Company registration number 6759450 (England and Wales)
KNOX HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
KNOX HOLDINGS LIMITED
COMPANY INFORMATION
Directors
B W Knox
L A Knox
Company number
6759450
Registered office
2 Barugh Way
Barker Business Park
Melmerby
Ripon
North Yorkshire
HG4 5NG
Auditor
Firth Parish
1 Airport West
Lancaster Way
Yeadon
Leeds
West Yorkshire
LS19 7ZA
KNOX HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 30
KNOX HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
Review of the business
Overall, the directors are pleased with the current standing of the Knox Holdings Group of companies. Good company planning and a great team of staff have helped solidify a strong period of growth. We continue to invest and look ahead to the future, in order to gauge the most efficient and effective way forward. Balanced investments and a well thought out, consolidated approach, has enabled us to build on recent successes and navigate the way forward to a continued path of steady growth.
Principal risks and uncertainties
Despite all the planning, there are elements of the company’s fortunes that remain slightly out our control: regulation and the increased tax burden. We continue to plan and invest wisely. The ongoing geopolitical uncertainties: Ukraine, Middles East, continue to have an indirect effect on costs and outcomes within the group. We continue to work to minimise these effects wherever possible.
B W Knox
Director
17 July 2025
KNOX HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the group continued to be that of the wholesale of pharmaceutical products.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £11,100. 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:
B W Knox
L A Knox
Research and development
Further investments in technology and warehouse processes continue to take place, the aim being to further improve efficiency and experience for the benefit of all parties: staff and customers alike.
Future developments
The group will continue its path to further growth whilst keeping their investment policy under review.
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.
Charitable Donations
During the year the group made a charitable donation totalling £20,000 to The Lewy Body Society. The purpose of the donation was to support the charity in its objective to raise awareness for lewy body dementia and support research into the disease.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
B W Knox
Director
17 July 2025
KNOX HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
KNOX HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KNOX HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of Knox Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 October 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
KNOX HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KNOX HOLDINGS 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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Identifying and assessing potential risks related to irregularities
We obtained an understanding of the legal and regulatory frameworks applicable to the Group, and the industry in which it operates. We determined that MHRA regulations, the regulation of controlled drugs, FRS 102, the Companies Act 2006 and tax laws were the most significant laws and regulations applicable. In addition we concluded that there are certain laws and regulations that may have effect on the determination of the amount and disclosures in the financial statements and those laws and regulations to primarily relate to health and safety, employment and property.
To assess the potential risks of material misstatement, we obtained an understanding of the Group's operations, including the source of its income, expected financial statements disclosures and business risks that may result in a risk of material misstatement. We also considered the Group's control environment including the adequacy of procedures for authorisation of transactions.
KNOX HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KNOX HOLDINGS LIMITED
- 6 -
Audit response to risks identified
We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
Evaluating the processes and controls established to address the risks related to irregularities and fraud;
Testing journal entries, in particular journal entries relating to management estimates, those related to yearend financial reporting and journals entries deemed to relate to unusual transactions;
Challenging assumptions and judgement made by management in its significant accounting estimates; and
Identifying and testing related party transactions.
Audit engagement team communications in respect of potential non-compliance with laws and regulations and fraud included the potential for fraud in revenue recognition.
We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the client operates in, and its practical experience through training and participation with audit engagements of a similar nature.
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.
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.
Susan Hudson (Senior Statutory Auditor)
For and on behalf of Firth Parish, Statutory Auditor
Chartered Accountants
1 Airport West
Lancaster Way
Yeadon
Leeds
West Yorkshire
LS19 7ZA
17 July 2025
KNOX HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
30,363,745
27,285,416
Cost of sales
(24,316,862)
(22,210,984)
Gross profit
6,046,883
5,074,432
Administrative expenses
(1,801,959)
(1,495,799)
Other operating income
596
36
Operating profit
4
4,245,520
3,578,669
Interest receivable and similar income
8
132,175
66,737
Interest payable and similar expenses
9
(9,395)
Other gains and losses
10
343,511
(118,253)
Profit before taxation
4,721,206
3,517,758
Tax on profit
11
(1,079,948)
(838,669)
Profit for the financial year
25
3,641,258
2,679,089
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
KNOX HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
Tangible assets
14
1,159,058
1,062,090
Investment property
15
2,024,156
2,024,156
Investments
16
9,547,863
3,826,482
12,731,077
6,912,728
Current assets
Stocks
19
1,401,442
1,333,333
Debtors
20
6,613,548
5,681,738
Cash at bank and in hand
1,172,951
4,101,949
9,187,941
11,117,020
Creditors: amounts falling due within one year
21
(3,005,408)
(2,760,284)
Net current assets
6,182,533
8,356,736
Total assets less current liabilities
18,913,610
15,269,464
Provisions for liabilities
Deferred tax liability
22
84,969
70,981
(84,969)
(70,981)
Net assets
18,828,641
15,198,483
Capital and reserves
Called up share capital
24
70
70
Capital redemption reserve
25
30
30
Profit and loss reserves
25
18,828,541
15,198,383
Total equity
18,828,641
15,198,483
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 17 July 2025 and are signed on its behalf by:
17 July 2025
B W Knox
Director
Company registration number 6759450 (England and Wales)
KNOX HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
10,752
16,572
Investment property
15
2,024,156
2,024,156
Investments
16
10,688,458
4,967,077
12,723,366
7,007,805
Current assets
Debtors
20
1,269,272
1,027,072
Cash at bank and in hand
24,682
1,719,885
1,293,954
2,746,957
Creditors: amounts falling due within one year
21
(30,802)
(13,041)
Net current assets
1,263,152
2,733,916
Total assets less current liabilities
13,986,518
9,741,721
Provisions for liabilities
Deferred tax liability
22
2,688
3,605
(2,688)
(3,605)
Net assets
13,983,830
9,738,116
Capital and reserves
Called up share capital
24
70
70
Capital redemption reserve
25
30
30
Profit and loss reserves
25
13,983,730
9,738,016
Total equity
13,983,830
9,738,116
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 £4,256,814 (2023 - £1,377,906 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 17 July 2025 and are signed on its behalf by:
17 July 2025
B W Knox
Director
Company registration number 6759450 (England and Wales)
KNOX HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
70
30
12,921,556
12,921,656
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
2,679,089
2,679,089
Dividends
12
-
-
(402,262)
(402,262)
Balance at 31 October 2023
70
30
15,198,383
15,198,483
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
3,641,258
3,641,258
Dividends
12
-
-
(11,100)
(11,100)
Balance at 31 October 2024
70
30
18,828,541
18,828,641
KNOX HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
70
30
8,762,373
8,762,473
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
1,377,905
1,377,905
Dividends
12
-
-
(402,262)
(402,262)
Balance at 31 October 2023
70
30
9,738,016
9,738,116
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
4,256,814
4,256,814
Dividends
12
-
-
(11,100)
(11,100)
Balance at 31 October 2024
70
30
13,983,730
13,983,830
KNOX HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
3,521,602
2,478,391
Interest paid
(9,395)
Income taxes paid
(759,950)
(1,061,981)
Net cash inflow from operating activities
2,761,652
1,407,015
Investing activities
Purchase of tangible fixed assets
(187,433)
(171,457)
Proceeds from disposal of tangible fixed assets
(360)
-
Purchase of investment property
-
(548,224)
Purchase of investments
(6,115,650)
(2,166,584)
Proceeds from disposal of investments
790,499
427,761
Loans made
(246,062)
-
Interest received
35,606
18,419
Dividends received
96,569
48,318
Investment management fees
(52,719)
(30,118)
Net cash used in investing activities
(5,679,550)
(2,421,885)
Financing activities
Repayment of bank loans
-
(319,815)
Dividends paid to equity shareholders
(11,100)
(402,262)
Net cash used in financing activities
(11,100)
(722,077)
Net decrease in cash and cash equivalents
(2,928,998)
(1,736,947)
Cash and cash equivalents at beginning of year
4,101,949
5,838,896
Cash and cash equivalents at end of year
1,172,951
4,101,949
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
1
Accounting policies
Company information
Knox Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2 Barugh Way, Barker Business Park, Melmerby, Ripon, North Yorkshire, HG4 5NG.
The group consists of Knox Holdings 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:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Knox Holdings 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 31 October 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.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
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
Land - nil, buildings 2% straight line
Plant and equipment
15% straight line
Fixtures and fittings
15% and 25% straight line
Computers
25% straight line
Motor vehicles
25% straight line
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.
1.8
Investment property
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.
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
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.
1.11
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.
1.12
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.
1.13
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.14
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.
1.15
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.16
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.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
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.
1.19
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.
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
30,264,111
27,196,133
Furnished holiday letting income
60,358
72,303
Residential rental income
39,276
16,980
30,363,745
27,285,416
2024
2023
£
£
Other revenue
Interest income
35,606
18,419
Dividends received
96,569
48,318
In the directors' opinion the disclosure of a geographical analysis of turnover would be seriously prejudicial to the company's interest.
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(557,321)
(504,886)
Depreciation of owned tangible fixed assets
90,300
69,673
Loss on disposal of tangible fixed assets
525
-
Operating lease charges
73,987
63,000
5
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
3,400
3,250
Audit of the financial statements of the company's subsidiaries
9,550
11,750
12,950
15,000
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
5
Auditor's remuneration
(Continued)
- 20 -
For other services
Taxation compliance services
3,150
3,000
All other non-audit services
7,400
6,940
10,550
9,940
6
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
Office staff
17
17
2
2
Warehouse staff
24
24
-
-
Total
41
41
2
2
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,069,135
986,342
Social security costs
96,113
81,515
-
-
Pension costs
252,465
109,510
1,417,713
1,177,367
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
25,140
28,637
Company pension contributions to defined contribution schemes
231,278
90,785
256,418
119,422
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
35,606
18,419
Other income from investments
Dividends received
96,569
48,318
Total income
132,175
66,737
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
31,873
18,419
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
4,511
Other finance costs:
Other interest
-
4,884
Total finance costs
9,395
10
Other gains and losses
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on financial assets held at fair value through profit or loss
317,932
(95,001)
Other gains/(losses)
Gain on disposal of fixed asset investments
78,298
6,866
Investment management fees
(52,719)
(30,118)
343,511
(118,253)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,074,291
775,798
Adjustments in respect of prior periods
(8,331)
42,332
Total current tax
1,065,960
818,130
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
6,096
29,553
Adjustment in respect of prior periods
7,892
(9,014)
Total deferred tax
13,988
20,539
Total tax charge
1,079,948
838,669
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
4,721,206
3,517,758
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
1,180,302
792,122
Tax effect of expenses that are not deductible in determining taxable profit
2,050
23,695
Tax effect of income not taxable in determining taxable profit
(99,058)
(1,546)
Gains not taxable
19,574
1,546
Change in unrecognised deferred tax assets
(133)
Permanent capital allowances in excess of depreciation
-
(2,351)
Depreciation on assets not qualifying for tax allowances
1,661
587
Under/(over) provided in prior years
(8,331)
42,332
Deferred tax adjustments in respect of prior years
7,892
(9,014)
Tax at marginal rate
(1)
Dividend income
(24,142)
(10,881)
Deferred tax recognised at future tax rate
2,313
Taxation charge
1,079,948
838,669
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
11,100
402,262
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
692,037
Amortisation and impairment
At 1 November 2023 and 31 October 2024
692,037
Carrying amount
At 31 October 2024
At 31 October 2023
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.
14
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2023
841,369
148,182
310,706
53,415
7,595
1,361,267
Additions
55,750
52,509
40,424
38,750
187,433
Disposals
(4,529)
(776)
(972)
(6,277)
At 31 October 2024
841,369
199,403
362,439
92,867
46,345
1,542,423
Depreciation and impairment
At 1 November 2023
46,694
52,632
148,817
43,439
7,595
299,177
Depreciation charged in the year
13,357
22,547
37,075
10,863
6,458
90,300
Eliminated in respect of disposals
(4,526)
(776)
(810)
(6,112)
At 31 October 2024
60,051
70,653
185,116
53,492
14,053
383,365
Carrying amount
At 31 October 2024
781,318
128,750
177,323
39,375
32,292
1,159,058
At 31 October 2023
794,675
95,550
161,889
9,976
1,062,090
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
14
Tangible fixed assets
(Continued)
- 24 -
Company
Fixtures and fittings
£
Cost
At 1 November 2023
25,391
Additions
703
At 31 October 2024
26,094
Depreciation and impairment
At 1 November 2023
8,819
Depreciation charged in the year
6,523
At 31 October 2024
15,342
Carrying amount
At 31 October 2024
10,752
At 31 October 2023
16,572
15
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 November 2023 and 31 October 2024
2,024,156
2,024,156
Investment property comprises properties held as furnished holiday lettings and shorthold tenancies. In the opinion of the directors the fair value of the investment properties materially equates to their cost.
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
1,140,595
1,140,595
Listed investments
9,547,863
3,826,482
9,547,863
3,826,482
9,547,863
3,826,482
10,688,458
4,967,077
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
16
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 November 2023
3,826,482
Additions
6,109,427
Valuation changes
324,432
Capital account movement
(277)
Disposals
(712,201)
At 31 October 2024
9,547,863
Carrying amount
At 31 October 2024
9,547,863
At 31 October 2023
3,826,482
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 November 2023
1,140,595
3,826,482
4,967,077
Additions
-
6,109,427
6,109,427
Valuation changes
-
324,432
324,432
Capital account movement
-
(277)
(277)
Disposals
-
(712,201)
(712,201)
At 31 October 2024
1,140,595
9,547,863
10,688,458
Carrying amount
At 31 October 2024
1,140,595
9,547,863
10,688,458
At 31 October 2023
1,140,595
3,826,482
4,967,077
17
Subsidiaries
Details of the company's subsidiaries at 31 October 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Knox Pharmaceuticals Limited
2 Barugh Way, Barker Business Park, Melmerby, Ripon, North Yorkshire, HG4 5NB
Ordinary
100.00
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
18
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
5,850,036
5,267,266
n/a
n/a
Equity instruments measured at cost less impairment
9,547,863
3,826,482
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
2,384,807
2,439,917
n/a
n/a
As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.
19
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,401,442
1,333,333
20
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,578,983
4,239,392
544
1,609
Corporation tax recoverable
11,252
Amounts owed by group undertakings
-
-
100,086
100,510
Other debtors
1,912,015
1,350,406
1,163,841
919,533
Prepayments and accrued income
122,550
80,688
4,801
5,420
6,613,548
5,681,738
1,269,272
1,027,072
21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
2,225,256
2,323,284
484
516
Corporation tax payable
594,328
299,570
28,058
117
Other taxation and social security
26,273
20,797
-
-
Other creditors
26,966
38,228
8
Accruals and deferred income
132,585
78,405
2,260
12,400
3,005,408
2,760,284
30,802
13,041
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
22
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
84,969
70,981
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
2,688
3,605
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
70,981
3,605
Charge/(credit) to profit or loss
13,988
(917)
Liability at 31 October 2024
84,969
2,688
£12,400 of 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.
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
252,465
109,510
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.
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary of 1p each
6,790
6,790
68
68
'B' Ordinary of 1p each
210
210
2
2
7,000
7,000
70
70
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
24
Share capital
(Continued)
- 28 -
The company has two classes of ordinary shares which carry no right to fixed income. 'A' Ordinary shares have full voting rights and carry rights to receive dividends and participate in a return of capital. 'B' Ordinary shares have no voting rights.
25
Reserves
Capital redemption reserve
The capital redemption reserve represents 'A' ordinary shares which were redeemed by the company at par on 9 April 2018.
Profit and loss reserves
The profit and loss account includes all current and prior period retained profits and losses.
26
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
85,260
65,760
-
-
Between two and five years
35,985
93,620
-
-
121,245
159,380
-
-
27
Events after the reporting date
The company declared interim dividends of £10,000 on 9 December 2024 and £250,100 on 6 April 2025 for the year ended 31 October 2025.
28
Related party transactions
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Purchases
Purchases
2024
2023
£
£
Group
Other related parties
2,180,480
1,692,127
Rent of premises
2024
2023
£
£
Group
Other related parties
73,987
63,000
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
28
Related party transactions
(Continued)
- 29 -
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Other related parties
184,313
156,999
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
1,018,307
1,004,364
Company
Other related parties
913,040
913,226
Purchases were made at market price discounted to reflect the relationships between the parties.
The amounts outstanding are unsecured and will be settled in cash.
Rent of premises was at market price.
29
Directors' transactions
Dividends totalling £11,100 (2023 - £402,262) were paid in the year in respect of shares held by the company's directors.
Interest free loans have been granted by the group to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loans
2.25
-
257,162
(11,100)
246,062
-
257,162
(11,100)
246,062
30
Controlling party
The ultimate controlling party is B W Knox, director, by virtue of his shareholding.
KNOX HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 30 -
31
Cash generated from group operations
2024
2023
£
£
Profit after taxation
3,641,258
2,679,089
Adjustments for:
Taxation charged
1,079,948
838,669
Finance costs
9,395
Investment income
(132,175)
(66,737)
Loss on disposal of tangible fixed assets
525
-
Investment management expenses
52,719
30,118
Depreciation and impairment of tangible fixed assets
90,300
69,673
Gain on sale of investments
(78,298)
(6,866)
Other gains and losses
(317,932)
95,001
Movements in working capital:
(Increase)/decrease in stocks
(68,109)
165,972
Increase in debtors
(697,000)
(1,784,173)
(Decrease)/increase in creditors
(49,634)
448,250
Cash generated from operations
3,521,602
2,478,391
32
Analysis of changes in net funds - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
4,101,949
(2,928,998)
1,172,951
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