| REGISTERED NUMBER: SC313586 (Scotland) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Akela Property Investments Limited |
| REGISTERED NUMBER: SC313586 (Scotland) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Akela Property Investments Limited |
| Akela Property Investments Limited (Registered number: SC313586) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 11 |
| Consolidated Income Statement | 14 |
| Consolidated Other Comprehensive Income | 15 |
| Consolidated Statement of Financial Position | 16 |
| Company Statement of Financial Position | 18 |
| Consolidated Statement of Changes in Equity | 19 |
| Company Statement of Changes in Equity | 20 |
| Consolidated Statement of Cash Flows | 21 |
| Notes to the Consolidated Statement of Cash Flows | 22 |
| Notes to the Consolidated Financial Statements | 24 |
| Akela Property Investments Limited |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Radleigh House |
| 1 Golf Road |
| Clarkston |
| Glasgow |
| G76 7HU |
| Akela Property Investments Limited (Registered number: SC313586) |
| Group Strategic Report |
| for the Year Ended 31 August 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 August 2024. |
| REVIEW OF BUSINESS |
| Group turnover has decreased by 22.31% from the previous year. The group has remained resilient to the challenges within the construction sector. The directors are aware of the very competitive nature of the industry and the requirement to ensure that contracts are priced competitively and realistically to allow the company to provide the quality and continuity of service which has become a hallmark of the Akela brand. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group continues to experience a very significant level of demand for its services. However this demand has been tempered to some extent by the increasing difficulty of sourcing supplies, the price increases in relation to those supplies and the competitive nature of the industry in terms of securing available resources. The directors are however very confident with regard to the group's future prospects and that the short term supply problems will ultimately be resolved. |
| SECTION 172(1) STATEMENT |
| The 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 group for the benefit of its members as a whole, and in doing so have regard to a number of matters, including: |
| -the likely consequences of any decision in the long term; |
| -the interests of the group's employees; |
| -the need to foster the group's business relationships with suppliers, customers and others. |
| -the impact that the group has on the community and the environment |
| -the desirability of the group to maintain a reputation for high standards of business conduct. |
| Key decisions and matters that are of strategic importance to the group are appropriately informed by s172 factors and as part of the board's decision-making process, we consider the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors listed above. |
| Engaging with stakeholders |
| The directors consider for the business to be successful it is dependent on the support of all its stakeholders as this will help it to deliver long-term sustainability. This includes: |
| Employees: We have an objective to maintain a competent and supported workforce. Our employees remain our greatest asset, with a skilled and motivated workforce key to achieving successful health, safety and environmental performance levels. |
| Customers: Our customers are key and we aim to deliver a high service to them. We work closely with the customer to meet their demands and ensure we provide the quality service they expect. |
| Suppliers: Our suppliers are important to the continued success of the group and we have built strong relationships with them. |
| Akela Property Investments Limited (Registered number: SC313586) |
| Group Strategic Report |
| for the Year Ended 31 August 2024 |
| FUTURE DEVELOPMENTS AND THE POSITION OF THE GROUP AT THE YEAR END |
| Similar to previous years, the industry and the group have demonstrated resilience when faced with adversity. |
| The group continues to remain competitive within its market place and has continued to secure significant contracts in the private housing sector. While the private housing sector has improved, the directors will remain vigilant with regard to the risks which are associated with this sector of the construction industry. |
| In summary, we consider that the Group is in a strong position with consistent financial performance. |
| ON BEHALF OF THE BOARD: |
| Akela Property Investments Limited (Registered number: SC313586) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024. |
| DIVIDENDS |
| Interim dividends per share were paid as follows: |
| Ordinary £1 shares | £4.15 | - 31 August 2024 |
| Ordinary A £1 shares | £1.25 | - 31 August 2024 |
| Ordinary B £1 shares | NIL |
| The directors recommend that no final dividends be paid. |
| The total distribution of dividends for the year ended 31 August 2024 will be £ 55,811 . |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| DISABLED EMPLOYEES |
| 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 companies continues and 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 a possible, be identical to that of other employees. |
| ENGAGEMENT WITH EMPLOYEES |
| We have an objective to maintain a competent and supported workforce. Our employees remain our greatest asset, with a skilled and motivated workforce key to achieving successful health, safety and environmental performance levels. |
| The Akela Group, through Tala Training, provide and support the HSE department with a wide range of construction industry training relevant to the roles and responsibilities to be undertaken. Training needs will continue to be assessed to ensure employees have the necessary skills and information required to meet the requirement of the group companies and aid personal development. |
| STREAMLINED ENERGY AND CARBON REPORTING |
| This report relates to Akela Construction Ltd, the trading company and largest company within the group. |
Area |
Ref |
KPI Description |
2021-2022 |
2022-2023 |
2023-2024 |
Scope 1 Fuel Card Diesel |
1.1 |
Fuel Card - Diesel Consumption (litres) |
252,369 |
213,878 |
172,439 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
Scope 1 Fuel Card Diesel |
1.2 |
Diesel (average biofuel blend) - litres (Gross CV) - kg CO2e Carbon conversion factor |
2.512330 |
2.557840 |
2.512790 |
Scope 1 Fuel Card Diesel |
1.3 |
Fuel Card - Diesel Carbon Emissions (kg CO2e) (using litres conversion) |
634,034 |
547,065 |
433,302 |
Scope 1 Fuel Card Diesel |
1.4 |
Diesel (average biofuel blend) Gross CV kWh/litre conversion factor |
10.60700 |
10.60700 |
10.51100 |
Scope 1 Fuel Card Diesel |
1.5 |
Fuel Card - Diesel Consumption kWh) |
2,676,876 |
2,268,602 |
1,812,502 |
Scope 1 Fuel Card Diesel |
1.6 |
Diesel (average biofuel blend) kWh (Gross CV) - kg CO2e conversion factor |
0.23686 |
0.24115 |
0.23902 |
Scope 1 Fuel Card Diesel |
1.7 |
Fuel Card - Diesel Carbon Emissions (kg CO2e) (using kWh conversion) |
634,045 |
547,073 |
433,224 |
Area |
Ref |
KPI Description |
2021-2022 |
2022-2023 |
2023-2024 |
Scope 1 Bulk Fuel Diesel |
2.1 |
Bulk Fuel - Diesel Consumption (litres) |
1,268,204 |
1,171,939 |
1,191,202 |
Scope 1 Bulk Fuel Diesel |
2.2 |
Diesel (average biofuel blend) - litres (Gross CV) - kg CO2e Carbon conversion factor |
2.512330 |
2.557840 |
2.512790 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
Scope 1 Bulk Fuel Diesel |
2.3 |
Bulk Diesel - Diesel Carbon Emissions (kg CO2e) (using litres conversion) |
3,186,147 |
2,997,632 |
2,993,240 |
Scope 1 Bulk Fuel Diesel |
2.4 |
Diesel (average biofuel blend) Gross CV kWh/litre conversion factor |
10.60700 |
10.60700 |
10.51100 |
Scope 1 Bulk Fuel Diesel |
2.5 |
Bulk Diesel - Diesel Consumption kWh) |
13,451,840 |
12,430,757 |
12,520,724 |
Scope 1 Bulk Fuel Diesel |
2.6 |
Diesel (average biofuel blend) kWh (Gross CV) - kg CO2e conversion factor |
0.23686 |
0.24115 |
0.23902 |
Scope 1 Bulk Fuel Diesel |
2.7 |
Bulk Diesel - Diesel Carbon Emissions (kg CO2e) (using kWh conversion) |
3,186,203 |
2,997,677 |
2,992,704 |
Area |
Ref |
KPI Description |
2021-2022 |
2022-2023 |
2023-2024 |
Scope 1 Total Diesel |
3.1 |
Total Diesel Consumption (litres) |
1,520,573 |
1,385,817 |
1,363,641 |
Scope 1 Total Diesel |
3.2 |
Diesel (average biofuel blend) - litres (Gross CV) - kg CO2e Carbon conversion factor |
2.512330 |
2.557840 |
2.512790 |
Scope 1 Total Diesel |
3.3 |
Total Diesel - Diesel Carbon Emissions (kg CO2e) (using litres conversion) |
3,820,181 |
3,544,698 |
3,426,542 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
Scope 1 Total Diesel |
3.4 |
Diesel (average biofuel blend) Gross CV kWh/litre conversion factor |
10.60700 |
10.60700 |
10.51100 |
Scope 1 Total Diesel |
3.5 |
Total Diesel - Diesel Consumption kWh) |
16,128,716 |
14,699,359 |
14,333,226 |
Scope 1 Total Diesel |
3.6 |
Diesel (average biofuel blend) kWh (Gross CV) - kg CO2e conversion factor |
0.23686 |
0.24115 |
0.23902 |
Scope 1 Total Diesel |
3.7 |
Total Diesel - Diesel Carbon Emissions (kg CO2e) (using kWh conversion) |
3,820,248 |
3,544,750 |
3,425,928 |
| Area | Ref | KPI Description | 2021-2022 | 2022-2023 | 2023-2024 |
Scope 1 Petrol |
4.1 |
Fuel Card - Petrol Consumption (litres) |
0 |
5,747 |
11,104 |
Scope 1 Petrol |
4.2 |
Petrol (average biofuel blend) - litres (Gross CV) - kg CO2e Carbon conversion factor |
2.193520 |
2.161850 |
2.084400 |
Scope 1 Petrol |
4.3 |
Fuel Card - Petrol Carbon Emissions (kg CO2e) (using litres conversion) |
0 |
12,424 |
23,145 |
Scope 1 Petrol |
4.4 |
Petrol (average biofuel blend) Gross CV kWh/litre conversion factor |
9.54500 |
9.51500 |
9.46800 |
Scope 1 Petrol |
4.5 |
Fuel Card - Petrol - Consumption (kWh) |
0 |
54,680 |
105,132 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
Scope 1 Petrol |
4.6 |
Petrol (average biofuel blend) - kWh (Gross CV) - kg CO2e Carbon conversion factor |
0.22980 |
0.22719 |
0.22013 |
Scope 1 Petrol |
4.7 |
Fuel Card - Petrol - Carbon Emissions (kg CO2e) (using KWh conversion) |
0 |
12,423 |
23,143 |
| Area | Ref | KPI Description | 2021-2022 | 2022-2023 | 2023-2024 |
Scope 2 Electricity |
5.1 |
Electricity Consumption (kWh) |
132,791 |
143,016 |
105,679 |
Scope 2 Electricity |
5.2 |
Electricity Carbon Emissions (kg CO2e) |
28,196 |
27,656 |
21,881 |
Scope 2 Electricity |
5.3 |
Electricity UK kg CO2e Carbon conversion factor |
0.212330 |
0.193380 |
0.207050 |
| Area | Ref | KPI Description | 2021-2022 | 2022-2023 | 2023-2024 |
Scope 2 Natural Gas |
6.1 |
Natural Gas Consumption (kWh) |
44,352 |
41,902 |
36,179 |
Scope 2 Natural Gas |
6.2 |
Natural Gas Carbon Emissions (kg CO2e) |
8,124 |
7,649 |
6,617 |
Scope 2 Natural Gas |
6.3 |
Natural Gas kWh (Gross CV) - KG CO2e |
0.183160 |
0.182540 |
0.182900 |
| Area | Ref | KPI Description | 2021-2022 | 2022-2023 | 2023-2024 |
Scope 1 & 2 Carbon Emissions |
7.1 |
Total Carbon Emissions (kg CO2e) (converting litres) |
3,856,500 |
3,592,426 |
3,478,185 |
Scope 1 & 2 Carbon Emissions |
7.2 |
Total Carbon Emissions (t CO2e) (converting litres) |
3,856 |
3,592 |
3,478 |
Scope 1 & 2 Carbon Emissions |
7.3 |
Total Carbon Emissions (kg CO2e) |
3,856,567 |
3,592,478 |
3,477,568 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
Scope 1 & 2 Carbon Emissions |
7.4 |
Total Carbon Emissions (t CO2e) |
3,857 |
3,592 |
3,478 |
| Area | Ref | KPI Description | 2021-2022 | 2022-2023 | 2023-2024 |
| Scope 1 & 2 Intensity Ratio 'Turnover' |
8.1 |
Total Energy Consumption (kWh) |
16,305,860 |
14,938,957 |
14,580,216 |
Scope 1 & 2 Intensity Ratio 'Turnover' |
8.2 |
Total Green House Gas Emissions (kg CO2e) |
3,856,567 |
3,592,478 |
3,477,568 |
| Scope 1 & 2 Intensity Ratio 'Turnover' |
8.3 |
Akela Construction Turnover (£) |
45,862,615 |
35,630,335 |
27,634,965 |
Scope 1 & 2 Intensity Ratio 'Turnover' |
8.4 |
Intensity Ratio - Turnover - Carbon (kg CO2e per £ turnover) |
0.08409 |
0.10083 |
0.12584 |
| Akela Construction Ltd provide civil engineering and groundworks solutions for housebuilders, main contractors, local authorities, public utilities and industry. |
| Akela have maintained certification with the internationally recognised management system standards: |
| BS EN ISO 14001:2015 Environmental; ISO 9001:2015 Quality; ISO 45001:2018 Occupational Health & Safety. |
| We seek to protect the environment and prevent pollution and implement objectives and targets to achieve this. |
| We have a programme of investment in plant, equipment, technology and staff in line with our policy commitments. |
| We have invested in vehicle telemetry systems to drive improvement in fuel consumption. |
| We are improving the fuel efficiency of plant and equipment, and proactively work with our supply chain to trial new technologies that have a positive environmental impact. |
| Our head office has been furbished with lighting and controls that minimise energy consumption and we are looking at onsite renewable energy solutions. |
| Akela are improving systems for environmental monitoring and reporting and focusing on audits to identify opportunities for continual improvement. |
| The data utilised for this report has been taken from invoices, meter readings and fuel card transactions. Carbon conversion factors are from the UK Government website which are updated annually in June. Akela Construction are reporting on Scope 1 and Scope 2 emissions in line with The Greenhouse Gas Protocol 2022. |
| Akela Property Investments Limited (Registered number: SC313586) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group 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; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company'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 them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are 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 each director 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. |
| AUDITORS |
| The auditors, O'Haras Accountants Limited (Statutory Auditor), 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 |
| Akela Property Investments Limited |
| Opinion |
| We have audited the financial statements of Akela Property Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 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 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 directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 |
| Akela Property Investments 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 Directors 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 Directors 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 Directors. |
| 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 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 Statement of Directors' Responsibilities set out on page ten, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group'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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Akela Property Investments Limited |
| 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: |
| We gained an understanding of the legal and regulatory framework applicable to the company and the construction industry in which it operates. We made enquiries of management as to whether there were any known or suspected instances of non-compliance with laws and regulations or fraud, and reviewed available board minutes for any indication of such matters. |
| - We gained an understanding of management's internal controls designed to prevent and detect irregularities in their day-to-day operations. |
| - We considered laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement components. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of relevant third parties. |
| - We considered how fraud might occur in this company and designed our tests accordingly. |
| - As in all audits, we also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to 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. |
| 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 |
| Radleigh House |
| 1 Golf Road |
| Clarkston |
| Glasgow |
| G76 7HU |
| Akela Property Investments Limited (Registered number: SC313586) |
| Consolidated Income Statement |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| REVENUE | 27,634,965 | 35,630,335 |
| Cost of sales | 22,027,218 | 29,409,847 |
| GROSS PROFIT | 5,607,747 | 6,220,488 |
| Administrative expenses | 4,718,614 | 5,218,880 |
| 889,133 | 1,001,608 |
| Other operating income | 28,200 | 219,310 |
| OPERATING PROFIT | 3 | 917,333 | 1,220,918 |
| Interest receivable and similar income | 469,694 | 346,160 |
| 1,387,027 | 1,567,078 |
| Interest payable and similar expenses | 4 | 28,240 | 18,008 |
| PROFIT BEFORE TAXATION | 1,358,787 | 1,549,070 |
| Tax on profit | 5 | 364,586 | 168,567 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 994,201 | 1,380,503 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Consolidated Other Comprehensive Income |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 994,201 | 1,380,503 |
| OTHER COMPREHENSIVE INCOME |
| Purchase of own shares | (148,926 | ) | - |
| Disposal of property |
| Income tax relating to other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(148,926 |
) |
- |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
845,275 |
1,380,503 |
| Total comprehensive income attributable to: |
| Owners of the parent | 845,275 | 1,380,503 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Consolidated Statement of Financial Position |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 8 | 1,622,100 | 1,690,636 |
| Investments | 9 | - | - |
| Investment property | 10 | 3,023,544 | 310,707 |
| 4,645,644 | 2,001,343 |
| CURRENT ASSETS |
| Inventories | 11 | 526,688 | 501,104 |
| Debtors | 12 | 6,422,462 | 6,399,789 |
| Cash at bank and in hand | 7,570,027 | 9,872,587 |
| 14,519,177 | 16,773,480 |
| CREDITORS |
| Amounts falling due within one year | 13 | 5,087,606 | 5,408,660 |
| NET CURRENT ASSETS | 9,431,571 | 11,364,820 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
14,077,215 |
13,366,163 |
| CREDITORS |
| Amounts falling due after more than one year | 14 | (181,910 | ) | (243,334 | ) |
| PROVISIONS FOR LIABILITIES | 17 | (60,138 | ) | (76,904 | ) |
| NET ASSETS | 13,835,167 | 13,045,925 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Consolidated Statement of Financial Position - continued |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 18 | 16,444 | 16,666 |
| Capital redemption reserve | 19 | 2,306 | 2,084 |
| Other reserves | 19 | (30,553 | ) | (30,553 | ) |
| Retained earnings | 19 | 13,846,970 | 13,057,728 |
| SHAREHOLDERS' FUNDS | 13,835,167 | 13,045,925 |
| The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by: |
| M A Markey - Director |
| I C Reid - Director |
| Akela Property Investments Limited (Registered number: SC313586) |
| Company Statement of Financial Position |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 8 |
| Investments | 9 |
| Investment property | 10 |
| CURRENT ASSETS |
| Debtors | 12 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Capital redemption reserve |
| Other reserves | ( |
) | ( |
) |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 2,048,884 | 1,557,782 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Akela Property Investments Limited (Registered number: SC313586) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up | Capital |
| share | Retained | redemption | Other | Total |
| capital | earnings | reserve | reserves | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 September 2022 | 16,666 | 11,913,351 | 2,084 | (30,553 | ) | 11,901,548 |
| Changes in equity |
| Dividends | - | (236,126 | ) | - | - | (236,126 | ) |
| Total comprehensive income | - | 1,380,503 | - | - | 1,380,503 |
| Balance at 31 August 2023 | 16,666 | 13,057,728 | 2,084 | (30,553 | ) | 13,045,925 |
| Changes in equity |
| Issue of share capital | (222 | ) | - | - | - | (222 | ) |
| Dividends | - | (55,811 | ) | - | - | (55,811 | ) |
| Total comprehensive income | - | 845,053 | 222 | - | 845,275 |
| Balance at 31 August 2024 | 16,444 | 13,846,970 | 2,306 | (30,553 | ) | 13,835,167 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up | Capital |
| share | Retained | redemption | Other | Total |
| capital | earnings | reserve | reserves | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 September 2022 | ( |
) |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2023 | ( |
) |
| Changes in equity |
| Issue of share capital | ( |
) | - | - | - | ( |
) |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2024 | ( |
) |
| Akela Property Investments Limited (Registered number: SC313586) |
| Consolidated Statement of Cash Flows |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 573,086 | 2,109,740 |
| Interest element of hire purchase payments paid |
(28,240 |
) |
(18,008 |
) |
| Tax paid | (214,731 | ) | (259,154 | ) |
| Net cash from operating activities | 330,115 | 1,832,578 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (330,975 | ) | (438,621 | ) |
| Purchase of investment property | (2,715,699 | ) | (2,345 | ) |
| Sale of tangible fixed assets | 202,629 | 96,339 |
| Interest received | 469,694 | 346,160 |
| Net cash from investing activities | (2,374,351 | ) | 1,533 |
| Cash flows from financing activities |
| Capital repayments in year | (53,365 | ) | 93,846 |
| Share buyback | (149,148 | ) | - |
| Equity dividends paid | (55,811 | ) | (236,126 | ) |
| Net cash from financing activities | (258,324 | ) | (142,280 | ) |
| (Decrease)/increase in cash and cash equivalents | (2,302,560 | ) | 1,691,831 |
| Cash and cash equivalents at beginning of year |
2 |
9,872,587 |
8,180,756 |
| Cash and cash equivalents at end of year | 2 | 7,570,027 | 9,872,587 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Year Ended 31 August 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 1,358,787 | 1,549,070 |
| Depreciation charges | 244,578 | 230,315 |
| Profit on disposal of fixed assets | (44,834 | ) | (25,006 | ) |
| Amounts recoverable on contracts | 631,350 | 1,952,772 |
| Finance costs | 28,240 | 18,008 |
| Finance income | (469,694 | ) | (346,160 | ) |
| 1,748,427 | 3,378,999 |
| (Increase)/decrease in inventories | (25,584 | ) | 472,687 |
| Increase in trade and other debtors | (654,024 | ) | (445,737 | ) |
| Decrease in trade and other creditors | (495,733 | ) | (1,296,209 | ) |
| Cash generated from operations | 573,086 | 2,109,740 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 August 2024 |
| 31.8.24 | 1.9.23 |
| £ | £ |
| Cash and cash equivalents | 7,570,027 | 9,872,587 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 9,872,587 | 8,180,756 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Year Ended 31 August 2024 |
| 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 | 9,872,587 | (2,302,560 | ) | 7,570,027 |
| 9,872,587 | (2,302,560 | ) | 7,570,027 |
| Debt |
| Finance leases | (479,910 | ) | 53,365 | (426,545 | ) |
| (479,910 | ) | 53,365 | (426,545 | ) |
| Total | 9,392,677 | (2,249,195 | ) | 7,143,482 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
| 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. |
| Revenue |
| Turnover represents provided sales of services, excluding value added tax. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Inventories |
| Inventories 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 statement of financial position date. |
| Akela Property Investments Limited (Registered number: SC313586) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 1. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| 2. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 7,954,622 | 9,579,215 |
| Social security costs | 844,488 | 1,051,366 |
| Other pension costs | 590,320 | 489,711 |
| 9,389,430 | 11,120,292 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Administration | 52 | 57 |
| Construction | 129 | 162 |
| The average number of employees by undertakings that were proportionately consolidated during the year was 181 (2023 - 219 ) . |
| Akela Property Investments Limited (Registered number: SC313586) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | EMPLOYEES AND DIRECTORS - continued |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 648,222 | 693,445 |
| Directors' pension contributions to money purchase schemes | 344,065 | 206,984 |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc | 92,710 | 157,650 |
| Pension contributions to money purchase schemes | 72,500 | 50,000 |
| 3. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery | 3,014,854 | 3,842,845 |
| Other operating leases | 7,687 | 25,298 |
| Depreciation - owned assets | 244,578 | 230,315 |
| Profit on disposal of fixed assets | (44,834 | ) | (25,006 | ) |
| Auditors' remuneration | 11,000 | 10,500 |
| Auditors' remuneration for non audit work | 32,556 | 24,719 |
| 4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Hire purchase | 28,240 | 18,008 |
| 5. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 379,093 | 293,639 |
| Underprovision in respect of prior year | 2,259 | (194,396 | ) |
| Total current tax | 381,352 | 99,243 |
| Deferred tax | (16,766 | ) | 69,324 |
| Tax on profit | 364,586 | 168,567 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 5. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax | 1,358,787 | 1,549,070 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 21.515 %) |
339,697 |
333,282 |
| Effects of: |
| Expenses not deductible for tax purposes | 17,414 | 24,191 |
| Capital allowances in excess of depreciation | - | (63,834 | ) |
| Depreciation in excess of capital allowances | 21,982 | - |
| Adjustments to tax charge in respect of previous periods | 2,259 | (194,396 | ) |
| Deferred tax per above note | (16,766 | ) | 69,324 |
| Total tax charge | 364,586 | 168,567 |
| Tax effects relating to effects of other comprehensive income |
| 2024 |
| Gross | Tax | Net |
| £ | £ | £ |
| Purchase of own shares | (148,926 | ) | - | (148,926 | ) |
| Disposal of property |
| (148,926 | ) | - | (148,926 | ) |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Purchase of own shares |
| Disposal of property |
| - | - | - |
| 6. | 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. |
| Akela Property Investments Limited (Registered number: SC313586) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 7. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | 51,891 | 121,399 |
| Ordinary A shares of £1 each |
| Interim | 3,920 | 114,727 |
| 55,811 | 236,126 |
| 8. | PROPERTY, PLANT AND EQUIPMENT |
| Group |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 September 2023 | 900,000 | 332,694 | 189,085 |
| Additions | - | - | - |
| Disposals | - | - | - |
| At 31 August 2024 | 900,000 | 332,694 | 189,085 |
| DEPRECIATION |
| At 1 September 2023 | 144,000 | 122,437 | 150,135 |
| Charge for year | 18,000 | 29,800 | 5,520 |
| Eliminated on disposal | - | - | - |
| At 31 August 2024 | 162,000 | 152,237 | 155,655 |
| NET BOOK VALUE |
| At 31 August 2024 | 738,000 | 180,457 | 33,430 |
| At 31 August 2023 | 756,000 | 210,257 | 38,950 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 8. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Group |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 September 2023 | 1,181,100 | 136,034 | 2,738,913 |
| Additions | 329,908 | 1,067 | 330,975 |
| Disposals | (433,505 | ) | - | (433,505 | ) |
| At 31 August 2024 | 1,077,503 | 137,101 | 2,636,383 |
| DEPRECIATION |
| At 1 September 2023 | 497,505 | 134,200 | 1,048,277 |
| Charge for year | 186,990 | 1,406 | 241,716 |
| Eliminated on disposal | (275,710 | ) | - | (275,710 | ) |
| At 31 August 2024 | 408,785 | 135,606 | 1,014,283 |
| NET BOOK VALUE |
| At 31 August 2024 | 668,718 | 1,495 | 1,622,100 |
| At 31 August 2023 | 683,595 | 1,834 | 1,690,636 |
| Cost or valuation at 31 August 2024 is represented by: |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| Valuation in 2015 | (49,545 | ) | - | - |
| Cost | 949,545 | 332,694 | 189,085 |
| 900,000 | 332,694 | 189,085 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2015 | - | - | (49,545 | ) |
| Cost | 1,077,503 | 137,101 | 2,685,928 |
| 1,077,503 | 137,101 | 2,636,383 |
| Included in the fixed assets are assets held under hire purchase contracts. In respect of these hire purchase contracts, depreciation of £174,820 has been charged and the assets have a net book value of £752,496. |
| Akela Property Investments Limited (Registered number: SC313586) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 9. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: 1 Golf Road, Clarkston, Glasgow, G76 7HU |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Akela Property Investments Limited (Registered number: SC313586) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 10. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 September 2023 | 310,707 |
| Additions | 2,715,699 |
| At 31 August 2024 | 3,026,406 |
| DEPRECIATION |
| Charge for year | 2,862 |
| At 31 August 2024 | 2,862 |
| NET BOOK VALUE |
| At 31 August 2024 | 3,023,544 |
| At 31 August 2023 | 310,707 |
| Fair value at 31 August 2024 is represented by: |
| £ |
| Valuation in 2015 | (128,343 | ) |
| Cost | 3,154,749 |
| 3,026,406 |
| Company |
| Total |
| £ |
| FAIR VALUE |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 | 144,000 |
| Charge for year | 20,862 |
| At 31 August 2024 | 164,862 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 11. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Stocks | 526,688 | 501,104 |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 259,582 | 178,126 |
| Amounts owed by group undertakings | - | - |
| Amounts recoverable on contracts | 5,573,642 | 6,204,993 |
| Other debtors | 579,748 | 11,399 |
| Directors' current accounts | 400 | 400 | - | - |
| VAT | 610 | 4,871 |
| Prepayments | 8,480 | - |
| 6,422,462 | 6,399,789 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 15) | 244,635 | 236,576 |
| Trade creditors | 1,415,508 | 1,535,353 |
| Amounts owed to group undertakings | - | 1 |
| Tax | 261,591 | 94,970 |
| Social security and other taxes | 266,350 | 304,484 |
| Other creditors | 773,514 | 1,056,933 |
| Directors' current accounts | 14,611 | 14,611 | - | - |
| Accruals and deferred income | 2,111,397 | 2,165,732 |
| 5,087,606 | 5,408,660 |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 15) | 181,910 | 243,334 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year | 262,808 | 256,914 |
| Between one and five years | 188,911 | 256,645 |
| 451,719 | 513,559 |
| Finance charges repayable: |
| Within one year | 18,173 | 20,338 |
| Between one and five years | 7,001 | 13,311 |
| 25,174 | 33,649 |
| Net obligations repayable: |
| Within one year | 244,635 | 236,576 |
| Between one and five years | 181,910 | 243,334 |
| 426,545 | 479,910 |
| 16. | SECURED DEBTS |
| The banking facilities are secured by a floating charge and cross guarantees over the assets and the undertakings of the group. |
| 17. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 60,138 | 76,904 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 | 76,904 |
| Credit to Income Statement during year | (16,766 | ) |
| Balance at 31 August 2024 | 60,138 |
| Akela Property Investments Limited (Registered number: SC313586) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 12,500 | 12,500 |
| Ordinary A | £1 | 3,125 | 3,125 |
| Ordinary B | £1 | 819 | 1,041 |
| 16,444 | 16,666 |
| 19. | RESERVES |
| Group |
| Capital |
| Retained | redemption | Other |
| earnings | reserve | reserves | Totals |
| £ | £ | £ | £ |
| At 1 September 2023 | 13,057,728 | 2,084 | (30,553 | ) | 13,029,259 |
| Profit for the year | 994,201 | 994,201 |
| Dividends | (55,811 | ) | (55,811 | ) |
| Purchase of own shares | (149,148 | ) | 222 | - | (148,926 | ) |
| At 31 August 2024 | 13,846,970 | 2,306 | (30,553 | ) | 13,818,723 |
| Company |
| Capital |
| Retained | redemption | Other |
| earnings | reserve | reserves | Totals |
| £ | £ | £ | £ |
| At 1 September 2023 | ( |
) | 2,772,797 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Purchase of own shares | (149,148 | ) | 222 | - | (148,926 | ) |
| At 31 August 2024 | ( |
) | 4,616,944 |
| 20. | ULTIMATE PARENT COMPANY |
| Markey Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
| The registered office address of Markey Holdings Limited is Radleigh House, 1 Golf Road, Clarkston, Glasgow, G76 7HU. Accounts for Markey Holdings Limited can be obtained from Companies House, 4th Floor, Edinburgh Quay 2, 139 Fountainbridge, Edinburgh, EH3 9FF. |