Registered number
00348686
Condor Group Limited
Unaudited Filleted Accounts
30 September 2024
Condor Group Limited
Registered number: 00348686
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 88,301 111,135
Investments 4 38,853 26,675
127,154 137,810
Current assets
Stocks 1,834,572 2,362,225
Debtors 5 1,989,307 1,631,288
Cash at bank and in hand 561,873 749,286
4,385,752 4,742,799
Creditors: amounts falling due within one year 6 (4,040,366) (4,358,849)
Net current assets 345,386 383,950
Total assets less current liabilities 472,540 521,760
Creditors: amounts falling due after more than one year 7 (92,572) (153,951)
Net assets 379,968 367,809
Capital and reserves
Called up share capital 300 300
Profit and loss account 379,668 367,509
Shareholder's funds 379,968 367,809
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N V Bhoja
Director
Approved by the board on 25 June 2025
Condor Group Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, except for listed investments measured at fair value, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The accounts have been prepared for the company as an individual entity and in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable in the normal course of business, net of discounts and rebates and value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract which due ot the nature of services is generally estimated using a straight-line basis over the period of supply. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 20% reducing balance
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Investments
Listed investments are initially measured at cost. Subsequently they are measured at fair value through profit and loss. Fair value of listed investments is based on quoted market prices. Changes in fair value are included in the profit and loss account.
Subsidiary undertakings are entities that are controlled by the company. Control is the power to govern the financial and operating activities of the entity so as to gain benefit from its activities. Interests in subsidiary undertakings are initially measured at cost and subsequently at cost less any accumulated impairment losses. These investments are assessed for impairments at each reporting date and any losses are charged to the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Display and marketing costs are expensed as incurred.
Financial instruments
The company applies the provisions of Section 11 "Basic finacial instruments of FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Assets held under finance leases are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Equity instruments
Equity instruments issued by the company are recorded at fair value of the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
During the year the company generated a profit of £102,159 (2023: loss of £18,279). The directors monitor and carefully manage levels of expenditure. Trading has been challenging but the directors anticipate profitability in the future and are receiving the continuing support of their bankers and shareholders. Based on anticipated profitability and the continued support of the company's bankers and shareholders, they anticipate having sufficient funds to continue to trade for the foreseeable future and accordingly the accounts have been prepared on a going concern basis.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 19
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 193,063 526,273 178,568 897,904
Additions - 4,565 - 4,565
At 30 September 2024 193,063 530,838 178,568 902,469
Depreciation
At 1 October 2023 192,038 501,337 93,394 786,769
Charge for the year 205 5,900 21,294 27,399
At 30 September 2024 192,243 507,237 114,688 814,168
Net book value
At 30 September 2024 820 23,601 63,880 88,301
At 30 September 2023 1,025 24,936 85,174 111,135
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost or fair value
At 1 October 2023 75 26,600 26,675
Adjustment to fair value through profit and loss - 12,178 12,178
At 30 September 2024 75 38,778 38,853
Historical cost
At 1 October 2023 75 12,844
At 30 September 2024 75 12,844
Fair values are based on quoted prices for listed investments included within other investments.
5 Debtors 2024 2023
£ £
Trade debtors 485,121 630,911
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 77,079
Taxation and social security 9,385 -
Other debtors 1,494,801 923,298
1,989,307 1,631,288
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,001,832 1,101,183
Obligations under finance lease and hire purchase contracts 12,583 16,544
Trade creditors 1,492,264 1,553,052
Amounts owed to group undertakings and undertakings in which the company has a participating interest 5,059 -
Taxation and social security costs 7,551 198
Other creditors 1,521,077 1,687,872
4,040,366 4,358,849
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 87,500 137,500
Obligations under finance lease and hire purchase contracts 5,072 16,451
92,572 153,951
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans and overdrafts 1,089,332 1,238,688
There is a fixed and floating charge over the assets of the company in respect of bank loans and overdrafts of £1,089,332 at 30 September 2024 (2023: £1,238,688). Hire purchase obligations totalling £17,655 at 30 September 2024 (2023: £32,995) are secured on fixed assets with a net book value of £28,823 (2023: £49.250).
9 Loans (from)/to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Interest-free loan (from)/to director 48 162,035 (186,287) (24,204)
48 162,035 (186,287) (24,204)
10 Related party transactions
During the year the company paid dividends of £90,000 (2023: £50,000) to its parent company, Condor Group Holdings Ltd.
A personal guarantee has been given by a director as part of the security provided in respect of the company's bank loan facility.
A bank guarantee has been provided by another company in which N V Bhoja is a director, secured by a charge over that company's assets, in respect of the company's bank facilities.
The company has taken advantage of the exemption available not to disclose transactions between group undertakings that are wholly-owned.
11 Controlling party
The company's immediate and ultimate parent undertaking is Condor Group Holdings Ltd, a company incorporated in the United Kingdom registered at 700 Great Cambridge Road, Enfield, Middlesex, EN13EA. No consolidated accounts are required to be prepared for the group.
The company's ultimate controlling party is N V Bhoja, a director.
12 Other information
Condor Group Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Condor House
700 Great Cambridge Road
Enfield
Middlesex
EN1 3EA
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