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Registered number: 09978031
Bookstage Holdings Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Company Information 1
Strategic Report 2
Directors' Report 3
Independent Auditor's Report 4—7
Consolidated Profit and Loss Account 8
Consolidated Statement of Comprehensive Income 9
Consolidated Balance Sheet 10
Company Balance Sheet 11
Consolidated Statement of Changes in Equity 12
Company Statement of Changes in Equity 13
Consolidated Statement of Cash Flows 14
Notes to the Consolidated Statement of Cash Flows 15
Company Statement of Cash Flows 16
Notes to the Company Statement of Cash Flows 17
Notes to the Financial Statements 18—27
Page 1
Company Information
Directors Mr A M Proctor
Mr R L Proctor
Company Number 09978031
Registered Office Littlecotes Farm Dark Lane
Ashover Hay
Chesterfield
Derbyshire
S45 0HD
Accountants Nuvo Accountancy Limited
Chartered Certified Accountants
First Floor, Sterling House
Outrams Wharf
Little Eaton
Derby
DE21 5EL
Auditors Nuvo Audit Limited
7 Faraday Court
First Avenue
Burton On Trent
Staffordshire
DE14 2WX
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 31 July 2024.
Review of the Business
The financial statements reflect the results for the year ended 31 July 2024, which the directors consider to be satisfactory overall.
The group remains profitable even though all of the key activities have been impacted by rising costs and wage growth. The results have been achieved by clear management focus on the core activities of the group and planning to balance short- term opportunities and staying loyal to our longer-term plans.
These financial statements show a clear reflection of the progress we have made and continuing to make to build a substantive and viable set of trading businesses across the group. These are standalone businesses although they benefit from symbiotic leadership from a small group of involved and committed family members, supported with strategic and professional advice and assistance where required.
The group, like many businesses of our size, has been impacted by rising costs and wage growth. The hotel operates in a competitive market and this was felt in the year as there was a small decline in occupancy rates which is due to consumers having less disposable income as a result of rising costs. However, we remain confident that the offering and business model are suitable going forwards. The other Bookstage businesses performed well in the year, although the headwinds of rising costs and staffing shortages continue to remain key challenges. 
Proctor Car Sales saw a decrease in turnover this year as a result of challenging market conditions in the used vehicle market. We believe that the business is well equipped to deal with this cycle and as such sees that there are opportunities given both the expertise and financial resources of the company to take advantage of this.
Key performance indicators
The directors consider that the key performance indicators are turnover, operating profit and the results of any regulatory inspections. The directors are of the opinion that further analysis using other key performance indicators is not necessary for an understanding of the group's development, performance or position.
Principal Risks and Uncertainties
As for many companies of a similar size, the business environment in which we operate produces risks and uncertainties that are challenging due to changes in both demand and technology. However,the strong balance sheet position, cash reserves and market placement of the group companies,along with an experienced management team, provides a strong platform for the group to continue to grow in the future.
On behalf of the board
Mr A M Proctor
Director
30 April 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 July 2024.
Principal Activity
The group's principal activity continues to be that of the operation of a hotel, a fish and chip shop and the purchase and sale of motor vehicles.
Directors
The directors who held office during the year were as follows:
Mr A M Proctor
Mr R L Proctor
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Independent Auditors
The auditors, Nuvo Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr A M Proctor
Director
30 April 2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Bookstage Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 July 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 31 July 2024 and of the group's profit/(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.
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 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 and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 4
Page 5
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and 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 or 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 set out on page 3, 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 group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Page 5
Page 6
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:  
  • 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 and directors as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud, and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 
  • The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations and that the team remained alert to the instances of non-compliance throughout the audit; 
  • We identified specific laws and regulations applicable to the company through discussions with directors and management, and from our experience and knowledge of the business sector, Company Law and UK Accounting Standards; 
  • We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements, including Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation; and 
  • We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and directors and inspecting legal correspondence.
Audit response to risks identified 
ln response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
  • enquiry of management and directors around actual and potential litigation and claims;
  • enquiry of management and directors to identify any instances of non-compliance with laws and regulations;
  • reviewing financial statement disclosures and testing to underlying supporting documentation to assess compliance with applicable laws and regulations; and
  • reviewing correspondence with HMRC and the company's legal advisor
  • To address the risk of fraud through management bias and override of controls, we:
  • tested joumal entries and other adjustments for appropriateness; and
  • evaluated the business rationale of significant or unusual transactions.
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 or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Daniel Johnson FCCA (Senior Statutory Auditor)
for and on behalf of Nuvo Audit Limited , Statutory Auditor
30 April 2025
...CONTINUED
Page 6
Page 7
Nuvo Audit Limited
7 Faraday Court
First Avenue
Burton On Trent
Staffordshire
DE14 2WX
Page 7
Page 8
Consolidated Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 21,995,612 27,705,787
Cost of sales (19,499,031 ) (24,922,734 )
GROSS PROFIT 2,496,581 2,783,053
Administrative expenses (2,036,902 ) (1,915,875 )
Other operating income 87,423 78,437
OPERATING PROFIT 5 547,102 945,615
Profit on disposal of fixed assets - 4,583
Other interest receivable and similar income 10 24 -
Interest payable and similar charges 11 (82,603 ) (102,335 )
PROFIT BEFORE TAXATION 464,523 847,863
Tax on Profit 12 (167,515 ) (218,452 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 297,008 629,411
The notes on pages 15 to 27 form part of these financial statements.
Page 8
Page 9
Consolidated Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 297,008 629,411
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 297,008 629,411
Page 9
Page 10
Consolidated Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 13 49,381 56,882
Tangible Assets 14 3,541,602 3,706,300
3,590,983 3,763,182
CURRENT ASSETS
Stocks 16 4,135,965 4,269,733
Debtors 17 1,235,882 1,120,306
Cash at bank and in hand 608,159 403,810
5,980,006 5,793,849
Creditors: Amounts Falling Due Within One Year 18 (1,607,467 ) (1,828,707 )
NET CURRENT ASSETS (LIABILITIES) 4,372,539 3,965,142
TOTAL ASSETS LESS CURRENT LIABILITIES 7,963,522 7,728,324
Creditors: Amounts Falling Due After More Than One Year 19 (818,056 ) (881,389 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 21 (383,273 ) (381,750 )
NET ASSETS 6,762,193 6,465,185
CAPITAL AND RESERVES
Called up share capital 23 16,666 16,666
Revaluation reserve 1,961,566 1,961,566
Other reserves (6,664 ) (6,664 )
Profit and Loss Account 4,790,625 4,493,617
SHAREHOLDERS' FUNDS 6,762,193 6,465,185
On behalf of the board
Mr A M Proctor
Director
30 April 2025
The notes on pages 15 to 27 form part of these financial statements.
Page 10
Page 11
Company Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 14 4,263,964 4,334,134
Investments 15 16,667 16,667
4,280,631 4,350,801
CURRENT ASSETS
Debtors 17 1,339,181 1,387,159
Cash at bank and in hand 306,222 99,492
1,645,403 1,486,651
Creditors: Amounts Falling Due Within One Year 18 (582,557 ) (564,845 )
NET CURRENT ASSETS (LIABILITIES) 1,062,846 921,806
TOTAL ASSETS LESS CURRENT LIABILITIES 5,343,477 5,272,607
Creditors: Amounts Falling Due After More Than One Year 19 (818,056 ) (881,389 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 21 (371,000 ) (371,000 )
NET ASSETS 4,154,421 4,020,218
CAPITAL AND RESERVES
Called up share capital 23 16,666 16,666
Profit and Loss Account 4,137,755 4,003,552
SHAREHOLDERS' FUNDS 4,154,421 4,020,218
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 134,203 (2023: £ 697,047 profit).
On behalf of the board
Mr A M Proctor
Director
30 April 2025
The notes on pages 15 to 27 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Revaluation reserve Other reserves Profit and Loss Account Total
£ £ £ £ £
As at 1 August 2022 16,666 1,961,566 (6,664 ) 4,009,206 5,980,774
Profit for the year and total comprehensive income - - - 629,411 629,411
Dividends paid - - - (145,000) (145,000)
As at 31 July 2023 and 1 August 2023 16,666 1,961,566 (6,664 ) 4,493,617 6,465,185
Profit for the year and total comprehensive income - - - 297,008 297,008
As at 31 July 2024 16,666 1,961,566 (6,664 ) 4,790,625 6,762,193
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Company Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 August 2022 16,666 3,451,505 3,468,171
Profit for the year and total comprehensive income - 697,047 697,047
Dividends paid - (145,000) (145,000)
As at 31 July 2023 and 1 August 2023 16,666 4,003,552 4,020,218
Profit for the year and total comprehensive income - 134,203 134,203
As at 31 July 2024 16,666 4,137,755 4,154,421
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Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 724,510 663,253
Interest paid (82,603 ) (102,335 )
Tax paid (210,622 ) (250,831 )
Net cash generated from operating activities 431,285 310,087
Cash flows from investing activities
Purchase of tangible assets (12,186 ) (125,767 )
Proceeds from disposal of tangible assets - 11,000
Interest received 24 -
Net cash used in investing activities (12,162 ) (114,767 )
Cash flows from financing activities
Equity dividends paid - (145,000 )
Proceeds from new bank borrowings - (805,827 )
Repayment of bank borrowings (63,333 ) -
Amount introduced by directors - (34,008)
Amount withdrawn by directors (151,441) -
Net cash used in financing activities (214,774 ) (984,835 )
Increase/(decrease) in cash and cash equivalents 204,349 (789,515 )
Cash and cash equivalents at beginning of year 2 403,810 1,193,325
Cash and cash equivalents at end of year 2 608,159 403,810
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 297,008 629,411
Adjustments for:
Tax on profit 167,515 218,452
Interest expense 82,603 102,335
Interest income (24 ) -
Amortisation of intangible assets 7,501 7,500
Depreciation of tangible assets 176,884 227,539
Profit on disposal of tangible assets - (4,583)
Movements in working capital:
Decrease in stocks 133,768 6,777
(Increase)/decrease in trade and other debtors (115,576 ) 294,568
Decrease in trade and other creditors (25,169 ) (818,746 )
Net cash generated from operations 724,510 663,253
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 608,159 403,810
3. Analysis of changes in net debt
As at 1 August 2023 Cash flows As at 31 July 2024
£ £ £
Cash at bank and in hand 403,810 204,349 608,159
Debts falling due within one year (63,333 ) - (63,333 )
Debts falling due after more than one year (881,389) 63,333 (818,056)
(540,912) 267,682 (273,230)
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Company Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from/(used in) operations 1 386,721 (1,773,370 )
Interest paid (70,839 ) (98,088 )
Tax paid (45,819 ) -
Net cash generated from/(used in) operating activities 270,063 (1,871,458 )
Cash flows from investing activities
Dividends received - 600,000
Cash flows from financing activities
Equity dividends paid - (145,000 )
Proceeds from new bank borrowings - 944,722
Repayment of bank borrowings (63,333 ) -
Net cash (used in)/generated from financing activities (63,333 ) 799,722
Increase/(decrease) in cash and cash equivalents 206,730 (471,736 )
Cash and cash equivalents at beginning of year 2 99,492 571,228
Cash and cash equivalents at end of year 2 306,222 99,492
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Notes to the Company Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from/(used in) operations
2024 2023
£ £
Profit for the financial year 134,203 697,047
Adjustments for:
Tax on profit 62,298 45,830
Interest expense 70,839 98,088
Income from shares in group undertakings - (600,000)
Depreciation of tangible assets 70,170 82,892
Movements in working capital:
Decrease/(increase) in trade and other debtors 47,978 (170,292 )
Increase/(decrease) in trade and other creditors 1,233 (1,926,935 )
Net cash generated from/(used in) operations 386,721 (1,773,370 )
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 306,222 99,492
3. Analysis of changes in net debt
As at 1 August 2023 Cash flows As at 31 July 2024
£ £ £
Cash at bank and in hand 99,492 206,730 306,222
Debts falling due within one year (63,333 ) - (63,333 )
Debts falling due after more than one year (881,389) 63,333 (818,056)
(845,230) 270,063 (575,167)
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Notes to the Financial Statements
1. General Information
Bookstage Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09978031 . The registered office is Littlecotes Farm Dark Lane, Ashover Hay, Chesterfield, Derbyshire, S45 0HD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 July 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
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2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.
Goodwill is amortised over its expected useful life which is estimated to be 10 years.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2%-10% straight line
Leasehold 2%-10% straight line
Plant & Machinery 25% straight line
Motor Vehicles 25% straight line
Fixtures & Fittings 25% straight line
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Turnover
Analysis of turnover from continuiing operations is as follows:
2024 2023
£ £
Rendering of services 816,951 853,231
Sale of goods 21,178,661 26,852,556
21,995,612 27,705,787
4. Other Operating Income
2024 2023
£ £
Rental income 87,423 78,437
87,423 78,437
5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 27,825 9,573
Depreciation of tangible fixed assets 176,884 227,539
Amortisation of intangible fixed assets 7,501 7,500
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6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 21,546 24,200
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,169,983 994,188
Social security costs 98,967 96,105
Other pension costs 20,488 18,654
1,289,438 1,108,947
8. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 40 (2023: 40)
Company
Average number of employees, including directors, during the year was: 2 (2023: 2)
40 40
2 2
9. Directors' remuneration
2024 2023
£ £
Emoluments 226,000 132,521
Company contributions to money purchase pension schemes 3,124 2,086
229,124 134,607
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 132,521 105,221
Company contributions to money purchase pension schemes 2,086 1,378
134,607 106,599
10. Interest Receivable and Similar Income
2024 2023
£ £
Other interest receivable 24 -
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11. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 82,459 102,255
Other finance charges 144 80
82,603 102,335
12. Tax on Profit
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax
UK Corporation Tax 167,035 211,640
Prior period adjustment (1,043 ) 1,062
165,992 212,702
Deferred Tax
Deferred taxation 1,523 5,750
Total tax charge for the period 167,515 218,452
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 464,523 847,863
Tax on profit at 25% (UK standard rate) 116,131 178,051
Expenses not deductible for tax purposes 41,377 34,885
Short term timing differences 11,050 4,454
Prior period adjustment (1,043 ) 1,062
Total tax charge for the period 167,515 218,452
13. Intangible Assets
Group
Goodwill
£
Cost
As at 1 August 2023 75,007
As at 31 July 2024 75,007
Amortisation
As at 1 August 2023 18,125
Provided during the period 7,501
As at 31 July 2024 25,626
...CONTINUED
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Net Book Value
As at 31 July 2024 49,381
As at 1 August 2023 56,882
Company
The company had no intangible fixed assets as at 31 July 2024 or 31 July 2023.
14. Tangible Assets
Group
Land & Property
Freehold Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 August 2023 4,381,248 966,089 84,890 250,541 5,682,768
Additions - 9,236 2,950 - 12,186
As at 31 July 2024 4,381,248 975,325 87,840 250,541 5,694,954
Depreciation
As at 1 August 2023 920,199 893,867 40,565 121,837 1,976,468
Provided during the period 70,170 46,325 17,410 42,979 176,884
As at 31 July 2024 990,369 940,192 57,975 164,816 2,153,352
Net Book Value
As at 31 July 2024 3,390,879 35,133 29,865 85,725 3,541,602
As at 1 August 2023 3,461,049 72,222 44,325 128,704 3,706,300
Land & Property
Freehold Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
At cost 4,381,248 975,325 87,840 250,541 5,694,954
4,381,248 975,325 87,840 250,541 5,694,954
Included in the net book value of land and buildings above is £938,412 (2023 - £938,412) in respect of land which is not depreciated. 
Revaluations
The freehold land and buildings included in fixed assets were revalued on date of transition to FRS102 by the directors of the group, taking into account advice from external valuers and after consideration of prevailing market conditions. The basis of this valuation was fair value. This class of asset has a current year end value of £2,500,096 and a historical cost of £672,170.
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Company
Land & Property
Freehold
£
Cost
As at 1 August 2023 4,470,000
As at 31 July 2024 4,470,000
Depreciation
As at 1 August 2023 135,866
Provided during the period 70,170
As at 31 July 2024 206,036
Net Book Value
As at 31 July 2024 4,263,964
As at 1 August 2023 4,334,134
15. Investments
Company
Subsidiaries
£
Cost
As at 1 August 2023 16,667
As at 31 July 2024 16,667
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 16,667
As at 1 August 2023 16,667
Subsidiaries
Details of the company's subsidiaries as at 31 July 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Proctor Car Sales Limited Littlecotes Farm, Derbyshire, S45 0HD Ordinary 100.00% -
Bookstage Limited Littlecotes Farm, Derbyshire, S45 0HD Ordinary 100.00% -
Little Cotes Farm Limited Littlecotes Farm, Derbyshire, S45 0HD Ordinary 100.00% -
Riverside Fish and Chip Bar Limited Littlecotes Farm, Derbyshire, S45 0HD Ordinary 100.00% -
Subsidiary undertakings
Proctor Car Sales Limited
The principal activity of Proctor Car Sales Limited is the purchase and sale of motor vehicles.
Bookstage Limited
...CONTINUED
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Subsidiaries - continued
The principal activity of Bookstage Limited is the operation of a hotel and a fish and chip shop.
Little Cotes Farm Limited
The principal activity of Little Cotes Farm Limited is the ownership, development and management of
land and properties.
Riverside Fish and Chip Bar Limited*
The principal activity of Riverside Fish and Chip Bar Limited* is that of a dormant company.
All the subsidiary undertakings are included in the consolidated accounts.
*Investment held indirectly through Bookstage Limited.
16. Stocks
2024 2023
£ £
Stock 4,135,965 4,269,733
17. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 404,910 452,150 - -
Amounts owed by group undertakings - - 1,319,094 1,369,094
Amounts owed by participating interests 721,519 567,757 13,879 13,879
Other debtors 109,453 100,399 6,208 4,186
1,235,882 1,120,306 1,339,181 1,387,159
18. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 676,215 897,179 - -
Bank loans and overdrafts 63,333 63,333 63,333 63,333
Amounts owed to group undertakings - - 448,001 450,001
Other creditors 299,731 355,228 - -
Corporation tax 167,010 211,640 62,309 45,830
Taxation and social security 316,886 214,539 - -
Accruals and deferred income 84,292 86,788 8,914 5,681
1,607,467 1,828,707 582,557 564,845
19. Creditors: Amounts Falling Due After More Than One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans 818,056 881,389 818,056 881,389
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20. Loans
An analysis of the maturity of loans is given below:
Group Company
2024 2023 2024 2023
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans 63,333 63,333 63,333 63,333
Group Company
2024 2023 2024 2023
£ £ £ £
Amounts falling due between one and five years:
Bank loans 818,056 881,389 818,056 881,389
21. Deferred Taxation
The provision for deferred tax is made up as follows:
Group Company
2024 2023 2024 2023
£ £ £ £
Other timing differences 383,273 381,750 371,000 371,000
22. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 August 2023 381,750 381,750
Additions 1,116 1,116
Balance at 31 July 2024 382,866 382,866
Company
Deferred Tax Total
£ £
As at 1 August 2023 371,000 371,000
Balance at 31 July 2024 371,000 371,000
23. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 16,666 16,666
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24. 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.
During the year the charge to profit or loss in respect of defined contribution schemes was £20,488 (2023: £18,654).
At the balance sheet date contributions of £4,395 (2023: £4,431) were due to the fund and are included in creditors.
25. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Alan Proctor (113,069 ) (85,152 ) 157,077 - (41,144 )
Mr Robert Proctor (251,897 ) (108,956 ) 208,471 - (152,382 )
The above loan is unsecured, interest free and repayable on demand.
26. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid - 145,000
27. Related Party Disclosures
Transactions with group companies
The company has taken advantage of the exemption under FRS102 not to disclose transactions between wholly owned group companies.
During the year the group made the following related party transactions:
PPG (Portugal) Limited
(A company under common control)
At the balance sheet date the amount due from PPG (Portugal) Limited was £689,495 (2023 - £520,986). No interest is charged on this loan. During the year the directors have provided for an impairment of this loan amounting to £25,001 (2023 - £41,140) which has been charged to the profit and loss account. At the balance sheet date, total provisions included within this balance were £777,516 (2023 - £752.515).
Proctor Property Developments Limited
(A company under common control)
At the balance sheet date the amount due from Proctor Property Developments Limited was £66,347 (2023 - £35,828). No interest is charged on this loan.
Proctor Fleet Management Limited
(A company under common control)
At the balance sheet date the amount due from Proctor Fleet Management Limited was £12,854 (2023 - £10,943). No interest is charged on this loan.
28. Controlling Parties
The company's ultimate controlling party is R L Proctor by virtue of their interest in the share capital of the company.
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