| REGISTERED NUMBER: 09600533 (England and Wales) |
| Group Strategic Report, Report of the Director and |
| Consolidated Financial Statements for the Year Ended 31 May 2024 |
| for |
| Inventure Holdings Limited |
| REGISTERED NUMBER: 09600533 (England and Wales) |
| Group Strategic Report, Report of the Director and |
| Consolidated Financial Statements for the Year Ended 31 May 2024 |
| for |
| Inventure Holdings Limited |
| Inventure Holdings Limited (Registered number: 09600533) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 May 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 19 |
| Inventure Holdings Limited |
| Company Information |
| for the Year Ended 31 May 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Anwer Patel BA (Hons) FCA, BFP |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| 364-368 Cranbrook Road |
| Gants Hill |
| Ilford |
| Essex |
| IG2 6HY |
| Inventure Holdings Limited (Registered number: 09600533) |
| Group Strategic Report |
| for the Year Ended 31 May 2024 |
| The director presents his strategic report of the company and the group for the year ended 31 May 2024. |
| REVIEW OF BUSINESS |
| The group operates as a diversified company with the following core business activities: |
| 1. Retail: Retailing non-specialized goods, predominantly focusing on food, alcohol, and groceries, through a network of retail outlets. |
| 2. Wholesale: Wholesaling fresh fruits, vegetables, and ethnic spices. |
| 3. Paper and Packaging Distributor: Serving as a national paper and packaging distributor, primarily serving the hospitality sector, with a strong focus on quick service restaurants (QSRs). The company offers a wide selection of over 500 high-quality products, including food packaging, paper, hygiene supplies, personal protective equipment (PPE), cleaning, and janitorial products, to QSR chains, wholesalers, retail outlets, corporate offices, and educational institutions. |
| 4. Dental Supply: Providing dental supplies, dental equipment, and dental consumables to the dental industry. |
| Key Financial Performance Indicators |
| 2024 (GBP) | 2023 (GBP) |
| Turnover (Continuing Operations) | £28,909,757 | £25,708,390 |
| Operating Profit | £2,913,637 | £1,805,057 |
| Profit After Tax | £2,260,515 | £1,337,132 |
| Shareholder's Funds | £10,663,479 | £8,462,964 |
| Non-Financial Performance Indicators |
| a. Human Resources: Maintaining a positive and efficient work environment by holding regular meetings between directors and key management to promptly address employee concerns, resulting in low staff turnover and enhanced |
| efficiencies. |
| b. Product and Service Quality: Ensuring high-quality products by primarily sourcing them directly from manufacturers. |
| c. Sustainability and Recycling: Promoting and maintaining sustainable practices and recycling efforts throughout the business. |
| d. Brand Awareness: Actively participating in worldwide exhibitions to enhance brand visibility and recognition. |
| Inventure Holdings Limited (Registered number: 09600533) |
| Group Strategic Report |
| for the Year Ended 31 May 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors hold regular meetings with key management employees to evaluate the group's risk management process. Full due diligence is carried out on customers and suppliers to ensure compliance with relevant legislation and to have a better understanding of their needs. |
| The parent company recognises increased price competition in the market place which will continue to put pressure on its margins. The parent Company is overcoming this risk by growing its business both in the UK and Overseas. |
| ON BEHALF OF THE BOARD: |
| Inventure Holdings Limited (Registered number: 09600533) |
| Report of the Director |
| for the Year Ended 31 May 2024 |
| The director presents his report with the financial statements of the company and the group for the year ended 31 May 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of Activities of holding companies |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 May 2024 will be £ 60,000 . |
| DIRECTOR |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| Inventure Holdings Limited (Registered number: 09600533) |
| Report of the Director |
| for the Year Ended 31 May 2024 |
| AUDITORS |
| The auditors, Prestons, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Inventure Holdings Limited |
| Opinion |
| We have audited the financial statements of Inventure Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the 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 director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Report of the Independent Auditors to the Members of |
| Inventure Holdings Limited |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept 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 director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the director is responsible for assessing the group's and 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities to detect material misstatement in respect of irregularities, including fraud. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Inventure Holdings Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditors |
| 364-368 Cranbrook Road |
| Gants Hill |
| Ilford |
| Essex |
| IG2 6HY |
| Inventure Holdings Limited (Registered number: 09600533) |
| Consolidated Income Statement |
| for the Year Ended 31 May 2024 |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| Notes | £ | £ | £ |
| TURNOVER | 28,909,757 | 25,708,390 |
| Cost of sales | 20,815,262 | 19,185,238 |
| GROSS PROFIT | 8,094,495 | 6,523,152 |
| Administrative expenses | 5,301,654 | 5,032,975 |
| 2,792,841 | 1,490,177 |
| Other operating income | 120,796 | 314,880 |
| OPERATING PROFIT | 4 | 2,913,637 | 1,805,057 |
| Income from fixed asset investments | 10,000 | 17,721 |
| Interest receivable and similar income | 18,044 | 2,301 |
| 28,044 | 20,022 |
| 2,941,681 | 1,825,079 |
| Interest payable and similar expenses | 5 | 127,966 | 86,594 |
| PROFIT BEFORE TAXATION | 2,813,715 | 1,738,485 |
| Tax on profit | 6 | 553,200 | 401,353 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 2,260,515 | 1,337,132 |
| Inventure Holdings Limited (Registered number: 09600533) |
| Consolidated Other Comprehensive Income |
| for the Year Ended 31 May 2024 |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 2,260,515 | 1,337,132 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,260,515 |
1,337,132 |
| Total comprehensive income attributable to: |
| Owners of the parent | 2,260,515 | 1,337,132 |
| Inventure Holdings Limited (Registered number: 09600533) |
| Consolidated Balance Sheet |
| 31 May 2024 |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 | 2,501,940 | 874,013 |
| Tangible assets | 10 | 333,349 | 262,654 |
| Investments | 11 | 3,956,569 | 4,222,829 |
| 6,791,858 | 5,359,496 |
| CURRENT ASSETS |
| Stocks | 12 | 4,507,296 | 3,130,986 |
| Debtors | 13 | 6,115,728 | 4,399,053 |
| Cash at bank and in hand | 1,701,916 | 1,136,610 |
| 12,324,940 | 8,666,649 |
| CREDITORS |
| Amounts falling due within one year | 14 | 6,016,637 | 4,848,385 |
| NET CURRENT ASSETS | 6,308,303 | 3,818,264 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
13,100,161 |
9,177,760 |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
2,436,682 |
714,796 |
| NET ASSETS | 10,663,479 | 8,462,964 |
| CAPITAL AND RESERVES |
| Called up share capital | 18 | 100 | 100 |
| Other reserves | 19 | 9,151 | 9,151 |
| Retained earnings | 19 | 10,654,228 | 8,453,713 |
| SHAREHOLDERS' FUNDS | 10,663,479 | 8,462,964 |
| The financial statements were approved by the director and authorised for issue on 19 May 2025 and were signed by: |
| R B Amipara - Director |
| Inventure Holdings Limited (Registered number: 09600533) |
| Company Balance Sheet |
| 31 May 2024 |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 688,847 | 678,963 |
| Inventure Holdings Limited (Registered number: 09600533) |
| Company Balance Sheet - continued |
| 31 May 2024 |
| The financial statements were approved by the director and authorised for issue on |
| Inventure Holdings Limited (Registered number: 09600533) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 May 2024 |
| Called up |
| share | Retained | Other | Total |
| capital | earnings | reserves | equity |
| £ | £ | £ | £ |
| Balance at 1 June 2022 | 100 | 7,176,581 | 9,151 | 7,185,832 |
| Changes in equity |
| Dividends | - | (60,000 | ) | - | (60,000 | ) |
| Total comprehensive income | - | 1,337,132 | - | 1,337,132 |
| Balance at 31 May 2023 | 100 | 8,453,713 | 9,151 | 8,462,964 |
| Changes in equity |
| Dividends | - | (60,000 | ) | - | (60,000 | ) |
| Total comprehensive income | - | 2,260,515 | - | 2,260,515 |
| Balance at 31 May 2024 | 100 | 10,654,228 | 9,151 | 10,663,479 |
| Inventure Holdings Limited (Registered number: 09600533) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 May 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 June 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 May 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 May 2024 |
| Inventure Holdings Limited (Registered number: 09600533) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 May 2024 |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,091,722 | 1,394,421 |
| Interest paid | (127,966 | ) | (86,594 | ) |
| Tax paid | (255,728 | ) | 33,496 |
| Net cash from operating activities | 708,028 | 1,341,323 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (1,705,000 | ) | (10,000 | ) |
| Purchase of tangible fixed assets | (115,163 | ) | (5,575 | ) |
| Purchase of fixed asset investments | - | (913,670 | ) |
| Sale of fixed asset investments | 266,260 | - |
| Interest received | 18,044 | 2,301 |
| Dividends received | 10,000 | 17,721 |
| Net cash from investing activities | (1,525,859 | ) | (909,223 | ) |
| Cash flows from financing activities |
| New loans in year | 1,437,631 | - |
| Amount introduced by directors | 5,506 | - |
| Share issue | - | 100 |
| Equity dividends paid | (60,000 | ) | (60,000 | ) |
| Net cash from financing activities | 1,383,137 | (59,900 | ) |
| Increase in cash and cash equivalents | 565,306 | 372,200 |
| Cash and cash equivalents at beginning of year |
2 |
1,136,610 |
764,410 |
| Cash and cash equivalents at end of year | 2 | 1,701,916 | 1,136,610 |
| Inventure Holdings Limited (Registered number: 09600533) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 May 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| £ | £ |
| Profit before taxation | 2,813,715 | 1,738,485 |
| Depreciation charges | 121,541 | 231,969 |
| Loss on disposal of fixed assets | - | 333,968 |
| Government grants | - | (8,333 | ) |
| Finance costs | 127,966 | 86,594 |
| Finance income | (28,044 | ) | (20,022 | ) |
| 3,035,178 | 2,362,661 |
| Increase in stocks | (1,376,310 | ) | (468,242 | ) |
| Increase in trade and other debtors | (1,716,675 | ) | (1,625,833 | ) |
| Increase in trade and other creditors | 1,149,529 | 1,125,835 |
| Cash generated from operations | 1,091,722 | 1,394,421 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 May 2024 |
| 31/5/24 | 1/6/23 |
| £ | £ |
| Cash and cash equivalents | 1,701,916 | 1,136,610 |
| Year ended 31 May 2023 |
| 31/5/23 | 1/6/22 |
| (Unaudited) |
| £ | £ |
| Cash and cash equivalents | 1,136,610 | 764,410 |
| Inventure Holdings Limited (Registered number: 09600533) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 May 2024 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
| At 1/6/23 | Cash flow | At 31/5/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,136,610 | 565,306 | 1,701,916 |
| 1,136,610 | 565,306 | 1,701,916 |
| Debt |
| Debts falling due within 1 year | (605,200 | ) | (281,879 | ) | (887,079 | ) |
| Debts falling due after 1 year | (189,482 | ) | (1,155,752 | ) | (1,345,234 | ) |
| (794,682 | ) | (1,437,631 | ) | (2,232,313 | ) |
| Total | 341,928 | (872,325 | ) | (530,397 | ) |
| Inventure Holdings Limited (Registered number: 09600533) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 May 2024 |
| 1. | STATUTORY INFORMATION |
| Inventure Holdings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net income receivable from sale of goods and services in the year, excluding value added tax. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business is being amortised evenly over its estimated useful life between 10 to 20 years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Inventure Holdings Limited (Registered number: 09600533) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| £ | £ |
| Wages and salaries | 2,269,224 | 1,818,586 |
| Social security costs | 9,799 | 135 |
| Other pension costs | 8,252 | 40,650 |
| 2,287,275 | 1,859,371 |
| The average number of employees during the year was as follows: |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| Sales department | 6 | 6 |
| Operation department | 114 | 114 |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| £ | £ |
| Director's remuneration | 131,630 | 132,582 |
| Inventure Holdings Limited (Registered number: 09600533) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| £ | £ |
| Other operating leases | 1,154,745 | 908,247 |
| Depreciation - owned assets | 44,468 | 61,981 |
| Loss on disposal of fixed assets | - | 333,968 |
| Goodwill amortisation | 77,073 | 169,988 |
| Foreign exchange differences | 25,941 | 60,296 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| £ | £ |
| Bank loan interest | 127,966 | 86,594 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| £ | £ |
| Current tax: |
| UK corporation tax | 553,200 | 401,353 |
| Tax on profit | 553,200 | 401,353 |
| 7. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 8. | DIVIDENDS |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| £ | £ |
| Final | 60,000 | 60,000 |
| Inventure Holdings Limited (Registered number: 09600533) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 9. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 June 2023 | 1,844,733 |
| Additions | 1,705,000 |
| At 31 May 2024 | 3,549,733 |
| AMORTISATION |
| At 1 June 2023 | 970,720 |
| Amortisation for year | 77,073 |
| At 31 May 2024 | 1,047,793 |
| NET BOOK VALUE |
| At 31 May 2024 | 2,501,940 |
| At 31 May 2023 | 874,013 |
| 10. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 June 2023 | 68,386 | 828,095 | 63,927 | 960,408 |
| Additions | 18,303 | 62,910 | 33,950 | 115,163 |
| At 31 May 2024 | 86,689 | 891,005 | 97,877 | 1,075,571 |
| DEPRECIATION |
| At 1 June 2023 | 39,297 | 613,071 | 45,386 | 697,754 |
| Charge for year | 446 | 32,585 | 11,437 | 44,468 |
| At 31 May 2024 | 39,743 | 645,656 | 56,823 | 742,222 |
| NET BOOK VALUE |
| At 31 May 2024 | 46,946 | 245,349 | 41,054 | 333,349 |
| At 31 May 2023 | 29,089 | 215,024 | 18,541 | 262,654 |
| Inventure Holdings Limited (Registered number: 09600533) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 11. | FIXED ASSET INVESTMENTS |
| Group | Company |
| 31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
| (Unaudited) | (Unaudited) |
| £ | £ | £ | £ |
| Shares in group undertakings | 3,640,596 | 3,644,789 |
| Other investments not loans | 315,973 | 578,040 | 315,973 | 578,040 |
| 3,956,569 | 4,222,829 |
| Additional information is as follows: |
| Group |
| Shares in |
| group | Listed |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2023 | 3,644,789 | 266,032 | 3,910,821 |
| Disposals | (4,193 | ) | - | (4,193 | ) |
| At 31 May 2024 | 3,640,596 | 266,032 | 3,906,628 |
| NET BOOK VALUE |
| At 31 May 2024 | 3,640,596 | 266,032 | 3,906,628 |
| At 31 May 2023 | 3,644,789 | 266,032 | 3,910,821 |
| Investments (neither listed nor unlisted) were as follows: |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| £ | £ |
| Other investments | 49,941 | 312,008 |
| Inventure Holdings Limited (Registered number: 09600533) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2023 | 1,582,014 |
| Additions | 200 |
| At 31 May 2024 | 1,582,214 |
| NET BOOK VALUE |
| At 31 May 2024 | 1,582,214 |
| At 31 May 2023 | 1,582,014 |
| Investments (neither listed nor unlisted) were as follows: |
| 31.5.24 | 31.5.23 |
| (Unaudited) |
| £ | £ |
| Other investments | 49,941 | 312,008 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Inventure Holdings Limited (Registered number: 09600533) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Inventure Holdings Limited (Registered number: 09600533) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: UNited Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Inventure Holdings Limited (Registered number: 09600533) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| Registered office: UNited Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 12. | STOCKS |
| Group |
| 31.5.24 | 31.5.23 |
| (Unaudited |
| £ | £ |
| Finished goods | 4,507,296 | 3,130,986 |
| Inventure Holdings Limited (Registered number: 09600533) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 13. | DEBTORS |
| Group | Company |
| 31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
| (Unaudited) | (Unaudited) |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 3,244,685 | 2,235,215 |
| Other debtors | 2,781,668 | 2,099,213 |
| Prepayments and accrued income | 89,375 | 64,625 |
| 6,115,728 | 4,399,053 |
| Amounts falling due after more than one | year: |
| Amounts owed by group undertakings | - | - |
| Aggregate amounts | 6,115,728 | 4,399,053 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
| (Unaudited) | (Unaudited) |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 16) | 887,079 | 605,200 |
| Trade creditors | 1,610,987 | 1,297,869 |
| Tax | 732,321 | 434,849 |
| Social security and other taxes | 58,046 | 187,463 |
| VAT | 422,399 | 332,822 | - | - |
| Other creditors | 1,598,717 | 1,283,470 |
| Directors' current accounts | 675,202 | 669,696 | - | - |
| Accrued expenses | 31,886 | 37,016 |
| 6,016,637 | 4,848,385 |
| The bank loans are secured by fixed and floating charge over the assets of the company. |
| Inventure Holdings Limited (Registered number: 09600533) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
| (Unaudited) | (Unaudited) |
| £ | £ | £ | £ |
| Bank loans (see note 16) | 1,319,983 | 153,480 |
| Other loans (see note 16) | 25,251 | 36,002 |
| Amounts owed to group undertakings | - | - | 1,498,638 | 1,669,752 |
| Other creditors | 1,091,448 | 525,314 |
| 2,436,682 | 714,796 |
| The bank loans are secured by fixed and floating charge over the assets of the company. |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 31.5.24 | 31.5.23 |
| (Unaudited |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 887,079 | 605,200 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 1,225,259 | 31,667 |
| Other loans - 1-2 years | 25,251 | 36,002 |
| 1,250,510 | 67,669 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 94,724 | 121,813 |
| Inventure Holdings Limited (Registered number: 09600533) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 17. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 31.5.24 | 31.5.23 |
| (Unaudited |
| £ | £ |
| Bank loans | 2,207,062 | - |
| Fixed and Floating charge over the assets of the company. |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
| value: | £ | £ |
| Ordinary Shares | £1 | 100 | 100 |
| 19. | RESERVES |
| Group |
| Retained | Other |
| earnings | reserves | Totals |
| £ | £ | £ |
| At 1 June 2023 | 8,453,713 | 9,151 | 8,462,864 |
| Profit for the year | 2,260,515 | 2,260,515 |
| Dividends | (60,000 | ) | (60,000 | ) |
| At 31 May 2024 | 10,654,228 | 9,151 | 10,663,379 |