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Registration number: 11285833

Warners Retail Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 September 2024

 

Warners Retail Group Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13 to 14

Notes to the Financial Statements

15 to 30

 

Warners Retail Group Limited

Company Information

Directors

G D Warner

M A Warner

S Neale

Company secretary

G D Warner

Registered office

Eastern Avenue
Gloucester
Gloucestershire
GL4 3BS

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Warners Retail Group Limited

Strategic Report for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

Principal activity

The principal activity of the group is the sale of fuel and sundries from petrol forecourts and the sale of groceries from a supermarket. The activities of the group also include the rental of property. The principal activity of the company is that of a holding company.

Fair review of the business

The directors are pleased to report a profitable period for the group despite continued pressure on the fuel price and margins.

The directors use standard key performance indicators ("KPI's") to monitor the business. The main KPIs used are turnover and gross profit.

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

 

Unit

2024

2023

Turnover

£'000

9,749

9,852

Gross profit

£'000

2,396

2,092

Gross profit margin

%

25

21

Net assets

£'000

7,609

7,352

Principal risks and uncertainties

The principal risks and uncertainties effecting the business relate to changing prices from suppliers, the general economic environment and consumer spending. Due to the industry in which the group operates, the group are able to pass on price changes to customers and is well positioned to deal with changes in the economy.

Liquidity risk
The group’s principal liquidity risk is to ensure that it has sufficient liquid resources to meet its operational requirements. This is closely monitored on a regular basis in order to ensure efficient management.

Credit risk
The group offers credit to few customers and, as such, there is limited exposure to credit risk.

Interest rate risk
The group has borrowing in the form of fixed term loans on which interest is charged at a fixed rate above the Bank of England base rate. The directors continually monitor the group’s exposure to interest rate fluctuations and are poised to take action should they consider it necessary.

Approved by the Board on 26 April 2025 and signed on its behalf by:


G D Warner
Director

 

Warners Retail Group Limited

Directors' Report for the Year Ended 30 September 2024

The directors present their report and the for the year ended 30 September 2024.

Directors of the group

The directors who held office during the year were as follows:

G D Warner

M A Warner

S Neale

M D Warner (Died 29 December 2024)

Future developments

The directors are confident that the group will report continued growth and strong earnings performance.

Financial instruments

The group’s financial instruments comprise borrowings, cash and liquid resources, and various other items such as trade creditors that arise directly from its operations. The main purpose of these instruments is to finance the operations of the group. Further details of financial instruments are detailed in the strategic report.

The directors take a pro-active approach to financial risk management. The directors are involved in the day to day running of the business and have significant experience in the industry allowing risk to be managed
effectively.

Important non adjusting events after the financial period

On 29 November 2024, loans with a balance outstanding at the year end of £5,160,325 were refinanced by Handelsbanken over a term of five years.

Going concern

On the basis of the group’s forecasts, and having received a letter of support from G D Warner confirming his intention to continue to support the group, the directors consider it appropriate to prepare the financial statements on a going concern basis. The forecast assumes that facilities in place at the date of approval of the accounts will continue on no less favourable terms than current arrangements. The financial statements do not include any adjustments that would result from insufficient facilities being made available to the group.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 26 April 2025 and signed on its behalf by:


G D Warner
Director

 

Warners Retail Group Limited

Statement of Directors' Responsibilities

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 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 the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Warners Retail Group Limited

Independent Auditor's Report to the Members of Warners Retail Group Limited

Opinion

We have audited the financial statements of Warners Retail Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

 

Warners Retail Group Limited

Independent Auditor's Report to the Members of Warners Retail Group Limited

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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 group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

Extent to which the audit was capable of detecting irregularities, including fraud

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

We considered the nature of the group's and company’s industry and their control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the group and company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group's and company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

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 addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

 

Warners Retail Group Limited

Independent Auditor's Report to the Members of Warners Retail Group Limited

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

Use of this report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Paul Fussell (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

28 April 2025

 

Warners Retail Group Limited

Consolidated Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

3

9,749,445

9,851,515

Cost of sales

 

(7,353,073)

(7,759,337)

Gross profit

 

2,396,372

2,092,178

Administrative expenses

 

(2,196,266)

(2,253,221)

Exceptional income

4

-

3,301,889

Other operating income

5

968,431

835,296

Operating profit

6

1,168,537

3,976,142

Other interest receivable and similar income

7

3,113

1,631

Interest payable and similar expenses

8

(545,026)

(411,254)

Profit before tax

 

626,624

3,566,519

Tax on profit

12

(191,558)

(726,508)

Profit for the financial year

 

435,066

2,840,011

Profit attributable to:

 

Owners of the company

 

435,066

2,840,011

The above results were derived from continuing operations.

The group has no other comprehensive income for the year other than the results above.

 

Warners Retail Group Limited

(Registration number: 11285833)
Consolidated Balance Sheet as at 30 September 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

13

6,612,144

6,847,014

Investment property

14

19,046,741

18,722,855

 

25,658,885

25,569,869

Current assets

 

Stocks

16

193,994

184,721

Debtors

17

298,336

301,030

Cash at bank and in hand

18

212,191

533,371

 

704,521

1,019,122

Creditors: Amounts falling due within one year

19

(10,898,976)

(6,376,984)

Net current liabilities

 

(10,194,455)

(5,357,862)

Total assets less current liabilities

 

15,464,430

20,212,007

Creditors: Amounts falling due after more than one year

19

(5,394,906)

(10,591,163)

Deferred tax

12

(2,460,704)

(2,269,146)

Net assets

 

7,608,820

7,351,698

Capital and reserves

 

Called up share capital

23, 24

4,507

4,507

Profit and loss account

24

7,604,313

7,347,191

Total equity

 

7,608,820

7,351,698

Approved and authorised by the Board on 26 April 2025 and signed on its behalf by:
 

G D Warner
Director

 

Warners Retail Group Limited

(Registration number: 11285833)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

15

4,507

4,507

Current assets

 

Debtors

17

4,507

4,507

Creditors: Amounts falling due within one year

19

(4,507)

(4,507)

Net current assets

 

-

-

Net assets

 

4,507

4,507

Capital and reserves

 

Called up share capital

23

4,507

4,507

Total equity

 

4,507

4,507

The company made a profit after tax for the financial year of £177,944 (2023 - profit of £195,441).

Approved and authorised by the Board on 26 April 2025 and signed on its behalf by:
 

G D Warner
Director

 

Warners Retail Group Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 September 2024
Equity attributable to the parent company

Share capital
£

Profit and loss account
£

Total
£

At 1 October 2023

4,507

7,347,191

7,351,698

Profit for the year

-

435,066

435,066

Dividends

-

(177,944)

(177,944)

At 30 September 2024

4,507

7,604,313

7,608,820

Share capital
£

Profit and loss account
£

Total
£

At 1 October 2022

4,507

4,702,621

4,707,128

Profit for the year

-

2,840,011

2,840,011

Dividends

-

(195,441)

(195,441)

At 30 September 2023

4,507

7,347,191

7,351,698

 

Warners Retail Group Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 October 2023

4,507

-

4,507

Profit for the year

-

177,944

177,944

Dividends

-

(177,944)

(177,944)

At 30 September 2024

4,507

-

4,507

Share capital
£

Profit and loss account
£

Total
£

At 1 October 2022

4,507

-

4,507

Profit for the year

-

195,441

195,441

Dividends

-

(195,441)

(195,441)

At 30 September 2023

4,507

-

4,507

 

Warners Retail Group Limited

Consolidated Statement of Cash Flows for the Year Ended 30 September 2024

Note

2024
 £

2023
 £

Cash flows from operating activities

Profit for the year

 

435,066

2,840,011

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

337,380

319,380

Loss on disposal of tangible assets

1,962

-

Finance income

7

(3,113)

(1,631)

Finance costs

8

545,026

411,254

Income tax expense

12

191,558

726,508

Profit on disposal of petrol forecourts

 

-

(3,301,889)

 

1,507,879

993,633

Working capital adjustments

 

(Increase)/decrease in stocks

 

(9,273)

211,919

Decrease in trade debtors

 

2,694

90,542

Decrease in trade creditors

 

(40,775)

(262,417)

Cash generated from operations

 

1,460,525

1,033,677

Income taxes received

 

-

18,843

Net cash flow from operating activities

 

1,460,525

1,052,520

Cash flows from investing activities

 

Interest received

3,113

1,631

Acquisitions of tangible assets

(104,472)

(1,780,401)

Acquisition of investment properties

 

(323,886)

-

Proceeds from sale of petrol forecourts (net of disposal costs)

 

-

3,984,425

Proceeds from sale of tangible assets

 

-

105,500

Net cash flows from investing activities

 

(425,245)

2,311,155

Cash flows from financing activities

 

Interest paid

 

(545,026)

(411,254)

Proceeds from bank borrowing draw downs

 

200,000

5,500,000

Repayment of bank borrowing

 

(427,116)

(329,410)

Repayment of other borrowing

 

(426,751)

(7,206,024)

Payments to finance lease creditors

 

(104,951)

(104,091)

Dividends paid

(177,944)

(195,441)

Net cash flows from financing activities

 

(1,481,788)

(2,746,220)

Net (decrease)/increase in cash and cash equivalents

 

(446,508)

617,455

Cash and cash equivalents at 1 October

 

533,371

(84,084)

Cash and cash equivalents at 30 September

18

86,863

533,371

 

Warners Retail Group Limited

Consolidated Statement of Cash Flows for the Year Ended 30 September 2024

At 1 October 2023

Cash flows

Non cash changes

At 30 September 2024

Analysis of changes in net debt

£

£

£

£

Cash

533,371

(321,180)

-

212,191

Bank overdraft

-

(125,328)

-

(125,328)

533,371

(446,508)

-

86,863

Borrowings

Bank loans

(10,802,491)

227,116

-

(10,575,375)

Other borrowings

(4,362,592)

426,751

-

(3,935,841)

Lease liabilities

(359,153)

104,951

-

(254,202)

(15,524,236)

758,818

-

(14,765,418)

Net debt

(14,990,865)

312,310

-

(14,678,555)

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Eastern Avenue
Gloucester
Gloucestershire
GL4 3BS
United Kingdom

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the group and company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

Warners Retail Group Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of it separate financial statements. Exemptions have been taken in the company's separate financial statements in relation to financial instruments and presentation of a statement of cash flows.

Basis of consolidation

The consolidated financial statements incorporate those of Warners Retail Group Limited and all of its subsidiary undertakings as at 30 September 2024 using the acquisition or merger method of accounting as required.

Where the acquisition method is used, the results of the subsidiary undertakings are included from the date of acquisition. All intra-group transactions, balances and unrealised gains on transaction between group companies are eliminated on consolidation.

Where merger accounting is used, the investment is recorded in the company's balance sheet at the nominal value of the shares issued together with the fair value of any additional consideration paid. In the group financial statements, merged subsidiary undertakings are treated as if they had always been a member of the group. The results of such a subsidiary are included for the whole period in the year it joins the group. The corresponding figures for the previous year include its results for that period, the assets and liabilities at the previous balance sheet date and the shares issued by the company a consideration as if they had always been in issue. Any difference between the nominal value of the shares acquired by the company and those issued by the company to acquire them is taken to reserves.

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

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

The company has taken advantage of the exemption under section 408 of the Companies Act 2006 and has not presented its own profit and loss account.

Going concern

On the basis of the group’s forecasts, and having received a letter of support from G D Warner confirming his intention to continue to support the group, the directors consider it appropriate to prepare the financial statements on a going concern basis. The forecast assumes that facilities in place at the date of approval of the accounts will continue on no less favourable terms than current arrangements. The financial statements do not include any adjustments that would result from insufficient facilities being made available to the group.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will glow to the entity and specific criteria have been met for each of the group’s activities.

The group consider that the risks and rewards of ownership pass to the customer at the point of sale for fuel and shop sales.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Land not depreciated, buildings depreciated 2% of cost per annum

Leasehold improvements

20% - 33.3% of cost per annum

Furniture, fittings and equipment

10% - 50% of cost per annum

Motor vehicles

20% - 33.3% of cost per annum

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuers. The valuers use observable market prices adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value, net of integral cash management facilities.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Rental income from investment properties, including those on operating leases (net of any incentives given to the lessees), is recognised on a straight-line basis over the lease term.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Financial Instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

9,580,731

9,770,009

Other revenue

168,714

81,506

9,749,445

9,851,515

The total turnover of the group has been derived from its principal activity wholly undertaken in the United Kingdom.

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

4

Exceptional items

2024
 £

2023
 £

Exceptional income

-

3,301,889

Exceptional income of £Nil (2023 - £3,301,899) relates to the profit generated on the disposal of the trade and assets of the petrol forecourts at Mitton Manor, Tewkesbury and Quedgeley, Gloucester which were sold for total consideration of £5.2 million in October 2022.

 

5

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Rental income

968,431

835,296

 

6

Operating profit

Arrived at after charging

2024
£

2023
£

Depreciation expense

337,380

319,380

Operating lease expense - property

101,500

100,398

Loss on disposal of property, plant and equipment

1,962

-

 

7

Other interest receivable and similar income

2024
£

2023
£

Other interest receivable

3,113

1,631

 

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

523,728

388,901

Interest on obligations under finance leases and hire purchase contracts

15,348

16,207

Interest expense on other finance liabilities

5,950

6,146

545,026

411,254

 

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

25,000

29,500


Fee in relation to the audit of the subsidiary undertakings amounted to £16,750 (2023 - £19,550).

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

10

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,024,339

1,023,042

Social security costs

61,914

62,538

Pension costs, defined contribution scheme

22,688

21,539

1,108,941

1,107,119

 

The average number of persons employed by the group (including directors) during the year, was as follows:

2024
 No.

2023
 No.

Sales

42

52

Administration and support

19

13

61

65

Company

The company had no employees and incurred no staff costs.

 

11

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

65,332

50,513

Contributions paid to money purchase schemes

5,400

6,600

70,732

57,113

During the year the number of directors who were receiving benefits was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

3

 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Deferred taxation

Arising from origination and reversal of timing differences

165,700

896,231

Adjustments in respect of prior periods

25,858

(169,723)

Total deferred taxation

191,558

726,508

Tax expense in the profit and loss account

191,558

726,508

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 22.01%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

626,624

3,566,519

Corporation tax at standard rate

156,655

784,927

Effect of expense not deductible in determining taxable profit (tax loss)

5,591

4,922

Deferred tax expense relating to changes in tax rates or laws

-

107,253

Adjustments in respect of prior periods - deferred tax

25,858

(169,723)

Income not taxable for tax purposes

(903)

(563)

Other permanent differences

-

4,850

Other tax adjustments, reliefs and transfers

-

(177,859)

Chargeable gains

-

735,724

Fixed asset differences

4,357

(563,023)

Total tax charge

191,558

726,508

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

1,352,289

Short term timing differences

(386)

Investment property revaluation

1,723,211

Losses and other deductions

(614,410)

2,460,704

2023

Liability
£

Fixed asset timing differences

1,334,834

Short term timing differences

(598)

Investment property revaluation

1,718,409

Losses and other deductions

(783,499)

2,269,146

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

13

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Leasehold improvements
£

Total
£

Cost

At 1 October 2023

5,243,643

1,998,087

157,545

20,550

7,419,825

Additions

68,747

34,825

900

-

104,472

Disposals

-

(36,922)

-

-

(36,922)

At 30 September 2024

5,312,390

1,995,990

158,445

20,550

7,487,375

Depreciation

At 1 October 2023

-

461,184

91,077

20,550

572,811

Charge for the year

36,374

281,429

19,577

-

337,380

Eliminated on disposal

-

(34,960)

-

-

(34,960)

At 30 September 2024

36,374

707,653

110,654

20,550

875,231

Carrying amount

At 30 September 2024

5,276,016

1,288,337

47,791

-

6,612,144

At 30 September 2023

5,243,643

1,536,903

66,468

-

6,847,014

Included within the net book value of land and buildings above is £5,276,016 (2023 - £5,243,643) in respect of freehold land and buildings.

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Plant and machinery

301,015

376,992

Motor vehicles

23,766

33,793

324,781

410,785

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

14

Investment properties

Group

2024
£

At 1 October 2023 and 30 September 2024

18,722,855

Additions

323,886

At 30 September 2023

19,046,741

The prior year saw the completion of a site at Bishops Cleeve, with development costs of £4,992,855 being transferred from Assets Under Construction. The site comprises a gym, retail units and office space. Further development work was completed on office space during the year totalling £323,886. The site at Bishops Cleeve is considered by the directors to primarily constitute investment property, where cost is a reasonable reflection of market value.

The fair value of the other properties was assessed by an external valuer on 31 July 2022. The valuation was prepared in accordance with the Royal Institute of Chartered Surveyors (RICS) Valuation - Global Standards published in June 2017 (Red Book), incorporating the International Valuation Standards 2017 (“IVS”).

The directors do not consider the fair value of the properties at 31 July 2022 to be materially different to their fair value at 30 September 2024.

 

15

Investments

Company

2024
£

2023
£

Investments in subsidiaries

4,507

4,507

Subsidiaries

£

Cost

At 1 October 2023

4,507

At 30 September 2024

4,507

Carrying amount

At 30 September 2024

4,507

At 30 September 2023

4,507

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Warners Retail (South West) Limited

Eastern Avenue, Gloucester,
GL4 3BS
England & Wales

Ordinary

100%

100%

 

     

Warners Retail Limited

Eastern Avenue, Gloucester,
GL4 3BS
England & Wales

Ordinary

100%

100%

 

     
 

16

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Fuel and shop stock

193,994

184,721

-

-

 

17

Debtors

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Trade debtors

42,548

78,214

-

-

Other debtors

103,863

28,102

4,507

4,507

Prepayments

151,925

194,714

-

-

298,336

301,030

4,507

4,507

 

18

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

212,191

533,371

-

-

Bank overdrafts

(125,328)

-

-

-

Cash and cash equivalents in statement of cash flows

86,863

533,371

-

-

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

19

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

20

9,495,840

4,933,073

-

-

Trade creditors

 

854,855

877,046

-

-

Social security and other taxes

 

27,302

67,839

-

-

Outstanding defined contribution pension costs

 

3,486

5,696

-

-

Other creditors

 

123,515

88,725

4,507

4,507

Accrued expenses

 

393,978

404,605

-

-

 

10,898,976

6,376,984

4,507

4,507

Due after one year

 

Loans and borrowings

20

5,394,906

10,591,163

-

-

 

20

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

5,333,801

469,424

-

-

Bank overdrafts

125,328

-

-

-

Finance lease liabilities

100,870

101,057

-

-

Other borrowings

3,935,841

4,362,592

-

-

9,495,840

4,933,073

-

-

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

5,241,574

10,333,067

-

-

Finance lease liabilities

153,332

258,096

-

-

5,394,906

10,591,163

-

-

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Group

Bank borrowings
Bank borrowings in the current and prior year comprise:

• A bank loan for a principal amount of £4,500,000 is denominated in GBP and bears interest at a fixed rate of 1.26% above Handelsbanken Base Rate. 25% of the loan balance is repayable by way of quarterly instalments during the term of the facility, with the balance of £3,375,000 falling due on the maturity date in November 2024. The carrying amount of the loan at the year end is £3,434,823 (2023 - £3,670,228) with £3,434,823 (2023 - £236,182) falling due within one year.

• A bank loan for a principal amount of £2,000,000 is denominated in GBP and bears interest at a rate of 1.242% above Handelsbanken Base Rate. 25% of the loan balance is repayable by way of quarterly instalments during the term of the facility, with the balance of £1,500,000 falling due on the maturity date in November 2024. The carrying amount of the loan at the year end is £1,527,376 (2023 - £1,632,263) with £1,527,376 (2023 - £105,810) falling due within one year.

• A bank loan for a principal amount of £1,500,000 is denominated in GBP and bears interest at a rate of 1.19% above Handelsbanken Base Rate. 12.357% of the loan balance is repayable by way of quarterly instalments during the term of the facility, with the balance of £1,314,645 falling due on the maturity date in January 2028. The carrying amount of the loan at the year end is £1,476,832 (2023 - £1,500,000) with £49,904 (2023 - £34,754) falling due within one year.

• A bank loan for a principal amount of £4,000,000 is denominated in GBP and bears interest at a rate of 1.19% above Handelsbanken Base Rate. 12.357% of the loan balance is repayable by way of quarterly instalments during the term of the facility, with the balance of £3,505,720 falling due on the maturity date in January 2028. The carrying amount of the loan at the year end is £3,938,218 (2023 - £4,000,000) with £123,571 (2023 - £92,678) falling due within one year.

• A bank loan for a principal amount of £200,000 is denominated in GBP and bears interest at a rate of 1.99% above Handelsbanken Base Rate. 2.94% of the loan balance is repayable by way of quarterly instalments during the term of the facility, with the balance of £194,279 falling due on the maturity date in April 2025. The carrying amount of the loan at the year end is £198,126 (2023 - £Nil) with £198,126 (2023 - £Nil) falling due within one year.

The bank facilities are secured by a fixed and floating charge over the assets and property of the company. Bank loans impose a negative pledge which prohibits the company from creating any security interests over the assets pledged as security.

Other borrowings
Other borrowings in the current and prior year comprise:

£95,000 (2023 - £95,000) due to G Strickland-Eales, mother of G Warner. Interest is payable at 5% per annum. The loan is repayable on demand;

£3,840,841 (2023 - £4,267,592) due to G D Warner, a director of the company. The loan is interest free and has no fixed repayment terms.

Finance lease liabilities
Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.

 

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £22,688 (2023 - £21,539).

Contributions totalling £3,486 (2023 - £5,696) were payable to the scheme at the end of the year and are included in creditors.

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

22

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

114,040

120,298

Later than one year and not later than five years

179,088

294,011

293,128

414,309

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

104,125

96,000

Later than one year and not later than five years

420,000

360,000

Later than five years

1,125,000

990,000

1,649,125

1,446,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £101,500 (2023 - £100,398).

Operating leases - lessor

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

936,075

924,935

Later than one year and not later than five years

3,768,550

3,761,728

Later than five years

9,933,206

10,872,487

14,637,831

15,559,150

Total rents recognised as income in the year are £923,431 (2023 - £835,296).

 

23

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary Shares of £1 each

3,508

3,508

3,508

3,508

B Ordinary shares of £1 each

404

404

404

404

C Ordinary shares of £1 each

226

226

226

226

D Ordinary shares of £1 each

369

369

369

369

4,507

4,507

4,507

4,507

All classes of shares rank pari passu in all respects except that they carry independent rights to dividends.

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

24

Reserves


Called up share capital
This represents the nominal value of the issued equity share capital of the company.

Profit and loss account
This represents the cumulative profits or losses, net of dividends paid and other adjustments.

 

25

Dividends

2024
 £

2023
 £

Dividends paid

177,944

195,441

The above dividends include £177,944 (2023 - £195,441) paid to the directors of the company.

 

26

Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

Warners of Gloucester Limited
(A company controlled by M D Warner)
During the year, the company made purchases of £30,031 (2023 - £35,150) and sales of £146,638 (2023 - £65,012) to Warners of Gloucester Limited. At the balance sheet date the amount due from Warners of Gloucester Limited in respect of these transactions was £8,991 (2023 - £3,754).

Warners Trust Plc
(A company controlled by M D Warner)
During the year, the company made purchases of £1,200 from (2023 - £1,200) and sales of £21,862 (2023 - £38,026) to Warners Trust Plc. At the balance sheet date the amount due from Warners Trust Plc in respect of these transactions was £2,758 (2023 - £1,892).

M5 Leisure Limited
(A company in which M D Warner has an interest)
During the year, the company made purchases of £500 (2023 - £3,045) and sales of £26,203 (2023 - £79,209) to M5 Leisure Limited. At the balance sheet date the amount due from M5 Leisure Limited in respect of these transactions was £1,204 (2023 - £4,946).

G L Strickland-Eales
(Mother of the director, G D Warner)
G L Strickland-Eales provided a loan of £95,000, which attracted interest at a rate of 5%. During the year repayments of £nil (2023 - £Nil) were made in respect of this loan. At the balance sheet date the amount due to G L Strickland-Eales was £95,000 (2023 - £95,000).

G D Warner
(Director)
At the balance sheet date the amount due to G D Warner in respect of his loan was £3,840,841 (2023 - £4,267,592). This loan is interest-free and has no fixed repayment terms.

Enduratec Limited
(A company in which GD Warner has an interest)
During the year the company made sales of £10,021 (2023 - £1,583) to Enduratec Limited. At balance sheet date the amount due from Enduratec Limited in respect of these transactions was £Nil (2023 - £563)

The company has previously provided a loan of £15,000 to Enduratec Limited, which attracts no interest. During the year repayments of £7,500 (2023 - £7,500) were made in respect of this loan. At balance sheet date the amount due from Enduratec Limited in respect of this loan £Nil (2023 - £7,500).

 

Warners Retail Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

 

27

Non adjusting events after the financial period

On 29 November 2024, loans with a balance outstanding at the year end of £5,160,325 were refinanced by Handelsbanken over a term of five years.

 

28

Financial instruments

Group

Items of income, expense, gains or losses

2024

Income
£

Expense
£

Net gains
£

Net losses
£

Financial liabilities measured at amortised cost

-

529,678

-

-

2023

Income
£

Expense
£

Net gains
£

Net losses
£

Financial liabilities measured at amortised cost

-

395,047

-

-

The total interest expense for financial liabilities not measured at fair value through profit or loss is £529,678 (2023 - £395,047).

 

29

Parent and ultimate parent undertaking

The ultimate controlling party is G D Warner.