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Company registration number: 04036523
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Financial statements
31 December 2024
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Directors and other information
Directors S Hainsworth
R Naik
Company number 04036523
Registered office Altar Farm
Marley
Bingley
West Yorkshire
BD16 2DW
Business address Alexander Stadium
Walsall Road
Birmingham
B42 2LR
Auditor Sutton McGrath Hartley
5 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
Accountants Shepherd Partnership
Carleton Business Park
Skipton
BD23 2DE
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Strategic report
Period ended 31 December 2024
Principal activity and business review
The principal activity of the company is that of the management of transport, travel and accommodation for major corporate and sporting events.
CSE continue to ensure our focus remains on the delivery of logistics services (transport, travel and accommodation) for major sporting events as the primary driver of revenue for the business.
Our operations extend to areas outside the UK, including across Europe, North America and Australia. We also retain a core clientele that utilise our services in relation to general travel management including air and rail as well as individual and conference accommodation needs.
The company successfully navigated the pandemic and recovered strongly from the impact with a return to substantial growth, which was consolidated in 2024; due to the nature of the industry there have been fewer events during the current shortened period leading to a reduction in turnover for the period.
Financial risk management objectives and policies
The annual outcome will potentially vary depending on the number of significant sporting events that are managed in each financial year. Gross profit is driven by the risks that we undertake when securing accommodation and on the understanding that for certain events, the contractual liabilities rest with CSE if the event does not achieve the expected entry levels. These risks are mitigated where possible and great attention to detail is taken by the senior management to monitor cancellation deadlines.
The business continues to be relatively immune to risks relating to the war in Ukraine and the general UK wide economic performance as these major sporting events continue to happen across the continent regardless of changes to the economic landscape.
We managed the effects of the pandemic well and have emerged from this with a strong recovery; should a similar situation arise and restrictions be imposed again, the business has proven strategies and the agility to react and adapt accordingly.
CSE's business model is now well established and shows long term results with a consistent performance, whilst controlling business overheads; we are able to maintain this position thanks to our strong balance sheet and highly efficient and experienced staff.
Key performance indicators
The company monitors its performance primarily on gross margins achieved. This is because turnover will rise and fall depending on the timelines for major events that we manage.
The costs of operations remains broadly consistent and these are not expected to change in any significant way over the next three years.
The gross profit level comparison over the last four years is:
- 2021 37.18%,
- 2022 20.76%
- 2023 18.65%
- 2024 18.84%
- Dec 2024 15.48%
Margins during the pandemic were higher than average due to tight control of costs and human resources.
Gross profit margins continue to demonstrate exceptional performances given the low gross margin commissions offered by suppliers that we engage and where clients also have the opportunity to source the services we provide directly from the purveyors of transport, travel and accommodation.
Financial review
The company generated turnover of £5,299,273 for the 8 month period to 31 December 2024 (2024: £19,218,633), yielding gross profits of £820,560 (2024: £3,621,720), leaving the company with net assets of £8,409,835 at 31 December 2024 (2024: £8,533,287).
The results for the financial period are set out in the Statement of comprehensive income on page 10. Gross profit margins for the period have decreased to 15.5% (2024: 18.8%).
This report was approved by the board of directors on 13 June 2025 and signed on behalf of the board by:
S Hainsworth
Director
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Directors report
Period ended 31 December 2024
The directors present their report and the financial statements of the company for the period ended 31 December 2024.
Directors
The directors who served the company during the period were as follows:
S Hainsworth
R Naik
Dividends
The directors have recommended and have paid a dividend totalling £500,000 (2024: £1,220,000). Dividends are disclosed in note 13.
Future developments
We rermain determined to continue to win significant new clients that will maintain the momentum of the business and its primary operations for the foreseeable future.
We expect to remain the market leader worldwide in sporting logistsics delivery.
Financial instruments
We retain funds in all major currencies to reduce ongoing trading risks.
Qualifying indemnity provision
The Company has, as permitted by s234 and 235 of the Companies Act 2006, maintained insurance cover on behalf of the Directors indemnifying them against certain liabilities which may be incurred by them in relation to the Company.
Other matters
The financial statements are prepared on the going concern basis which assumes the Company will continue in operational existence for the forseeable future. In assessing whether the going concern assumption is appropriate, the directors have taken into account all relevant available information about future trading, profit and cash forecasts. It is therefore considered appropriate to adopt the going concern basis of accounting in preparation of the annual financial statements.
Disclosure of information in the strategic report.
Details of the principal risks and uncertainties facing the Company and its financial risk management objectives and policies are given in the Strategic report.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 13 June 2025 and signed on behalf of the board by:
S Hainsworth
Director
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Independent auditor's report to the members of
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Period ended 31 December 2024
Opinion
We have audited the financial statements of CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED (the 'company') for the period ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the period 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 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 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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 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 company or to cease operations, or have no realistic alternative but to do so.
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: Our assessment of the susceptibility to material misstatement, whether by fraud or error, is made in a risk based approach. In this approach, laws and regulations applicable to the entity, such as the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102, the relevant tax compliance regulations within the UK, employment law, and Health and Safety law is considered, and the policies and controls the entity has in place to comply with these laws are reviewed, by discussion, reviews of correspondence and registrations monitored by external bodies. The engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Policies and controls relating to the risk of material misstatement as a result of fraud are also considered. These are assessed by obtaining an understanding of the company's operations and control environment. The policies and controls have been reviewed by discussion, review and sample testing of accounting entries, challenging assumptions and judgements, reviewing and evaluating related parties transactions, and wider background searches. Testing of income recognition and cut off, along with testing of salary costs is also completed. We have ensured that the engagement team have appropriate levels of competence and experience to effectively monitor these risks and carry out work relevant to our assessment of each risk, including consideration of the industry the company operates in and its size and complexity. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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 auditors 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.
James Salim FCCA (Senior Statutory Auditor)
For and on behalf of
Sutton McGrath Hartley
Chartered Accountant and Statutory Auditor
5 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
13 June 2025
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Statement of comprehensive income
Period ended 31 December 2024
Period Year
ended ended
31/12/24 30/04/24
Note £ £
Turnover 4 5,299,273 19,218,633
Cost of sales ( 4,478,713) ( 15,596,913)
_______ _______
Gross profit 820,560 3,621,720
Administrative expenses ( 755,218) ( 1,027,093)
Other operating income 5 275,880 1,038,426
_______ _______
Operating profit 6 341,222 3,633,053
Other interest receivable and similar income 9 174,953 -
Interest payable and similar expenses 10 ( 14,111) -
Profit before taxation 502,064 3,633,053
Tax on profit 11 ( 125,516) ( 908,810)
_______ _______
Profit for the financial period and total comprehensive income 376,548 2,724,243
_______ _______
All the activities of the company are from continuing operations.
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Statement of financial position
31 December 2024
31/12/24 30/04/24
Note £ £ £ £
Fixed assets
Tangible assets 14 15,665 18,075
Investments 15 136,364 136,364
_______ _______
152,029 154,439
Current assets
Debtors 16 3,250,818 3,854,954
Cash at bank and in hand 6,559,541 7,748,399
_______ _______
9,810,359 11,603,353
Creditors: amounts falling due
within one year 17 ( 1,548,637) ( 3,219,986)
_______ _______
Net current assets 8,261,722 8,383,367
_______ _______
Total assets less current liabilities 8,413,751 8,537,806
Provisions for liabilities 18 ( 3,916) ( 4,519)
_______ _______
Net assets 8,409,835 8,533,287
_______ _______
Capital and reserves
Called up share capital 21 45,001 45,001
Profit and loss account 22 8,364,834 8,488,286
_______ _______
Shareholders funds 8,409,835 8,533,287
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 13 June 2025 , and are signed on behalf of the board by:
S Hainsworth
Director
Company registration number: 04036523
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Statement of changes in equity
Period ended 31 December 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2023 45,001 6,984,043 7,029,044
Profit for the period 2,724,243 2,724,243
_______ _______ _______
Total comprehensive income for the period - 2,724,243 2,724,243
Dividends paid and payable ( 1,220,000) ( 1,220,000)
_______ _______ _______
Total investments by and distributions to owners - ( 1,220,000) ( 1,220,000)
_______ _______ _______
At 30 April 2024 and 1 May 2024 45,001 8,488,286 8,533,287
Profit for the period 376,548 376,548
_______ _______ _______
Total comprehensive income for the period - 376,548 376,548
Dividends paid and payable ( 500,000) ( 500,000)
_______ _______ _______
Total investments by and distributions to owners - ( 500,000) ( 500,000)
_______ _______ _______
At 31 December 2024 45,001 8,364,834 8,409,835
_______ _______ _______
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Statement of cash flows
Period ended 31 December 2024
Period Year
ended ended
31/12/24 30/04/24
£ £
Cash flows from operating activities
Profit for the financial period 376,548 2,724,243
Adjustments for:
Depreciation of tangible assets 2,410 4,519
Other interest receivable and similar income ( 174,953) -
Interest payable and similar expenses 14,111 -
Tax on profit 125,516 908,810
Accrued expenses/(income) ( 478,161) 253,090
Changes in:
Trade and other debtors 604,136 (2,308,560)
Trade and other creditors ( 1,105,235) (404,831)
_______ _______
Cash generated from operations ( 635,628) 1,177,271
Interest paid ( 14,111) -
Interest received 174,953 -
Tax paid ( 335,889) (1,057,612)
_______ _______
Net cash (used in)/from operating activities ( 810,675) 119,659
_______ _______
Cash flows from investing activities
Purchase of tangible assets - ( 3,883)
_______ _______
Net cash from/(used in) investing activities - ( 3,883)
_______ _______
Cash flows from financing activities
Directors' curent account movement 121,817 378,309
Equity dividends paid ( 500,000) ( 1,220,000)
_______ _______
Net cash used in financing activities ( 378,183) ( 841,691)
_______ _______
Net increase/(decrease) in cash and cash equivalents ( 1,188,858) ( 725,915)
Cash and cash equivalents at beginning of period 7,748,399 8,474,314
_______ _______
Cash and cash equivalents at end of period 6,559,541 7,748,399
_______ _______
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Notes to the financial statements
Period ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Altar Farm, Marley, Bingley, West Yorkshire, BD16 2DW.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
Period Year
ended ended
31/12/24 30/04/24
£ £
Rendering of services 5,299,273 19,218,633
_______ _______
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
Period Year
ended ended
31/12/24 30/04/24
£ £
Commission receivable 224,880 902,426
Management charges receivable 51,000 136,000
_______ _______
275,880 1,038,426
_______ _______
6. Operating profit
Operating profit is stated after charging/(crediting):
Period Year
ended ended
31/12/24 30/04/24
£ £
Depreciation of tangible assets 2,410 4,519
Impairment of trade debtors 63,706 293
Foreign exchange differences 51,839 12,010
Fees payable for the audit of the financial statements 9,000 10,000
_______ _______
7. Staff costs
The average number of persons employed by the company during the period, including the directors, amounted to:
Period Year
ended ended
31/12/24 30/04/24
Administrative staff 12 13
_______ _______
The aggregate payroll costs incurred during the period were:
Period Year
ended ended
31/12/24 30/04/24
£ £
Wages and salaries 314,175 454,440
Social security costs 26,950 42,117
Other pension costs 103,102 176,398
_______ _______
444,227 672,955
_______ _______
8. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
Period Year
ended ended
31/12/24 30/04/24
£ £
Remuneration 30,334 45,500
Company contributions to pension schemes in respect of qualifying services 80,000 120,000
Compensation for loss of office 7,608 9,555
_______ _______
117,942 175,055
_______ _______
The number of directors who accrued benefits under company pension plans was as follows:
Period Year
ended ended
31/12/24 30/04/24
Number Number
Defined contribution plans 2 2
_______ _______
9. Other interest receivable and similar income
Period Year
ended ended
31/12/24 30/04/24
£ £
Interest on cash and cash equivalents 174,953 -
_______ _______
10. Interest payable and similar expenses
Period Year
ended ended
31/12/24 30/04/24
£ £
Other interest payable and similar expenses 14,111 -
_______ _______
11. Tax on profit
Major components of tax expense
Period Year
ended ended
31/12/24 30/04/24
£ £
Current tax:
UK current tax expense 126,119 908,969
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 603) ( 159)
_______ _______
Tax on profit 125,516 908,810
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the period is the same as (2024: higher than) the standard rate of corporation tax in the UK of 25.00 % (2024: 25.00%).
Period Year
ended ended
31/12/24 30/04/24
£ £
Profit before taxation 502,064 3,633,053
_______ _______
Profit multiplied by rate of tax 125,516 908,263
Effect of expenses not deductible for tax purposes - 547
Effect of capital allowances and depreciation 603 159
Deferred tax movement ( 603) ( 159)
_______ _______
Tax on profit 125,516 908,810
_______ _______
12. Earnings per share
Basic earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:
Period Year
ended ended
31/12/24 30/04/24
£ £
Profit for the period attributable to the owners of the company 376,548 2,724,243
_______ _______
Diluted earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:
Period Year
ended ended
31/12/24 30/04/24
£ £
Earnings/(loss) used in calculation of basic earnings/(loss) per share 376,548 2,724,243
_______ _______
13. Dividends
Equity dividends
Period Year
ended ended
31/12/24 30/04/24
£ £
Dividends paid during the period (excluding those for which a liability existed at the end of the prior year) 500,000 1,220,000
_______ _______
14. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 May 2024 and 31 December 2024 87,441 87,441
_______ _______
Depreciation
At 1 May 2024 69,366 69,366
Charge for the year 2,410 2,410
_______ _______
At 31 December 2024 71,776 71,776
_______ _______
Carrying amount
At 31 December 2024 15,665 15,665
_______ _______
At 30 April 2024 18,075 18,075
_______ _______
15. Investments
Other investments other than loans Total
£ £
Cost
At 1 May 2024 and 31 December 2024 136,364 136,364
_______ _______
Impairment
At 1 May 2024 and 31 December 2024 - -
_______ _______
Carrying amount
At 31 December 2024 136,364 136,364
_______ _______
At 30 April 2024 136,364 136,364
_______ _______
16. Debtors
31/12/24 30/04/24
£ £
Trade debtors 452,598 1,811,293
Amounts owed by undertakings in which the company has a participating interest 2,752,000 2,002,000
Prepayments and accrued income 46,220 41,661
_______ _______
3,250,818 3,854,954
_______ _______
17. Creditors: amounts falling due within one year
31/12/24 30/04/24
£ £
Trade creditors 527,747 1,552,355
Accruals and deferred income 69,320 547,481
Corporation tax 345,325 555,095
Social security and other taxes 33,892 87,969
Director loan accounts 562,955 441,138
Other creditors 9,398 35,948
_______ _______
1,548,637 3,219,986
_______ _______
18. Provisions
Deferred tax (note 19) Total
£ £
At 1 May 2024 4,519 4,519
Charges against provisions ( 603) ( 603)
_______ _______
At 31 December 2024 3,916 3,916
_______ _______
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31/12/24 30/04/24
£ £
Included in provisions (note 18) 3,916 4,519
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
31/12/24 30/04/24
£ £
Accelerated capital allowances ( 603) ( 159)
_______ _______
20. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 103,102 (2024: £ 176,398 ).
21. Called up share capital
Issued, called up and fully paid
31/12/24 30/04/24
No £ No £
Ordinary shares of £ 1.00 each 45,001 45,001 45,001 45,001
_______ _______ _______ _______
22. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
23. Analysis of changes in net debt
At 1 May 2024 Cash flows At 31 December 2024
£ £ £
Cash and cash equivalents 7,748,399 (1,188,858) 6,559,541
Debt due within one year (441,138) (121,817) (562,955)
_______ _______ _______
7,307,261 ( 1,310,675) 5,996,586
_______ _______ _______
24. Charge on assets
The company is subject to a charge over a cash deposit which is secured by a fixed charge.
25. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 31/12/24
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
S Hainsworth ( 441,138) ( 500,000) 378,183 ( 562,955)
_______ _______ _______ _______
Year ended 30/04/24
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
S Hainsworth ( 62,829) ( 1,222,000) 843,691 ( 441,138)
_______ _______ _______ _______
26. Related party transactions
During the period the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
Period Year Period Year
ended ended ended ended
31/12/24 30/04/24 31/12/24 30/04/24
£ £ £ £
Luxe Rentals Ltd 750,000 2,002,000 2,752,000 2,002,000
_______ _______ _______ _______
Luxe Rentals Ltd is controlled by S Hainsworth by virtue of his majority shareholding.
27. Controlling party
The company is controlled by S Hainsworth by virtue of his majority shareholding.