Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302025-05-082025-05-082024-06-302025-05-081246091210091183No description of principal activity2023-07-01false1273falsefalsefalse 02191991 2023-07-01 2024-06-30 02191991 2022-07-01 2023-06-30 02191991 2024-06-30 02191991 2023-06-30 02191991 2022-07-01 02191991 3 2023-07-01 2024-06-30 02191991 3 2022-07-01 2023-06-30 02191991 4 2023-07-01 2024-06-30 02191991 4 2022-07-01 2023-06-30 02191991 5 2023-07-01 2024-06-30 02191991 5 2022-07-01 2023-06-30 02191991 d:CompanySecretary1 2023-07-01 2024-06-30 02191991 d:Director1 2023-07-01 2024-06-30 02191991 d:RegisteredOffice 2023-07-01 2024-06-30 02191991 e:PlantMachinery 2023-07-01 2024-06-30 02191991 e:PlantMachinery 2024-06-30 02191991 e:PlantMachinery 2023-06-30 02191991 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02191991 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 02191991 e:MotorVehicles 2023-07-01 2024-06-30 02191991 e:MotorVehicles 2024-06-30 02191991 e:MotorVehicles 2023-06-30 02191991 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02191991 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 02191991 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02191991 e:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 02191991 e:Goodwill 2024-06-30 02191991 e:Goodwill 2023-06-30 02191991 e:CurrentFinancialInstruments 2024-06-30 02191991 e:CurrentFinancialInstruments 2023-06-30 02191991 e:Non-currentFinancialInstruments 2024-06-30 02191991 e:Non-currentFinancialInstruments 2023-06-30 02191991 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 02191991 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 02191991 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 02191991 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 02191991 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-06-30 02191991 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-06-30 02191991 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-06-30 02191991 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-06-30 02191991 e:UKTax 2023-07-01 2024-06-30 02191991 e:UKTax 2022-07-01 2023-06-30 02191991 e:ShareCapital 2024-06-30 02191991 e:ShareCapital 2023-06-30 02191991 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 02191991 e:RetainedEarningsAccumulatedLosses 2024-06-30 02191991 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 02191991 e:RetainedEarningsAccumulatedLosses 2023-06-30 02191991 e:RetainedEarningsAccumulatedLosses 2022-07-01 02191991 e:AcceleratedTaxDepreciationDeferredTax 2024-06-30 02191991 e:AcceleratedTaxDepreciationDeferredTax 2023-06-30 02191991 d:FRS102 2023-07-01 2024-06-30 02191991 d:Audited 2023-07-01 2024-06-30 02191991 d:FullAccounts 2023-07-01 2024-06-30 02191991 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02191991 e:WithinOneYear 2024-06-30 02191991 e:WithinOneYear 2023-06-30 02191991 e:BetweenOneFiveYears 2024-06-30 02191991 e:BetweenOneFiveYears 2023-06-30 02191991 e:HirePurchaseContracts e:WithinOneYear 2024-06-30 02191991 e:HirePurchaseContracts e:WithinOneYear 2023-06-30 02191991 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-06-30 02191991 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-06-30 02191991 2 2023-07-01 2024-06-30 02191991 6 2023-07-01 2024-06-30 02191991 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-06-30 02191991 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-06-30 02191991 e:Goodwill e:OwnedIntangibleAssets 2023-07-01 2024-06-30 02191991 3 2024-06-30 02191991 3 2023-06-30 02191991 e:SpecificBusinessCombination1 2023-07-01 2024-06-30 02191991 e:SpecificBusinessCombination1 2024-06-30 02191991 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure
Registered number: 02191991
 





 
ALL SQUARE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
 
FOR THE YEAR ENDED 30 JUNE 2024

 
ALL SQUARE LIMITED
 

COMPANY INFORMATION


Director
D. Ponniah 




Company secretary
J. Collazo



Registered number
02191991



Registered office
2nd Floor
70 South Lambeth Road

London

SW8 1RL




Independent auditors
Wilder Coe Ltd

Chartered Accountants & Statutory Auditors

1st Floor Sackville House

143-149 Fenchurch Street

London

EC3M 6BL





 
ALL SQUARE LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Director's Report
 
3 - 5
Independent Auditors' Report
 
6 - 9
Statement of Income and Retained Earnings
 
10
Balance Sheet
 
11 - 12
Statement of Cash Flows
 
13 - 14
Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 31


 
ALL SQUARE LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present the Strategic Report of All Square Limited ("the Company") for the year ended 30 June 2024. All Square Limited is a private limited company incorporated on 11 November 1987 and domiciled in the United Kingdom. 
Established over 20 years ago, we provide professional office and commercial cleaning services, property maintenance and a wide range of support services across London and all major UK cities.
Our clients include blue-chip corporates, royal palaces and some of the world’s most famous brands. As a multi award-winning family business, we are now one of the most established companies in the industry, employing 1,273 people.
 
With a constant focus on technology, innovation, quality, sustainability and social responsibility, we are recognised as Living Wage Foundation accredited service providers, ISO:9001 accredited for quality and ISO:14001 accredited for environmental management and best practice, as well as members of the prominent MSDUK organisation to support diversity in the supply chain.
 
Business review

The Company generated sales of £24.39m (2023: £21.88m) and operating profit for the year of £880k (2023: £1.08m). The Company had a strong net asset position at the year end of £1.98m (2023: £1.86m). 
The financial year 2023–2024 was a strong period of growth and strategic progress for the business. Building on the solid foundations established in the previous year, we delivered higher revenue growth, securing key accounts that have strengthened our market position.
A significant driver of our success was the acquisition of larger national customer accounts, supporting our continued expansion across multiple UK regions. This geographic diversification has provided resilience and new opportunities for further growth in the years ahead.
Operationally, we have continued to invest in service quality, process efficiencies, and technology to enhance customer experience and business performance. Despite broader economic challenges, our ability to win and retain major contracts demonstrates the strength of our offering and the trust placed in us by our clients.
Looking ahead, we remain focused on sustainable growth, operational excellence, and expanding our market presence while continuing to deliver high standards of service to our customers.

Page 1

 
ALL SQUARE LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties
 
The principal risks faced by the company during the year are those of general market and economic risks in common with other businesses in the current economic climate. These risks include:
Market risk
The widespread adoption of hybrid and remote working models continues to impact office space utilisation, leading many businesses to reassess their workspace requirements. This evolving trend presents challenges as clients seek to optimise costs, downsize, or restructure their operational footprints. However, the company remains well positioned to navigate these changes by offering flexible, value-driven solutions tailored to evolving client needs. Our ability to adapt to market dynamics has supported strong client retention and the acquisition of new contracts, reinforcing our growth strategy.
Credit risk
Credit risk arises from potential non-payment by customers and financial instability among suppliers. The company manages this risk through rigorous credit assessments and continuous monitoring of client and supplier creditworthiness. These measures help to mitigate exposure to bad debts and ensure financial stability.
Liquidity risk
The company prioritises maintaining adequate liquidity to meet financial obligations as they fall due. Cash flow is closely monitored by the directors to identify potential short-term funding risks at an early stage. Additionally, we utilise an accounts receivable management tool to ensure timely payments in line with contractual terms, further strengthening our liquidity position.
Macro risks
The economic outlook continues to be uncertain and with inflation remaining high, customers have received inevitable price increases which have been much higher than in recent years.

Financial key performance indicators
 
Senior management regularly reviews key operational financial performance targets against actual business performance.
Some of the key financial measures we target and report on are cash at bank, gross profit, EBITDA, current ratio, gross leverage, pre-tax profits. The board also tracks and monitors client and staff retention, technology and innovation projects, as well as other business critical matters such as sustainability and social impact.
The financial results for the year are as follows:
Annual turnover – up 11.47% from £21.88m to £24.39m.
Pre-tax profit – down 17.57% from £0.939m to £0.774m, reflecting strategic investments and market challenges. 
 
While profit has been impacted by planned investments and external pressures, the underlying fundamentals of the business remain strong. The board remains confident in the company’s long-term strategy, having achieved significant revenue growth and secured key contracts that position us well for future success.

This report was approved by the board on 8 May 2025 and signed on its behalf.



D. Ponniah
Director

Page 2

 
ALL SQUARE LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The director presents his report and the audited financial statements for the year ended 30 June 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £522,556 (2023 - £685,815).

During the year, dividends of £400,000 (2023: £200,000) were declared and paid.

Director

The director who served during the year was:

D. Ponniah 

Political contributions

The Company made no political donations during the year (2023: £Nil)

Principal risks and uncertainties

All risks, including financial instrument risks, and the Company’s risks management practices, have been disclosed in the principal risks and uncertainties section of the Strategic Report.

Health and safety of employees

The well-being of the Company’s employees is safeguarded through strict adherence to health and safety standards. The Safety, Health and Welfare at Work Act 1989 imposes certain requirements on employers and the Company has taken the necessary action to ensure compliance with the Act.

Page 3

 
ALL SQUARE LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Future developments

The Company continues to improve its market share and has continued to see growth in terms of sites from existing clients and an expansion of client base.

Engagement with employees

As the Director of All Square Limited, a leading commercial cleaning and facilities management company employing 1,273 people, I am pleased to present this report, reflecting our commitment to transparency, employee engagement, and social responsibility.
Throughout the year, we have taken significant steps to enhance internal communication, employee consultation, and awareness of economic factors affecting our business, including implementing a internal communications platform across our offices in London and Wigan, to provide key business and departmental updates and bring the teams together.  
Recognising the importance of keeping employees informed, we have implemented improved pay breakdowns with clear explanations of deductions, fostering a transparent and trustworthy work environment.
We actively engage with our workforce through regular consultations, email campaigns, and surveys, ensuring their voices shape our strategic decisions. Our monthly newsletters provide essential updates on business activities, achievements, and challenges, reinforcing a shared understanding of our company’s performance. Additionally, company-wide meetings held every six months allow us to review financial performance and future plans with our employees, strengthening alignment with our strategic goals.
Employee recognition remains a key priority. Initiatives such as ‘Employee of the Quarter’ and ‘Superstar of the Month’ celebrate outstanding contributions, fostering a culture of appreciation and belonging. Our HR-led ‘Work Committee’ gathers feedback across all departments and all levels within the business, further enhancing employee engagement and operational efficiency.
Our commitment to diversity and inclusion is reflected in our robust recruitment and equal opportunities policies, ensuring fair consideration for all applicants, including those with disabilities. We support employees who develop disabilities during their tenure, providing necessary training and adjustments wherever possible.
Social responsibility continues to be a fundamental aspect of our ethos. Our partnership with The Hygiene Bank has resulted in significant contributions, with funds raised increasing from £13,000 in 2021 to over £30,000 in 2024, bringing our total fundraising to £117,000. By mobilising suppliers and customers, we have elevated the charity’s profile within the facilities management and cleaning industry, making a tangible difference in the communities we serve.
We are proud members of MSDUK, advocating for diversity in supply chains and strengthening our commitment to ethical and sustainable business practices. Our workforce has become increasingly diverse, and our recognition as a CBRE preferred supplier highlights our dedication to equity and inclusion.
Sustainability remains central to our corporate strategy. Led at board level by our Marketing Director and ESG Director, Kate Lovell, we continue to embed environmental responsibility across our operations. Our ISO:14001 certification, PAS2060 Carbon Neutral Certification, and ambitious targets for Ecovadis Gold and B Corp accreditation underscore our commitment to reducing our ecological footprint and driving sustainable business practices.
 
Page 4

 
ALL SQUARE LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

This year has been marked by outstanding achievements. All Square Limited trading as Cleanology’s excellence, innovation, and sustainability efforts have been recognised through numerous industry accolades. Notable awards include: 
Scale Up Awards 2024: ESG and Social Impact Award, Overall Scale-Up Business Award
Hill Club Awards 2024: Supervisor of the Year (Bella)
Workplace Leaders Top 50 2024: Personal recognition
PFM Leader of the Year: Finalist
Lloyds Bank British Business Excellence Awards 2024: Scale-Up of the Year
Family Business of the Year Awards 2024: Sustainability Runner-Up
FEBE Top 100 Growth Business 2024: Recognised as one of the UK’s fastest-growing businesses
Growing Business Awards 2024: Finalist (B2B Business of the Year, Turnover £10-25M)
European Cleaning and Hygiene Awards 2024: Finalist (Diversity in the Workplace, Sustainability in   Practice – Service Provider)

These accolades reflect the dedication, expertise, and shared vision of our team, reinforcing Cleanology’s position as an industry leader. As we move forward, we remain committed to excellence, innovation, and sustainability, driving positive change within our industry and beyond.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWilder Coe Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 8 May 2025 and signed on its behalf.
 





D. Ponniah
Director

Page 5

 
ALL SQUARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SQUARE LIMITED
 

Opinion


We have audited the financial statements of All Square Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Page 6

 
ALL SQUARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SQUARE LIMITED (CONTINUED)


Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report 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 Director's 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
ALL SQUARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SQUARE LIMITED (CONTINUED)


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 an Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. Durgin the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity.
 
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, company law, tax and pensions legislation and distributable profits legislation.
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety legislation and employment law.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material mistatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). 


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 Auditors' Report.


Page 8

 
ALL SQUARE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALL SQUARE LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Charlotte Willmore BFP ACA (Senior Statutory Auditor)
for and on behalf of


 
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors
1st Floor Sackville House
143-149 Fenchurch Street
London
EC3M 6BL


Date: 8 May 2025
Page 9

 
ALL SQUARE LIMITED
 

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

2024
2023
Note
£
£

Turnover
 4 
24,389,020
21,881,413

Cost of sales
  
(18,998,119)
(16,896,112)

Gross profit
  
5,390,901
4,985,301

Administrative expenses
  
(4,511,242)
(3,908,734)

Operating profit
 5 
879,659
1,076,567

Amounts written off investments
  
(20,000)
(20,000)

Interest receivable and similar income
  
39,431
3,902

Interest payable and similar expenses
 8 
(124,609)
(121,009)

Profit on ordinary activities before taxation
  
774,481
939,460

Taxation on profit on ordinary activities
 9 
(251,925)
(253,645)

Profit for the financial year
  
522,556
685,815

Retained earnings at the beginning of the year
  
1,861,087
1,375,272

Profit for the year
  
522,556
685,815

Dividends declared and paid
 10 
(400,000)
(200,000)

Retained earnings at the end of the year
  
1,983,643
1,861,087

The notes on pages 16 to 31 form part of these financial statements.

Page 10

 
ALL SQUARE LIMITED
REGISTERED NUMBER: 02191991

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
560,051
674,943

Tangible assets
 12 
392,658
409,523

Investments
 13 
-
20,000

  
952,709
1,104,466

Current assets
  

Stocks
  
3,900
14,000

Debtors
 14 
2,722,637
2,541,978

Cash at bank and in hand
  
1,686,927
1,927,369

  
4,413,464
4,483,347

Creditors: amounts falling due within one year
 15 
(2,608,282)
(2,678,154)

Net current assets
  
 
 
1,805,182
 
 
1,805,193

Total assets less current liabilities
  
2,757,891
2,909,659

Creditors: amounts falling due after more than one year
 16 
(676,081)
(946,189)

Provisions for liabilities
  

Deferred tax
 19 
(98,165)
(102,381)

Net assets
  
1,983,645
1,861,089


Capital and reserves
  

Allotted, called up and unpaid share capital
  
2
2

Profit and loss account
  
1,983,643
1,861,087

Equity shareholder's funds
  
1,983,645
1,861,089


Page 11

 
ALL SQUARE LIMITED
REGISTERED NUMBER: 02191991

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
 8 May 2025.




D. Ponniah
Director

The notes on pages 16 to 31 form part of these financial statements.

Page 12

 
ALL SQUARE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
522,556
685,815

Adjustments for:

Amortisation of intangible assets
114,892
175,767

Depreciation of tangible assets
131,512
138,085

Proft on disposal of tangible assets
(1,228)
(475)

Interest paid
124,609
121,009

Interest received
(39,431)
(3,902)

Taxation charge
251,925
253,645

Decrease in stocks
10,100
20,000

Increase in debtors
(180,659)
(781,011)

(Decrease)/increase in creditors
(99,645)
1,223,792

Corporation tax paid
(216,307)
(200,000)

Fixed asset impairment
20,000
20,000

Net cash generated from operating activities

638,324
1,652,725

Cash flows from investing activities

Purchase of intangible fixed assets
-
(850,710)

Purchase of tangible fixed assets
(118,519)
(221,726)

Sale of tangible fixed assets
5,100
5,199

Interest received
39,431
3,902

Net cash from investing activities

(73,988)
(1,063,335)

Cash flows from financing activities

New secured loans
-
1,195,000

Repayment of loans
(239,000)
(344,502)

Repayment of finance leases
(41,169)
(17,480)

Dividends paid
(400,000)
(200,000)

Interest paid
(115,738)
(110,270)

HP interest paid
(8,871)
(10,739)

Net cash used in financing activities
(804,778)
512,009

Net (decrease)/increase in cash and cash equivalents
(240,442)
1,101,399
Page 13

 
ALL SQUARE LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

As restated

2024
2023

£
£



Cash and cash equivalents at beginning of year
1,927,369
825,970

Cash and cash equivalents at the end of year
1,686,927
1,927,369


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,686,927
1,927,369


The notes on pages 16 to 31 form part of these financial statements.

Page 14

 
ALL SQUARE LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

1,927,369

(240,442)

1,686,927

Debt due after 1 year

(836,500)

239,000

(597,500)

Debt due within 1 year

(239,000)

-

(239,000)

Finance leases

(163,661)

41,169

(122,492)


688,208
39,727
727,935

The notes on pages 16 to 31 form part of these financial statements.

Page 15

 
ALL SQUARE LIMITED
 

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

1.


General information

All Square Limited (registered number: 02191991) having its registered office and trading address at 2nd Floor, 70 South Lambeth Road, London, SW8 1RL, is a private limited company incorporated in England and Wales.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
In accordance with the exemption permitted by FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland – consolidated financial statements have not been prepared, as the subsidiary is immaterial to the financial position, performance, and cash flows of the Group. The director considers that the inclusion of the subsidiary would not result in a material difference to these financial statements and, therefore, consolidated financial statements are not required to give a true and fair view. See note 2.7 for treatment of the investment held. 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The prior year cash flow statement has been restated to correct show the movement on the goodwill purchased in the prior year. The cost of the investment was £1,240,710 however, this included £390,000 of deferred consideration which was originally included within creditors as a payable amount. 
It was confirmed before the prior year end that this deferred consideration would not be paid and therefore was reversed as an impairment against the goodwill in the prior year accounts, with no profit and loss impact or net balance sheet impact. 
The accounting entries in the prior year were dealt with appropriately and therefore no change has been made. However, the correct cash movement on purchase of the investment was £850,710 and the correct impairment figure under operating activities should have been £20,000 instead of £410,000. This update has been made to the cash flow statement. 

The following principal accounting policies have been applied:

Page 16

 
ALL SQUARE LIMITED
 

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

2.Accounting policies (continued)

 
2.2

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 as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. 
Goodwill can be subsequently adjusted for changes to estimates of contingent considerations given in a business combination. 
Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life. This is assessed individually for each acquisition taking into account the period over which the company expects to realise the synergies from the combination. 

Page 17

 
ALL SQUARE LIMITED
 

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

2.Accounting policies (continued)

  
2.4

Business combinations

Acquisition of businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair value (at the date of exchange) of assets given, liabilities incurred or assumed and equity instruments issued in exchange for control of the acquiree, plus costs directly attributable to the business combination. 
Any excess of the cost of the business combination is recognised as goodwill. 
For the purpose of impairment testing, the goodwill acquired in a business combination is allocated, on acquisition date, to the cash generating units that are expected to benefit from the synergies of the combination. 
Contingent consideration is included in the cost of the combination at the acquisition date if additional payments are probable and can be measured reliably. The liability is measured at the present value of the estimated future payment, using a discount rate reflecting conditions at the acquisition date. If the additional payment becomes probable and/or reliably measured only after the acquisition date it is recognised as an adjustment to the cost of the combination and goodwill at that time. Similarly, if estimated future payments are revised, for example due to non-occurrence of future events that had been expected to occur, the resulting adjustment is recorded against goodwill. 

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
- 33% straight line
Motor vehicles
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings. 

 
2.6

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

 
2.7

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 18

 
ALL SQUARE LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.10

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

  
2.11

Financial Instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. 

 
2.13

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. 

 
2.14

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

Page 19

 
ALL SQUARE LIMITED
 

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

2.Accounting policies (continued)

  
2.15

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and are depreciated over their useful economic lives. The finance element of the rental payment is charged to the Statement of Income and Retained Earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.16

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

 
2.17

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the United Kingdom where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent difference. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. 

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

 
ALL SQUARE LIMITED
 

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements required management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed reasonable under the circumstances. 
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: 
Amortisation - management determines the useful life and residual values of intangible assets based on historical experience combined with future expectations. The useful life of goodwill is an assessment of the period over which the Company expects to derive economic benefits from the related business combination. These estimates are significant to the amortisation charges. The carrying amounts of intangible assets and goodwill might be significantly impacted if different assumptions about their useful lives were to be used. Changes in the useful lives or residual values could result in a significantly different amortisation charge. Estimates are reviewed and adjusted as necessary. The possible changes in the useful life or amortised years could alter the reported values of these assets and the reported amortisation. 

Page 21

 
ALL SQUARE LIMITED
 

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

4.


Turnover

The £24,340,516 turnover is attributable to the principal activity of the Company, being that of cleaning contractors. There is also other income of £48,504. 

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
11,300
11,000

- all other services related to taxation
700
600

- all other services
3,500
3,400


6.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
16,301,835
14,213,327

Social security costs
3,545,006
3,051,433

19,846,841
17,264,760


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
1
1



Cleaning
1,212
1,134



Head office
60
48

1,273
1,183

Page 22

 
ALL SQUARE LIMITED
 

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

7.


Key management compensation

2024
2023
£
£

Salary and other short-term benefits
108,000
110,969



8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
115,738
110,270

Finance leases and hire purchase contracts
8,871
10,739

124,609
121,009

Page 23

 
ALL SQUARE LIMITED
 

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

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
256,141
233,916

Total current tax
256,141
233,916

Deferred tax


Origination and reversal of timing differences
(4,216)
19,729


Taxation on profit on ordinary activities
251,925
253,645

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
774,481
939,460


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
193,620
234,865

Effects of:


Expenses not deductible for tax purposes
54,365
70,185

Depreciation for the year in excess of/(less than) capital allowances
7,188
(19,610)

Non-taxable profits
(307)
(119)

Deferred taxation
(4,216)
19,729

Effect of change in rate of taxation
-
(51,405)

Balancing charges
1,275
-

Total tax charge for the year
251,925
253,645


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2024
2023
£
£


Dividends paid on equity capital
400,000
200,000

Page 24

 
ALL SQUARE LIMITED
 

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

11.


Intangible assets




Goodwill

£



Cost


At 1 July 2023 and at 30 June 2024
872,160



Amortisation


At 1 July 2023
197,217


Charge for the year 
114,892



At 30 June 2024

312,109



Net book value



At 30 June 2024
560,051



At 30 June 2023
674,943





Page 25

 
ALL SQUARE LIMITED
 

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

12.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 July 2023
502,240
350,025
852,265


Additions
101,754
16,765
118,519


Disposals
-
(16,897)
(16,897)



At 30 June 2024

603,994
349,893
953,887



Depreciation


At 1 July 2023
317,684
125,058
442,742


Charge for the year on owned assets
58,495
16,617
75,112


Charge for the year on financed assets
-
56,400
56,400


Disposals
-
(13,025)
(13,025)



At 30 June 2024

376,179
185,050
561,229



Net book value



At 30 June 2024
227,815
164,843
392,658



At 30 June 2023
184,556
224,967
409,523

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£


Motor vehicles
147,415
197,764

Page 26

 
ALL SQUARE LIMITED
 

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

13.


Fixed asset investments





Other fixed asset investments

£



Cost


At 1 July 2023 and 30 June 2024
100,000



Impairment


At 1 July 2023
80,000


Charge for the year
20,000



At 30 June 2024

100,000



Net book value



At 30 June 2024
-



At 30 June 2023
20,000


14.


Debtors

2024
2023
£
£

Due within one year

Trade debtors
2,481,867
2,381,140

Other debtors
156,202
28,653

Called up share capital not paid
2,618
2,618

Prepayments and accrued income
81,950
129,567

2,722,637
2,541,978


Page 27

 
ALL SQUARE LIMITED
 

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

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans (secured - see note 17)
239,000
239,000

Obligations under finance lease and hire purchase contracts
43,911
53,972

Corporation tax
234,421
194,587

Trade creditors
417,564
414,433

Other taxation and social security
679,794
950,193

Other creditors
610,410
599,336

Accruals and deferred income
383,182
226,633

2,608,282
2,678,154



16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans (secured - see below)
597,500
836,500

Net obligations under finance leases and hire purchase contracts
78,581
109,689

676,081
946,189


The bank loan is secured by way of fixed and floating charges over the assets. Interest is payable on the loan at a rate of 8.5%. 


17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
239,000
239,000

Amounts falling due 1-2 years

Bank loans
239,000
239,000

Amounts falling due 2-5 years

Bank loans
358,500
597,500


836,500
1,075,500


Page 28

 
ALL SQUARE LIMITED
 

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

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
43,910
53,972

Between 1-5 years
103,505
112,674

147,415
166,646

The motor vehicles acquired under hire purchase agreements serve as security for the related hire purchase liabilities.


19.


Deferred taxation




2024


£






At beginning of year
(102,381)


Charged to profit or loss
4,216



At end of year
(98,165)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(98,165)
(102,381)

Page 29

 
ALL SQUARE LIMITED
 

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

20.
 

Business combinations

In the prior year on 12 October 2022, the company acquired the trade and assets of T.C. Bibby Limited, for total consideration of £1,302,184. The acquisition was accounted for using the purchase method in accordance with FRS 102, Section 19. 

Acquisition of the trade and assets of T.C. Bibby Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value
£
£

Fixed assets

Tangible fixed assets
51,944
51,944

51,944
51,944

Current assets

Stocks
9,530
9,530

Total assets
61,474
61,474

Total identifiable net assets
61,474
61,474


Goodwill
1,240,710

Total purchase consideration
1,302,184

Consideration

£


Cash
912,184

Deferred consideration
390,000

Total purchase consideration
1,302,184

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
912,184

Net cash outflow on acquisition
912,184

This cash outflow is split between the different categories purchased within the cash flow statement. 
The goodwill arising on acquisition is attributable to the customer lists and contracts held by T.C. Bibby Limited that have been taken on by All Square Limited. 

Page 30

 
ALL SQUARE LIMITED
 

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

21.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
218,048
218,048

Later than 1 year and not later than 5 years
516,872
734,920

734,920
952,968


22.


Transactions with directors

As at the year end £22,168 (2023: £2,167) was owed from the director of the Company. No interest is chargeable on the balance and this is repayable on demand. 
The maximum amount outstanding during the year was £22,168 (
2023: £19,778). The loan has been repaid in full since the year end. 


23.


Related party transactions

Included within other creditors are loans totalling £590,000 (2023: £590,000), due to a close family member of the director. There is no interest charged on these loans and they are repayable on demand. 


24.


Ultimate parent and controlling party

As at 30 June 2024 and 30 June 2023, the ultimate parent undertaking and controlling party was St George's Trust Company Ltd (as trustees of the Narcissus Trust), incorporated in Bermuda. 


Page 31