| REGISTERED NUMBER: 11363843 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| DOUBLE A GROUP LTD |
| REGISTERED NUMBER: 11363843 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| DOUBLE A GROUP LTD |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 10 |
| Consolidated Other Comprehensive Income | 11 |
| Consolidated Statement of Financial Position | 12 |
| Company Statement of Financial Position | 13 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Statement of Cash Flows | 16 |
| Notes to the Consolidated Statement of Cash Flows | 17 |
| Notes to the Consolidated Financial Statements | 18 |
| DOUBLE A GROUP LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| 1 Kings Avenue |
| London |
| N21 3NA |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| The director presents his strategic report of the company and the group for the year ended 30 June 2024. |
| REVIEW OF BUSINESS |
| The principal activities of the group are medical , other trading and property activities. |
| The director is satisfied with the performance of the Group over the last year. The Group turnover for the year was |
| £12,338,018 (2023: £12,147,834) and loss before tax of £221,135 (2023: £3,116,413 profit). |
| The Group complies with relevant laws and regulations (including environmental regulations) relevant to its operations. |
| The Group has created a positive and challenging work environment by encouraging feedback from employees and other external stakeholders and use it as a tool to monitor and drive business performance. |
| The Group's activities are carried out through a number of intermediate holding companies, namely TIC Medical Group Holdings Limited whose principal activities are leasing of medical equipment and provision of medical imaging services. |
| Double A Group Property Limited, whose principal activity is residential investment property; Double A Group Trading |
| Limited whose principal activity is the operation of various trading companies; and Double A Group Services Limited whose principal activity is provision of management services. |
| The Group has created a positive and challenging work environment by encouraging feedback from employees and other external stakeholders and use it as a tool to monitor and drive business performance. |
| TIC Medical Group Holdings Group continues to perform well and is expecting to continue this growth in the coming year. |
| Double A Property Group has continued to perform satisfactorily, and this is expected to continue. |
| The Double A Group Trading Group has had a mixed performance and changes have been made to eliminate the loss-making companies. Therefore, the performance of the group is expected to improve in the foreseeable future. |
| Double A Group Limited has continued to perform satisfactorily and this is expected to continue. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The main financial risks, to which the group has exposure, are foreign currency, interest, price and credit risks. Management actively monitors these risks to minimise the potential impact of them. |
| Credit risk - All customers who wish to trade on credit terms are subject to credit verification procedures to reduce the risk of bad debts. Trade debtors are reviewed on a regular basis and prompt action is taken to recover amounts due. |
| Price risk - Expenditure made by the group is authorised by management prior to it being made so to ensure the prices being paid for the required goods and services are competitive. |
| Interest rate risk - The group's borrowings include bank overdrafts, hire purchase and bank loans. The group monitors its borrowings to ensure interest rates are minimised as far as is practicable. |
| Competition risk - Management closely monitors the activities and performance of its competitors and strategic decisions take this risk into account. |
| GOING CONCERN |
| The director has reviewed the current and projected financial position of the Group making reasonable assumptions about future trading prospects. The director has considered the company's balance sheet position as at the year end, its working capital forecasts and projections, taking account of reasonably possible changes in trading performance and the current state of its operating market, and are satisfied that the Group's financial position is improving and will enable the Group to remain in operational existence. |
| In addition, the director and shareholder has agreed to provide continuing financial support as and when required to enable the Group to continue in operational existence. |
| On the basis of the review, and after making enquiries, the director has reasonable expectations that the Group is strongly capitalised and has considerable liquidity and resources to continue in operational existence for the foreseeable future. |
| Consequently, the director will continue to adopt the going concern basis in preparing the financial statements. |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| KEY FINANCIAL PERFORMANCE INDICATORS |
| Because of the diversity of the Group there are no relevant key performance indicators. The management of the Group sets targets for each component of the Group and performance against these is closely monitored and prompt corrective action is taken. |
| ON BEHALF OF THE BOARD: |
| 18 June 2025 |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| The director presents his report with the financial statements of the company and the group for the year ended 30 June 2024. |
| PRINCIPAL ACTIVITIES |
| The principal activities of the group in the year under review were those of medical, property and other trading activities. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 30 June 2024 will be £ 93,834 . |
| DIRECTOR |
| DISABLED EMPLOYEES |
| The Group gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. |
| Where existing employees become disabled, it is the group's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim. |
| Employee involvement |
| The company operates a framework for employee information and consultation which complies with relevant Regulations. |
| During the year employees have also been encouraged to present their suggestions and views on the group's performance. Regular meetings are held between management of group companies and employees to allow a free flow of information and ideas. |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| AUDITORS |
| The auditors, AGK Partnership Ltd, have signified their willingness to continue in office as auditors. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| DOUBLE A GROUP LTD |
| Opinion |
| We have audited the financial statements of Double A Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's loss for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| DOUBLE A GROUP LTD |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
| 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 director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the director is responsible for assessing the group'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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| DOUBLE A GROUP LTD |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraudand non-compliance with laws and regulations, was as follows: |
| - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations. |
| - we identified the laws and regulations applicable to the company through discussions with directors and other |
| management, and from our commercial knowledge and experience of the electronic money institution sector. |
| - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery and employment. |
| - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| - performed analytical procedures to identify any unusual or unexpected relationships; |
| - tested journal entries to identify unusual transactions; |
| - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
| - investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities, including fraud and non-compliance with laws and regulations, we designed |
| procedures which included, but were not limited to: |
| - agreeing financial statement disclosures to underlying supporting documentation; |
| - enquiring of management as to actual and potential litigation and claims; and |
| - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they mayinvolve deliberate concealment or collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| DOUBLE A GROUP LTD |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants & Statutory Auditors |
| 1 Kings Avenue |
| London |
| N21 3NA |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| REVENUE | 4 | 12,338,018 | 12,147,834 |
| Cost of sales | 2,852,624 | 3,816,901 |
| GROSS PROFIT | 9,485,394 | 8,330,933 |
| Administrative expenses | 5,589,795 | 5,392,518 |
| 3,895,599 | 2,938,415 |
| Other operating income | 97,189 | 268,000 |
| 3,992,788 | 3,206,415 |
| Exceptional items | 6 | (4,159,233 | ) | 163,750 |
| (166,445 | ) | 3,370,165 |
| Interest receivable and similar income | 188,041 | 3,775 |
| 21,596 | 3,373,940 |
| Amounts written off investments | 7 | 16,500 | - |
| 5,096 | 3,373,940 |
| Interest payable and similar expenses | 8 | 226,231 | 257,527 |
| (LOSS)/PROFIT BEFORE TAXATION | 9 | (221,135 | ) | 3,116,413 |
| Tax on (loss)/profit | 11 | 246,124 | 1,627,991 |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
| (Loss)/profit attributable to: |
| Owners of the parent | (506,992 | ) | 1,468,652 |
| Non-controlling interests | 39,733 | 19,770 |
| (467,259 | ) | 1,488,422 |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| (LOSS)/PROFIT FOR THE YEAR | (467,259 | ) | 1,488,422 |
| OTHER COMPREHENSIVE LOSS |
| Fair value reserve | - | (639,855 | ) |
| Income tax relating to other comprehensive loss |
- |
- |
| OTHER COMPREHENSIVE LOSS FOR THE YEAR, NET OF INCOME TAX |
- |
(639,855 |
) |
| TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR |
(467,259 |
) |
848,567 |
| Total comprehensive (loss)/income attributable to: |
| Owners of the parent | (506,992 | ) | 828,797 |
| Non-controlling interests | 39,733 | 19,770 |
| (467,259 | ) | 848,567 |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
| 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 14 | 74,441 | 98,434 |
| Property, plant and equipment | 15 | 13,249,744 | 14,185,249 |
| Investments | 16 | 190,631 | 190,631 |
| Investment property | 17 | 4,143,343 | 20,730,865 |
| 17,658,159 | 35,205,179 |
| CURRENT ASSETS |
| Inventories | 18 | 1,796,876 | 167,476 |
| Debtors | 19 | 14,494,662 | 17,187,520 |
| Cash at bank and in hand | 3,821,513 | 2,511,398 |
| 20,113,051 | 19,866,394 |
| CREDITORS |
| Amounts falling due within one year | 20 | 15,181,363 | 18,759,877 |
| NET CURRENT ASSETS | 4,931,688 | 1,106,517 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
22,589,847 |
36,311,696 |
| CREDITORS |
| Amounts falling due after more than one year |
21 |
(1,133,177 |
) |
(3,083,366 |
) |
| PROVISIONS FOR LIABILITIES | 24 | (3,876,303 | ) | (5,786,463 | ) |
| NET ASSETS | 17,580,367 | 27,441,867 |
| CAPITAL AND RESERVES |
| Called up share capital | 25 | 119,519,531 | 130,471,100 |
| Revaluation reserve | 26 | 780,556 | 780,556 |
| Merger reserve | 26 | (125,958,655 | ) | (133,597,023 | ) |
| Fair value reserve | 26 | 176,955 | 6,164,161 |
| Retained earnings | 26 | 22,893,606 | 23,494,432 |
| SHAREHOLDERS' FUNDS | 17,411,993 | 27,313,226 |
| NON-CONTROLLING INTERESTS | 27 | 168,374 | 128,641 |
| TOTAL EQUITY | 17,580,367 | 27,441,867 |
| The financial statements were approved by the director and authorised for issue on 18 June 2025 and were signed by: |
| A A Kleanthous - Director |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| COMPANY STATEMENT OF FINANCIAL POSITION |
| 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 14 |
| Property, plant and equipment | 15 |
| Investments | 16 |
| Investment property | 17 |
| CURRENT ASSETS |
| Debtors | 19 |
| CREDITORS |
| Amounts falling due within one year | 20 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 25 |
| Merger reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | - | - |
| The financial statements were approved by the director and authorised for issue on |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Called up |
| share | Retained | Revaluation | Merger |
| capital | earnings | reserve | reserve |
| £ | £ | £ | £ |
| Balance at 1 July 2022 | 130,471,100 | 22,069,280 | 780,556 | (133,597,023 | ) |
| Changes in equity |
| Dividends | - | (43,500 | ) | - | - |
| Total comprehensive income | - | 1,468,652 | - | - |
| Balance at 30 June 2023 | 130,471,100 | 23,494,432 | 780,556 | (133,597,023 | ) |
| Changes in equity |
| Reduction in share capital | (10,951,569 | ) | - | - | - |
| Dividends | - | (93,834 | ) | - | - |
| Total comprehensive income | - | (506,992 | ) | - | 7,638,368 |
| Balance at 30 June 2024 | 119,519,531 | 22,893,606 | 780,556 | (125,958,655 | ) |
| Fair |
| value | Non-controlling | Total |
| reserve | Total | interests | equity |
| £ | £ | £ | £ |
| Balance at 1 July 2022 | 6,804,016 | 26,527,929 | 108,871 | 26,636,800 |
| Changes in equity |
| Dividends | - | (43,500 | ) | - | (43,500 | ) |
| Total comprehensive income | (639,855 | ) | 828,797 | 19,770 | 848,567 |
| Balance at 30 June 2023 | 6,164,161 | 27,313,226 | 128,641 | 27,441,867 |
| Changes in equity |
| Reduction in share capital | - | (10,951,569 | ) | - | (10,951,569 | ) |
| Dividends | - | (93,834 | ) | - | (93,834 | ) |
| Total comprehensive income | (5,987,206 | ) | 1,144,170 | 39,733 | 1,183,903 |
| Balance at 30 June 2024 | 176,955 | 17,411,993 | 168,374 | 17,580,367 |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Called up |
| share | Retained | Merger | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 July 2022 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Balance at 30 June 2023 |
| Changes in equity |
| Reduction in share capital | (10,951,569 | ) | - | - | (10,951,569 | ) |
| Total comprehensive income | - |
| Balance at 30 June 2024 |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 4,308,459 | 3,643,731 |
| Interest paid | (226,231 | ) | (309,012 | ) |
| Interest element of hire purchase or finance lease rental payments paid |
- |
51,485 |
| Tax paid | (746,231 | ) | (11,899 | ) |
| Net cash from operating activities | 3,335,997 | 3,374,305 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | - | (6,290 | ) |
| Purchase of tangible fixed assets | (2,428,070 | ) | (890,777 | ) |
| Purchase of investment property | (870,146 | ) | (2,028,800 | ) |
| Sale of intangible fixed assets | 9,105 | - |
| Sale of tangible fixed assets | 947,418 | 654,100 |
| Sale of investment property | 15,957,668 | - |
| Interest received | 188,041 | 3,775 |
| Net cash from investing activities | 13,804,016 | (2,267,992 | ) |
| Cash flows from financing activities |
| Related undertakings | (4,686,212 | ) | 236,899 |
| Capital repayments in year | - | (663,750 | ) |
| Movement in director's loan | 951 | - |
| Amount withdrawn by directors | (99,227 | ) | (154,958 | ) |
| Share issue | (10,951,569 | ) | - |
| Amounts owed to related undertakings | - | (1,168,807 | ) |
| Equity dividends paid | (93,834 | ) | (43,500 | ) |
| Net cash from financing activities | (15,829,891 | ) | (1,794,116 | ) |
| Increase/(decrease) in cash and cash equivalents | 1,310,122 | (687,803 | ) |
| Cash and cash equivalents at beginning of year |
2 |
2,435,011 |
3,122,814 |
| Cash and cash equivalents at end of year | 2 | 3,745,133 | 2,435,011 |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| (Loss)/profit before taxation | (221,135 | ) | 3,116,413 |
| Depreciation charges | 2,432,512 | 2,429,047 |
| Finance costs | 226,231 | 257,527 |
| Finance income | (188,041 | ) | (3,775 | ) |
| 2,249,567 | 5,799,212 |
| Increase in inventories | (1,629,400 | ) | (10,555 | ) |
| Decrease/(increase) in trade and other debtors | 2,981,734 | (446,105 | ) |
| Increase/(decrease) in trade and other creditors | 706,558 | (1,698,821 | ) |
| Cash generated from operations | 4,308,459 | 3,643,731 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 30 June 2024 |
| 30.6.24 | 1.7.23 |
| £ | £ |
| Cash and cash equivalents | 3,821,513 | 2,511,398 |
| Bank overdrafts | (76,380 | ) | (76,387 | ) |
| 3,745,133 | 2,435,011 |
| Year ended 30 June 2023 |
| 30.6.23 | 1.7.22 |
| £ | £ |
| Cash and cash equivalents | 2,511,398 | 3,122,814 |
| Bank overdrafts | (76,387 | ) | - |
| 2,435,011 | 3,122,814 |
| 3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
| At 1.7.23 | Cash flow | At 30.6.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 2,511,398 | 1,310,115 | 3,821,513 |
| Bank overdrafts | (76,387 | ) | 7 | (76,380 | ) |
| 2,435,011 | 1,310,122 | 3,745,133 |
| Debt |
| Debts falling due within 1 year | (5,852,000 | ) | 5,852,000 | - |
| Debts falling due after 1 year | - | (1,133,177 | ) | (1,133,177 | ) |
| (5,852,000 | ) | 4,718,823 | (1,133,177 | ) |
| Total | (3,416,989 | ) | 6,028,945 | 2,611,956 |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 1. | STATUTORY INFORMATION |
| Double A Group Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | 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. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
| The director has reviewed the current and projected financial position of the Group making reasonable assumptions about future trading prospects. The director has considered the company's balance sheet position as at the year end, its working capital forecasts and projections, taking account of reasonably possible changes in trading performance and the current state of its operating market, and are satisfied that the Group's financial position is improving and will enable the Group to remain in operational existence. In addition, the director and shareholder has agreed to provide continuing financial support as and when required to enable the Group to continue in operational existence. |
| On the basis of the review, and after making enquiries, the director has reasonable expectations that the Group is strongly capitalised and has considerable liquidity and resources to continue in operational existence for the foreseeable future. Consequently, the director continues to adopt the going concern basis in preparing the financial statements. |
| Going Concern |
| The director has recently undertaken a thorough review of the Group's budgets and forecasts. This financial assessment takes into account prudent assumptions with regard future performances, key revenue streams, operating costs and cash-flows. The Group's financial projections also take account of reasonably possible changes in trading performance. The financial projections have been stress tested to ensure that the financial position remains robust in reasonable worst-case scenarios. The director has also considered a number of actions that he could take in order to further mitigate any potential adverse circumstances. |
| The Group currently meets its day to day working capital requirements through a combination of its own financial resources, which include a loan from its ultimate parent company and bank facilities. |
| The Group's bank facilities are not currently due for renewal, however, the Group has held discussions with its bankers about these facilities and no matters have been drawn to its attention to suggest that renewal may not be forthcoming on acceptable terms. |
| The director have given careful consideration to the sufficiency of the financial resources which have been confirmed as available to the Group through loan funding from its ultimate parent company, both now and as required to finance the business for the foreseeable future. On this basis the director has a reasonable expectation that the Group and the Company will have adequate financial resources and, accordingly, they continue to adopt the going concern basis in preparing the annual financial statements. |
| Basis of consolidation |
| The Group financial statements consolidate the assets, liabilities and results of the Company and its subsidiary undertakings made up to 30 June 2023. All intra-group transactions, balances, incomes and expenses are eliminated on consolidation. |
| As permitted by Section 408 of the Companies Act 2006 the profit and loss account of the parent company is not presented as part of these financial statements. The parent company is exempt from the requirement to prepare a cash flow statement. |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The following are the key judgements that management have made in the process of applying Group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements: |
| a) Provisions: at the year end, the Group evaluates the need for any provisions for impairment of fixed assets, stocks and trade debtors which requires management to make judgements. The judgements, estimated and associated assumptions necessary to calculate these provisions are based on historical experience, expected future cash flows and other reasonable factors. |
| b) Amortisation of intangible assets: amortisation is provided as to write down assets to their residual value over their estimated useful lives. |
| c) Freehold property valuations: the year end valuations have been determined by the director on an open market value for existing use basis. The director has deemed it necessary to take appropriate market advice determining the valuation. |
| d) Taxation: tax benefits are not recognised unless it is probable that they will be obtained. Tax provisions are made if it is probable that a liability will arise. The Group reviews each significant tax liability or benefit to assess the appropriate accounting treatment. |
| e) Impairment of financial assets and liabilities. Impairment is provided where there is objective evidence the estimated future cash flows are significantly affected. |
| Revenue |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. |
| Group revenue comprises of the following: |
| - income from the leasing of medical equipment under operating leases is recognised evenly over the term of the agreement |
| - income in respect of goods and services supplied by the Group is recognised at the point of delivery and/or supply of services |
| - income from rental properties is recognised at the fair value of the consideration receivable in accordance with lease terms. Gains or losses on the sale of rental properties is recognised within other operating income |
| Goodwill |
| Goodwill arising on the acquisition of subsidiary undertakings, representing the excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight-line basis over its useful economic life, which is considered to be ten years. Provision is made for any impairment. |
| Intangible assets |
| Intangible assets comprise planning rights relating to the property group and customer lists relating to the trading group. They are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Profits or losses on the sale of planning rights represent the fee receivable, net of any transaction costs, less the unamortised cost of the applicable right and are recognised within operating expenses. |
| All intangible assets are considered to have a finite useful life. |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Property, plant and equipment |
| (i) Property, Plant and Equipment |
| All other property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. |
| (iii) Component of costs |
| The cost of property, plant and equipment includes expenditure that is directly attributable to the acquisition of the items. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the asset. Cost may also include transfers from equity of any gains/losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. |
| Depreciation |
| Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. |
| Depreciation is calculated to reduce the carrying value of buildings, plant, equipment and motor vehicles to the anticipated residual value of the assets concerned in equal annual instalments over their estimated useful lives as follows: |
| Freehold property | 1% straight line |
| Improvement to property | 2% straight line |
| Fixtures and fittings | 25% straight line |
| Plant and machinery | 4% to 10% straight line |
| Motor Vehicles | 33% to 25% straight line |
| Computer equipment | 25% straight line |
| Investment property |
| Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. |
| Inventories |
| Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. |
| At each reporting date, inventories are assessed for impairment. If stock is 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. |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties. |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 3 months.. |
| Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Debt instruments that are payable or receivable within one year, typically trade debtors and creditors,are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Taxation |
| Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Group's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. |
| Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
| A deferred tax asset is recognised only when, on the basis of available evidence, it can be regarded as more likely than not that the reversal of underlying timing differences will result in a reduction in future tax payments. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| 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. |
| Assets held under finance leases are recognised initially at the fair value. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in property, plant and equipment and depreciated and assessed for impairment losses in the same way as other assets. |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| The group makes contributions on behalf of employees into an independently controlled defined contribution and money purchase scheme. Contributions are charged to profit or loss in the period to which they relate. |
| Impairment of assets |
| (a)Goodwill |
| Goodwill is tested annually for impairment, as well as when there is any indication that the goodwill may be impaired. |
| For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group's cash-generating-units (CGU) expected to benefit from synergies of the business combination. |
| An impairment loss is recognised in the income statement when the carrying amount of CGU, including the goodwill, exceeds the recoverable amount of the CGU. Recoverable amount of the CGU is the higher of the CGU's fair value less cost to sell and value in use. |
| The total impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. |
| Impairment loss on goodwill is not reversed in a subsequent period. |
| (b)Intangible assets, Property, plant and equipment Investments in subsidiaries, associated companies and joint ventures |
| Intangible assets, property, plant and equipment and investments in subsidiaries, associated companies and joint ventures are reviewed for impairment whenever there is any indication that these assets may be impaired. If any such indication exists, the recoverable amount (i.e., the higher of the fair value less cost to sell and value in use) of the asset is estimated to determine the amount of impairment loss. |
| For the purpose of impairment testing of these assets, recoverable amount is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, recoverable amount is determined for the CGU to which the asset belongs to. |
| If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The impairment loss is recognised in the income statement unless the asset is carried at revalued amount, in which case, such impairment loss is treated as a revaluation decrease. |
| An impairment loss for an asset other than goodwill is reversed if, and only if, there has been a change in the estimates used to determine the assets' recoverable amount since the last impairment loss was recognised. The carrying amount of an asset other than goodwill is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognised in the income statement, unless the asset is carried at revalued amount, in which case, such reversal is treated as a revaluation increase. |
| Provisions |
| Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 4. | REVENUE |
| The revenue and loss (2023 - profit) before taxation are attributable to the principal activities of the group. |
| An analysis of revenue by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| Medical | 11,791,412 | 11,626,898 |
| Property | 482,601 | 459,936 |
| Services | 64,005 | 61,000 |
| 12,338,018 | 12,147,834 |
| An analysis of revenue by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom | 12,338,018 | 12,147,834 |
| 12,338,018 | 12,147,834 |
| 5. | EMPLOYEES AND DIRECTORS |
| The average monthly number of persons employed by the Group during the year was 29 (21- 2023) |
| 6. | EXCEPTIONAL ITEMS |
| 2024 | 2023 |
| £ | £ |
| Exceptional items | (4,159,233 | ) | 163,750 |
| In accordance with the disclosure principles set out in FRS 102 the Group has separately presented a material item of expense relating to legal fees incurred in connection with a specific legal matter. |
| The legal process has reached its final stage, and no further material costs or liabilities are expected to arise. As such, the cumulative legal fees have been recognised in full in the current period's profit and loss account. During this year, the company has also recognised income granted by the judgement in this legal matter. |
| Given the nature and magnitude of the matter, the Directors consider separate disclosure appropriate in order to provide users of the financial statements with relevant information regarding the Group's financial performance. |
| In the previous year, the exceptional items were related to settlement of outstanding charges on the assets of a subsidiary company. |
| 7. | AMOUNTS WRITTEN OFF INVESTMENTS |
| 2024 | 2023 |
| £ | £ |
| Investments written off | 16,500 | - |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest | 197,606 | 308,825 |
| Group interest payable | 28,401 | - |
| Interest on overdue tax | 224 | 187 |
| Hire purchase | - | (51,485 | ) |
| 226,231 | 257,527 |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 9. | (LOSS)/PROFIT BEFORE TAXATION |
| The loss (2023 - profit) is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery | 732 | 220 |
| Other operating leases | 372,004 | 421,000 |
| Depreciation - owned assets | 2,416,157 | 2,407,283 |
| Goodwill amortisation | 14,888 | 14,888 |
| Other intangibles amortisation | - | 6,878 |
| Foreign exchange differences | 15,994 | 2,826 |
| 10. | AUDITORS' REMUNERATION |
| 2024 | 2023 |
| £ | £ |
| Fees payable to the company's auditors and their associates for the audit of the company's financial statements |
120,000 |
85,000 |
| 11. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the loss for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 496,429 | 950,972 |
| Corporation tax - PY Adj. | 127,776 | (64,868 | ) |
| Total current tax | 624,205 | 886,104 |
| Deferred tax | (378,081 | ) | 741,887 |
| Tax on (loss)/profit | 246,124 | 1,627,991 |
| Tax effects relating to effects of other comprehensive income |
| There were no tax effects for the year ended 30 June 2024. |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Fair value reserve | (639,855 | ) | - | (639,855 | ) |
| 12. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 13. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Final | 93,834 | 43,500 |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 14. | INTANGIBLE FIXED ASSETS |
| Group |
| Other |
| Goodwill | intangibles | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2023 | 148,881 | 30,133 | 179,014 |
| Disposals | - | (30,133 | ) | (30,133 | ) |
| At 30 June 2024 | 148,881 | - | 148,881 |
| AMORTISATION |
| At 1 July 2023 | 59,552 | 21,028 | 80,580 |
| Amortisation for year | 14,888 | - | 14,888 |
| Eliminated on disposal | - | (21,028 | ) | (21,028 | ) |
| At 30 June 2024 | 74,440 | - | 74,440 |
| NET BOOK VALUE |
| At 30 June 2024 | 74,441 | - | 74,441 |
| At 30 June 2023 | 89,329 | 9,105 | 98,434 |
| 15. | PROPERTY, PLANT AND EQUIPMENT |
| Group |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 July 2023 | 23,320,273 | 209,869 | 97,710 | 1,376 | 23,629,228 |
| Additions | 2,352,794 | 1,626 | 64,196 | 9,454 | 2,428,070 |
| Disposals | (1,145,031 | ) | (123,429 | ) | - | - | (1,268,460 | ) |
| At 30 June 2024 | 24,528,036 | 88,066 | 161,906 | 10,830 | 24,788,838 |
| DEPRECIATION |
| At 1 July 2023 | 9,282,070 | 108,297 | 52,236 | 1,376 | 9,443,979 |
| Charge for year | 2,379,853 | 13,339 | 22,102 | 863 | 2,416,157 |
| Eliminated on disposal | (258,145 | ) | (62,897 | ) | - | - | (321,042 | ) |
| At 30 June 2024 | 11,403,778 | 58,739 | 74,338 | 2,239 | 11,539,094 |
| NET BOOK VALUE |
| At 30 June 2024 | 13,124,258 | 29,327 | 87,568 | 8,591 | 13,249,744 |
| At 30 June 2023 | 14,038,203 | 101,572 | 45,474 | - | 14,185,249 |
| Cost or valuation at 30 June 2024 is represented by: |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| Valuation in 2022 | 1,518,018 | 23,169,583 | 123,882 |
| Valuation in 2023 | (1,518,018 | ) | 150,690 | 85,987 |
| Valuation in 2024 | - | 1,207,763 | (121,803 | ) |
| - | 24,528,036 | 88,066 |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 15. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Group |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2022 | 97,710 | 1,376 | 24,910,569 |
| Valuation in 2023 | 64,196 | 9,454 | (1,207,691 | ) |
| Valuation in 2024 | - | - | 1,085,960 |
| 161,906 | 10,830 | 24,788,838 |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 16. | FIXED ASSET INVESTMENTS |
| The following were subsidiary undertakings of the Company: |
| Name | Registered Office | Principal Activity | Class of Shares |
Holdings |
| Double A Group Services Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Operation of sports facilities and other sports activities |
Ordinary | 100% |
| TIC Direct Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Specialists medical practice activities |
Ordinary | 100% |
| TIC Mobile Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Activities of other holding companies not elsewhere classified |
Ordinary | 100% |
| Cooper Health At Cardio Direct Limited |
1 Kings Avenue, London, United Kingdom, N21 3NA |
General medical practice activities |
Ordinary | 100% |
| Cardio Direct (UK) Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Other human health activities |
Ordinary | 100% |
| TIC Doctor Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Specialists medical practice activities |
Ordinary | 100% |
| TIC Cardio Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Specialists medical practice activities |
Ordinary | 100% |
| TIC Health Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Specialists medical practice activities |
Ordinary | 100% |
| TIC Physio Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Specialists medical practice activities |
Ordinary | 100% |
| The Imaging Centre Mobile Limited |
1 Kings Avenue, London, United Kingdom, N21 3NA |
Other business support service activities not elsewhere classified |
Ordinary | 100% |
| TIC Imaging Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Other sports activities |
Ordinary | 100% |
| The Imaging Centre Assets Limited |
1 Kings Avenue, London, United Kingdom, N21 3NA |
Other human health activities |
Ordinary | 100% |
| TIC Medical Group Holdings Limited |
1 Kings Avenue, London, United Kingdom, N21 3NA |
General medical practice activities |
Ordinary | 100% |
| Purple Dot Villas Limited (Cyprus) | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Other holiday and other collective accommodation |
Ordinary | 100% |
| Purple Dot Storage Limited (Cyprus) |
1 Kings Avenue, London, United Kingdom, N21 3NA |
Operation of warehousing and storage facilities for land transport activities |
Ordinary | 100% |
| Double A Group Publishing Limited |
1 Kings Avenue, London, United Kingdom, N21 3NA |
Book publishing | Ordinary | 100% |
| Jako Living Sports Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Wholesale of textiles |
Ordinary | 100% |
| Venue Management Systems Limited |
1 Kings Avenue, London, United Kingdom, N21 3NA |
Information technology consultancy activities |
Ordinary | 51% |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| The Cat & Fiddle Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Licensed restaurants |
Ordinary | 100% |
| Double A Group Trading Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Wholesale of other intermediate products |
Ordinary | 100% |
| Suredeal (PEPF) LTD | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Other letting and operating of own or leased real estate |
Ordinary | 100% |
| Fairdeal (PEPF) Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Management consultancy activities other than financial management |
Ordinary | 100% |
| Double A Group Property Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Buying and selling of own real estate |
Ordinary | 100% |
| All the above subsidiaries are included in the consolidation. All investments are held indirectly except for TIC Medical Group Holdings Limited, Double A Group Property Limited, Double A Group Trading Limited, Double A Group Services Limited which are held directly by the company. |
| 17. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 July 2023 | 20,748,883 |
| Additions | 870,146 |
| Disposals | (15,957,668 | ) |
| Transfer to stock | (1,518,018 | ) |
| At 30 June 2024 | 4,143,343 |
| DEPRECIATION |
| At 1 July 2023 | 18,018 |
| Transfer to ownership | (18,018 | ) |
| At 30 June 2024 | - |
| NET BOOK VALUE |
| At 30 June 2024 | 4,143,343 |
| At 30 June 2023 | 20,730,865 |
| Investment properties are valued periodically on 30 June by an independent professional valuer or by the director. Valuations are made on the basis of open market value. It is the intention of the Director to hold the investment properties for the long term. |
| The Group’s revaluation gain has been included in "property revaluation" in the Other comprehensive income statement. |
| Investment properties are mortgaged to secure bank loans. |
| Fair value at 30 June 2024 is represented by: |
| £ |
| Valuation in 2016 | 208,321 |
| Valuation in 2023 | (31,364 | ) |
| Cost | 3,966,386 |
| 4,143,343 |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 18. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Stocks and work in progress | 1,796,876 | 167,476 |
| Included in the stocks is an amount of £1,667,502 in relation to work in progress on property development in one of the subsidiaries. |
| 19. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 1,483,877 | 2,326,065 |
| Amounts owed by group undertakings | - | - |
| Amounts owed by related undertakings | 11,731,864 | 11,442,037 | - | - |
| Other debtors | 313,835 | 513,089 |
| Social security and other tax | 133,784 | 141,542 | - | - |
| Directors' current accounts | - | 951 | - | - |
| Prepayments and accrued income | 831,302 | 2,763,836 |
| 14,494,662 | 17,187,520 |
| 20. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 22) | 76,380 | 5,928,387 |
| Trade creditors | 2,916,662 | 2,767,055 |
| Amounts owed to group undertakings | - | - |
| Amounts owed to related undertakings | 9,817,604 | 8,029,415 | 1,241,781 | 1,241,781 |
| Corporation tax | 856,604 | 978,630 |
| Social security and other taxes | 272,206 | 233,856 |
| Other creditors | 373,063 | 192,522 |
| Shareholder's loan | (1 | ) | - | - | - |
| Directors' current accounts | 351,768 | 450,995 | 100,500 | 100,500 |
| Accruals and deferred income | 517,077 | 176,850 |
| Accrued expenses | - | 2,167 |
| 15,181,363 | 18,759,877 |
| 21. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 22) | 1,133,177 | - |
| Amounts owed to related undertakings | - | 3,083,366 |
| 1,133,177 | 3,083,366 |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 22. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | 76,380 | 76,387 |
| Bank loans | - | 5,852,000 |
| 76,380 | 5,928,387 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 1,133,177 | - |
| 23. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 2024 | 2023 |
| £ | £ |
| Bank loans | 1,133,177 | 5,852,000 |
| The bank loan is due within one year. |
| 24. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 2,332,070 | 2,710,151 |
| Other timing differences | 1,349,124 | 2,881,203 |
| Deferred tax | 195,109 | 195,109 |
| 3,876,303 | 5,786,463 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2023 | 5,786,463 |
| Provided during year | (1,910,160 | ) |
| Balance at 30 June 2024 | 3,876,303 |
| 25. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 119,519,531 | 130,471,100 |
| During the year, issued share capital of the Company be reduced from £130,471,100 to £119,519,531 by cancelling and extinguishing 7,781,324 B ordinary shares of £1 each and 3,170,145 C Ordinary shares of £1 each in the Company, each of which is fully paid up. |
| DOUBLE A GROUP LTD (REGISTERED NUMBER: 11363843) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 26. | RESERVES |
| Group |
| Fair |
| Retained | Revaluation | Merger | value |
| earnings | reserve | reserve | reserve | Totals |
| £ | £ | £ | £ | £ |
| At 1 July 2023 | 23,494,432 | 780,556 | (133,597,023 | ) | 6,164,161 | (103,157,874 | ) |
| Deficit for the year | (506,992 | ) | - | - | - | (506,992 | ) |
| Dividends | (93,834 | ) | - | - | - | (93,834 | ) |
| Movement in the year | - | - | 7,638,368 | (5,987,206 | ) | 1,651,162 |
| At 30 June 2024 | 22,893,606 | 780,556 | (125,958,655 | ) | 176,955 | (102,107,538 | ) |
| Revaluation reserve |
| The cumulative revaluation gains and losses are in respect of freehold land and buildings used within the group less provision for deferred tax. |
| Fair value reserve |
| The cumulative revaluation gains and losses are in respect of land and buildings, and transfers of revaluation |
| gains and losses recognised in profit and loss from retained earnings. |
| Retained earnings |
| Cumulative profit and loss net of distributions to owners. |
| 27. | NON-CONTROLLING INTERESTS |
| The non controlling interest was calculated in respect of the 49% in Venue Toolbox Limited. |
| 28. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
| Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| The group is a related party with a related undertaking by virtue of a common ultimate controlling company, they are not part of the same wholly owned group. Therefore, the company does not qualify for the exemption with the above group of companies and the relevant transactions are disclosed below. |
| During the year, the Group charged management fees and other services amounting to £162,200 (2023: £153,234) from related undertakings. |
| During the year, the Group was charged rent and other services amounting to £288,000 (2023: £310,000) from related undertakings. |
| As at the statement of financial position date, the Group was owed the balance of 11,731,864 (2023: £11,442,037) from and the Group owed the balance of 9,221,721 (2023: £11,112,781) to related undertakings. |
| 29. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is A A Kleanthous. |