Company registration number 08234154 (England and Wales)
NILTAVA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
NILTAVA LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 33
NILTAVA LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr B Jacomb
Ms B San Jose Melendez
Company number
08234154
Registered office
Unit 8
Crow Arch Lane Industrial Estate
Crow Arch Lane
Ringwood
Hampshire
BH24 1PD
Auditor
Azets Audit Services
37 Commercial Road
Poole
Dorset
BH14 0HU
NILTAVA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

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

Review of the business

The principal activity of the group continued to be that of the sale and installation of energy efficient conservatory panels.

Overall the group believes that it has had another successful trading year.

In particular, the group has focused on making operational improvements, demonstrated by the increased gross margin percentage and improvements in the supply chain which have enabled more efficient flow through from order book to installation.

Principal risks and uncertainties

Credit Risk

The group is exposed to the risk of payment default by customers for products sold. The risk is monitored by regular reviews of outstanding items and an ongoing dialogue with customers.

Liquidity Risk

The group finances its operations through retained earnings and bank loans. The group’s policy is to maintain good relationships with its bankers to ensure that sufficient facilities are in place to fund the group’s needs as it expands.

Development and performance

Since incorporation the business has grown its turnover every year and has continued to see an increase in orders during the period even through the challenging economic conditions.

The group continues to grow even within the challenge of cost-of-living pressures. This has been achieved through a focus on internal efficiencies, quality of installation and supportive after sales service.

Despite facing cost pressures, the group has strived to offer the best possible value for the quality product it provides.

Key performance indicators

                

2024

2023

Turnover

£20,542,770

£19,953,767

Gross Profit

£8,163,332

£7,632,440

Gross profit %

39.74%

38.25%

Profit / (Loss) before tax

£355,238

£60,745

Profit / (Loss) before tax %

1.73%

0.30%

Net Assets

£790,914

£593,909

Future Business Developments

The business continues to investigate alternative and complimentary products and services to offer to its existing and prospective customers. This has involved meetings with potential suppliers in the UK and overseas and these discussions will continue into the following year.

On behalf of the board

Mr B Jacomb
Director
13 June 2025
NILTAVA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company and group continued to be that of sale and installation energy efficient conservatory ceilings.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £77,806. The directors do not recommend payment of a further dividend.

Directors

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

Mr B Jacomb
Ms B San Jose Melendez
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

Directors’ confirmations

In the case of each director in office at the date the directors’ report is approved:

On behalf of the board
Mr B Jacomb
Director
13 June 2025
NILTAVA LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:

The directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.

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

We have audited the financial statements of Niltava Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

NILTAVA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NILTAVA LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

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

Auditor'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.

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

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

Extent to which the audit was considered 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

To address the risk of fraud through management bias and override of controls, we:

NILTAVA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NILTAVA LIMITED
- 8 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Paul Francis (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
37 Commercial Road
Poole
Dorset
BH14 0HU
18 June 2025
NILTAVA LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
20,542,770
19,953,767
Cost of sales
(12,379,438)
(12,321,327)
Gross profit
8,163,332
7,632,440
Administrative expenses
(7,874,908)
(7,722,861)
Other operating income
75,824
44,215
Exceptional item - VAT investigation services
4
-
0
(21,750)
Exceptional item - VAT investigation reimbursement
4
-
0
140,353
Operating profit
5
364,248
72,397
Interest receivable and similar income
9
3,199
-
Interest payable and similar expenses
10
(12,209)
(11,652)
Profit before taxation
355,238
60,745
Tax on profit
11
(80,427)
6,654
Profit for the financial year
274,811
67,399
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 15 to 33 form part of these financial statements.

NILTAVA LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
66,351
5,294
Tangible assets
14
98,167
132,899
164,518
138,193
Current assets
Stocks
17
1,306,250
1,716,600
Debtors
19
857,959
381,981
Cash at bank and in hand
2,965,397
3,692,718
5,129,606
5,791,299
Creditors: amounts falling due within one year
20
(4,416,002)
(4,934,423)
Net current assets
713,604
856,876
Total assets less current liabilities
878,122
995,069
Creditors: amounts falling due after more than one year
21
(72,094)
(381,416)
Provisions for liabilities
Deferred tax liability
24
15,114
19,744
(15,114)
(19,744)
Net assets
790,914
593,909
Capital and reserves
Called up share capital
26
50,000
50,000
Profit and loss reserves
740,914
543,909
Total equity
790,914
593,909
The financial statements were approved by the board of directors and authorised for issue on 13 June 2025 and are signed on its behalf by:
13 June 2025
Mr B Jacomb
Director
NILTAVA LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
66,351
5,294
Tangible assets
14
20,205
36,045
Investments
15
100
100
86,656
41,439
Current assets
Debtors
19
29,497
35,463
Cash at bank and in hand
342,703
258,722
372,200
294,185
Creditors: amounts falling due within one year
20
(169,149)
(125,583)
Net current assets
203,051
168,602
Total assets less current liabilities
289,707
210,041
Creditors: amounts falling due after more than one year
21
(24,403)
(42,236)
Net assets
265,304
167,805
Capital and reserves
Called up share capital
26
50,000
50,000
Profit and loss reserves
215,304
117,805
Total equity
265,304
167,805

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £175,305 (2023 - £20,887 profit).

The financial statements were approved by the board of directors and authorised for issue on 13 June 2025 and are signed on its behalf by:
13 June 2025
Mr B Jacomb
Director
Company Registration No. 08234154
NILTAVA LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
50,000
476,510
526,510
Year ended 30 June 2023:
Profit and total comprehensive income
-
67,399
67,399
Balance at 30 June 2023
50,000
543,909
593,909
Year ended 30 June 2024:
Profit and total comprehensive income
-
274,811
274,811
Dividends
12
-
(77,806)
(77,806)
Balance at 30 June 2024
50,000
740,914
790,914
NILTAVA LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
50,000
96,918
146,918
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
20,887
20,887
Balance at 30 June 2023
50,000
117,805
167,805
Year ended 30 June 2024:
Profit and total comprehensive income
-
175,305
175,305
Dividends
12
-
(77,806)
(77,806)
Balance at 30 June 2024
50,000
215,304
265,304
NILTAVA LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(522,553)
313,071
Interest paid
(12,209)
(11,652)
Income taxes refunded/(paid)
1,317
(120,819)
Net cash (outflow)/inflow from operating activities
(533,445)
180,600
Investing activities
Purchase of intangible assets
(64,401)
-
Purchase of tangible fixed assets
(8,426)
(35,879)
Proceeds on disposal of tangible fixed assets
14,363
8,334
Directors' loan repayment
1,000
-
Interest received
3,199
-
0
Net cash used in investing activities
(54,265)
(27,545)
Financing activities
Repayment of bank loans
(54,004)
(53,968)
Payment of finance leases obligations
(7,581)
(17,291)
Dividends paid to equity shareholders
(77,806)
-
Net cash used in financing activities
(139,391)
(71,259)
Net (decrease)/increase in cash and cash equivalents
(727,101)
81,796
Cash and cash equivalents at beginning of year
3,692,498
3,610,702
Cash and cash equivalents at end of year
2,965,397
3,692,498
Relating to:
Cash at bank and in hand
2,965,397
3,692,718
Bank overdrafts included in creditors payable within one year
-
(220)
NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
1
Accounting policies
Company information

Niltava Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 8 Crow Arch Lane Industrial Estate, Crow Arch Lane, Ringwood, Hampshire, BH24 1PD.

 

The group consists of Niltava Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

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

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

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

NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Website
4 years straight line
1.7
Tangible fixed assets

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

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

Leasehold improvements
25% straight line
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
Office equipment
25% reducing balance

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

NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Fixed asset investments

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

 

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

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

1.9
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax

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

 

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

1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

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

1.17
Leases

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

 

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

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

NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

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

 

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

 

Sales Deposits

The company receives income at various different stages throughout the project from the customer. This is held within creditors under "amounts received on account" until the project is completed and the sales invoices is raised. This payment on account is then allocated against the sales invoice and marked as paid.

 

Stock and Work in Progress (WIP)

As a project can last up to 6 months, costs attributable to each project are moved to Work in Progress and held until the job is completed. At this stage the job is then invoiced and the sale and costs are fully accounted for within the P&L.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Conservatories sales
20,419,388
19,630,944
Other sales
93,989
286,861
Survey and admin fees
29,393
35,962
20,542,770
19,953,767
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
20,542,770
19,953,767
2024
2023
£
£
Other revenue
Interest income
3,199
-
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional item - VAT investigation services
-
21,750
Exceptional item - VAT investigation reimbursement
-
(140,353)
-
(118,603)
NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
29,688
79,652
Depreciation of tangible fixed assets held under finance leases
13,470
13,470
Profit on disposal of tangible fixed assets
(14,363)
(3,557)
Amortisation of intangible assets
3,344
3,518
Cost of stocks recognised as an expense
9,557,355
9,605,234
Operating lease charges
186,035
175,911
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,000
5,750
Audit of the financial statements of the company's subsidiaries
16,000
15,000
22,000
20,750
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Telesales
18
11
-
-
Marketing
4
5
-
-
Warehouse
8
2
-
-
Install
1
1
-
-
Operations
19
18
-
-
Finance
4
4
-
-
Directors
2
2
2
2
Total
56
43
2
2
NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,454,180
2,288,338
-
0
-
0
Social security costs
244,712
238,889
-
-
Pension costs
42,107
51,368
-
0
-
0
2,740,999
2,578,595
-
0
-
0
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
615,709
505,290
Company pension contributions to defined contribution schemes
10,338
15,159
626,047
520,449
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023: 2).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
307,855
310,525
Company pension contributions to defined contribution schemes
5,306
9,316

There are no key management other than directors.

9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,817
-
0
Other interest income
1,382
-
Total income
3,199
-
0
NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Interest receivable and similar income
(Continued)
- 24 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,817
-
10
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
8,042
8,759
Other finance costs:
Interest on finance leases and hire purchase contracts
4,167
2,893
Total finance costs
12,209
11,652
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
86,230
-
0
Adjustments in respect of prior periods
-
0
328
Total current tax
86,230
328
Deferred tax
Origination and reversal of timing differences
(5,803)
(6,982)
Total tax charge/(credit)
80,427
(6,654)
NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Taxation
(Continued)
- 25 -

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

2024
2023
£
£
Profit before taxation
355,238
60,745
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
88,810
11,542
Tax effect of expenses that are not deductible in determining taxable profit
(7,859)
9,164
Tax effect of income not taxable in determining taxable profit
-
0
(26,667)
Tax effect of utilisation of tax losses not previously recognised
(2,087)
-
0
Unutilised tax losses carried forward
-
0
2,087
Effect of change in corporation tax rate
-
(500)
Permanent capital allowances in excess of depreciation
7,366
4,374
Under/(over) provided in prior years
-
0
328
Deferred tax
(5,803)
(6,982)
Taxation charge/(credit)
80,427
(6,654)
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
77,806
-
13
Intangible fixed assets
Group
Website
£
Cost
At 1 July 2023
13,375
Additions - internally developed
64,401
At 30 June 2024
77,776
Amortisation and impairment
At 1 July 2023
8,081
Amortisation charged for the year
3,344
At 30 June 2024
11,425
NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
Intangible fixed assets
(Continued)
- 26 -
Carrying amount
At 30 June 2024
66,351
At 30 June 2023
5,294
Company
Website
£
Cost
At 1 July 2023
13,375
Additions - internally developed
64,401
At 30 June 2024
77,776
Amortisation and impairment
At 1 July 2023
8,081
Amortisation charged for the year
3,344
At 30 June 2024
11,425
Carrying amount
At 30 June 2024
66,351
At 30 June 2023
5,294
14
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
35,389
92,767
204,325
52,714
385,195
Additions
-
0
7,605
-
0
821
8,426
Disposals
-
0
-
0
(140,822)
-
0
(140,822)
At 30 June 2024
35,389
100,372
63,503
53,535
252,799
Depreciation and impairment
At 1 July 2023
36,324
31,807
156,935
27,230
252,296
Depreciation charged in the year
(935)
6,765
23,416
13,912
43,158
Eliminated in respect of disposals
-
0
-
0
(140,822)
-
0
(140,822)
At 30 June 2024
35,389
38,572
39,529
41,142
154,632
Carrying amount
At 30 June 2024
-
0
61,800
23,974
12,393
98,167
At 30 June 2023
(935)
60,960
47,390
25,484
132,899
NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Tangible fixed assets
(Continued)
- 27 -
Company
Motor vehicles
Total
£
£
Cost
At 1 July 2023
162,831
162,831
Disposals
(108,950)
(108,950)
At 30 June 2024
53,881
53,881
Depreciation and impairment
At 1 July 2023
126,786
126,786
Depreciation charged in the year
15,840
15,840
Eliminated in respect of disposals
(108,950)
(108,950)
At 30 June 2024
33,676
33,676
Carrying amount
At 30 June 2024
20,205
20,205
At 30 June 2023
36,045
36,045

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
20,205
33,675
20,205
33,675
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
100
100
NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
15
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
100
Carrying amount
At 30 June 2024
100
At 30 June 2023
100
16
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Country of incorporation
Nature of business
Class of
% Held
shares held
Direct
Greenspace (UK) Limited
UK
Sale and installation energy efficient conservatory ceilings
Ordinary
100.00
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
845,381
1,159,840
-
-
Stock
460,869
556,760
-
0
-
0
1,306,250
1,716,600
-
-
NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
18
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets measured at amortised cost
Trade debtors
105,274
183,430
18,263
31,528
Other debtors
345,197
24,206
-
1,283
450,471
207,636
18,263
32,811
Carrying amount of financial liabilities measured at amortised cost
Trade creditors
1,023,602
1,278,468
10,213
8,150
Payments received on account
2,329,426
2,629,611
-
0
-
0
Bank loans and hire purchase
136,523
198,328
44,828
62,409
Other creditors
-
39,587
81,390
44,712
Accruals
93,684
107,077
10,116
19,501
3,583,235
4,253,071
146,547
134,772
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
105,274
183,430
18,263
31,528
Other debtors
345,197
24,206
-
0
1,283
Prepayments and accrued income
401,576
169,606
5,322
-
0
852,047
377,242
23,585
32,811
Deferred tax asset (note 24)
-
0
2,087
-
0
-
0
852,047
379,329
23,585
32,811
Amounts falling due after more than one year:
Deferred tax asset (note 24)
5,912
2,652
5,912
2,652
Total debtors
857,959
381,981
29,497
35,463
NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
23
54,250
54,218
10,246
9,994
Obligations under finance leases
22
10,179
10,179
10,179
10,179
Payments received on account
2,329,426
2,629,611
-
0
-
0
Trade creditors
1,023,602
1,278,468
10,213
8,150
Amounts owed to group undertakings
-
0
-
0
81,390
44,712
Corporation tax payable
87,577
30
36,429
-
0
Other taxation and social security
817,284
815,253
10,576
33,047
Other creditors
-
0
39,587
-
0
-
0
Accruals and deferred income
93,684
107,077
10,116
19,501
4,416,002
4,934,423
169,149
125,583
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
23
57,466
111,722
9,775
20,027
Obligations under finance leases
22
14,628
22,209
14,628
22,209
Other taxation and social security
-
0
247,485
-
0
-
0
72,094
381,416
24,403
42,236
22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
10,179
10,179
10,179
10,179
In two to five years
14,628
22,209
14,628
22,209
24,807
32,388
24,807
32,388

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

 

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

 

NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
23
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
111,716
165,720
20,021
30,021
Bank overdrafts
-
0
220
-
0
-
0
111,716
165,940
20,021
30,021
Payable within one year
54,250
54,218
10,246
9,994
Payable after one year
57,466
111,722
9,775
20,027

The bank loan relates to loans sourced from a goverment loan scheme.

 

24
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
15,114
19,744
5,912
2,652
Tax losses
-
-
-
2,087
15,114
19,744
5,912
4,739
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
-
-
5,912
2,652
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 July 2023
15,005
(2,652)
Credit to profit or loss
(5,803)
(3,260)
Liability/(Asset) at 30 June 2024
9,202
(5,912)
NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
24
Deferred taxation
(Continued)
- 32 -

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse over the coming years and relates to accelerated capital allowances that are expected to mature within the same period.

25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,107
51,368

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. At the balance sheet date the amount owed to the fund was £6,957 (2023: £39,587).

26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
27
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
162,590
166,835
143,217
166,835
Between two and five years
65,199
194,432
52,000
194,432
227,789
361,267
195,217
361,267
28
Related party transactions

The group has taken advantage of the exemption available in Section 33.1A FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

 

Greenspace Energy Conservation Limited

 

During the year, the group made sales of £283,406 (2023: £34,928) to Greenspace Energy Conservation Limited, a company in which Mr B M Jacomb is director and shareholder of. At the year end, the group was owed £120,836 (2023: £3,107) from Greenspace Energy Conservation Limited.

NILTAVA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 33 -
29
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
274,811
67,399
Adjustments for:
Taxation charged/(credited)
80,427
(6,654)
Finance costs
12,209
11,652
Investment income
(3,199)
-
0
Gain on disposal of tangible fixed assets
(14,363)
(3,557)
Amortisation and impairment of intangible assets
3,344
3,518
Depreciation and impairment of tangible fixed assets
43,158
93,122
Movements in working capital:
Decrease/(increase) in stocks
410,350
(349,351)
(Increase)/decrease in debtors
(475,805)
142,330
(Decrease)/increase in creditors
(853,485)
354,612
Cash (absorbed by)/generated from operations
(522,553)
313,071
30
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
3,692,718
(727,321)
2,965,397
Bank overdrafts
(220)
220
-
0
3,692,498
(727,101)
2,965,397
Borrowings excluding overdrafts
(165,720)
54,004
(111,716)
Obligations under finance leases
(32,388)
7,581
(24,807)
3,494,390
(665,516)
2,828,874
2024-06-302023-07-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr B JacombMs B San Jose 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