMENTAL IMPACT |
Reducing our environmental impact has been an important task for the Company throughout the period. The Company replaced old air conditioning equipment with energy efficient modern systems at 4 sites and replaced 3 shopfronts with double glazing in the period and expects to install solar panels to at least one site before the end of 2025. Donations and fundraising activity continued throughout the group, with staff organising a number of successful fundraising activities which have benefited both local and international charitable causes alike. |
STRATEGY |
The Company continues to invest and develop its portfolio and seeks to acquire reasonably-priced petrol stations with a solid retail performance and sound, medium-term redevelopment prospects. This strategy is set against the Government's policy of moving towards net-zero with the end of sales of new petrol and diesel cars from 2030, and hybrid vehicles now extended until 2035. By 2035, the Government's plans to accelerate a greener transport future will see all new cars and vans fully zero emissions at the tailpipe. In response, we intend to roll out on site charge points on selected sites to meet the anticipated demand. |
ON BEHALF OF THE BOARD: |
Sectorsure No. 10 Limited (Registered number: 07924407) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 July 2024 |
The directors present their report with the financial statements of the company for the year ended 31 July 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 July 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
During the year donations were made of £2,500 to charities. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Cooper Dawn Jerrom Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SECTORSURE NO. 10 LIMITED |
Opinion |
We have audited the financial statements of Sectorsure No. 10 Limited (the 'company') for the year ended 31 July 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' 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 |
SECTORSURE NO. 10 LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We plan our audit procedures thoroughly prior to conducting fieldwork which includes data analytic techniques, sampling income and expenditure transactions, reviewing classes of transactions in the balance sheet in accordance with audit methodology as well as making enquiries with senior management and directors. Additional audit procedures are undertaken if we come across information that is inconsistent or we are unable to corroborate to information that we have been provided. |
There will be inherent limitations within an audit assignment and there could be a risk that we will not be able to identify irregularities which could lead to a material mis-statement on the financial statements or non-compliance with laws or regulations. There is an increased risk, in that the more compliance with a law or regulations are removed from events and transactions reflected within the financial statements, will result in ourselves being less likely to become aware of instances of non-compliance. There is a much greater risk of irregularities occurring due to fraud rather than error as fraud involves an act of deliberate concealment, forgery, collusion, omissions or misrepresentations. |
We have reviewed the entity's internal controls that directors and senior management oversee on a day-to-day basis, the strong internal controls implemented would be effective in allowing the detection of irregularities on a timely basis. |
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 and Chartered Accountants |
Units SCF 1 & 2 |
Western International Market |
Hayes Road |
Southall |
Middlesex |
UB2 5XJ |
Sectorsure No. 10 Limited (Registered number: 07924407) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the Year Ended 31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
2,131,361 | 2,491,494 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
2,501,541 | 2,747,757 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Revaluation of fixed assets |
Income tax relating to other comprehensive income |
( |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Sectorsure No. 10 Limited (Registered number: 07924407) |
STATEMENT OF FINANCIAL POSITION |
31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Fair value reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Sectorsure No. 10 Limited (Registered number: 07924407) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 July 2024 |
Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Transfer of Realised Profits | - | 10,100,248 | (10,100,248 | ) | - |
Balance at 31 July 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2024 |
Sectorsure No. 10 Limited (Registered number: 07924407) |
STATEMENT OF CASH FLOWS |
for the Year Ended 31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 23 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
New bank loans in year |
Bank loan repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year | 24 | 329,964 |
Cash and cash equivalents at end of year | 24 | 719,056 | 717,692 |
Sectorsure No. 10 Limited (Registered number: 07924407) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Sectorsure No. 10 Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Sectorsure No. 10 Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Trevellyan Developments Limited, . |
Turnover |
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Plant and machinery includes petrol forecourt plant & machinery (pumps, etc) which have been treated as long life plant & machinery assets which are being depreciated over 20 years (equivalent to 5% straight line). |
Investments in subsidiaries |
Investment in subsidiaries are held at fair value with changes recognised in other comprehensive income. |
Stocks |
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in, first out basis. Net realisable value represents the estimated selling price. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
31.7.24 | 31.7.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Sectorsure No. 10 Limited (Registered number: 07924407) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31.7.24 | 31.7.23 |
Directors | 2 | 2 |
Management | 2 | 2 |
Clerical | 7 | 7 |
Retail | 73 | 65 |
31.7.24 | 31.7.23 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.7.24 | 31.7.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.7.24 | 31.7.23 |
£ | £ |
Bank loan interest |
Interest payable |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
31.7.24 | 31.7.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
UK corporation tax has been charged at 25% (2023 - 19%). |
Sectorsure No. 10 Limited (Registered number: 07924407) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.7.24 | 31.7.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
Deferred tax on Fair Value Reserve | 365,076 | (2,291,744 | ) |
Capital allowances in excess of group relief | (125,000 | ) | (330,015 | ) |
Expenses not deductible for tax purposes | (97,182 | ) | (52,547 | ) |
Total tax charge/(credit) | 750,523 | (2,237,957 | ) |
Tax effects relating to effects of other comprehensive income |
31.7.24 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of fixed assets | (792,202 | ) | 2,376,607 |
8. | DIVIDENDS |
31.7.24 | 31.7.23 |
£ | £ |
Final |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 August 2023 |
Additions |
Revaluations |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 12,205,257 (2023 - £ 11,481,382 ) which is not depreciated. |
Sectorsure No. 10 Limited (Registered number: 07924407) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 July 2024 is represented by: |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2019 | 20,818,902 | - | - | - | 20,818,902 |
Valuation in 2020 | 4,866,385 | - | - | - | 4,866,385 |
Valuation in 2021 | 5,928,557 | - | - | - | 5,928,557 |
Valuation in 2023 | (19,458,042 | ) | - | - | - | (19,458,042 | ) |
Valuation in 2024 | 3,168,809 | - | - | - | 3,168,809 |
Cost | 833,049 | 1,275,764 | 811,309 | 131,775 | 3,051,897 |
16,157,660 | 1,275,764 | 811,309 | 131,775 | 18,376,508 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
31.7.24 | 31.7.23 |
£ | £ |
Cost | 5,914,331 | 5,081,282 |
Aggregate depreciation | 115,513 | 52,139 |
Value of land in freehold land and buildings | 5,798,818 | 5,029,143 |
The original six operating sites were professionally valued by Avison Young (UK) Ltd in January 2022 and the directors consider values at January 2022 with further enhancements to be indicative of values at 31st July 2024.The site purchased during the year was revalued by the directors on the same basis as the professional valuers. |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
11. | STOCKS |
31.7.24 | 31.7.23 |
£ | £ |
Stocks |
Sectorsure No. 10 Limited (Registered number: 07924407) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Bank loans (see note 15) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
31.7.24 | 31.7.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.7.24 | 31.7.23 |
£ | £ |
Bank loans |
The bank loans that were due to be repaid in December 2022 were refinanced with Barclays Bank over a further five year period. The term of the loan is 5 years, with a lump sum repayment in December 2027. The repayments have been calculated on the basis of a 15 year repayment profile. |
Sectorsure Limited has provided an unlimited guarantee to Barclays Bank for the above loans. The loans are secured against the land & buildings of the company. |
Sectorsure No. 10 Limited (Registered number: 07924407) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
17. | PROVISIONS FOR LIABILITIES |
31.7.24 | 31.7.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | 2,431,966 | 1,380,916 |
2,643,335 | 1,486,057 |
Deferred |
tax |
£ |
Balance at 1 August 2023 |
Revalued Investment Property | 792,202 |
Change in tax rate | 365,076 |
Balance at 31 July 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.24 | 31.7.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
19. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 August 2023 | 27,836,949 |
Profit for the year |
Revaluation | - | 2,376,607 | 2,376,607 |
At 31 July 2024 | 31,554,206 |
20. | ULTIMATE PARENT COMPANY |
Trevellyan Developments Limited is regarded by the directors as being the company's ultimate parent company. |
21. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
22. | ULTIMATE CONTROLLING PARTY |
The controlling party is Sectorsure Limited. |
The ultimate controlling party is |
Sectorsure No. 10 Limited (Registered number: 07924407) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
23. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.7.24 | 31.7.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 410,368 | 281,963 |
Finance income | (9,899 | ) | (5,402 | ) |
2,707,566 | 2,908,225 |
Decrease/(increase) in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
24. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 July 2024 |
31.7.24 | 1.8.23 |
£ | £ |
Cash and cash equivalents | 719,056 | 717,692 |
Year ended 31 July 2023 |
31.7.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 717,692 | 329,964 |
25. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.8.23 | Cash flow | At 31.7.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 717,692 | 1,364 | 719,056 |
717,692 | 719,056 |
Debt |
Debts falling due within 1 year | (246,895 | ) | 24,373 | (222,522 | ) |
Debts falling due after 1 year | (4,683,026 | ) | (599,848 | ) | (5,282,874 | ) |
(4,929,921 | ) | (575,475 | ) | (5,505,396 | ) |
Total | (4,212,229 | ) | (574,111 | ) | (4,786,340 | ) |
26. | UNUSED COMMITED BANK FACILITIES |
As at 31st July 2024 the company had access to the group's unused bank facilities amounting to £9,590,000 under a facility which is cross guaranteed between the holding company and fellow subsidiaries. In addition, group cash balances at 31st July 2024 were £1,660,357 making total funds available of £11,250,357. |