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Registered number: NI654642
Somerville Enterprise Holdings Ltd
Strategic Report, Director's Report and
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Strategic Report 1—2
Director's Report 3—4
Independent Auditor's Report 5—8
Consolidated Statement of Comprehensive Income 9
Consolidated Statement of Financial Position 10
Company Statement of Financial Position 11—12
Consolidated Statement of Changes in Equity 13
Consolidated Statement of Cash Flows 14
Notes to the Consolidated Statement of Cash Flows 15
Notes to the Financial Statements 16—24
Page 1
Strategic Report
The director presents his strategic report for the year ended 31 March 2024.
Review of the Business
The director is committed to long term creation of shareholder value by increasing the group's market share in the UK and Irish markets, and further afield. The director is confident that their strategy will result in continued growth and will seek every opportunity to increase turnover and profitability. 
The 2024 financial year saw continued growth, with an increase in the net assets of the business by £1m, and a rise in the gross profit margin of 3.2%. This was driven by the continued successful execution of the strategy, marked by strong progress in investing in people, expanding into new markets, and delivering work for both new and returning clients. Despite an uncertain economic environment, results for the year to March 2025 are satisfactory.
Performance
The director believes that the financial results for the period are satisfactory. The group is reporting a consolidated profit for the period, as well as a robust increase in the reserves.
Key Performance Indicators
The group's key performance indicators are as follows:
2024
2023
£
£
Turnover
12,725,960
13,340,554
Gross Profit
2,987,068
2,703,794
Gross Profit Margin
23.5%
20.3%
Net Assets
5,515,506
4,465,635
Page 1
Page 2
Principal Risks and Uncertainties
Competitive risk
The group operates in competitive markets and has a number of key competitors. The group manages this risk by providing high quality designs to its clients at competitive prices. We place a large emphasis on building long lasting relationships, with both our customers, as well as our supplier base. We believe that the quality of our work also stands us in great stead when facing a highly competitive market.
Market risk
The market is subject to fluctuations due to wider economic factors that affect demand for office space, hotels and related design build services. The group manages this risk by periodically reviewing:
  1. its current cost base to ensure it is appropriate to current market volumes; and
  2. the level of appeal and marketability of its current market offering to ensure it is appropriate and kept up to date to meet current market requirements.
Credit risk
The group may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The group is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by maintaining strong on-going customer relationships and closely monitoring outstanding debts from all sources.
Health and Safety risk
The group performs property fit out and joinery works that carry significant health and safety risks to employees, clients and contractors unless carried out in a safe manner. The group regularly reviews its health and safety policies and procedure to ensure they adequately address the risks faced. Staff members receive regular health and safety training and risk assessments are conducted as needed for work conducted by staff members and contractors.
Contract risk
The group takes on risks in relation to potential cost over runs on new design and build projects and in relation to potential late delivery. This risk is mitigated by back to backing of associated risks with sub-contractors and by internal review and sign off on all new customer contracts to ensure they are priced appropriately and that delivery timescales are realistic to mitigate this risk. 
On behalf of the board
Mr Stephen Somerville
Director
30/05/2025
Page 2
Page 3
Director's Report
The director presents his report and the financial statements for the year ended 31 March 2024.
Principal Activity
The principal activities of the company are those of a management and investment holding company. The principal activities of the group are the supply of design and build services to commercial property owners and tenants.
Directors
The director who held office during the year were as follows:
Mr Stephen Somerville
Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Group
The group has well-established long-term relationships with its customers, suppliers and subcontractors, working with them collaboratively. There are well established review and feedback processes that enable the group to continually improve efficiencies and effectiveness with customers, suppliers and subcontractors who are critical to our business operations.
Statement of Director's Responsibilities
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company and 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. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Director's Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Page 3
Page 4
Independent Auditors
The auditors, M. B. McGrady & Co, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Stephen Somerville
Director
30/05/2025
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Somerville Enterprise Holdings Ltd (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2024 which comprise the Consolidated Statement of 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 the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2024 and of the group's profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 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 director is 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. 
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.
Page 5
Page 6
Matters on Which We Are Required to Report by Exception
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 Director's Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the parent company financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of director's remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Director's Responsibilities Statement set out on page 3—4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director 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 director is responsible for assessing the group and 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.
Page 6
Page 7
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
  • 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. In assessing and detecting irregularities such as fraud and non-compliance with laws and regulations we considered the following: 
  • the matters discussed among the audit engagement team and any other relevant professionals regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
  • the nature of the industry and any laws and regulations applicable to the company and the industry;
  • the company's own assessment of the risk of fraud and other irregularities;
  • the company's policies and procedures in relation to: 
  • how they identify and comply with all relevant laws and regulations and whether they are aware of any non-compliance;
  • how they detect and respond to risks of fraud and their knowledge of any actual, suspected or alleged fraud;
  • the control environment within the company and how this mitigates risks of fraud and instances of non-compliance with laws and regulations.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to misappropriation of assets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
In response to the risk of material misstatement through irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
  • ensuring the engagement team had the appropriate knowledge and expertise in order to be able to identify and recognise any instances of fraud or non-compliance with laws and regulations;
  • we identified the laws and regulations applicable to the company through discussions with directors and management and from our knowledge and experience of the sector; and
  • ensuring the audit was carried out with a level of professional scepticism.In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
  • enquiring of management concerns of actual and potential litigation and claims; 
  • agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with relevant laws and regulations; and
  • reviewing correspondence with HMRC and other relevant regulators and the company's legal advisors.To address the risk of fraud through management bias and override of controls, we:
  • perform analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
  • test the appropriateness of journal entries and other adjustments;
  • assess whether the judgements made in making accounting estimates are indicative of a potential bias; and
  • evaluate the business rationale of any significant transactions that are unusual or outside the normal course of business. 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 7
Page 8
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 that 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.
Mal McGrady (Senior Statutory Auditor)
for and on behalf of M. B. McGrady & Co , Statutory Auditor
30/05/2025
M. B. McGrady & Co
Suite 2B, Cadogan House
322 Lisburn Road
Belfast
BT9 6GH
Page 8
Page 9
Consolidated Statement of Comprehensive Income
2024 2023
Notes £ £
TURNOVER 12,725,960 13,340,554
Cost of sales (9,738,892 ) (10,636,760 )
GROSS PROFIT 2,987,068 2,703,794
Administrative expenses (1,741,002 ) (1,539,150 )
Other operating income 25,462 125,914
OPERATING PROFIT 4 1,271,528 1,290,558
Profit/(loss) on revaluation of investments 59,106 (56,517 )
Income from Shares in group undertakings 118,249 288,690
Profit on disposal of fixed assets 33,079 7,175
Other interest receivable and similar income 9 21,105 6,953
Interest payable and similar charges 10 (18,095 ) (21,389 )
PROFIT BEFORE TAXATION 1,484,972 1,515,470
Tax on Profit 11 (226,886 ) (186,451 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,258,086 1,329,019
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,258,086 1,329,019
The notes on pages 15 to 24 form part of these financial statements.
Page 9
Page 10
Consolidated Statement of Financial Position
Registered number: NI654642
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 1,012 3,755
Tangible Assets 13 2,159,008 927,446
Investments 14 512,311 453,205
2,672,331 1,384,406
CURRENT ASSETS
Stocks 15 138,859 122,818
Debtors 16 1,505,306 4,329,634
Cash at bank and in hand 2,363,304 2,099,458
4,007,469 6,551,910
Creditors: Amounts Falling Due Within One Year 17 (1,774,491 ) (4,071,831 )
NET CURRENT ASSETS (LIABILITIES) 2,232,978 2,480,079
TOTAL ASSETS LESS CURRENT LIABILITIES 4,905,309 3,864,485
NET ASSETS 4,905,309 3,864,485
CAPITAL AND RESERVES
Called up share capital 20 1,151 1,151
Revaluation reserve 249,999 249,999
Income Statement 4,654,159 3,613,335
SHAREHOLDERS' FUNDS 4,905,309 3,864,485
On behalf of the board
Mr Stephen Somerville
Director
30/05/2025
The notes on pages 15 to 24 form part of these financial statements.
Page 10
Page 11
Company Statement of Financial Position
Registered number: NI654642
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 1,397,954 -
Investments 14 601,100 601,100
1,999,054 601,100
CURRENT ASSETS
Debtors 16 72,282 1
Cash at bank and in hand 50,490 -
122,772 1
Creditors: Amounts Falling Due Within One Year 17 (124,930 ) -
NET CURRENT ASSETS (LIABILITIES) (2,158 ) 1
TOTAL ASSETS LESS CURRENT LIABILITIES 1,996,896 601,101
NET ASSETS 1,996,896 601,101
CAPITAL AND RESERVES
Called up share capital 20 1,151 1,151
Share premium account 299,950 299,950
Income Statement 1,695,795 300,000
SHAREHOLDERS' FUNDS 1,996,896 601,101
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In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 1,510,795 (2023: £ 106,000 profit).
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Stephen Somerville
Director
30/05/2025
The notes on pages 15 to 24 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Revaluation reserve Income Statement Total
£ £ £ £
As at 1 April 2022 51 249,999 2,633,843 2,883,893
Profit for the year and total comprehensive income - - 1,329,019 1,329,019
Dividends paid - - (349,527) (349,527)
Arising on shares issued during the period 1,100 - - 1,100
As at 31 March 2023 and 1 April 2023 1,151 249,999 3,613,335 3,864,485
Profit for year - - 1,258,086 1,258,086
Other comprehensive income (expense) type A - - - -
Other comprehensive income for the year - - - -
Total comprehensive income for the year - - 1,258,086 1,258,086
Dividends paid - - (217,262) (217,262)
As at 31 March 2024 1,151 249,999 4,654,159 4,905,309
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Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 2,153,916 129,094
Interest paid (18,095 ) (21,389 )
Tax (paid)/refunded (261,236 ) 7,372
Net cash generated from operating activities 1,874,585 115,077
Cash flows from investing activities
Purchase of tangible assets (1,471,097 ) (288,583 )
Proceeds from disposal of tangible assets 33,079 7,175
Grants received 14,217 49,622
Interest received 21,105 6,953
Dividends received 118,249 288,690
Net cash (used in)/generated from investing activities (1,284,447 ) 63,857
Cash flows from financing activities
Proceeds from issue of share capital - 1,100
Equity dividends paid (217,262 ) (349,527 )
Proceeds from new bank borrowings - 25,184
Repayment of bank borrowings (17,999 ) -
Repayment of finance leases (21,488 ) (31,774 )
Amount introduced by directors - 8,354
Amount withdrawn by directors (12,963) -
Net cash used in financing activities (269,712 ) (346,663 )
Increase/(decrease) in cash and cash equivalents 320,426 (167,729 )
Cash and cash equivalents at beginning of year 2 2,099,458 2,267,187
Foreign exchange losses on cash and cash equivalents (56,580 ) -
Cash and cash equivalents at end of year 2 2,363,304 2,099,458
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 1,258,086 1,329,019
Adjustments for:
Tax on profit 226,886 186,451
Interest expense 18,095 21,389
Interest income (21,105 ) (6,953 )
Income from shares in group undertakings (118,249) (288,690)
Amortisation of intangible assets 2,743 6,093
Depreciation of tangible assets 239,535 322,200
Profit on disposal of tangible assets (33,079) (7,175)
(Profit)/loss on revaluation of fixed assets (59,106) 56,517
Grant income (25,087) (60,493)
Foreign exchange losses/(gains) 56,580 (11,508)
Movements in working capital:
Increase in stocks (16,041 ) (98,895 )
Decrease/(increase) in trade and other debtors 2,824,328 (3,842,062 )
(Decrease)/increase in trade and other creditors (2,199,670 ) 2,523,201
Net cash generated from operations 2,153,916 129,094
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 2,363,304 2,099,458
3. Analysis of changes in net funds
As at 1 April 2023 Cash flows As at 31 March 2024
£ £ £
Cash at bank and in hand 2,099,458 263,846 2,363,304
Finance leases (21,488) 21,488 -
Debts falling due within one year (69,658 ) 17,999 (51,659 )
2,008,312 303,333 2,311,645
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Notes to the Financial Statements
1. General Information
Somerville Enterprise Holdings Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI654642 . The registered office is Unit 7 Tower Lane, Hillsborough Road Moneyrea, Newtownards, BT23 6AY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
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2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.
Goodwill is amortised over its expected useful life which is estimated to be 5 years.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
2.6. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are mainly the development costs of an Application. It is amortised to income statement over its estimated economic life of 4 years.
2.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 1% straight line
Leasehold 25% straight line
Plant & Machinery 25% straight line
Motor Vehicles 20% straight line
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.8. Investments
Investments in subsidiaries are held as fixed assets and stated at cost less provision for permanent impairment in value. Impairment reviews are performed when there has been an indication of potential impairment.
Investment income is recognised in the profit and loss account on an accrual's basis.
2.9. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
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2.10. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.11. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.12. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.13. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.14. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
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3. Other Operating Income
2024 2023
£ £
Grant income 25,087 60,493
Other operating income 375 65,421
25,462 125,914
4. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets 239,535 322,200
Amortisation of intangible fixed assets 2,743 6,093
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 25,000 -
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 2,162,515 1,892,528
Social security costs 226,437 193,846
Other pension costs 192,698 140,136
2,581,650 2,226,510
7. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 59 (2023: 58)
Company
Average number of employees, including directors, during the year was: NIL (2023: NIL)
59 58
- -
8. Director's remuneration
2024 2023
£ £
Emoluments 12,000 12,000
Company contributions to money purchase pension schemes 120,000 80,000
132,000 92,000
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9. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 21,105 6,953
Income from shares in group undertakings 118,249 288,690
139,354 295,643
10. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 15,199 12,583
Finance charges payable under finance leases and hire purchase contracts 2,896 8,798
Other finance charges - 8
18,095 21,389
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 187,719 250,663
Foreign tax 39,167 (64,212 )
226,886 186,451
Total tax charge for the period 226,886 186,451
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 1,484,972 1,515,470
Tax on profit at 25% (UK standard rate) 349,344 256,753
Goodwill/depreciation not allowed for tax 58,684 53,987
Expenses not deductible for tax purposes 422 -
Capital allowances (22,277 ) (42,771 )
Adjustment for long accounting periods - 26,718
Double taxation relief (26,133 ) (12,051 )
Dividends from companies (29,562 ) (34,709 )
Revenue exempt from taxation (14,776 ) 2,736
Group relief (127,983 ) -
Foreign tax rates 39,167 (64,212 )
Total tax charge for the period 226,886 186,451
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12. Intangible Assets
Group
Goodwill Other Total
£ £ £
Cost
As at 1 April 2023 200,000 123,154 323,154
As at 31 March 2024 200,000 123,154 323,154
Amortisation
As at 1 April 2023 200,000 119,399 319,399
Provided during the period - 2,743 2,743
As at 31 March 2024 200,000 122,142 322,142
Net Book Value
As at 31 March 2024 - 1,012 1,012
As at 1 April 2023 - 3,755 3,755
Company
The company had no intangible fixed assets as at 31 March 2024 or 31 March 2023.
13. Tangible Assets
Group
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 April 2023 376,135 252,362 1,008,236 261,147
Additions 1,383,808 - 24,271 51,007
As at 31 March 2024 1,759,943 252,362 1,032,507 312,154
Depreciation
As at 1 April 2023 - 220,818 725,584 61,113
Provided during the period - 31,545 135,652 57,858
As at 31 March 2024 - 252,363 861,236 118,971
Net Book Value
As at 31 March 2024 1,759,943 (1 ) 171,271 193,183
As at 1 April 2023 376,135 31,544 282,652 200,034
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 80,528 59,045 2,037,453
Additions 9,256 2,755 1,471,097
As at 31 March 2024 89,784 61,800 3,508,550
...CONTINUED
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Depreciation
As at 1 April 2023 60,378 42,114 1,110,007
Provided during the period 7,534 6,946 239,535
As at 31 March 2024 67,912 49,060 1,349,542
Net Book Value
As at 31 March 2024 21,872 12,740 2,159,008
As at 1 April 2023 20,150 16,931 927,446
Company
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 April 2023 - - -
Additions 1,383,808 16,000 1,399,808
As at 31 March 2024 1,383,808 16,000 1,399,808
Depreciation
As at 1 April 2023 - - -
Provided during the period - 1,854 1,854
As at 31 March 2024 - 1,854 1,854
Net Book Value
As at 31 March 2024 1,383,808 14,146 1,397,954
As at 1 April 2023 - - -
14. Investments
Group
Other
£
Cost
As at 1 April 2023 453,205
Revaluations 59,106
As at 31 March 2024 512,311
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 512,311
As at 1 April 2023 453,205
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Company
Unlisted
£
Cost
As at 1 April 2023 601,100
As at 31 March 2024 601,100
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 601,100
As at 1 April 2023 601,100
15. Stocks
2024 2023
£ £
Stock 138,859 122,818
16. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 1,169,385 2,883,645 38,197 -
Other debtors 335,921 1,445,989 34,085 1
1,505,306 4,329,634 72,282 1
17. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts - 21,488 - -
Trade creditors 495,243 965,983 112,441 -
Bank loans and overdrafts 51,659 69,658 - -
Other creditors 154,720 240,226 110 -
Corporation tax 181,811 216,161 - -
Taxation and social security 280,318 447,830 - -
Accruals and deferred income 610,740 2,110,485 12,379 -
1,774,491 4,071,831 124,930 -
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18. Loans
An analysis of the maturity of loans is given below:
Group
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 51,659 69,658
19. Obligations Under Finance Leases and Hire Purchase
Group
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 22,680
Less: Finance charges allocated to future periods - 1,192
- 21,488
20. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,051 Ordinary Shares of £ 1.000 each 1,051 951
100 Ordinary B shares of £ 1.000 each 100 200
1,151 1,151
21. Capital Commitments
The company had no material capital commitments at the financial year-ended 31 March 2024.
22. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £192,698 (2023: £140,136).
At the statement of financial position date contributions of £NIL were due to the fund and are included in creditors.
23. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 1,612,154 -
Final dividend paid (1,394,892 ) 349,527
217,262 349,527
24. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
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