Company Registration No. 01184769 (England and Wales)
RADIO LINKS COMMUNICATIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
RADIO LINKS COMMUNICATIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 13
RADIO LINKS COMMUNICATIONS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
417,412
411,140
Investments
5
100
100
417,512
411,240
Current assets
Stocks
169,249
145,365
Debtors
6
618,695
686,266
Cash at bank and in hand
83,890
64,556
871,834
896,187
Creditors: amounts falling due within one year
7
(1,012,172)
(889,346)
Net current (liabilities)/assets
(140,338)
6,841
Total assets less current liabilities
277,174
418,081
Provisions for liabilities
8
(102,652)
(100,997)
Net assets excluding pension liability
174,522
317,084
Defined benefit pension liability
10
-
0
-
0
Net assets
174,522
317,084
Capital and reserves
Called up share capital
6,000
6,000
Share premium account
218,209
218,209
Profit and loss reserves
(49,687)
92,875
Total equity
174,522
317,084

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
JE Miller
Director
Company registration number 01184769 (England and Wales)
RADIO LINKS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Radio Links Communications Limited is a private company limited by shares incorporated in England and Wales. The registered office is Eaton House, Great North Road, Eaton Socon St Neots, Cambridgeshire, PE19 8EG.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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
Prior period error

Prior period adjustments are made to correct errors or reflect changes in accounting policies from previous periods. These adjustments ensure that the financial statements provide a true and fair view.

 

Adjustments are made when errors or changes in accounting policies are identified. Affected prior period amounts are restated, and the cumulative effect is adjusted to the opening balance of retained earnings or other equity, as applicable.

 

The nature and impact of prior period adjustments are disclosed, including the effect on the current and comparative periods. If the adjustment is not material, only a note is provided without restating amounts.

 

The adjustment process ensures comparability and consistency in the financial statements.

1.3
Going concern

The financial statements have been prepared on a going concern basis. true

 

The company remains reliant on the continued support of other entities in the group. Support continues to be provided as the group directors consider the company strategically important given the future opportunities provided by the company's brand.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the support required to continue in operational existence will be afforded to the company for at least 12 months after the signing of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

RADIO LINKS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -

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.

1.5
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:

Plant and equipment
15% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
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 credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

RADIO LINKS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.8
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.

1.9
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.

1.10
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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 company after deducting all of its liabilities.

RADIO LINKS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

1.11
Equity instruments

Equity instruments issued by the company 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 company.

1.12
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

1.13
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.

RADIO LINKS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.14
Retirement benefits

Defined Contribution Pension Plans

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

Defined Benefit Pension Plan

A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

 

The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments ('discount rate').

 

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the companies policy for similarly held assets. This includes the use of appropriate valuation techniques.

 

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the costs of an asset, comprises:

 

(a) the increase in pension benefit liability arising from employee service during the period; and

(b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in the other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

1.15
Leases

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 leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

RADIO LINKS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Defined benefit pension scheme

The Group has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management engage a professionally qualified actuary to provide valuation reports which include estimates for the factors noted above when determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends and are included in note 10 to these financial statements.

Deferred tax

Deferred tax is based on the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

3
Employees

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

2024
2023
Number
Number
Total
26
27
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
1,383,704
25,076
18,465
1,427,245
Additions
31,366
10,047
-
0
41,413
Disposals
(55,607)
(128)
-
0
(55,735)
At 30 September 2024
1,359,463
34,995
18,465
1,412,923
Depreciation and impairment
At 1 October 2023
992,719
7,528
15,858
1,016,105
Depreciation charged in the year
13,800
5,494
652
19,946
Eliminated in respect of disposals
(40,540)
-
0
-
0
(40,540)
At 30 September 2024
965,979
13,022
16,510
995,511
Carrying amount
At 30 September 2024
393,484
21,973
1,955
417,412
At 30 September 2023
390,985
17,548
2,607
411,140
RADIO LINKS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
516,059
562,881
Amounts owed by group undertakings
56,217
-
0
Other debtors
46,419
123,385
618,695
686,266
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,383
22,227
Trade creditors
782,583
594,119
Amounts owed to group undertakings
-
0
38,760
Taxation and social security
124,057
107,804
Other creditors
103,149
126,436
1,012,172
889,346
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
102,652
100,997
9
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
103,714
102,105
Retirement benefit obligations
(1,062)
(1,108)
102,652
100,997
RADIO LINKS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Liability at 1 October 2023
100,997
Charge to profit or loss
1,655
Liability at 30 September 2024
102,652

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,724
29,206

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Defined benefit schemes

The company operates a defined benefit scheme for qualifying employees. Under the scheme the employees are entitled to retirement benefits based on final salary on attainment of a retirement age of 65 . No other post retirement benefits are provided.

 

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 5th April 2024 by XPS Pensions (RL) Limited, Fellow of the Institute of Actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method. Adjustments to the valuation at that date have been made based on the following assumptions (per annum):

2024
2023
Key assumptions
%
%
Discount rate
5.1
5.7
Expected rate of increase of pensions in payment
2.5
2.7
Expected rate of salary increases
3.0
3.2
Consumer Price Inflation
2.5
2.7
GMP earned before 06/04/1988
0.0
0.0
GMP Increases earned on or after 06/04/1988
2.5
2.7
RADIO LINKS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Retirement benefit schemes
(Continued)
- 10 -
Mortality assumptions
2024
2023

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
19.2
18.8
- Females
23.0
20.9
Retiring in 20 years
- Males
20.5
20.0
- Females
24.5
22.3
Amounts recognised in the profit and loss account
2024
2023
Costs/(income):
£
£
Net interest on net defined benefit liability/(asset)
(3,000)
(3,000)
Restriction on net interest income credited to the income statement
20,000
20,000
Total costs
17,000
17,000
Amounts recognised in other comprehensive income
2024
2023
Costs/(income):
£
£
Actual return on scheme assets
(44,000)
49,000
Less: calculated interest element
20,000
20,000
Return on scheme assets excluding interest income
(24,000)
69,000
Restriction on net interest income credited to the income statement
(20,000)
(20,000)
Actuarial changes related to obligations
56,000
(34,000)
Effect of changes in the amount of surplus that is not recoverable
7,000
4,000
Total costs
19,000
19,000

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2024
2023
Liabilities/(assets):
£
£
Present value of defined benefit obligations
354,000
299,000
Fair value of plan assets
(417,000)
(355,000)
Surplus in scheme
(63,000)
(56,000)
Restriction on scheme assets
63,000
56,000
Total liability recognised
-
-
RADIO LINKS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Retirement benefit schemes
(Continued)
- 11 -
2024
Movements in the present value of defined benefit obligations
£
Liabilities at 1 October 2023
299,000
Benefits paid
(18,000)
Actuarial gains and losses
56,000
Interest cost
17,000
At 30 September 2024
354,000
2024
The defined benefit obligations arise from plans funded as follows:
£
Wholly unfunded obligations
-
Wholly or partly funded obligations
354,000
354,000
2024
Movements in the fair value of plan assets
£
Fair value of assets at 1 October 2023
355,000
Interest income
20,000
Return on plan assets (excluding amounts included in net interest)
24,000
Benefits paid
(18,000)
Contributions by the employer
36,000
At 30 September 2024
417,000

The actual return on plan assets was a £44,000 gain (2023 - £49,000 loss).

2024
2023
Fair value of plan assets
£
£
Equity instruments
66,720
56,800
Debt instruments
229,350
216,550
Property
4,170
3,550
Cash
45,870
28,400
Other (Royal London Guarantee)
70,890
49,700
417,000
355,000
RADIO LINKS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Senior Statutory Auditor:
Neil Brewer
Statutory Auditor:
Rickard Luckin Limited
Date of audit report:
27 June 2025
12
Operating lease commitments
Lessee

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

2024
2023
£
£
75,468
117,699
13
Parent company

The company's results are included in the consolidated accounts of Brentwood Communications Limited, its registered office is Bc House, East Hanningfield Road, Chelmsford, Essex, CM3 8EW, and it is the smallest group into which the entity is consolidated. The consolidated accounts of Brentwood Communications Limited are publically available from the Companies House, Crown Way, Cardiff CF14 3UZ.

14
Related party transactions
Transactions with related parties

In accordance with FRS102 the company has not disclosed transactions with wholly owned members of the group.

 

As at 30 September 2024 amounts owed from wholly owned group companies totalled £123,264 (2023: £117,276); this balance consists of £67,047 (2023: £117,276) which is included in trade debtors and £56,217 (2023: £nil) of amounts owed from group companies (see note 6). Amounts due to wholly owned group companies at the year end totalled £569,441 (2023: £260,882); this balance consists of £569,441 (2023: £222,122) which is included in trade creditors and £nil (2023: £38,760) of amounts owed to group companies (see note 7).

15
Prior period adjustment
RADIO LINKS COMMUNICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
15
Prior period adjustment
(Continued)
- 13 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 September 2023
£
£
£
Cost of sales
(1,475,731)
(612,445)
(2,088,176)
Administrative expenses
(1,202,511)
612,445
(590,066)
Loss for the financial period
(229,544)
-
(229,544)
Notes to reconciliation

Payroll costs

 

It was identified that the classification of wages between cost of sales and administrative expenses in the prior year was incorrect, which has resulted in a prior period adjustment.

 

The result of the adjustment is to increase total payroll costs within cost of sales by £612,445 as at 30 September 2023 with a corresponding decrease in total payroll costs within administrative expenses. This adjustment has no impact on the profits or the total equity of the company and has lead to the GP Margin decreasing from 41.2% to 16.8% as at 30 September 2023.

 

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