Company registration number 11340331 (England and Wales)
AMIROU HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
AMIROU HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr C D Booth
Mr D Paterson
(Appointed 8 January 2025)
Company number
11340331
Registered office
Richard House
9 Winckley Square
Preston
PR1 3HP
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
AMIROU HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8 - 9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 32
AMIROU HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

Whilst trading conditions became more normalised compared to the supply chain disruption of the prior year, the group had to sell stock at lower than ideal rates in order to maintain healthy levels of cash inflows amidst a tough market from a demand perspective. In May 2023, the group disposed of its Worcester dealership to a third party. The rationale was to focus time and effort on the Northern England and Scottish locations. The Worcester financial performance is presented as discontinued operations in the Group Statement of Comprehensive Income.

 

The group continued to support its subsidiary, G52 Ltd, during the year, as its new Dundee Ducati showroom became further established. At the balance sheet date, the group had 5 locations.

 

Whilst the group increased turnover for continued operations, gross profit margins fell owing to the decisions noted above. The group reported a £285,934 profit on the disposal of the Worcester dealership, again presented within discontinued operations. Finally the group reported a pre tax loss for the year of £374,233 (2023: £492,686 profit) as the gross contribution reduced by more than the overhead savings realised.

 

Despite the reported financial performance, cash at bank had increased significantly at the balance sheet date as the company retained liquid resources derived from the disposal. These key financial performance indicators are shown below:

 

Turnover             £25,866,033 (2023: £25,165,379)

Gross profit             £2,621,256 (2023: £3,572,829)

(Loss) / profit before tax        £374,233 loss (2023: £492,686 profit)

Cash at bank and in hand        £1,328,409 (2023: £617,064)

Principal risks and uncertainties

The group's operations expose it to a variety of financial risks that include the effects of changes in credit risk. The group is not reliant upon any single customer for a material proportion of turnover, therefore spreading and reducing the risk of customers not returning. This is furthered by the group, at the time of approving these financial statements, now trading out of seven locations, see references to the Worcester repurchase and via M32 Limited in the future developments section below.

 

Whilst supply chain disruptions have not been seen to the level of recent years, the current 'Global trade war' does not inspire confidence, but all companies and industries will be impacted to certain degrees.

 

Should the availability of new Ducati vehicles ever be restricted, it will naturally increase demand within the second hand Ducati market in which the group also operates. Therefore the directors believe the group always possesses a natural degree of insulation against the new vehicle supply chain issues.

 

The single greatest concern surrounds the UK's economic prospects, with cost of living inflation in recent years eroding consumers' purchasing power together with the increase in interest rates seen in 2022 and 2023. Whilst demand is noticeably improving at the date of approving these financial statements, consumers are still uncertain over committing to significant purchases, especially where interest on finance options is still more expensive than pre 2022. The directors aim to ensure the group places itself in the best position to secure a significant share of what consumer demand exists for new motorbikes, whilst remaining agile in the second-hand market. The directors strongly believe there is significant liquidity, stock availability and brand positioning to do so.

AMIROU HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Future developments

In January 2025 Mr D Patterson became the ultimate controlling party and has contributed both operationally and financially since then, through his wider business interests. Mr C Booth is still directing operations full time and remains fully committed to the group.

 

Whilst the group disposed of its Worcester dealership during the year under report, the purchaser’s entire business, which expanded significantly beyond that dealership, subsequently fell into administration. Given the change in ownership and the additional operational and financial support that brings, the directors decided to reacquire the Worcester trade and assets and the dealership now trades as Ducati Worcester, within Ducati Manchester Limited. In late 2024, the group also traded out of a new location through subsidiary M32 Limited, which it incorporated for this.

 

The group has come through a difficult trading period, both in 2023 and 2024. The group’s financial performance has significantly improved during 2025 to date and the directors remain focussed on building greater efficiencies through all locations working optimally in partnership to deliver greater profitability given the asset base in operation. The group have received confirmation of support from Mr Patterson and his wider business interests, Ducati UK and its principal funder and appears set for a productive 2025.

 

The directors would like to place on record their sincere thanks to all colleagues, for their superb contributions in what has been a difficult trading time and to both Ducati and other stakeholders for their continued support.

On behalf of the board

Mr C D Booth
Director
30 May 2025
AMIROU HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the group continued to be that of an award winning motorcycle main agent dealership.

 

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on pages 8 to 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C D Booth
Mr D Paterson
(Appointed 8 January 2025)
Auditor

Following the merger of MHA Moore & Smalley with MHA, the company's independent auditor has now become MHA. The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

 

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the principal risks and uncertainties, financial risk management and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr C D Booth
Director
30 May 2025
AMIROU HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AMIROU HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMIROU HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Amirou Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

AMIROU HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMIROU HOLDINGS LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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 strategic report and the directors' report.

 

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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

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

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

AMIROU HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMIROU HOLDINGS LIMITED
- 7 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Joe Sullivan FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
30 May 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
AMIROU HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2023
operations
operations
2022
Notes
£
£
£
£
£
£
Turnover
3
23,425,540
2,440,493
25,866,033
21,168,730
3,996,649
25,165,379
Cost of sales
(20,708,053)
(2,536,724)
(23,244,777)
(18,175,736)
(3,416,814)
(21,592,550)
Gross profit
2,717,487
(96,231)
2,621,256
2,992,994
579,835
3,572,829
Administrative expenses
(2,926,695)
(171,573)
(3,098,268)
(2,521,396)
(489,044)
(3,010,440)
Other operating income
148
285,934
286,082
-
-
-
Operating (loss)/profit
5
(209,060)
18,130
(190,930)
471,598
90,791
562,389
Interest receivable and similar income
8
-
-
-
141
-
141
Interest payable and similar expenses
9
(183,303)
-
(183,303)
(69,844)
-
(69,844)
(Loss)/profit before taxation
(392,363)
18,130
(374,233)
401,895
90,791
492,686
Tax on (loss)/profit
10
(233,879)
-
(233,879)
(116,055)
-
(116,055)
(Loss)/profit for the financial year
(626,242)
18,130
(608,112)
285,840
90,791
376,631
(Loss)/profit for the financial year is attributable to:
- Owner of the parent company
(582,950)
311,380
- Non-controlling interests
(25,162)
65,251
(608,112)
376,631
AMIROU HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2023
operations
operations
2022
Notes
£
£
£
£
£
£
- 9 -
Total comprehensive income for the year is attributable to:
- Owner of the parent company
(582,950)
311,380
- Non-controlling interests
(25,162)
65,251
(608,112)
376,631
AMIROU HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Negative goodwill
12
(121,687)
(143,747)
Tangible assets
13
1,470,634
1,807,426
Current assets
Stocks
16
6,204,471
5,440,147
Debtors falling due after more than one year
17
-
244,050
Debtors falling due within one year
17
597,813
677,697
Cash at bank and in hand
1,328,409
617,064
8,130,693
6,978,958
Creditors: amounts falling due within one year
18
(7,939,278)
(6,084,077)
Net current assets
191,415
894,881
Total assets less current liabilities
1,540,362
2,558,560
Creditors: amounts falling due after more than one year
19
(529,773)
(942,991)
Provisions for liabilities
Deferred tax liability
22
3,132
-
0
(3,132)
-
Net assets
1,007,457
1,615,569
Capital and reserves
Called up share capital
24
1
1
Profit and loss reserves
926,986
1,509,936
Equity attributable to owner of the parent company
926,987
1,509,937
Non-controlling interests
80,470
105,632
1,007,457
1,615,569

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

AMIROU HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
30 May 2025
Mr C D Booth
Director
Company registration number 11340331 (England and Wales)
AMIROU HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
1,005,000
1,005,000
Current assets
Debtors
17
1
1
Cash at bank and in hand
3,019
1,537
3,020
1,538
Creditors: amounts falling due within one year
18
(702,498)
(186,962)
Net current liabilities
(699,478)
(185,424)
Total assets less current liabilities
305,522
819,576
Creditors: amounts falling due after more than one year
19
(228,844)
(742,126)
Net assets
76,678
77,450
Capital and reserves
Called up share capital
24
1
1
Profit and loss reserves
76,677
77,449
Total equity
76,678
77,450

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £772 (2022 - £1,051 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
30 May 2025
Mr C D Booth
Director
Company registration number 11340331 (England and Wales)
AMIROU HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
Balance at 1 January 2022
1
1,198,556
1,198,557
40,381
1,238,938
Year ended 31 December 2022:
Profit and total comprehensive income
-
311,380
311,380
65,251
376,631
Balance at 31 December 2022
1
1,509,936
1,509,937
105,632
1,615,569
Year ended 31 December 2023:
Loss and total comprehensive income
-
(582,950)
(582,950)
(25,162)
(608,112)
Balance at 31 December 2023
1
926,986
926,987
80,470
1,007,457
AMIROU HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1
78,500
78,501
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(1,051)
(1,051)
Balance at 31 December 2022
1
77,449
77,450
Year ended 31 December 2023:
Profit and total comprehensive income
-
(772)
(772)
Balance at 31 December 2023
1
76,677
76,678
AMIROU HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
408,391
495,892
Interest paid
(183,303)
(69,844)
Income taxes refunded/(paid)
746
(16,033)
Net cash inflow from operating activities
225,834
410,015
Investing activities
Proceeds from disposal of intangibles
220,000
-
Purchase of tangible fixed assets
(205,164)
(425,335)
Proceeds from disposal of tangible fixed assets
400,000
58,579
Interest received
-
0
141
Net cash generated from/(used in) investing activities
414,836
(366,615)
Financing activities
Proceeds from borrowings
217,000
-
Repayment of borrowings
(51,187)
(66,284)
Repayment of bank loans
(77,223)
(76,982)
Payment of finance leases obligations
(17,915)
(33,541)
Net cash generated from/(used in) financing activities
70,675
(176,807)
Net increase/(decrease) in cash and cash equivalents
711,345
(133,407)
Cash and cash equivalents at beginning of year
617,064
750,471
Cash and cash equivalents at end of year
1,328,409
617,064
AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Amirou Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Richard House, 9 Winckley Square, Preston, PR1 3HP. . The principal place of business for the company is Dalton House, Washway Road, Sale, Manchester, M33 7AR.

 

The group consists of Amirou Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Amirou Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

The group reported a loss for the year ended 31 December 2023 and experienced difficult trading condition in the subsequent year, but management information for the current calendar year has seen a recovery in trade.

 

At the time of approving the financial statements, the group has headroom in its facilities and is negotiating the sale of the freehold property from which it operates one of its dealerships.

 

The group has received confirmation of support from its principal funder (subject to standard satisfactory use clauses), its ultimate owner and from Ducati UK Limited, for a period of at least 12 months following the signing of the audit report.

 

Given the above and that the company is working well within available funding facilities, the directors have at the time of approving the financial statements, every expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. Income is recognised at the point at which the customer takes delivery of the motorcycle, at the point of purchase in relation to associated parts and clothing, or upon completion of any servicing work.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% per annum straight line
Leasehold improvements
2% per annum straight line
Plant and equipment
15-25% per annum straight line
Fixtures and fittings
20% per annum straight line
Motor vehicles
33% per annum straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.10
Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowances for demonstration units or slow moving clothing stocks. Stock is measured using the first in first out method of accounting.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and, loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Bike and component stock valuation

Management review the carrying value of any bike and component stock and compare this to their judgement of net realisable value. Any impairment in the carrying value of the related units is then processed.

3
Turnover and other revenue

All of the group's turnover relates to it's principal activity and relates to the United Kingdom only.

2023
2022
£
£
Other revenue
Interest income
-
141
AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
4
Exceptional item
2023
2022
£
£
Income
Profits on disposal of Worcester site
285,934
-

Exceptional income relates to the profits on disposal of the Worcester branch and consists of £220,000 profit on disposal of intangible assets and £65,934 profit on disposal of the tangible fixed assets associated with that location.

5
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
1,200
1,100
Depreciation of owned tangible fixed assets
209,981
198,722
Depreciation of tangible fixed assets held under finance leases
34,494
32,904
(Profit)/loss on disposal of tangible fixed assets
(65,934)
11,465
Release of negative goodwill
(22,060)
(22,060)
Profit on disposal of intangible assets
(220,000)
-
Operating lease charges
207,993
183,766
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management and administration
9
4
1
1
Sales and servicing
38
41
-
-
Total
47
45
1
1
AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,314,810
1,365,289
-
0
-
0
Social security costs
127,471
143,835
-
-
Pension costs
23,894
27,000
-
0
-
0
1,466,175
1,536,124
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
9,096
9,029
Company pension contributions to defined contribution schemes
64
67
9,160
9,096

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
-
141
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
6,851
5,827
Interest on finance leases and hire purchase contracts
3,739
6,349
Other interest
172,713
57,668
Total finance costs
183,303
69,844
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(13,303)
27,980
AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
2023
2022
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
241,788
66,937
Changes in tax rates
15,209
21,138
Adjustment in respect of prior periods
(9,815)
-
0
Total deferred tax
247,182
88,075
Total tax charge
233,879
116,055

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(374,233)
492,686
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(88,022)
93,610
Tax effect of expenses that are not deductible in determining taxable profit
825
4,255
Tax effect of income not taxable in determining taxable profit
(51,745)
-
0
Unutilised tax losses carried forward
321,310
-
0
Change in unrecognised deferred tax assets
182
200
Effect of change in corporation tax rate
15,209
21,138
Permanent capital allowances in excess of depreciation
(188)
(4,258)
Depreciation on assets not qualifying for tax allowances
923
5,301
Amortisation on assets not qualifying for tax allowances
(5,189)
(4,191)
Deferred tax adjustments in respect of prior years
(9,815)
-
0
Chargeable gains
47,224
-
0
Impact of tax losses carried back at different rates
3,165
-
0
Taxation charge
233,879
116,055

The Chancellor announced his intention to increase the headline rate of corporation tax to 25% from 1 April 2023. This policy was substantively enacted on 25 May 2021.

AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
11
Discontinued operations
Worcester branch disposal

In May 2023 the group disposed of the trade and assets belonging to its Worcester dealership to a third party. The disposal was effected in order to better concentrate management time on the group's core locations in Northern England and Scotland.

 

A profit of £285,934 arose on disposal, being the proceeds of the sale, less the carrying amount of business fixed assets, trading stock and deposits already received for future bike sales. The daily trade of that location has also been separately disclosed as discontinued operations within the group statement of comprehensive income.

12
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
58,291
(220,602)
(162,311)
Amortisation and impairment
At 1 January 2023
58,291
(76,855)
(18,564)
Amortisation charged for the year
-
0
(22,060)
(22,060)
At 31 December 2023
58,291
(98,915)
(40,624)
Carrying amount
At 31 December 2023
-
0
(121,687)
(121,687)
At 31 December 2022
-
0
(143,747)
(143,747)
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
405,787
1,006,080
387,793
209,711
391,117
2,400,488
Additions
-
0
50,594
16,225
4,490
170,440
241,749
Disposals
-
0
(296,367)
(104,139)
(40,306)
-
0
(440,812)
At 31 December 2023
405,787
760,307
299,879
173,895
561,557
2,201,425
Depreciation and impairment
At 1 January 2023
27,036
55,114
197,317
135,031
178,564
593,062
Depreciation charged in the year
6,298
34,114
51,068
24,370
128,625
244,475
Eliminated in respect of disposals
-
0
(22,201)
(59,200)
(25,345)
-
0
(106,746)
At 31 December 2023
33,334
67,027
189,185
134,056
307,189
730,791
Carrying amount
At 31 December 2023
372,453
693,280
110,694
39,839
254,368
1,470,634
At 31 December 2022
378,751
950,966
190,476
74,680
212,553
1,807,426
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
71,623
63,599
-
0
-
0
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,005,000
1,005,000
AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
1,005,000
Carrying amount
At 31 December 2023
1,005,000
At 31 December 2022
1,005,000
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Ducati Manchester Limited
1
Ordinary
99.99
-
G52 Limited
2
Ordinary
-
51.00

Registered office addresses (all UK):

1
Dalton House, Washway Road, Sale, M33 7AJ
2
61 Queen Elizabeth Avenue, Hillington Park, Glasgow, G52 4NQ
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
6,204,471
5,440,147
-
0
-
0
AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
287,928
239,668
-
0
-
0
Other debtors
1,818
12,613
1
1
Prepayments and accrued income
308,067
425,416
-
0
-
0
597,813
677,697
1
1
Amounts falling due after more than one year:
Deferred tax asset (note 22)
-
0
244,050
-
0
-
0
Total debtors
597,813
921,747
1
1
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
60,470
77,307
9,960
9,960
Obligations under finance leases
21
39,993
24,166
-
0
-
0
Other borrowings
20
98,553
80,471
-
0
-
0
Trade creditors
7,254,622
5,258,122
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
592,538
77,002
Corporation tax payable
15,423
27,980
-
0
-
0
Other taxation and social security
113,568
282,668
-
-
Other creditors
219,836
247,532
100,000
100,000
Accruals and deferred income
136,813
85,831
-
0
-
0
7,939,278
6,084,077
702,498
186,962

Bank loans are secured over the group's freehold land and buildings. Obligations under finance leases are secured over the assets to which they relate. Balances totalling £2,430,131 (2022: £1,825,845) included in trade creditors are secured over the stock balances to which they relate.

AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
15,817
76,203
15,817
25,693
Obligations under finance leases
21
78,930
76,087
-
0
-
0
Other borrowings
20
221,999
74,268
-
0
-
0
Other creditors
213,027
716,433
213,027
716,433
529,773
942,991
228,844
742,126

Bank loans are secured over the group's freehold land and buildings. Obligations under finance leases are secured over the assets to which they relate.

20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
76,287
153,510
25,777
35,653
Other loans
320,552
154,739
-
0
-
0
396,839
308,249
25,777
35,653
Payable within one year
159,023
157,778
9,960
9,960
Payable after one year
237,816
150,471
15,817
25,693
21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
45,723
27,722
-
0
-
0
In two to five years
88,305
81,608
-
0
-
0
134,028
109,330
-
-
Less: future finance charges
(15,105)
(9,077)
-
0
-
0
118,923
100,253
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
117,195
-
-
(188,724)
Tax losses
(113,613)
-
-
432,324
Short term timing differences
(450)
-
-
450
3,132
-
-
244,050
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
(244,050)
-
Charge to profit or loss
255,052
-
Effect of change in tax rate - profit or loss
(1,378)
-
Other
(6,492)
-
Liability at 31 December 2023
3,132
-

The deferred tax balance set out above is not expected to materially change in the next 12 months. Tax losses of £1,366,081 have not been recognised as a deferred tax asset at the balance sheet date.

23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
23,894
27,000

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
125,002
233,993
-
-
Between two and five years
261,999
332,710
-
-
In over five years
168,842
231,178
-
-
555,843
797,881
-
-
26
Events after the reporting date

In March 2024 the group incorporated M32 Limited which subsequently acquired the trade and assets of a new motorbike dealership in the Greater Manchester area.

 

On 23 December 2024 Ducati Manchester Limited acquired 49% of the issued share capital in its subsidiary G52 Limited for nominal consideration, such that it became a wholly owned subsidiary.

 

In January 2025 Mr D Patterson became the ultimate controlling party.

 

In April 2025, the company repurchased the trade and assets of its former Worcester based dealership, from the Joint Administrators of Completely Motoring Limited, for a consideration of £8,000.

27
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
2023
2022
£
£
Group
Key management personnel
9,123
318
Other related parties
89,101
70,767

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
22,326
5,006
Other related parties
85,801
83,016
AMIROU HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
27
Related party transactions
(Continued)
- 32 -
Company
Entities over which the company has control, joint control or significant influence
539,538
77,002
Other information

Key management personnel and the director are the same, and therefore the group has taken the exemption under FRS 102 33.7A to not disclose key management personnel remuneration.

28
Controlling party

At the balance sheet date, the company was ultimately controlled by Mr C D Booth. From 8 January 2025, the ultimate controlling party became Mr D Paterson.

29
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(608,112)
376,631
Adjustments for:
Taxation charged
233,879
116,055
Finance costs
183,303
69,844
Investment income
-
0
(141)
(Gain)/loss on disposal of tangible fixed assets
(65,934)
11,465
Gain on disposal of intangible assets
(220,000)
-
Amortisation and impairment of intangible assets
(22,060)
(22,060)
Depreciation and impairment of tangible fixed assets
244,475
231,626
Movements in working capital:
Increase in stocks
(764,324)
(797,035)
Decrease/(increase) in debtors
79,884
(92,681)
Increase in creditors
1,347,280
602,188
Cash generated from operations
408,391
495,892
30
Analysis of changes in net funds - group
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
617,064
711,345
-
1,328,409
Borrowings excluding overdrafts
(308,249)
(88,590)
-
(396,839)
Obligations under finance leases
(100,253)
17,915
(36,585)
(118,923)
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