Company registration number 00720285 (England and Wales)
ZELL-EM GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
ZELL-EM GROUP LIMITED
COMPANY INFORMATION
Directors
G Zell
T McNamee
B Zell
Secretary
B Zell
Company number
00720285
Registered office
Zell-Em Group House
Snowdon Road
Lytham St. Annes
Lancashire
United Kingdom
FY8 3FR
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
United Kingdom
M2 4WU
ZELL-EM GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
ZELL-EM GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

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

Review of the business

The principal activity of the group during the year was that of printing services and the manufacture of number plates and signs.

 

During the year the group sold the largest subsidiary Bestplate Limited. We believed that this was the right time to maximise the sale price that reflects the work gone into the company.

 

With this subsidiary removed from the group it has as expected dropped the turnover figure when you compare this to the results of the previous year. We took this into consideration at the time of the sale.

 

We believe that the impact on the other companies within the group will only be temporary and they will start to once again begin to grow.

 

We will continue to invest as we have in previous years, focusing on value for money for the business to ensure that we have the correct machinery and equipment to deliver what the customers expect. We continue to strive to give the customer the highest level of service and satisfaction.

 

Over the coming months and years we will also be looking to continue to invest in our employees to ensure that they are happy and believe in the Zell-Em product.

 

Principal risks and uncertainties

The competitive nature of the market place is the principal risk that the company faces. Even with inflation settling the cost of raw materials are still continuing to rise. We keep a close eye on our prices to ensure that the prices we offer are fair and cover the necessary rises across our cost base.

Financial Key Performance Indicators

The board reviews key performance indicators on a regular basis. A summary of the overall key performance indicators is shown below:

 

                2024         2023

Turnover                        £7.28m        £11.35m

Operating Profit/(Loss) Percentage            (29.2)%         6.5%

Gross Profit Percentage                36.9%         23.8%

 

Future developments

Since the year end the group as continued to trade steadily. The levels are lower then what they were previously but this has been expected from the directors due to the sale of Bestplate Limited. We are continuing to invest on a long term basis with the continued optimism that over the next 2 to 3 years the group will steadily grow.

On behalf of the board

G Zell
Director
11 July 2025
ZELL-EM GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

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 the provision of printing of advertising, promotional materials, supply of customised corporate clothing, the manufacture of number plates and signs.


The principal activity of the company is the provision of management and administrative services to its subsidiaries, along with the rental and trading of properties.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. 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:

G Zell
T McNamee
B Zell
Financial instruments
Credit risk and liquidity risk

The group’s principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

 

Trade debtors are managed in respect of credit risk by policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

 

The company is exposed to liquidity risk arising from the need to meet its short-term financial obligations as they fall due. The company manages this risk by maintaining adequate cash reserves and the support of the shareholders. The directors are satisfied that sufficient resources are available to meet obligations for the foreseeable future.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
G Zell
Director
11 July 2025
ZELL-EM GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ZELL-EM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ZELL-EM GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Zell-Em Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group profit and loss account, 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:

ZELL-EM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ZELL-EM GROUP LIMITED
- 5 -
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.

ZELL-EM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ZELL-EM GROUP LIMITED
- 6 -

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.

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.

Ashley Conway (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
14 July 2025
Chartered Accountants
Statutory Auditor
Ship Canal House
98 King Street
Manchester
United Kingdom
M2 4WU
ZELL-EM GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
Continuing
Discontinued
30 June
Continuing
Discontinued
30 June
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
1,857,966
5,422,156
7,280,122
2,387,228
8,959,480
11,346,708
Cost of sales
(983,161)
(3,516,681)
(4,499,842)
(1,241,676)
(7,400,148)
(8,641,824)
Gross profit
874,805
1,905,475
2,780,280
1,145,552
1,559,332
2,704,884
Administrative expenses
723,117
(3,849,349)
(3,126,232)
(1,100,420)
(868,069)
(1,968,489)
Other operating income
16,028
-
16,028
-
-
-
Exceptional item
4
(1,792,743)
-
(1,792,743)
-
-
-
Operating (loss)/profit
5
(178,793)
(1,943,874)
(2,122,667)
45,132
691,263
736,395
Interest receivable and similar income
9
105,929
43,802
149,731
23,790
23,892
47,682
Interest payable and similar expenses
10
(7)
-
(7)
-
-
-
(Loss)/profit before taxation
(72,871)
(1,900,072)
(1,972,943)
68,922
715,155
784,077
Tax on (loss)/profit
11
(230,112)
-
(230,112)
(24,000)
(238,000)
(262,000)
(Loss)/profit for the financial year
27
(302,983)
(1,900,072)
(2,203,055)
44,922
477,155
522,077
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(1,563,670)
316,962
- Non-controlling interests
(639,385)
205,115
(2,203,055)
522,077
ZELL-EM GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
£
£
(Loss)/profit for the year
(2,203,055)
522,077
Other comprehensive income
-
-
Total comprehensive income for the year
(2,203,055)
522,077
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(1,563,670)
316,962
- Non-controlling interests
(639,385)
205,115
(2,203,055)
522,077
ZELL-EM GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
3,085,583
3,381,193
Investment property
15
762,273
762,273
3,847,856
4,143,466
Current assets
Stocks
18
29,858
933,623
Debtors
19
252,924
1,760,126
Cash at bank and in hand
2,995,409
5,760,522
3,278,191
8,454,271
Creditors: amounts falling due within one year
20
(847,770)
(2,246,363)
Net current assets
2,430,421
6,207,908
Total assets less current liabilities
6,278,277
10,351,374
Provisions for liabilities
Deferred tax liability
21
272,361
285,514
(272,361)
(285,514)
Net assets
6,005,916
10,065,860
Capital and reserves
Called up share capital
23
26,036
20,745
Share premium account
24
178,425
178,425
Fair value reserve
25
377,154
815,047
Capital redemption reserve
26
31,830
31,830
Other reserves
-
0
49,437
Profit and loss reserves
27
4,853,854
7,792,374
Equity attributable to owners of the parent company
5,467,299
8,887,858
Non-controlling interests
538,617
1,178,002
6,005,916
10,065,860
The financial statements were approved by the board of directors and authorised for issue on 11 July 2025 and are signed on its behalf by:
11 July 2025
G Zell
Director
Company registration number 00720285 (England and Wales)
ZELL-EM GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
3,036,605
17,166
Investment property
15
762,273
762,273
Investments
16
4,251
200,298
3,803,129
979,737
Current assets
Debtors
19
621,464
3,357,827
Cash at bank and in hand
1,646,492
1,730,196
2,267,956
5,088,023
Creditors: amounts falling due within one year
20
(97,116)
(70,771)
Net current assets
2,170,840
5,017,252
Total assets less current liabilities
5,973,969
5,996,989
Provisions for liabilities
Deferred tax liability
21
254,987
53,916
(254,987)
(53,916)
Net assets
5,718,982
5,943,073
Capital and reserves
Called up share capital
23
26,036
20,745
Share premium account
24
178,425
178,425
Fair value reserve
25
375,009
375,009
Capital redemption reserve
26
31,830
31,830
Profit and loss reserves
27
5,107,682
5,337,064
Total equity
5,718,982
5,943,073

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 £2,832,671 (2023 - £30,619 loss).

The financial statements were approved by the board of directors and authorised for issue on 11 July 2025 and are signed on its behalf by:
11 July 2025
G Zell
Director
Company registration number 00720285 (England and Wales)
ZELL-EM GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
£
£
Balance at 1 July 2022
20,745
178,425
815,047
31,830
49,437
7,641,372
8,736,856
1,082,787
9,819,643
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
-
-
316,962
316,962
205,115
522,077
Dividends
13
-
-
-
-
-
(165,960)
(165,960)
(109,900)
(275,860)
Balance at 30 June 2023
20,745
178,425
815,047
31,830
49,437
7,792,374
8,887,858
1,178,002
10,065,860
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
-
-
-
(1,563,670)
(1,563,670)
(639,385)
(2,203,055)
Issue of share capital
23
5,291
-
0
-
-
-
-
5,291
-
5,291
Dividend in specie - disposal/demerger of subsidiary
16
-
-
-
-
-
(201,338)
(201,338)
-
(201,338)
Transfers
-
-
(437,893)
-
-
437,893
-
-
-
Disposal/demerger adjustment
-
-
-
-
-
(1,611,405)
(1,611,405)
-
(1,611,405)
Other movements
-
-
-
-
(49,437)
-
(49,437)
-
(49,437)
Balance at 30 June 2024
26,036
178,425
377,154
31,830
-
4,853,854
5,467,299
538,617
6,005,916

The notes on pages 14 to 30 form part of these financial statements.

ZELL-EM GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2022
20,745
178,425
375,009
31,830
5,533,643
6,139,652
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
-
-
(30,619)
(30,619)
Dividends
13
-
-
-
-
(165,960)
(165,960)
Balance at 30 June 2023
20,745
178,425
375,009
31,830
5,337,064
5,943,073
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
-
2,832,671
2,832,671
Issue of share capital
23
5,291
-
0
-
-
-
5,291
Dividend in specie - disposal/demerger of subsidiary
16
-
-
-
-
(3,062,053)
(3,062,053)
Balance at 30 June 2024
26,036
178,425
375,009
31,830
5,107,682
5,718,982

The notes on pages 14 to 30 form part of these financial statements.

ZELL-EM GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
31
(1,368,559)
1,046,429
Interest paid
(7)
-
0
Income taxes paid
(408,702)
(165,929)
Net cash (outflow)/inflow from operating activities
(1,777,268)
880,500
Investing activities
Purchase of tangible fixed assets
(5,337)
(76,149)
Proceeds from disposal of tangible fixed assets
136,737
750
Reduction in cash on disposal/demerger
(1,268,976)
-
Interest received
149,731
47,682
Net cash used in investing activities
(987,845)
(27,717)
Financing activities
Dividends paid to equity shareholders
-
0
(165,960)
Dividends paid to non-controlling interests
-
0
(109,900)
Net cash used in financing activities
-
(275,860)
Net (decrease)/increase in cash and cash equivalents
(2,765,113)
576,923
Cash and cash equivalents at beginning of year
5,760,522
5,183,599
Cash and cash equivalents at end of year
2,995,409
5,760,522
ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Company information

Zell-Em Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Zell-Em Group House, Snowdon Road, Lytham St. Annes, Lancashire, United Kingdom, FY8 3FR.

 

The group consists of Zell-Em Group 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

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 consolidated group financial statements consist of the financial statements of the parent company Zell-Em Group 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.

ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -

All entities have been included in the group financial statements using the purchase method of accounting.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company and group have 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.

 

The directors have confirmed they will continue to provide any necessary financial support to the companies within the group for at least 12 months from the date of approval of the financial statements.

 

Despite uncertainty surrounding the wider economy, the directors consider that the group’s strong cash position places the group in a strong position to overcome any challenges that may arise over the coming months. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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:

Freehold land and buildings
2% straight line on freehold buildings
Plant and equipment
15% straight line
Fixtures and fittings
15 - 33.33% straight line
Motor vehicles
25% straight line

Freehold land is not depreciated.

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.

Freehold land and buildings contains a property at Snowdon Road for the purposes that has been treated as tangible fixed assets rather than investment property as, for the majority of the year, this has been occupied by companies within the group.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Property rented to a group entity is accounted for as tangible fixed assets.

ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.7
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 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.

1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

 

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

1.9
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.

1.10
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.

ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.11
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.

Impairment of financial assets

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.

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.

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, 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.

ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

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

1.12
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.

1.13
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.

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.

1.14
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.

1.15
Retirement benefits

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

1.16
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 leased asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Disposal/demerger transactions

Transactions related to the reorganisation of the group and the demerger of shares in Bestplate Limited and connected loan balance write offs have been treated as movements in equity rather than gains or losses through the Profit & Loss as a consequence of the transactions being with a company outside the group but under common control.

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.

Impairment and valuation of investments, investment property and tangible assets

In preparing these financial statements, the directors have exercised judgement in determining the valuation of certain assets and whether there are indicators of impairment of the group's investments and tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

 

Valuations of investment properties and freehold land and buildings are based on independent professional valuations, taking into consideration expected future economic benefits from the properties.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
7,120,616
11,289,617
Property income
159,506
57,091
7,280,122
11,346,708
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
7,202,913
11,235,972
Europe
56,753
66,169
Rest of world
20,456
44,567
7,280,122
11,346,708
ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 20 -
2024
2023
£
£
Other revenue
Interest income
149,731
47,682
4
Exceptional item
2024
2023
£
£
Expenditure
Director's remuneration and associated social security costs
1,792,743
-
5
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange gains
(5,264)
(4,006)
Depreciation of owned tangible fixed assets
171,882
241,192
Profit on disposal of tangible fixed assets
(7,672)
(747)
Operating lease charges
14,249
21,972
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
11,600
11,000
Audit of the financial statements of the company's subsidiaries
3,300
13,500
14,900
24,500
For other services
Taxation compliance services
2,500
2,500
All other non-audit services
3,700
-
6,200
2,500
ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
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
Administration
16
36
5
4
Directors
3
9
3
3
Production and distribution
34
25
-
-
Total
53
70
8
7

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,001,675
2,294,961
250,107
602,234
Social security costs
106,863
255,128
40,124
101,082
Pension costs
17,186
32,679
2,815
2,849
1,125,724
2,582,768
293,046
706,165
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
2,053,851
635,272
Company pension contributions to defined contribution schemes
1,261
1,321
2,055,112
636,593
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
1,861,096
305,877
Company pension contributions to defined contribution schemes
1,261
-
ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
149,731
47,682
10
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
7
-
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
29,041
196,000
Deferred tax
Origination and reversal of timing differences
201,071
66,000
Total tax charge
230,112
262,000

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

2024
2023
£
£
(Loss)/profit before taxation
(1,972,943)
784,077
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(493,236)
196,019
Tax effect of expenses that are not deductible in determining taxable profit
43,908
78,000
Losses on discontinued operations
475,018
-
0
Permanent capital allowances in excess of depreciation
3,351
-
0
Deferred tax adjustments in respect of prior years
201,071
-
0
Other
-
0
(12,019)
Taxation charge
230,112
262,000
ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
12
Discontinued operations
Disposal of subsidiary

On 27 February 2024 the company disposed of its subsidiary, Bestplate Limited. The disposal was effected in order to generate cash flow for the expansion of the company's other businesses.

 

An demerger adjustment to group equity reserves of £1,611,405 arose on the disposal, being the carrying value of net assets demerged under a group reorganisation. Bestplate Limited was demerged to a company outside of the group but which remained under common control.

13
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Distributions in specie
3,062,053
-
Interim paid
-
165,960
3,062,053
165,960
14
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 July 2023
3,150,000
1,495,663
392,999
434,702
5,473,364
Additions
-
0
5,337
-
0
-
0
5,337
Disposals
-
0
(711,337)
(274,608)
(123,509)
(1,109,454)
At 30 June 2024
3,150,000
789,663
118,391
311,193
4,369,247
Depreciation and impairment
At 1 July 2023
58,299
1,291,564
390,790
351,518
2,092,171
Depreciation charged in the year
58,147
84,189
1,042
28,504
171,882
Eliminated in respect of disposals
-
0
(617,813)
(274,601)
(87,975)
(980,389)
At 30 June 2024
116,446
757,940
117,231
292,047
1,283,664
Carrying amount
At 30 June 2024
3,033,554
31,723
1,160
19,146
3,085,583
At 30 June 2023
3,091,701
204,099
2,209
83,184
3,381,193
ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Tangible fixed assets
(Continued)
- 24 -
Company
Freehold land and buildings
Computers
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 July 2023
-
0
59,028
335,394
394,422
Additions
3,052,837
-
0
-
0
3,052,837
Disposals
-
0
-
0
(48,360)
(48,360)
At 30 June 2024
3,052,837
59,028
287,034
3,398,899
Depreciation and impairment
At 1 July 2023
-
0
59,018
318,238
377,256
Depreciation charged in the year
19,283
-
0
14,112
33,395
Eliminated in respect of disposals
-
0
-
0
(48,357)
(48,357)
At 30 June 2024
19,283
59,018
283,993
362,294
Carrying amount
At 30 June 2024
3,033,554
10
3,041
3,036,605
At 30 June 2023
-
0
10
17,156
17,166

During the year, land and buildings were acquired from Bestplate Limited as part of the group reorgansation at the carrying value of £3,052,838.

 

The property acquired by Zell-Em Group Limited from Bestplate Limited has been classified as freehold land and buildings, as, for 8 months of the year, the property was occupied entirely by companies within the group.

The company's freehold land and buildings were revalued by Duxburys Commercial in November 2022. This valuation has been included as a fair valuation of the freehold land and buildings at the balance sheet date.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
3,075,027
3,075,027
Accumulated depreciation
(504,665)
(443,164)
Carrying value
2,570,362
2,631,863
ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
15
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 July 2023 and 30 June 2024
762,273
762,273

Investment property comprises land and buildings held by the company in the Blackpool area.

 

Material investment properties have been revalued based on an independent valuation, adjusted to reflect the directors expectation of the future economic benefits likely to arise from specific properties. Any uplift on the investment properties has been recognised in the Profit and Loss account.

16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
4,251
200,298
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
200,298
Additions
5,291
Intra-group loan write off
2,860,715
Disposals
(3,062,053)
At 30 June 2024
4,251
Carrying amount
At 30 June 2024
4,251
At 30 June 2023
200,298

During the year, investments in shares of Bestplate Limited with a carrying value of £201,338 were transfered by way of a dividend in specie to a company under common control.

 

In addition, a loan balance of £2,860,715 due from Bestplate Limited was written off and therefore added to the cost of the investment, making the total cost of the investment in Bestplate Limited to be £3,062,053. Subsequent to the loan write off, the shares in Bestplate Limited were transferred, as part of a group reorganisation, to a company under common control.

 

The cost of the shares in Bestplate Limited brought forward was £196,047. An additional £5,291 of shares were issued in the year. The cost of the shares in Bestplate Limited,at the time of the group reorganisation and excluding the loan written off, was £201,338.

ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
17
Subsidiaries

During the year, Bestplate Limited ceased to be a subsidiary of the company.

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
DT Signs Limited
England & Wales
Dormant
Ordinary
100.00
Granthams Signs Limited
England & Wales
Production of signage
Ordinary
85.00
Zell-Em Limited
England & Wales
Production of advertising and promotional materials
Ordinary
85.00
Citrus Creative Limited
England & Wales
Dormant
Ordinary
85.00

Audit exemption

The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year ended 30 June 2024:

 

Audit exempt company        Registration number

Zell-Em Limited            01811112

Granthams Signs Limited        05390265

 

18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
24,727
923,731
-
-
Work in progress
5,131
9,892
-
-
29,858
933,623
-
-
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
214,621
1,631,510
1,516
4,806
Amounts owed by group undertakings
-
-
592,797
3,333,012
Other debtors
19,277
4,931
15,526
4,931
Prepayments and accrued income
19,026
123,685
11,625
15,078
252,924
1,760,126
621,464
3,357,827

 

ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
71,377
992,973
15,604
21,529
Corporation tax payable
31,634
197,071
29,041
-
0
Other taxation and social security
76,066
313,163
13,804
10,185
Other creditors
519,594
499,898
1,648
-
0
Accruals and deferred income
149,099
243,258
37,019
39,057
847,770
2,246,363
97,116
70,771
21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
(55,256)
158,950
Revaluations
327,617
126,564
272,361
285,514
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
(55,256)
(53,905)
Revaluations
310,243
107,821
254,987
53,916
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
285,514
53,916
Credit to profit or loss
(13,153)
-
Charge to other comprehensive income
-
201,071
Liability at 30 June 2024
272,361
254,987
ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
17,186
32,679

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.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
-
20,745
-
20,745
Ordinary A shares of £1 each
10,000
-
10,000
-
Ordinary B shares of £1 each
7,462
-
7,462
-
Ordinary C shares of £1 each
8,574
-
8,574
-
26,036
20,745
26,036
20,745
24
Share premium account

The share premium reserve represents the excess consideration received over the nominal value of shares issued.

25
Fair value reserve

The fair value reserve represents the fair value revaluations of the freehold property. At the balance sheet date this included £377,154 in respect of fair value uplifts to investment properties.

26
Capital redemption reserve

The capital redemption reserve represents the nominal value of shares bought back by the company.

27
Profit and loss reserves

Retained earnings contains accumulated profits and losses arising from the trade of the group.

 

A dividend in specie of £3,062,053 has been charged to retained profits which reflects the carrying value of a fixed asset investment transferred to a company outside the group, but under common ownership.

ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
28
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
7,595
10,126
7,595
10,126
Between two and five years
-
7,595
-
7,595
7,595
17,721
7,595
17,721
29
Related party transactions

Group

 

During the year, the group paid dividends to its directors of £nil (2023 - £165,960).

 

Company

 

During the year, the company received service charges of £264,000 (2023 - £510,000) from its subsidiary undertakings.

30
Controlling party

On 27 February 2024, the company became a 100% subsidiary of Zell-Em Group Holding Limited, which is now the ultimate parent company.

 

The ultimate controlling party continues to be the Zell family.

ZELL-EM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
31
Cash (absorbed by)/generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(2,203,055)
522,077
Adjustments for:
Taxation charged
230,112
262,000
Finance costs
7
-
0
Investment income
(149,731)
(47,682)
Gain on disposal of tangible fixed assets
(7,672)
(747)
Depreciation and impairment of tangible fixed assets
171,882
241,192
Movements in working capital:
Decrease in stocks
226,258
616,524
Increase in debtors
(1,085,117)
(657,470)
Increase in creditors
1,448,757
110,535
Cash (absorbed by)/generated from operations
(1,368,559)
1,046,429
32
Analysis of changes in net funds - group
1 July 2023
Cash flows
Acquisitions and disposals
30 June 2024
£
£
£
£
Cash at bank and in hand
5,760,522
(1,496,137)
(1,268,976)
2,995,409
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