Company registration number 12500354 (England and Wales)
SHARIEF GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SHARIEF GROUP LIMITED
COMPANY INFORMATION
Directors
S Sharief
S Abdullah
Mr M Sharief
Mr B Sharief
Mr A Sharief
Company number
12500354
Registered office
Unit 18 Neills Road
Bold Industrial Park
St Helens
Merseyside
WA9 4TU
Auditor
AMS Accountants Corporate Ltd
Floor 2
9 Portland Street
Manchester
M1 3BE
SHARIEF GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 9
Independent auditor's report
10 - 12
Profit and loss account
13
Group statement of comprehensive income
14
Group balance sheet
15 - 16
Company balance sheet
17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
Notes to the financial statements
21 - 44
SHARIEF GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Review of the business
The group operates a network of community pharmacies across the UK, providing NHS and private pharmaceutical services, clinical consultations, and healthcare advice. The financial year saw significant sector developments, with the introduction and expansion of the Pharmacy First scheme and further integration of clinical services into community pharmacy.
The group has expanded significantly during the period growing its base of pharmacy branches by over two-fold and has delivered a record number of NHS consultations and dispensed a growing volume of prescriptions, reflecting our commitment to accessible, high-quality care.
Despite a challenging operating environment, the group maintained its service levels and continued to invest in digital transformation, workforce development, and patient safety. The group’s financial performance was supported by increased NHS funding under the Community Pharmacy Contractual Framework (CPCF), and revenues rose to £95.2m this is set to further increase to £152.6m in 2024/25. However, sector-wide cost pressures, inflation, and workforce shortages have had an impact on margins.
Non-financial Key performance indicators (KPIs) for the year included:
Number of NHS and private prescriptions dispensed
Volume of clinical consultations delivered (Pharmacy First, contraception, hypertension case finding)
Patient satisfaction and service accessibility metrics
Staff retention and training completion rates
Digital service uptake and efficiency improvements
The group’s focus is centred on providing essential medicines, clinical services, and public health interventions within local communities. Our strategy is to:
Expand clinical service provision in line with NHS priorities (e.g., Pharmacy First, contraception, hypertension)
Invest in digital infrastructure to streamline operations and improve patient experience
Strengthen workforce skills and capacity through ongoing training and recruitment
Enhance operational efficiency and cost control to mitigate funding gaps and inflationary pressures
Collaborate with NHS and local partners to support integrated care and public health outcomes
SHARIEF GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties
The group faces several principal risks and uncertainties which are entirely consistent with other businesses operating in the community pharmacy space:
| | |
| Despite increased CPCF funding, a significant gap remains between funding and service costs. | Ongoing cost control, service efficiency, and active engagement with stakeholders |
| National shortages of pharmacists and support staff, alongside rising wage pressures. | Investment in recruitment, staff development, and retention initiatives. |
| Ongoing changes to NHS pharmacy contract requirements and service specifications. | Dedicated compliance function, regular policy monitoring, and stakeholder engagement. |
| Supply chain disruptions, medicine shortages, and IT system challenges. | Diversification of suppliers, digital upgrades, and business continuity planning. |
| Risk of further pharmacy closures due to underfunding and rising costs | Strategic review of branch network, focus on sustainable locations, and service innovation. |
| Increasing reliance on digital systems and associated cyber risks. | Enhanced cybersecurity measures, staff training, and investment in IT resilience. |
The group is well-positioned to navigate future risks and challenges by focusing on resilience, digital innovation, and sustainability. Proactive risk management and strategic agility will be essential to capitalize on emerging opportunities and mitigate evolving threats.
Key performance indicators
In addition to its suite of non-financial KPIS, the Directors assess the financial performance of the business by assessing revenue growth, gross margin, EBITDA generation and cashflow. These KPIs are monitored monthly to ensure that the group continues to its forward momentum and continues to generate sustainable EBITDA and cashflow.
The business has grown significantly during the financial year and the integration process has impacted on margins in the immediate term but that operational improvement is evidenced into 2024/25 performance.
Additional information and explanations
The group continues to pursue growth opportunities through acquisition and through strong relationships with its suppliers to generate a more efficient supply chain. This allows the group to mitigate risks throughout its portfolio and to develop efficiencies through its core services to obtain strategic advantage.
SHARIEF GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Future and subsequent events
The Board of Directors and Management continue to pursue a strategy of growth through both the development of existing branches and through the acquisition of branches with opportunities for synergy within the portfolio.
During the 2023/24 financial year, the business has acquired a substantial number of operating locations enabling it to generate additional value from its established and well-respected brand together with its existing operating infrastructure.
The government’s uplift in community pharmacy funding for 2025/26 marks a positive step towards sector stability and recognition of pharmacy’s role in primary care. The group will focus on:
Maximising opportunities from the Pharmacy First scheme and other clinical services
Leveraging digital investments to improve efficiency and patient care
Managing cost pressures through operational excellence and prudent financial management
Advocating for a sustainable long-term funding model for the sector
The group remains committed to working with NHS and sector partners to secure a sustainable future for community pharmacy.
Promoting the success of the company
This statement by the Board of Directors describes how they approached their responsibilities under s172(1)(a) to (f) of the Companies Act 2006 in the financial period ending 31 March 2024.
The stakeholders of the group include employees, clients and suppliers.
The directors consider they have acted in good faith to promote the success of the company on behalf of its stakeholders, in relation to the matters set out in s172 of the Act.
The directors monitor and review strategic objectives against long term plans. Regular reviews are held across key business areas, including financial performance, risks and opportunities, health & safety, human resources and operations. The company's performance and progress are reviewed regularly at department, senior leadership and Board meetings.
The fundamental principle in the governance of the company is that of ensuring transparent conduct which reflects fairness in all dealings with employees, clients and suppliers.
Employees
The Directors develop and enact policies to promote diversity and inclusion amongst employees. The group observes both formal and informal processes to actively engage its employees. These include employee performance reviews/appraisals, communications through email and regular branch visits. The Directors use these opportunities together with other informal meetings to gauge the views and needs of employees which are reflected, wherever possible, in the decision-making process.
Customers and Service Users
Delivering high quality customer service is a key pillar of the values of the business. The Directors strongly believe in treating customers fairly and with respect – always ensuring that products and services meet their needs. The group engages with customers daily through both the delivery of its pharmacy services and with commissioners on the shaping of its service offerings. The Directors use these processes to understand the views of its customers, to consider the impact of their decisions on customers' interests and to better respond to their needs.
SHARIEF GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Suppliers
The Directors aim to ensure that the group operates fairly, transparently and with integrity with its suppliers. The group engages with and monitors key suppliers around ethical, environmental and sustainability matters with regular feedback. The Directors seek to maintain strong relationships with key suppliers to ensure best-value and to maintain our quality service to clients.
The Directors engage with suppliers daily through both formal and informal channels. This enables the Directors to better understand the needs and priorities of the supply chain constituent members, enabling the business to better shape its service offerings moving forward.
Environmental, Social and Governance (ESG) Considerations
The group is committed to reducing its environmental impact, supporting local communities, and upholding high standards of governance. Initiatives include:
Reducing waste and improving energy efficiency across pharmacy sites
Supporting local health campaigns and public health initiatives
Promoting diversity, equity, and inclusion within the workforce
Ensuring robust governance and compliance with regulatory standards
The company has a policy of equal opportunities in all aspects of employment. The company's employees are vital to the success of the company. The directors understand that it is critical to engage with and understanding their views and to ensure that all employees' interests are considered. Throughout the company there is consultation at all levels of staff on matters of concern. The consultations evolve to meet the changing needs of the company and are considered valuable by everyone. The policy of the company is to consult and discuss matters with employees and to resolve any problems in accordance with relevant procedures and legislation.
Diversity and inclusion are key aspects of the Company's strong value system and culture which are articulated in the Diversity Policy. The Company never makes any employment-related decisions based upon a person's race, colour, gender, age, religion, disability, sexual orientation or any other basis protected by law.
The group recognises the business and social benefits of employing less able people and offers support and assistance wherever practically possible. Equality and diversity is a theme in the employment policies of the group and it always aims to ensure fairness through its recruitment and retention processes.
The Directors, either directly or indirectly, ensure that all employees are actively engaged to facilitate their integration into the business and to ensure that their opportunities for contribution are maximised.
The company's customers and suppliers are fundamental to the success of the company and the company strives to continually improve and strengthen its solution delivery and customer offering for the mutual benefit of all stakeholders.
The company has adopted a policy of only dealing with creditworthy clients. The directors understand the needs for debtor management and so liaises with its clients to minimise any risk of non-payment of debts.
The directors' intentions are to behave responsibly toward all stakeholders and to treat them fairly and equally to ensure everyone benefits from the long-term success of the company.
Environmental matters are taken into consideration by the directors as part of their decision-making process, to minimise the company's impact on the environment wherever possible.
The directors have overall responsibility for determining the company's purpose, values and strategy and for ensuring high standards of governance. The primary aim of the directors is to promote a sustainable success for the long-term of the company, generating value for all stakeholders. Throughout the next financial year the directors will continue to review and challenge how the company can improve its engagement with all stakeholders.
SHARIEF GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
S Sharief
Director
16 May 2025
SHARIEF GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company and group continued to be that of the provision of medical services.
Results and dividends
The results for the year are set out on page 13.
Ordinary dividends were paid amounting to £870,832. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S Sharief
S Abdullah
Mr M Sharief
Mr B Sharief
Mr A Sharief
Disabled persons
The group recognizes the business and social benefits of employing less able people and offers support and assistance wherever practically possible. Equality and diversity is a theme in the employment policies of the group and it always aims to ensure fairness through its recruitment and retention processes.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged.
It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The group's policy is to consult and discuss with employees through both formal and informal channels on issues which effect employees' interests.
Information about matters of concern to employees is given through various information sharing platforms which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
Auditor
In accordance with the company's articles, a resolution proposing that AMS Accountants Corporate Ltd be reappointed as auditor of the group will be put at a General Meeting.
Energy and carbon report
As the group has consumed more than 40,000 kWh of energy in this reporting period, it is required to report on its emissions, energy consumption and energy efficiency activities.
SHARIEF GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
99,627
165,685
- Electricity purchased
2,555,284
1,571,814
- Fuel consumed for transport
5,556,925
3,887,615
8,211,836
5,625,114
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
401.39
682.10
- Fuel consumed for owned transport
-
-
401.39
682.10
Scope 2 - indirect emissions
- Electricity purchased
2,524.24
297.60
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
1,379.00
944.32
Total gross emissions
4,304.63
1,924.02
Intensity ratio
Tonnes CO2e per employee
0.0123
0.0055
Quantification and reporting methodology
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per full time employee, the recommended ratio for the sector.
SHARIEF GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Measures taken to improve energy efficiency
The company takes very seriously the measurement and mitigation of its environmental impact. It is actively taking steps to reduce its direct and indirect impacts through:
The movement of its fleet to electric vehicles
Use of media tools for meetings to limit travel requirements
Inclusion of PIRs within its operating sites
Reducing packaging use wherever possible
Movement to electronic documentation to reduce its paper use
The company's scope 1 and 2 consumption and CO2 emission data has been calculated in line with UK Government environmental reporting guidelines.
Scope 1 consumption and emissions relate to direct combustion of natural gas and fuels utilised for travel and transportation such as company vehicles.
Scope 2 consumption and emissions relate to indirect emissions as a result of the consumption of purchased electricity in its day to day operations.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Matters addressed within the strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the disclosure of principal risks and uncertainties.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
SHARIEF GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
On behalf of the board
S Sharief
Director
16 May 2025
SHARIEF GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHARIEF GROUP LIMITED
- 10 -
Opinion
We have audited the financial statements of Sharief Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
SHARIEF GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SHARIEF GROUP LIMITED
- 11 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We gained an understanding of the legal and regulatory framework applicable to the Group and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the Group that were contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the GPhC, Companies Act 2006 and equivalent local laws and regulations.
We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the board meetings, legal reports provided to the Group and correspondence between the Group and its solicitors. Audit procedures performed by the engagement team included:
Discussion with management, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud;
Review of financial statement disclosures to underlying supporting documentation;
Challenging assumptions and judgements made by management in their significant accounting estimates;
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
SHARIEF GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SHARIEF GROUP LIMITED
- 12 -
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr David Clegg BFP FCA (Senior Statutory Auditor)
For and on behalf of AMS Accountants Corporate Ltd, Statutory Auditor
Chartered Accountants
Floor 2
9 Portland Street
Manchester
M1 3BE
16 May 2025
SHARIEF GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
as restated
Notes
£
£
Turnover
3
95,236,707
49,486,423
Cost of sales
(62,600,569)
(29,862,570)
Gross profit
32,636,138
19,623,853
Administrative expenses
(32,792,244)
(19,059,393)
Other operating income
321,087
115,438
Operating profit
4
164,981
679,898
Interest receivable and similar income
8
37,235
Interest payable and similar expenses
9
(2,573,742)
(557,364)
Amounts written off investments
10
1,350,927
(78,119)
(Loss)/profit before taxation
(1,020,599)
44,415
Tax on (loss)/profit
11
(270,099)
(232,560)
Loss for the financial year
(1,290,698)
(188,145)
Loss for the financial year is attributable to:
- Owners of the parent company
(1,071,861)
(550,153)
- Non-controlling interests
(218,837)
362,008
(1,290,698)
(188,145)
SHARIEF GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
as restated
£
£
Loss for the year
(1,290,698)
(188,145)
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
Total comprehensive income for the year
(1,290,698)
(188,145)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(1,071,861)
(550,153)
- Non-controlling interests
(218,837)
362,008
(1,290,698)
(188,145)
SHARIEF GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 15 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
13
20,407,171
7,956,262
Other intangible assets
13
5,097
6,976
Total intangible assets
20,412,268
7,963,238
Tangible assets
14
12,244,730
10,657,711
Investment property
15
296,872
296,872
Investments
16
646,916
656,236
33,600,786
19,574,057
Current assets
Stocks
20
6,428,195
3,415,914
Debtors
21
29,597,112
8,962,298
Cash at bank and in hand
696,899
487,495
36,722,206
12,865,707
Creditors: amounts falling due within one year
22
(37,591,432)
(14,667,649)
Net current liabilities
(869,226)
(1,801,942)
Total assets less current liabilities
32,731,560
17,772,115
Creditors: amounts falling due after more than one year
23
(28,857,527)
(12,036,086)
Provisions for liabilities
Deferred tax liability
25
348,875
235,438
(348,875)
(235,438)
Net assets
3,525,158
5,500,591
Capital and reserves
Called up share capital
27
18,216
18,216
Capital redemption reserve
10,780
17,273
Other reserves
481,335
288,745
Profit and loss reserves
3,051,329
4,877,680
Equity attributable to owners of the parent company
3,561,660
5,201,914
Non-controlling interests
(36,502)
298,677
Total equity
3,525,158
5,500,591
SHARIEF GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 16 -
The financial statements were approved by the board of directors and authorised for issue on 16 May 2025 and are signed on its behalf by:
16 May 2025
S Sharief
Director
Company registration number 12500354 (England and Wales)
SHARIEF GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 17 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
16
3,309,977
2,874,527
Current assets
Debtors
21
3,813,825
1,650,000
Cash at bank and in hand
15,503
3,829,328
1,650,000
Creditors: amounts falling due within one year
22
(57)
(4,506,311)
Net current assets/(liabilities)
3,829,271
(2,856,311)
Total assets less current liabilities
7,139,248
18,216
Creditors: amounts falling due after more than one year
23
(6,012,577)
-
Net assets
1,126,671
18,216
Capital and reserves
Called up share capital
27
18,216
18,216
Profit and loss reserves
1,108,455
Total equity
1,126,671
18,216
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,862,945 (2023 - £897,217 profit).
The financial statements were approved by the board of directors and authorised for issue on 16 May 2025 and are signed on its behalf by:
16 May 2025
S Sharief
Director
Company registration number 12500354 (England and Wales)
SHARIEF GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
Share capital
Capital redemption reserve
Other reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
18,216
71,474
288,745
8,142,795
8,521,230
105,165
8,626,395
Prior year adjustment
-
-
-
(1,650,000)
(1,650,000)
-
(1,650,000)
As restated
18,216
71,474
288,745
6,492,795
6,871,230
105,165
6,976,395
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
-
(550,153)
(550,153)
362,008
(188,145)
Dividends
12
-
-
-
(1,064,962)
(1,064,962)
(168,496)
(1,233,458)
Other movements
-
(54,201)
-
-
(54,201)
-
(54,201)
Balance at 31 March 2023
18,216
17,273
288,745
4,877,680
5,201,914
298,677
5,500,591
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
-
(1,071,861)
(1,071,861)
(218,837)
(1,290,698)
Dividends
12
-
-
-
(754,490)
(754,490)
(116,342)
(870,832)
Other movements
-
(6,493)
192,590
-
186,097
-
186,097
Balance at 31 March 2024
18,216
10,780
481,335
3,051,329
3,561,660
(36,502)
3,525,158
SHARIEF GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
18,216
1,650,000
1,668,216
Prior year adjustment
-
(1,650,000)
(1,650,000)
As restated
18,216
18,216
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
897,217
897,217
Dividends
12
-
(897,217)
(897,217)
Balance at 31 March 2023
18,216
18,216
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,862,945
1,862,945
Dividends
12
-
(754,490)
(754,490)
Balance at 31 March 2024
18,216
1,108,455
1,126,671
SHARIEF GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
10,578,388
6,182,736
Interest paid
(2,573,742)
(602,925)
Income taxes paid
(99,171)
(496,514)
Net cash inflow from operating activities
7,905,475
5,083,297
Investing activities
Purchase of intangible assets
(18,559,249)
(5,083,166)
Proceeds from disposal of intangibles
3,073,662
655,010
Purchase of tangible fixed assets
(3,189,223)
(1,657,345)
Proceeds from disposal of tangible fixed assets
848,614
256,096
Proceeds from disposal of associates
821
-
Proceeds from disposal of investments
1,110,960
34,944
Interest received
1,235
Dividends received
36,000
Net cash used in investing activities
(16,677,180)
(5,794,461)
Financing activities
Proceeds from borrowings
5,989,085
727,284
Proceeds from new bank loans
6,363,000
2,750,000
Repayment of bank loans
(2,500,144)
(1,911,486)
Dividends paid to equity shareholders
(754,490)
(1,064,962)
Dividends paid to non-controlling interests
(116,342)
(168,496)
Net cash generated from financing activities
8,981,109
332,340
Net increase/(decrease) in cash and cash equivalents
209,404
(378,824)
Cash and cash equivalents at beginning of year
487,495
866,319
Cash and cash equivalents at end of year
696,899
487,495
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
1
Accounting policies
Company information
Sharief Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 18 Neills Road, Bold Industrial Park, St Helens, Merseyside, WA9 4TU.
The group consists of Sharief Group Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Sharief Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
10% Straight line (10 years)
Development costs
10% Straight line (10 years)
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Leasehold land and buildings
2% straight line
Leasehold improvements
25% reducing balance
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.9
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 24 -
1.10
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company 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.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.11
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 25 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.12
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.13
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.14
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 26 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 27 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.15
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.16
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.17
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.19
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 28 -
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.20
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Fair value of investment property
The directors review the valuation of investment properties on a regular basis. As part of this process they review rental yields on similar properties in the local area to ensure that fair value has remained consistent with prior years.
The directors do not consider there are any other critical judgements or sources of estimation uncertainty requiring disclosure.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
NHS Sales
88,192,007
39,678,254
Non-NHS Sales
6,491,739
7,468,952
Property income
358,209
181,987
Other income
194,752
2,157,230
95,236,707
49,486,423
2024
2023
£
£
Turnover analysed by geographical market
UK Sales
95,236,707
49,486,423
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 29 -
2024
2023
£
£
Other revenue
Interest income
1,235
-
Dividends received
36,000
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
885,554
527,679
Profit on disposal of tangible fixed assets
(131,964)
(16,039)
Amortisation of intangible assets
5,313,107
2,171,640
Profit on disposal of intangible assets
(2,276,550)
(659,480)
Operating lease charges
1,536,772
738,403
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
35,000
18,750
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
5
5
5
5
Staff
839
484
-
-
Total
844
489
5
5
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Employees
(Continued)
- 30 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
16,175,403
8,194,769
Social security costs
1,292,605
574,704
-
-
Pension costs
252,076
110,519
17,720,084
8,879,992
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
28,980
46,429
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
898
Other interest income
337
-
Total interest revenue
1,235
-
Income from fixed asset investments
Income from shares in group undertakings
36,000
Total income
37,235
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,310,614
366,359
Interest on invoice finance arrangements
1,006,916
135,201
Other interest
256,212
55,804
Total finance costs
2,573,742
557,364
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
10
Amounts written off investments
2024
2023
£
£
Gain on disposal of fixed asset investments
1,110,960
-
Amounts written back to/(written off) current loans
267,245
(54,318)
Amounts written off investments held at fair value
(8,499)
(1,475)
Other gains and losses
(18,779)
(22,326)
1,350,927
(78,119)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
152,270
72,113
Adjustments in respect of prior periods
21,058
Total current tax
152,270
93,171
Deferred tax
Origination and reversal of timing differences
113,437
140,076
Adjustment in respect of prior periods
4,392
(687)
Total deferred tax
117,829
139,389
Total tax charge
270,099
232,560
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(1,020,599)
44,415
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(255,150)
8,439
Tax effect of expenses that are not deductible in determining taxable profit
84,114
26,671
Tax effect of income not taxable in determining taxable profit
(930,083)
(19,754)
Tax effect of utilisation of tax losses not previously recognised
(50,626)
(2,710)
Unutilised tax losses carried forward
550,167
238,911
Adjustments in respect of prior years
4,392
Permanent capital allowances in excess of depreciation
81,038
(66,504)
Amortisation on assets not qualifying for tax allowances
786,247
40,091
Under/(over) provided in prior years
7,416
Taxation charge
270,099
232,560
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
754,490
897,217
13
Intangible fixed assets
Group
Goodwill
Patents & licences
Development costs
Total
£
£
£
£
Cost
At 1 April 2023
14,156,623
9,395
24,038
14,190,056
Additions
18,559,249
18,559,249
Disposals
(1,620,518)
(1,620,518)
At 31 March 2024
31,095,354
9,395
24,038
31,128,787
Amortisation and impairment
At 1 April 2023
6,200,361
2,419
24,038
6,226,818
Amortisation charged for the year
5,311,228
1,879
5,313,107
Disposals
(823,406)
(823,406)
At 31 March 2024
10,688,183
4,298
24,038
10,716,519
Carrying amount
At 31 March 2024
20,407,171
5,097
20,412,268
At 31 March 2023
7,956,262
6,976
7,963,238
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 April 2023
8,797,867
253,778
376,840
46,223
1,231,373
229,455
894,796
11,830,332
Additions
987,947
171,827
15,277
1,606,844
184,005
223,323
3,189,223
Disposals
(585,752)
(15,250)
(88,825)
(72,739)
(174,434)
(937,000)
At 31 March 2024
9,200,062
253,778
548,667
46,250
2,749,392
340,721
943,685
14,082,555
Depreciation and impairment
At 1 April 2023
180,377
15,351
33,752
443,784
151,669
347,688
1,172,621
Depreciation charged in the year
87,700
13,699
6,285
527,207
83,277
167,386
885,554
Eliminated in respect of disposals
(16,199)
(12,697)
(58,320)
(60,583)
(72,551)
(220,350)
At 31 March 2024
251,878
29,050
27,340
912,671
174,363
442,523
1,837,825
Carrying amount
At 31 March 2024
8,948,184
253,778
519,617
18,910
1,836,721
166,358
501,162
12,244,730
At 31 March 2023
8,617,490
253,778
361,489
12,471
787,589
77,786
547,108
10,657,711
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
15
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023 and 31 March 2024
296,872
-
The value of the investment property was initially measured at cost value. The directors have carried out a review of similar properties in the local market and are satisfied that the original cost value is an accurate reflection of the fair value of the property.
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
3,309,115
2,873,303
Investments in associates
18
600,863
601,684
754
1,224
Investments in joint ventures
108
Unlisted investments
46,053
54,552
646,916
656,236
3,309,977
2,874,527
Movements in fixed asset investments
Group
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
601,684
54,552
656,236
Valuation changes
-
(8,499)
(8,499)
Disposals
(821)
-
(821)
At 31 March 2024
600,863
46,053
646,916
Carrying amount
At 31 March 2024
600,863
46,053
646,916
At 31 March 2023
601,684
54,552
656,236
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Fixed asset investments
(Continued)
- 35 -
Movements in fixed asset investments
Company
Shares in subsidiaries, associates and joint ventures
£
Cost or valuation
At 1 April 2023
2,874,527
Additions
438,386
Disposals
(2,936)
At 31 March 2024
3,309,977
Carrying amount
At 31 March 2024
3,309,977
At 31 March 2023
2,874,527
17
Subsidiaries
Under section 479a of the Companies Act 2006 available to subsidiary undertakings, the company provides a guarantee in respect of the below subsidiary undertakings claiming exemption to audit.
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Bell Walk Healthcare Ltd
England and Wales
Ordinary shares
0
68.00
Blackthorn Healthcare Limited
England and Wales
Ordinary shares
0
60.00
Oakfield Pharma Limited
England and Wales
Ordinary shares
0
60.00
Sharief Healthcare Limited
England and Wales
Ordinary shares
0
100.00
Sharief Oakfield Shares Ltd
England and Wales
Ordinary shares
0
60.00
Sharief Pharma Limited
England and Wales
Ordinary shares
0
100.00
Sharief Properties Limited
England and Wales
Ordinary shares
0
100.00
Upton Rocks Healthcare Limited
England and Wales
Ordinary shares
0
100.00
Sharief Holding Limited
England and Wales
Ordinary shares
100.00
-
Oakpharma Properties Ltd
England and Wales
Ordinary shares
0
100.00
Higgins Services Ltd
England and Wales
Ordinary shares
100.00
-
Liverpool Ph@rmacy Group Ltd
England and Wales
Ordinary shares
100.00
-
Sharief Farm Ltd
England and Wales
Ordinary shares
100.00
-
Allied Pharmacies Limited
England and Wales
Ordinary shares
100.00
-
Huddersfield Pharma Ltd
England and Wales
Ordinary shares
100.00
-
LP SD Eighty Limited
England and Wales
Ordinary
60.00
-
LP SD Forty Four Limited
England and Wales
Ordinary
60.00
-
LP SD Sixty Limited
England and Wales
Ordinary
60.00
-
LP SD Sixty Nine Limited
England and Wales
Ordinary
60.00
-
Middleway Pharmacy Limited
England and Wales
Ordinary
100.00
-
Sharief Oakfield Shares 2 Limited
England and Wales
Ordinary
0
60.00
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17
Subsidiaries
(Continued)
- 36 -
All the subsidiaries of the group share the same registered office as the parent company :
Unit 18 Neills Road, Bold Industrial Park, Bold, St. Helens, Merseyside, United Kingdom, WA9 4TU
18
Associates
Details of associates at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Hathersage Healthcare Ltd
England and Wales
Ordinary shares
0
50
Sidcup Healthcare Ltd
England and Wales
Ordinary shares
0
50
Didsbury Healthcare Ltd
England and Wales
Ordinary shares
50
-
Tuffley Healthcare Ltd
England and Wales
Ordinary shares
50
-
KA Imrie Healthcare Ltd
England and Wales
Ordinary shares
30
-
Laffak Limited
England and Wales
Ordinary shares
30
-
Salus Pharmacy Limited
England and Wales
Ordinary shares
30
-
Salman Healthcare Ltd
England and Wales
Ordinary shares
50
-
North Abingdon Limited
England and Wales
Ordinary shares
0
38
Astley Healthcare Limited
England and Wales
Ordinary shares
30
-
Brighouse Healthcare Limited
England and Wales
Ordinary shares
30
-
Burscough Healthcare Limited
England and Wales
Ordinary shares
30
-
Colne Healthcare Limited
England and Wales
Ordinary shares
30
-
Cop Lane Healthcare Limited
England and Wales
Ordinary shares
30
-
Darlington Healthcare Limited
England and Wales
Ordinary shares
30
-
Ferrybridge Healthcare Limited
England and Wales
Ordinary shares
30
-
Henley Avenue Healthcare Limited
England and Wales
Ordinary shares
30
-
Longmoor Healthcare Limited
England and Wales
Ordinary shares
30
-
Loquat Pharma Limited
England and Wales
Ordinary shares
30
-
Northern Moor Healthcare Limited
England and Wales
Ordinary shares
30
-
Sale Healthcare Limited
England and Wales
Ordinary shares
30
-
Salford Pharma Limited
England and Wales
Ordinary shares
30
-
York Road Healthcare Limited
England and Wales
Ordinary shares
30
-
Cholsey Healthcare Limited
England and Wales
Ordinary shares
30
-
Cowley Healthcare Limited
England and Wales
Ordinary shares
0
-
YZH Pharma Limited
England and Wales
Ordinary shares
30
-
Post year end the following associates have been disposed :
Astley Healthcare Limited
Brighouse Healthcare Limited
Darlington Healthcare Limited
All the associates of the group share the same registered office as the parent company :
Unit 18 Neills Road, Bold Industrial Park, Bold, St. Helens, Merseyside, United Kingdom, WA9 4TU
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 37 -
19
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
26,459,355
5,914,346
n/a
n/a
Equity instruments measured at cost less impairment
46,053
54,552
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
65,630,250
26,490,709
n/a
n/a
20
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
6,428,195
3,415,914
21
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
12,132,829
4,214,598
Amounts owed by group undertakings
-
-
1,327,800
1,650,000
Other debtors
15,590,187
2,297,313
2,486,025
Prepayments and accrued income
1,874,096
2,450,387
29,597,112
8,962,298
3,813,825
1,650,000
22
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
24
1,541,677
2,153,853
Trade creditors
21,429,675
8,226,312
Amounts owed to group undertakings
2,855,087
Amounts owed to undertakings in which the group has a participating interest
57
156
Corporation tax payable
137,513
80,022
Other taxation and social security
681,196
133,004
-
-
Other creditors
12,117,854
3,137,745
1,651,068
Accruals and deferred income
1,683,517
936,713
37,591,432
14,667,649
57
4,506,311
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 38 -
23
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
24
13,694,576
9,219,544
Other borrowings
24
7,054,968
1,065,883
4,977,577
Other creditors
8,107,983
1,750,659
1,035,000
28,857,527
12,036,086
6,012,577
-
24
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
15,236,253
11,373,397
Loans from group undertakings
3,160,126
Loans from related parties
5,658,041
589,500
69,439
Other loans
1,396,927
476,383
1,748,012
22,291,221
12,439,280
4,977,577
-
Payable within one year
1,541,677
2,153,853
Payable after one year
20,749,544
10,285,427
4,977,577
The long term debt is in relation to the group director's loan account. This is expected to be paid within 5 years and will incur a interest rate of 4% each year.
The bank loans are all repayable within 5 years.
Below are the legal charges on the loans within the group:
An unlimited debenture from Oakfield Pharma Limited dated 4th December 2019 in favour of Lloyds Bank PLC incorporating a fixed and floating charge.
An unlimited debenture from Sharief Healthcare Limited dated 4th December 2019 in favour of Lloyds Bank PLC incorporating a fixed and floating charge.
An Omnibus Guarantee and set off arrangement in favour of Lloyds Bank PLC dated 7th July 2022 between Sharief Holding Limited, Sharief Healthcare Limited, Upton Rocks Healthcare Limited, Sharief Properties Limited, Blackthorn Healthcare Limited, Oakfield Pharma Limited, Laffak Limited, Salus Pharmacy Limited and Sharief Limited together with such other security as the Bank may from time to time hold in respect of the debts and liabilities of any guarantor to the Bank.
A first legal charge from Sharief Healthcare Limited over the leasehold land and buildings.
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 39 -
25
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
348,875
235,438
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
235,438
-
Charge to profit or loss
113,437
-
Liability at 31 March 2024
348,875
-
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature in the future.
26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
252,076
110,519
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 40 -
27
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
18,205
18,205
18,205
18,205
A Ordinary shares of £1 each
1
1
1
1
B Ordinary shares of £1 each
1
1
1
1
C Ordinary shares of £1 each
1
1
1
1
D Ordinary shares of £1 each
1
1
1
1
E Ordinary shares of £1 each
1
1
1
1
G Ordinary shares of £1 each
1
1
1
1
H Ordinary shares of £1 each
1
1
1
1
I Ordinary shares of £1 each
1
1
1
1
J Ordinary shares of £1 each
1
1
1
1
K Ordinary shares of £1 each
1
1
1
1
L Ordinary shares of £1 each
1
1
1
1
18,216
18,216
18,216
18,216
Ordinary shares hold full rights in the company to voting, dividend and distributions.
A Ordinary, B Ordinary, C Ordinary, D Ordinary, E Ordinary, G Ordinary, H Ordinary, I Ordinary, J Ordinary, K Ordinary and L Ordinary shares hold rights to dividends only and do not carry voting rights.
28
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,308,674
430,695
-
-
Between two and five years
4,417,421
1,062,873
-
-
In over five years
4,206,107
720,275
-
-
9,932,202
2,213,843
-
-
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 41 -
29
Events after the reporting date
The Group concluded the purchase of multiple pharmacies after the period end, the total consideration for these purchases was £4,943,955 in respect of 14 pharmacies. The group also sold 7 pharmacies post year end for a total consideration of £2,890,700.
The Group entered into a loan agreement with Lloyds Bank PLC for £333,450 for the purchase of freehold land and buildings at 1 Market Square, Woodhouse, Sheffield, S13 7JX post year end.
The Group after the period end undertook loan agreements with Lloyds Bank PLC for £728,000 and £1,893,000 for refinancing.
The Group extended its working capital facilities with TradeBridge via their RXBridge product requiring a cross-guarantee from Sharief Group Limited.
30
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
106,486
-
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Amounts owed to associated entities
1,336,783
103,219
1,381,333
8,044
Other related parties
1,804
36,227
30,881
26,720
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Amounts owed to associated entities
10,472,567
292,812
Other related parties
416,131
925,396
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
30
Related party transactions
(Continued)
- 42 -
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Amounts owed to associated entities
11,765,472
743,752
Other related parties
45,876
52,182
Other information
The above amounts are interest free, unsecured and repayable on demand.
The group has taken advantage of the exemption conferred by Section 33 of the Financial Reporting Standard 102 "Related Party Disclosures" not to disclose transactions with other group entities whose voting rights are 100% controlled by the group.
31
Directors' transactions
At the period end, a balance of £1,375,593 (2023 - £550,681) was owed to the directors.
The above loan is subject to a interest rate of 4% and is expected to be repaid within 5 years.
32
Controlling party
The directors are of the opinion that there is no one overall controlling party.
33
Cash generated from group operations
2024
2023
£
£
Loss after taxation
(1,290,698)
(188,145)
Adjustments for:
Taxation charged
270,099
232,560
Finance costs
2,573,742
557,364
Investment income
(37,235)
Gain on disposal of tangible fixed assets
(131,964)
(16,039)
Gain on disposal of intangible assets
(2,276,550)
(659,480)
Amortisation and impairment of intangible assets
5,313,107
2,171,640
Depreciation and impairment of tangible fixed assets
885,554
527,679
Gain on sale of investments
(1,110,960)
-
Other gains and losses
(239,967)
78,119
Movements in working capital:
Increase in stocks
(3,012,281)
(840,097)
(Increase)/decrease in debtors
(20,465,079)
1,325,488
Increase in creditors
30,100,620
2,993,647
Cash generated from operations
10,578,388
6,182,736
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 43 -
34
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
487,495
209,404
696,899
Borrowings excluding overdrafts
(12,439,280)
(9,851,941)
(22,291,221)
(11,951,785)
(9,642,537)
(21,594,322)
35
Prior period adjustment
Reconciliation of changes in equity - group
1 April
31 March
2022
2023
Notes
£
£
Adjustments to prior year
Share purchase
1
(1,650,000)
-
Equity as previously reported
8,626,395
7,150,591
Equity as adjusted
6,976,395
7,150,591
Analysis of the effect upon equity
Profit and loss reserves
(1,650,000)
-
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Share purchase
1
-
Total adjustments
-
Loss as previously reported
(188,145)
Loss as adjusted
(188,145)
Reconciliation of changes in equity - company
1 April
31 March
2022
2023
£
£
Analysis of the effect upon equity
Profit and loss reserves
(1,650,000)
-
SHARIEF GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
35
Prior period adjustment
(Continued)
- 44 -
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
897,217
Profit as adjusted
897,217
Notes to reconciliation
Share purchase
The prior year adjustment relates to the consideration in respect of a share purchase of a former shareholder in 2019.
This adjustment has been made to the comparatives and as such has had the impact of decreasing profit and loss reserves by £1,650,000. There is no impact on the profit or loss of the current or prior years.
2024-03-312023-04-01falsefalseCCH SoftwareCCH Accounts Production 2025.100S ShariefS AbdullahMr M ShariefMr B ShariefMr A Sharieffalse12500354bus:Consolidated2023-04-012024-03-31125003542023-04-012024-03-3112500354bus:Director12023-04-012024-03-3112500354bus:Director22023-04-012024-03-3112500354bus:Director32023-04-012024-03-3112500354bus:Director42023-04-012024-03-3112500354bus:Director52023-04-012024-03-3112500354bus:RegisteredOffice2023-04-012024-03-3112500354core:CapitalRedemptionReserve2022-03-3112500354core:OtherMiscellaneousReserve2022-03-3112500354core:ShareCapitalbus:Consolidated2024-03-3112500354core:ShareCapitalbus:Consolidated2023-03-3112500354core:CapitalRedemptionReservebus:Consolidated2024-03-3112500354core:CapitalRedemptionReservebus:Consolidated2023-03-3112500354core:OtherMiscellaneousReservebus:Consolidated2024-03-3112500354core:OtherMiscellaneousReservebus:Consolidated2023-03-3112500354core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3112500354core:Non-controllingInterestsbus:Consolidated2023-03-3112500354core:ShareCapital2024-03-3112500354core:ShareCapital2023-03-3112500354core:RetainedEarningsAccumulatedLosses2024-03-3112500354core:RetainedEarningsAccumulatedLosses2023-03-3112500354core:ShareCapitalbus:Consolidated2022-03-3112500354core:CapitalRedemptionReservebus:Consolidated2022-03-31125003542022-03-3112500354bus:Consolidated2023-03-3112500354core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-3112500354core:Non-controllingInterestsbus:Consolidated2024-03-3112500354bus:Consolidated2024-03-3112500354core:ShareCapital2022-03-3112500354core:RetainedEarningsAccumulatedLosses2022-03-31125003542023-03-31125003542024-03-3112500354bus:Consolidated2022-04-012023-03-31125003542022-04-012023-03-3112500354core:Goodwillbus:Consolidated2024-03-3112500354core:Goodwillbus:Consolidated2023-03-3112500354core:OtherResidualIntangibleAssetsbus:Consolidated2024-03-3112500354core:OtherResidualIntangibleAssetsbus:Consolidated2023-03-3112500354core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2024-03-3112500354core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2024-03-3112500354core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-03-3112500354core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-03-3112500354core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-03-3112500354core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-03-3112500354core:LeaseholdImprovementsbus:Consolidated2024-03-3112500354core:PlantMachinerybus:Consolidated2024-03-3112500354core:FurnitureFittingsbus:Consolidated2024-03-3112500354core:ComputerEquipmentbus:Consolidated2024-03-3112500354core:MotorVehiclesbus:Consolidated2024-03-3112500354core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-3112500354core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-3112500354core:LeaseholdImprovementsbus:Consolidated2023-03-3112500354core:PlantMachinerybus:Consolidated2023-03-3112500354core:FurnitureFittingsbus:Consolidated2023-03-3112500354core:ComputerEquipmentbus:Consolidated2023-03-3112500354core:MotorVehiclesbus:Consolidated2023-03-3112500354bus:Consolidated2022-03-3112500354core:Goodwill2023-04-012024-03-3112500354core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3112500354core:PatentsTrademarksLicencesConcessionsSimilar2023-04-012024-03-3112500354core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-3112500354core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3112500354core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3112500354core:LeaseholdImprovements2023-04-012024-03-3112500354core:PlantMachinery2023-04-012024-03-3112500354core:FurnitureFittings2023-04-012024-03-3112500354core:ComputerEquipment2023-04-012024-03-3112500354core:MotorVehicles2023-04-012024-03-3112500354core:UKTaxbus:Consolidated2023-04-012024-03-3112500354core:UKTaxbus:Consolidated2022-04-012023-03-3112500354bus:Consolidated12023-04-012024-03-3112500354bus:Consolidated12022-04-012023-03-3112500354bus:Consolidated22023-04-012024-03-3112500354bus:Consolidated22022-04-012023-03-3112500354core:Goodwillbus:Consolidated2023-03-3112500354core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-03-3112500354core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-03-3112500354bus:Consolidated2023-03-3112500354core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-04-012024-03-3112500354core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-04-012024-03-3112500354core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-04-012024-03-3112500354core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-04-012024-03-3112500354core:Goodwillbus:Consolidated2023-04-012024-03-3112500354core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-04-012024-03-3112500354core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-04-012024-03-3112500354core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-3112500354core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-3112500354core:LeaseholdImprovementsbus:Consolidated2023-03-3112500354core:PlantMachinerybus:Consolidated2023-03-3112500354core:FurnitureFittingsbus:Consolidated2023-03-3112500354core:ComputerEquipmentbus:Consolidated2023-03-3112500354core:MotorVehiclesbus:Consolidated2023-03-3112500354core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-04-012024-03-3112500354core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-04-012024-03-3112500354core:LeaseholdImprovementsbus:Consolidated2023-04-012024-03-3112500354core:PlantMachinerybus:Consolidated2023-04-012024-03-3112500354core:FurnitureFittingsbus:Consolidated2023-04-012024-03-3112500354core:ComputerEquipmentbus:Consolidated2023-04-012024-03-3112500354core:MotorVehiclesbus:Consolidated2023-04-012024-03-3112500354core:UnlistedNon-exchangeTradedbus:Consolidated2024-03-3112500354core:UnlistedNon-exchangeTradedbus:Consolidated2023-03-3112500354core:UnlistedNon-exchangeTraded2024-03-3112500354core:UnlistedNon-exchangeTraded2023-03-3112500354core:Subsidiary12023-04-012024-03-3112500354core:Subsidiary22023-04-012024-03-3112500354core:Subsidiary32023-04-012024-03-3112500354core:Subsidiary42023-04-012024-03-3112500354core:Subsidiary52023-04-012024-03-3112500354core:Subsidiary62023-04-012024-03-3112500354core:Subsidiary72023-04-012024-03-3112500354core:Subsidiary82023-04-012024-03-3112500354core:Subsidiary92023-04-012024-03-3112500354core:Subsidiary102023-04-012024-03-3112500354core:Subsidiary112023-04-012024-03-3112500354core:Subsidiary122023-04-012024-03-3112500354core:Subsidiary132023-04-012024-03-3112500354core:Subsidiary142023-04-012024-03-3112500354core:Subsidiary152023-04-012024-03-3112500354core:Subsidiary162023-04-012024-03-3112500354core:Subsidiary172023-04-012024-03-3112500354core:Subsidiary182023-04-012024-03-3112500354core:Subsidiary192023-04-012024-03-3112500354core:Subsidiary202023-04-012024-03-3112500354core:Subsidiary212023-04-012024-03-3112500354core:Subsidiary112023-04-012024-03-3112500354core:Subsidiary222023-04-012024-03-3112500354core:Subsidiary332023-04-012024-03-3112500354core:Subsidiary442023-04-012024-03-3112500354core:Subsidiary552023-04-012024-03-3112500354core:Subsidiary662023-04-012024-03-3112500354core:Subsidiary772023-04-012024-03-3112500354core:Subsidiary882023-04-012024-03-3112500354core:Subsidiary992023-04-012024-03-3112500354core:Subsidiary10102023-04-012024-03-3112500354core:Subsidiary11112023-04-012024-03-3112500354core:Subsidiary12122023-04-012024-03-3112500354core:Subsidiary13132023-04-012024-03-3112500354core:Subsidiary14142023-04-012024-03-3112500354core:Subsidiary15152023-04-012024-03-3112500354core:Subsidiary16162023-04-012024-03-3112500354core:Subsidiary17172023-04-012024-03-3112500354core:Subsidiary18182023-04-012024-03-3112500354core:Subsidiary19192023-04-012024-03-3112500354core:Subsidiary20202023-04-012024-03-3112500354core:Subsidiary21212023-04-012024-03-3112500354core:Associate12023-04-012024-03-3112500354core:Associate22023-04-012024-03-3112500354core:Associate32023-04-012024-03-3112500354core:Associate42023-04-012024-03-3112500354core:Associate52023-04-012024-03-3112500354core:Associate62023-04-012024-03-3112500354core:Associate72023-04-012024-03-3112500354core:Associate82023-04-012024-03-3112500354core:Associate92023-04-012024-03-3112500354core:Associate102023-04-012024-03-3112500354core:Associate112023-04-012024-03-3112500354core:Associate122023-04-012024-03-3112500354core:Associate132023-04-012024-03-3112500354core:Associate142023-04-012024-03-3112500354core:Associate152023-04-012024-03-3112500354core:Associate162023-04-012024-03-3112500354core:Associate172023-04-012024-03-3112500354core:Associate182023-04-012024-03-3112500354core:Associate192023-04-012024-03-3112500354core:Associate202023-04-012024-03-3112500354core:Associate212023-04-012024-03-3112500354core:Associate222023-04-012024-03-3112500354core:Associate232023-04-012024-03-3112500354core:Associate242023-04-012024-03-3112500354core:Associate252023-04-012024-03-3112500354core:Associate262023-04-012024-03-3112500354core:Associate112023-04-012024-03-3112500354core:Associate222023-04-012024-03-3112500354core:Associate332023-04-012024-03-3112500354core:Associate442023-04-012024-03-3112500354core:Associate552023-04-012024-03-3112500354core:Associate662023-04-012024-03-3112500354core:Associate772023-04-012024-03-3112500354core:Associate882023-04-012024-03-3112500354core:Associate992023-04-012024-03-3112500354core:Associate10102023-04-012024-03-3112500354core:Associate11112023-04-012024-03-3112500354core:Associate12122023-04-012024-03-3112500354core:Associate13132023-04-012024-03-3112500354core:Associate14142023-04-012024-03-3112500354core:Associate15152023-04-012024-03-3112500354core:Associate16162023-04-012024-03-3112500354core:Associate17172023-04-012024-03-3112500354core:Associate18182023-04-012024-03-3112500354core:Associate19192023-04-012024-03-3112500354core:Associate20202023-04-012024-03-3112500354core:Associate21212023-04-012024-03-3112500354core:Associate22222023-04-012024-03-3112500354core:Associate23232023-04-012024-03-3112500354core:Associate24242023-04-012024-03-3112500354core:Associate25252023-04-012024-03-3112500354core:Associate26262023-04-012024-03-3112500354core:CurrentFinancialInstruments2024-03-3112500354core:CurrentFinancialInstruments2023-03-3112500354core:CurrentFinancialInstrumentsbus:Consolidated2024-03-3112500354core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3112500354core:WithinOneYearbus:Consolidated2024-03-3112500354core:WithinOneYearbus:Consolidated2023-03-3112500354core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3112500354core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3112500354core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-03-3112500354core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-03-3112500354core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3112500354core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3112500354core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-3112500354core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3112500354core:Non-currentFinancialInstrumentsbus:Consolidated2024-03-3112500354core:Non-currentFinancialInstrumentsbus:Consolidated2023-03-3112500354core:Non-currentFinancialInstruments2024-03-3112500354core:Non-currentFinancialInstruments2023-03-3112500354core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12024-03-3112500354core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-03-3112500354core:Non-currentFinancialInstrumentscore:AfterOneYear22024-03-3112500354core:Non-currentFinancialInstrumentscore:AfterOneYear22023-03-3112500354bus:PrivateLimitedCompanyLtd2023-04-012024-03-3112500354bus:FRS1022023-04-012024-03-3112500354bus:Audited2023-04-012024-03-3112500354bus:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3112500354bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP