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REGISTERED NUMBER: 10173656 (England and Wales)













Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 August 2024

for

People Group of Companies Ltd

People Group of Companies Ltd (Registered number: 10173656)






Contents of the Consolidated Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 7

Consolidated Profit and Loss Account 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


People Group of Companies Ltd

Company Information
for the Year Ended 31 August 2024







DIRECTOR: T J Elliott



SECRETARY: T J Elliott



REGISTERED OFFICE: Hangar 88
Marston Business Park
Tockwith
York
North Yorkshire
YO26 7QF



REGISTERED NUMBER: 10173656 (England and Wales)



SENIOR STATUTORY AUDITOR: Phillipa Symington ACA CA(SA)



AUDITORS: Clive Owen LLP
Chartered Accountants
& Statutory Auditors
Oak Tree House, Harwood Road
Northminster Business Park
Upper Poppleton
York
YO26 6QU

People Group of Companies Ltd (Registered number: 10173656)

Group Strategic Report
for the Year Ended 31 August 2024

REVIEW OF BUSINESS
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end.

The key financial and other performance indicators during the year were as follows:

Group Results 2024 2023 Change
as restated
Turnover 102,301,336 96,193,351 +6.3%
Gross Profit 20,069,190 13,894,227 +44..4%
Profit/(Loss) before tax 13,024,687 8,206,983 +58.7%
Equity shareholders'
Funds 35,329,576 26,496,608 +33.3%

Number of employees 31 29 +6.9%

Compared to the previous period, 2024 saw an improvement in the Group's financial performance.

This is largely due to the following:
- Increased number of projects
- Increased clients

Our gross profits have increased due to several projects being design only alongside an expanded client base with market rates, counteracting some of the retained clients and projects on lower margins.

Our headcount has increased by 17% to provide focus on our new clients. We expect this to grow further into 2025.

As per 2024, we continue to make progress in the development and welfare of our employees. This has been acknowledged by 'Great Place to Work' certification being awarded in both our UK and UAE locations as well as being awarded the 'Best Workplaces for Wellbeing' in the UK 2024.

Our 4-day-working-week was continued as a second year which greatly facilitated more work / life balance for all employees across the regions and through the analysis we monitored the effect on productivity and employee wellbeing.

The Leadership Team now have a rotating seat at the Board with greater empowerment to input to agency vision and feedback to the agency day to day.

Our 'Heads' of departments are expanding providing specific growth and focus across each business strand.

We have undertaken an intense and detailed Sustainability Audit with 'The Bulb', following an award-winning delivery of the most recent National Day for its sustainability credentials.

FUTURE DEVELOPMENTS

2025 is People's tenth year in operations. A plan has been formed to celebrate our tenth year through our purpose, to change lives through live experiences - where this will be amplified not only for our clients, but for our employees, team and wider partner network too.

Moving forward, we do not expect to see further revenue growth and believe our numbers will stabilize through the following 2-3 years as we hit a peak in forecasts for the foreseeable future.


People Group of Companies Ltd (Registered number: 10173656)

Group Strategic Report
for the Year Ended 31 August 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the Company are:

Competitive risk:
The Company's customer base serves large and small businesses across the UK and UAE entertainment industries. The main risks to the Company are considered to be the inability to pass on any increases to costs while remaining competitive which could affect the results of the Company.

Liquidity risk:
The Company minimises liquidity risk by ensuring sufficient funds are available to meet scheduled payments. There are currently no bank borrowings and the Company is well placed to meet all foreseeable liabilities. The credit risk on trade debtors is managed through regular monitoring of overdue accounts and review of customer insured credit limits.

SECTION 172(1) STATEMENT
The Board of directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its stakeholders as a whole, and in doing so have regard to a range of matters including:

- The need to foster the Company's business relationships with suppliers, customers, and other related parties.
- The interests of the Company's employees, including health and safety.
- The desirability of the Company maintaining a reputation for high standards of business conduct.
- The likely consequences of any decision in the long term.
- The impact on the local community and the environment in which we operate.

The Company identifies sustainability as fundamental to the long-term success of the business. The Company operates as a responsible events management services by operating safely and efficiently, and by being mindful of the community in which it operates, as well as the wider environment. Throughout the year, the Company has continued to strive towards creating a more socially, environmentally, and economically sustainable business. The Company is committed to reducing its carbon footprint by investing in onsite renewable energy sources.

RESEARCH & DEVELOPMENT
There has been no research and development activities throughout the year.

BRANCHES OUTSIDE THE UNITED KINGDOM
The Group operates a significant branch in the UAE. The UAE branch focuses on providing services across the UAE. In FY2024, the overseas branch contributed approximately 98.86% of Group revenue. Currency fluctuations and regional economic policies are monitored closely as part of management strategy.

ON BEHALF OF THE BOARD:





T J Elliott - Director


29 May 2025

People Group of Companies Ltd (Registered number: 10173656)

Report of the Director
for the Year Ended 31 August 2024

The director presents his report with the financial statements of the company and the group for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the provision of events management services & branding, marketing, communications, post production services, advertising, content productions & graphic design services.

DIVIDENDS
Interim dividends per share were paid as follows:

On 01 September 2023:
A Ordinary £1 shares £384.16
B Ordinary £1 shares NIL
C Ordinary £1 shares £33,074.21
D Ordinary £1 shares NIL

On 25 October 2023:
A Ordinary £1 shares £40,644.36
B Ordinary £1 shares NIL
C Ordinary £1 shares £704.52
D Ordinary £1 shares NIL

The directors recommend that no final dividend will be paid.

The total distribution of dividends for the year ended 31 August 2024 will be £2,220,628.

DIRECTOR
T J Elliott held office during the whole of the period from 1 September 2023 to the date of this report.

CARBON EMISSIONS
The company consumed 40,000 kWh of energy or less in the United Kingdom during the period in respect of which the directors' report is prepared, and the report states that the information is not disclosed for that reason.

RELATIONSHIPS WITH CUSTOMERS & SUPPLIERS
The Company works closely with its customers and suppliers and continues to build on its strategy of pursuing a highly competitive service and quality products whilst continuing to develop the favourable relationships which it has developed over many years.

POLITICAL DONATIONS & CONTRIBUTIONS TO NON-EU POLITICAL PARTY
No political donations and expenditure has been incurred during the current or prior year.


People Group of Companies Ltd (Registered number: 10173656)

Report of the Director
for the Year Ended 31 August 2024

FINANCIAL RISK MANAGEMENT
The company’s operations expose it to a variety of financial risks, including credit risk, liquidity risk, foreign and exchange risk. The company has in place a risk management framework to monitor and manage these exposures on an ongoing basis. The key financial risks and management policies are summarised below:

Credit Risk
The company is exposed to credit risk from its trade receivables and cash deposits. Credit exposure is managed by setting credit limits and monitoring the creditworthiness of customers. The company does not have significant concentrations of credit risk.

Liquidity Risk
The company maintains sufficient cash and credit facilities to meet its short-term obligations. Cash flow forecasts are regularly prepared and reviewed to ensure adequate liquidity is maintained.

Foreign Exchange Risk
The company is exposed to foreign currency fluctuations on transactions denominated in foreign currencies. The company monitors its currency exposures and may enter into hedging arrangements where appropriate.

QUALIFYING THIRD PARTY INDEMNITY PROVISION
During the financial year and up to the date of approval of this report, the company maintained qualifying third party indemnity provisions (as defined in Section 234 of the Companies Act 2006) for the benefit of its directors. These provisions were in force throughout the period and remain in force at the date of this report.

INCLUSION OF INFORMATION IN THE STRATEGIC REPORT
In accordance with Section 415(5) of the Companies Act 2006, certain information required to be included in the Directors’ Report has been presented in the Strategic Report instead. This includes information relating to:

- Review of business
- Future developments
- Research and development
- Principal risk and uncertainties

This information should be read as forming part of the Directors’ Report.

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;
- state whether applicable 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 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.

People Group of Companies Ltd (Registered number: 10173656)

Report of the Director
for the Year Ended 31 August 2024


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.

A prior year adjustment has been made in the current year. Refer to note 9 for details relating to this adjustment.

AUDITORS
The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





T J Elliott - Director


29 May 2025

Report of the Independent Auditors to the Members of
People Group of Companies Ltd

Opinion
We have audited the financial statements of People Group of Companies Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Profit and Loss Account, 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 August 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.

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.

Report of the Independent Auditors to the Members of
People Group of Companies Ltd


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 five, 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.

Report of the Independent Auditors to the Members of
People Group of Companies Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in like with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.

We undertake the following procedures to identify and respond to these risks of non-compliance:

- Understanding the key legal and regulatory frameworks that are applicable to the Group. We communicated
identified laws and regulations throughout the audit team and remained alert to any indications of
non-compliance throughout the audit. We determined the most significant of these to be financial reporting
legislation, taxation legislation, health & safety, and employment law.
- Enquiry of directors and management as to policies and procedures to ensure compliance and any known
instances of non-compliance.
- Review of board minutes and correspondence with regulators.
- Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these
risks are managed.
- Challenging management on key estimates, assumptions and judgements made in the preparation of the financial
statements. These key areas of uncertainty are disclosed in the accounting policies
- Identifying and testing unusual journal entries, with a particular focus on manual journal entries.

Through these procedures, we did not become aware of actual or suspected non-compliance.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
People Group of Companies Ltd


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.




Phillipa Symington ACA CA(SA) (Senior Statutory Auditor)
for and on behalf of Clive Owen LLP
Chartered Accountants
& Statutory Auditors
Oak Tree House, Harwood Road
Northminster Business Park
Upper Poppleton
York
YO26 6QU

29 May 2025

People Group of Companies Ltd (Registered number: 10173656)

Consolidated
Profit and Loss Account
for the Year Ended 31 August 2024

2024 2023
as restated
Notes £    £   

TURNOVER 3 102,301,336 96,193,351

Cost of sales (82,232,146 ) (82,299,124 )
GROSS PROFIT 20,069,190 13,894,227

Administrative expenses (7,044,503 ) (5,687,244 )
OPERATING PROFIT and
PROFIT BEFORE TAXATION 13,024,687 8,206,983

Tax on profit 6 (1,316,060 ) -
PROFIT FOR THE FINANCIAL YEAR 11,708,627 8,206,983
Profit attributable to:
Owners of the parent 11,708,627 8,206,983

People Group of Companies Ltd (Registered number: 10173656)

Consolidated
Other Comprehensive Income
for the Year Ended 31 August 2024

2024 2023
as restated
Notes £    £   

PROFIT FOR THE YEAR 11,708,627 8,206,983


OTHER COMPREHENSIVE INCOME
Purchase of own shares (655,024 ) (945,093 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(655,024

)

(945,093

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

11,053,603

7,261,890
Note
Prior year adjustment 9 122,029
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

11,175,632

Total comprehensive income attributable to:
Owners of the parent 11,175,632 7,261,890

People Group of Companies Ltd (Registered number: 10173656)

Consolidated Balance Sheet
31 August 2024

2024 2023 2022
as restated
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - - -
Tangible assets 11 282,660 349,551 137,323
Investments 12 - - -
282,660 349,551 137,323

CURRENT ASSETS
Contract work in progress 13 586,802 95,381 737,108
Debtors 14 19,320,499 17,686,708 10,487,127
Cash at bank and in hand 18,529,516 15,696,592 10,589,134
38,436,817 33,478,681 21,813,369
CREDITORS
Amounts falling due within one year 15 (3,369,606 ) (7,311,329 ) (2,695,674 )
NET CURRENT ASSETS 35,067,211 26,167,352 19,117,695
TOTAL ASSETS LESS CURRENT
LIABILITIES

35,349,871

26,516,903

19,255,018
NET ASSETS 35,349,871 26,516,903 19,255,018

CAPITAL AND RESERVES
Called up share capital 17 288 295 300
Share premium 18 19,985 19,985 19,985
Capital redemption reserve 18 22 15 -
Retained earnings 18 35,329,576 26,496,608 19,234,733
SHAREHOLDERS' FUNDS 35,349,871 26,516,903 19,255,018

The financial statements were approved by the director and authorised for issue on 29 May 2025 and were signed by:





T J Elliott - Director


People Group of Companies Ltd (Registered number: 10173656)

Company Balance Sheet
31 August 2024

2024 2023
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,187 4,754
Investments 12 100,301 100,201
102,488 104,955

CURRENT ASSETS
Debtors 14 1,187,415 1,991,960
Cash at bank and in hand 680,772 213,091
1,868,187 2,205,051
CREDITORS
Amounts falling due within one year 15 (1,891,765 ) (2,167,682 )
NET CURRENT (LIABILITIES)/ASSETS (23,578 ) 37,369
TOTAL ASSETS LESS CURRENT
LIABILITIES

78,910

142,324

CAPITAL AND RESERVES
Called up share capital 17 288 295 300
Share premium 18 19,985 19,985 19,985
Capital redemption reserve 18 22 15 -
Retained earnings 18 58,615 122,029 1,067,137
SHAREHOLDERS' FUNDS 78,910 142,324 1,087,422

Company's profit for the financial year 2,812,245 -

The financial statements were approved by the director and authorised for issue on 29 May 2025 and were signed by:





T J Elliott - Director


People Group of Companies Ltd (Registered number: 10173656)

Consolidated Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 September 2022 300 19,234,733 19,985 - 19,255,018

Changes in equity
Issue of share capital (5 ) - - - (5 )
Total comprehensive income - 7,139,846 - 15 7,139,861
Balance at 31 August 2023 295 26,374,579 19,985 15 26,394,874
Prior year adjustment - 122,029 - - 122,029
As restated 295 26,496,608 19,985 15 26,516,903

Changes in equity
Issue of share capital (7 ) - - - (7 )
Dividends - (2,220,628 ) - - (2,220,628 )
Total comprehensive income - 11,053,596 - 7 11,053,603
Balance at 31 August 2024 288 35,329,576 19,985 22 35,349,871

People Group of Companies Ltd (Registered number: 10173656)

Company Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 September 2022 300 1,067,137 19,985 - 1,087,422

Changes in equity
Issue of share capital (5 ) - - - (5 )
Total comprehensive income - (1,067,137 ) - 15 (1,067,122 )
Balance at 31 August 2023 295 - 19,985 15 20,295
Prior year adjustment - 122,029 - - 122,029
As restated 295 122,029 19,985 15 142,324

Changes in equity
Issue of share capital (7 ) - - - (7 )
Dividends - (2,220,628 ) - - (2,220,628 )
Total comprehensive income - 2,157,214 - 7 2,157,221
Balance at 31 August 2024 288 58,615 19,985 22 78,910

People Group of Companies Ltd (Registered number: 10173656)

Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,937,665 7,424,143
Tax paid (1,316,060 ) -
Net cash from operating activities 4,621,605 7,424,143

Cash flows from investing activities
Purchase of tangible fixed assets (13,096 ) (271,513 )
Net cash from investing activities (13,096 ) (271,513 )

Cash flows from financing activities
Amount introduced by directors 1,100,074 -
Amount withdrawn by directors - (1,100,074 )
Share issue - 10
Share buyback (655,031 ) (945,108 )
Equity dividends paid (2,220,628 ) -
Net cash from financing activities (1,775,585 ) (2,045,172 )

Increase in cash and cash equivalents 2,832,924 5,107,458
Cash and cash equivalents at beginning of
year

2

15,696,592

10,589,134

Cash and cash equivalents at end of year 2 18,529,516 15,696,592

People Group of Companies Ltd (Registered number: 10173656)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
as restated
£    £   
Profit before taxation 13,024,687 8,206,983
Depreciation charges 79,987 59,285
13,104,674 8,266,268
(Increase)/decrease in contract work in progress (491,421 ) 641,727
Increase in trade and other debtors (2,733,865 ) (6,099,507 )
(Decrease)/increase in trade and other creditors (3,941,723 ) 4,615,655
Cash generated from operations 5,937,665 7,424,143

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 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 18,529,516 15,696,592
Year ended 31 August 2023
31.8.23 1.9.22
as restated
£    £   
Cash and cash equivalents 15,696,592 10,589,134


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 15,696,592 2,832,924 18,529,516
15,696,592 2,832,924 18,529,516
Total 15,696,592 2,832,924 18,529,516

People Group of Companies Ltd (Registered number: 10173656)

Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

People Group of Companies Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous year.

Going concern
The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the group to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date the financial statements are approved.

The financial statements are prepared on the going concern basis which assumes that the will group continue to trade. If the group is unable to continue to trade, adjustments would be required to reduce the value of assets to their recoverable amounts, to provide for any further liabilities that might arise and to analyse long term liabilities as current liabilities.

Basis of consolidation
The group accounts consolidate the results of the company and its subsidiaries under the acquisition method.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following are the group's key sources of estimation uncertainty:

Work-in-progress / Deferred income
The carrying value of work-in-progress is sensitive to changes in the estimated stage of completion of contracts, and to the extent that the outcome of a contract can be measured reliably. See notes for the carrying amount of work-in-progress.

People Group of Companies Ltd (Registered number: 10173656)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the fair value of the right to consideration for goods sold and services provided to customers.

Income recognition
Income from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has been transferred to to buyer. Income from the rendering of services is recognised by reference to the stage of completion to the extent that the outcome of a contract can be estimated reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 33% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and impairment.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work-in-progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. Profit is only recognised to the extent that the outcome of a contract can be estimated reliably.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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.


People Group of Companies Ltd (Registered number: 10173656)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 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.

Translation of group companies
For the purpose of presenting consolidated financial statements, the assets and liabilities of the group's foreign operations are translated from their functional currency into sterling using the closing exchange rate. Income and expenditure are translated using the average rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rate at the dates of the transactions are used. Exchange differences arising on the translation of group companies are recognised in other comprehensive income and are not reclassified to retained earnings.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
as restated
£    £   
United Kingdom 1,165,908 526,661
United Arab Emirates 101,135,428 95,666,690
102,301,336 96,193,351

4. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 1,862,579 2,187,474
Social security costs 111,542 88,409
Other pension costs 16,015 11,059
1,990,136 2,286,942

People Group of Companies Ltd (Registered number: 10173656)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023
as restated

Production 31 29

2024 2023
as restated
£    £   
Director's remuneration 119,393 110,782

Key management remuneration is not disclosed as the directors are the only employees considered key management and disclosed separately.

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
as restated
£    £   
Other operating leases 186,770 198,500
Depreciation - owned assets 79,987 59,285
Auditors' remuneration 46,900 37,700
Foreign exchange differences 2,749,803 1,660,728

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax 17,921 -
Overseas tax charge 1,298,139 -

Tax on profit 1,316,060 -

People Group of Companies Ltd (Registered number: 10173656)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
as restated
£    £   
Profit before tax 13,024,687 8,206,983
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2023 - 19 %)

2,474,691

1,559,327

Effects of:
Income not taxable for tax purposes (2,454,451 ) (1,556,862 )
Capital allowances in excess of depreciation (2,319 ) (2,465 )
Overseas tax charge 1,298,139 -
Total tax charge 1,316,060 -

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Purchase of own shares (655,024 ) - (655,024 )

2023
Gross Tax Net
£    £    £   
Purchase of own shares (945,093 ) - (945,093 )

7. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Accounts of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
as restated
£    £   
A Ordinary shares of £1 each
Interim 212,293 -
B Ordinary and C Ordinary shares of £1 each
Interim 2,008,335 -
2,220,628 -

Refer to note 9 in relation to prior year adjustment made.

People Group of Companies Ltd (Registered number: 10173656)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

9. PRIOR YEAR ADJUSTMENT

Whilst preparing the People Group of Companies Limited financial statements for 31 August 2024 it was noted that ten £1 Ordinary B shares had not been recognised in the 2023 financial statements.

In addition, it was noted that a buyback of ten £1 Ordinary B shares and five £1 Ordinary C shares had occurred during the year for consideration of £945,108 which had not been disclosed in the 2023 financial statements.

Finally, dividends declared in the year to 31 August 2023 of £1,067,137 were recategorised from dividends to participants' loans.

These matters have been adjusted by way of a prior year adjustment in the 2024 accounts, resulting in a restatement of the 2023 comparatives from the signed 2023 financial statements as follows:

- A decrease in share capital of £5 as at 31 August 2023;
- An increase in the capital redemption reserve of £15 as at 31 August 2023;
- An increase in closing creditors of £945,098 as at 31 August 2023;
- An increase in closing debtors of £1,067,137 as at 31 August 2023; and,
- An increase in retained earnings of £122,029 as at 31 August 2023.

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 65,765
AMORTISATION
At 1 September 2023
and 31 August 2024 65,765
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

People Group of Companies Ltd (Registered number: 10173656)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

11. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2023 278,069 50,021 104,504
Additions - - 13,096
At 31 August 2024 278,069 50,021 117,600
DEPRECIATION
At 1 September 2023 33,850 50,021 61,824
Charge for year 48,891 - 14,425
At 31 August 2024 82,741 50,021 76,249
NET BOOK VALUE
At 31 August 2024 195,328 - 41,351
At 31 August 2023 244,219 - 42,680

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 91,197 24,718 548,509
Additions - - 13,096
At 31 August 2024 91,197 24,718 561,605
DEPRECIATION
At 1 September 2023 33,299 19,964 198,958
Charge for year 14,104 2,567 79,987
At 31 August 2024 47,403 22,531 278,945
NET BOOK VALUE
At 31 August 2024 43,794 2,187 282,660
At 31 August 2023 57,898 4,754 349,551

People Group of Companies Ltd (Registered number: 10173656)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

11. TANGIBLE FIXED ASSETS - continued

Company
Computer
equipment
£   
COST
At 1 September 2023
and 31 August 2024 24,718
DEPRECIATION
At 1 September 2023 19,964
Charge for year 2,567
At 31 August 2024 22,531
NET BOOK VALUE
At 31 August 2024 2,187
At 31 August 2023 4,754

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 September 2023 100,201
Additions 100
At 31 August 2024 100,301
NET BOOK VALUE
At 31 August 2024 100,301
At 31 August 2023 100,201

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

People FZ LLC
Registered office: Office C40-P3-0303, Yas Creative Hub, Yas Island, Abu Dhabi, United Arab Emirates
Nature of business: Event management
%
Class of shares: holding
Ordinary 100.00

People Group of Companies Ltd (Registered number: 10173656)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

12. FIXED ASSET INVESTMENTS - continued

People Live Ltd
Registered office: Hangar 88 Marston Business Park, Tockwith, York, North Yorkshire, United Kingdom, YO26 7QF
Nature of business: Event management
%
Class of shares: holding
Ordinary 100.00

Spaces + Places Ltd (Previously Progress Live Limited)
Registered office: Oak Tree House Harwood Road, Northminster Business Park, Upper Poppleton, York, United Kingdom, Y026 6QU
Nature of business: Event management
%
Class of shares: holding
Ordinary 100.00

Spaces + Places Limited (company number 12694010) has taken advantage of the exemption from audit under section 479A of the Companies Act 2006.

People Trustee Limited
Registered office: Hangar 88 Marston Business Park, Tockwith, York, North Yorkshire, United Kingdom, YO26 7QF
Nature of business: Employee benefit trust
%
Class of shares: holding
Ordinary 100.00

People Trustee Limited (company number 12477163) has taken advantage of the exemption from audit under section 479A of the Companies Act 2006.

Spectaculars International Ltd
Registered office: Hangar 88 Marston Business Park, Tockwith, York, North Yorkshire, United Kingdom, YO26 7QF
Nature of business: Event management
%
Class of shares: holding
Ordinary 100.00

Spectaculars International Limited (company number 15222701) has taken advantage of the exemption from audit under section 479A of the Companies Act 2006.


13. CONTRACT WORK IN PROGRESS

Group
2024 2023
as restated
£    £   
Work-in-progress 586,802 95,381

People Group of Companies Ltd (Registered number: 10173656)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Trade debtors 14,289,479 12,591,274 - -
Amounts owed by group undertakings - - 276,933 -
Other debtors 2,697,065 2,565,309 783,910 783,910
Participators' current account - 1,100,074 - 1,100,074
VAT - - 11,643 12,133
Prepayments and accrued income 2,333,955 1,430,051 114,929 95,843
19,320,499 17,686,708 1,187,415 1,991,960

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Trade creditors 914,960 2,077,100 27,251 25,666
Amounts owed to group undertakings - - 1,825,175 1,175,509
Corporation tax 1,316,060 - 16,372 -
Taxation and social security 37,316 22,276 14,867 13,899
VAT 126,767 46,522 - -
Other creditors 175,738 1,129,646 - 945,108
Accruals and deferred income 798,765 4,035,785 8,100 7,500
3,369,606 7,311,329 1,891,765 2,167,682

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year 82,717 70,057
Between one and five years 81,435 -
164,152 70,057

People Group of Companies Ltd (Registered number: 10173656)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£ £

195 A Ordinary £1 195 195
70 B Ordinary £1 53 60
30 C Ordinary £1 25 25
15 D Ordinary £1 15 15
288 295

Called up share capital - represents the nominal value of shares that have been issued. Included within the capital redemption reserve there are 17 Ordinary B shares and 5 Ordinary C shares held in treasury.

18. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 September 2023 26,374,579 19,985 15 26,394,579
Prior year adjustment 122,029 122,029
26,496,608 26,516,608
Profit for the year 11,708,627 11,708,627
Dividends (2,220,628 ) (2,220,628 )
Purchase of own shares (655,031 ) - 7 (655,024 )
At 31 August 2024 35,329,576 19,985 22 35,349,583

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 September 2023 - 19,985 15 20,000
Prior year adjustment 122,029 122,029
122,029 142,029
Profit for the year 2,812,245 2,812,245
Dividends (2,220,628 ) (2,220,628 )
Purchase of own shares (655,031 ) - 7 (655,024 )
At 31 August 2024 58,615 19,985 22 78,622

People Group of Companies Ltd (Registered number: 10173656)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

18. RESERVES - continued

Refer to note 9 relating to the prior year adjustment occuring in the current year.

Retained earnings - includes all current and prior period retained profits and losses.

Share premium - represents the difference between the par value of the shares issued and the issue price.

The closing capital redemption reserve includes 17 Ordinary B shares and 5 Ordinary C shares held in treasury.

19. PARTICIPATORS ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to participators existed during the years ended 31 August 2024 and 31 August 2023:

2024 2023
as restated
£ £

Balance outstanding at start of year 1,100,074 -
Amounts advanced - 1,100,074
Amounts repaid -1,100,074
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 1,100,074

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is T J Elliott, who owns the majority of the issued share capital