Company registration number 10324834 (England and Wales)
TROUBADOUR INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TROUBADOUR INVESTMENTS LIMITED
COMPANY INFORMATION
Director
B M Cleary
Company number
10324834
Registered office
Unit 14
Mile Oak Industrial Estate
Maesbury Road
Oswestry
SY10 8GA
Auditor
Gravita II LLP
Aldgate Tower
2 Leman Street
London
United Kingdom
E1 8FA
TROUBADOUR INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
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 - 29
TROUBADOUR INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

Review of the business

The directors consider that the key financial performance indicators are those that monitor the performance in respect of the below matrix.

Analysis of key performance indicators

Domestic business experienced the effects of a squeeze on consumer spending.

Internet sales continue to be buoyant, and the group continues to be well placed in the UK market.

Export sales for manufactured goods also felt the long tail effect of the pandemic with most markets being very cautious. However, we believe this to be short term and continue to invest in this profitable sector.

The key financial highlights are as follows:

 

 

 

 

2024

2023

 

 

 

 

£

£

Turnover

Gross profit

 

Profit before tax

 

 

 

 

 

10,133,340

3,512,841

853,099

10,587,263

3,648,744

940,177

 

Principal risks and uncertainties

The group faces a number of risks and uncertainties and the directors believe that the key business risks are in respect of competition mostly from international businesses and in ensuring that the group continues to be the first choice for business in the UK for musical instruments. In view of these risks and uncertainties, the directors are aware that the development of the group may be affected by factors outside their control.

In view of this, the directors are looking carefully at both existing and potential new markets to mitigate the risk. In addition, the following points sets out how key risks relating to technological advancements, changes in consumer tastes and new competition are being mitigated:

  1. The group actively promotes its own brands and third party brands and undertakes marketing actions to raise brand awareness.

  2. The group also focuses on quality, brand knowledge and detailed knowledge on a number of musical instruments that are in demand to ensure customers get quality service.

  3. The group has long lasting relationships with numerous suppliers of well known musical instruments which sell to the company on an exclusive basis. The company’s sales team have extensive knowledge of their products which is seen as an asset.

  4. A diminishing number of musical instrument retailers in the UK is a concern. The Board continues to consider the appropriate adaptations to the business model. So far, no significant financial impact has been felt.

TROUBADOUR INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Financial instruments

The group's principal financial instruments comprise, import loan facilities, bank balances, bank overdrafts, trade creditors, trade debtors and finance lease agreements. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations. The group's approach to managing risks applicable to the financial instruments concerned is shown below.

The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities. The group does not enter into any formally designated hedging arrangements.

In respect of import loan facilities, the liquidity risk is managed by ensuring there are sufficient funds to meet demands.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

In respect of short term trade loans these comprise amounts due to financial institutions. The interest rate on the loans from the financial institutions are at a fixed rate and repayable on a 90 day period. The group manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

The group is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed in the same way as the loans above.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

On behalf of the board

B M Cleary
Director
13 August 2025
TROUBADOUR INVESTMENTS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the group continued to be that of the wholesale and distribution of musical instruments.

 

The principal activity of the company is that of a non-trading company.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £120,000. The director does not recommend payment of a further dividend.

Director

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

B M Cleary
Future developments

Investment in in-house manufacturing for its own brands and for OEM products is expected to contribute towards an increase in profits. Additionally, a focus on export is expected to show growth.

Auditor

The auditor, Gravita II LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments.

TROUBADOUR INVESTMENTS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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.

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 M Cleary
Director
13 August 2025
TROUBADOUR INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TROUBADOUR INVESTMENTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Troubadour Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, 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 director's 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 director 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 director is 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:

TROUBADOUR INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TROUBADOUR INVESTMENTS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director

As explained more fully in the director's responsibilities statement as set out on page 3, the director is 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 director determines 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 director is responsible for assessing the group and 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

The extent to which the audit was considered capable of detecting irregularities including fraud.

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

 

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

We assessed the susceptibility of the group and parent's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.

Bashir Khan ACCA (Senior Statutory Auditor)
For and on behalf of Gravita II LLP, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
14 August 2025
TROUBADOUR INVESTMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
10,133,340
10,587,263
Cost of sales
(6,620,499)
(6,938,519)
Gross profit
3,512,841
3,648,744
Administrative expenses
(2,684,473)
(2,710,192)
Other operating income
13,667
13,667
Operating profit
4
842,035
952,219
Interest receivable and similar income
7
15,593
2,608
Interest payable and similar expenses
8
(4,529)
(14,650)
Profit before taxation
853,099
940,177
Tax on profit
9
(233,488)
(185,983)
Profit for the financial year
22
619,611
754,194
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.

The income statement has been prepared on the basis that all operations are continuing operations.

TROUBADOUR INVESTMENTS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
9,900
9,900
Other intangible assets
11
5,496
6,155
Total intangible assets
15,396
16,055
Tangible assets
12
161,343
213,748
176,739
229,803
Current assets
Stocks
15
3,491,751
3,483,448
Debtors
16
1,311,421
1,242,263
Cash at bank and in hand
1,960,496
1,706,163
6,763,668
6,431,874
Creditors: amounts falling due within one year
17
(1,144,146)
(1,168,787)
Net current assets
5,619,522
5,263,087
Total assets less current liabilities
5,796,261
5,492,890
Creditors: amounts falling due after more than one year
18
(12,047)
(48,287)
Net assets
5,784,214
5,444,603
Capital and reserves
Called up share capital
21
314
350
Capital redemption reserve
22
157
121
Other reserves
22
353,662
353,662
Profit and loss reserves
22
5,430,081
5,090,470
Total equity
5,784,214
5,444,603

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 13 August 2025
13 August 2025
B M Cleary
Director
Company registration number 10324834 (England and Wales)
TROUBADOUR INVESTMENTS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
983,138
983,138
Current assets
Debtors
16
120,000
120,000
Cash at bank and in hand
317
317
120,317
120,317
Creditors: amounts falling due within one year
17
(120,000)
(120,000)
Net current assets
317
317
Net assets
983,455
983,455
Capital and reserves
Called up share capital
21
314
350
Capital redemption reserve
22
157
121
Other reserves
22
982,984
982,984
Total equity
983,455
983,455

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 £280,000 (2023: £290,000).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 13 August 2025
13 August 2025
B M Cleary
Director
Company registration number 10324834 (England and Wales)
TROUBADOUR INVESTMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Capital redemption reserve
Other reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
386
85
353,662
4,626,276
4,980,409
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
754,194
754,194
Dividends
10
-
-
-
(130,000)
(130,000)
Redemption of shares
21
(36)
36
-
(160,000)
(160,000)
Balance at 31 December 2023
350
121
353,662
5,090,470
5,444,603
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
619,611
619,611
Dividends
10
-
-
-
(120,000)
(120,000)
Redemption of shares
21
(36)
36
-
(160,000)
(160,000)
Balance at 31 December 2024
314
157
353,662
5,430,081
5,784,214
TROUBADOUR INVESTMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Other reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
386
85
982,984
-
0
983,455
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
290,000
290,000
Dividends
10
-
-
-
(130,000)
(130,000)
Redemption of shares
21
(36)
36
-
(160,000)
(160,000)
Balance at 31 December 2023
350
121
982,984
-
0
983,455
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
280,000
280,000
Dividends
10
-
-
-
(120,000)
(120,000)
Redemption of shares
21
(36)
36
-
(160,000)
(160,000)
Balance at 31 December 2024
314
157
982,984
-
0
983,455
TROUBADOUR INVESTMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
756,255
1,541,721
Interest paid
(4,529)
(14,650)
Income taxes paid
(194,783)
(173,634)
Net cash inflow from operating activities
556,943
1,353,437
Investing activities
Purchase of tangible fixed assets
(1,963)
(63,814)
Proceeds from disposal of tangible fixed assets
-
32,644
Interest received
15,593
2,608
Net cash generated from/(used in) investing activities
13,630
(28,562)
Financing activities
Redemption of shares
(160,000)
(160,000)
Repayment of bank loans
-
(2,713)
Payment of finance leases obligations
(36,240)
(38,120)
Dividends paid to equity shareholders
(120,000)
(130,000)
Net cash used in financing activities
(316,240)
(330,833)
Net increase in cash and cash equivalents
254,333
994,042
Cash and cash equivalents at beginning of year
1,706,163
712,121
Cash and cash equivalents at end of year
1,960,496
1,706,163
TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Troubadour Investments Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Unit 14, Mile Oak Industrial Estate, Oswestry, Shropshire, SY10 8GA.

 

The group consists of Troubadour Investments Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

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
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.

TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated financial statements incorporate those of Troubadour Investments Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). On 7 October 2016, Troubadour Investments Limited acquired the entire share capital of Barnes and Mullins Limited, registered office Unit 14 Mile Oak Industrial Estate, Maesbury Road, Owestry, Shropshire, SY10 8GA, by way of a share for share exchange whereby the shareholders of Mile Oak Investments Limited, the parent company of Barnes and Mullins Limited, received one share in Troubadour Investments Limited for each share they owned in Mile Oak Investments Limited.

 

The introduction of a new holding company constituted a Group reconstruction and has been accounted for using the merger accounting principles in accordance with paragraphs 19.27 to 19.32 of FRS 102 "the Financial Reporting Standard applicable in the UK and Republic of Ireland".

 

Subsidiaries acquired after the Group reconstruction and during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 December 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 director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues 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 sold in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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
Tangible fixed assets

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

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

Leasehold improvements
Over the remaining life of the lease
Plant and equipment
25% Reducing balance
Fixtures and fittings
25% Reducing balance
Motor vehicles
25% Reducing balance

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

TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

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, 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.

1.8
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.

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.

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.

Cost is determined on the first-in, first-out (FIFO) method.

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.

TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

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

 

Financial instruments are recognised in the group's statement of financial position 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, 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.

TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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.

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.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.16
Leases

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

 

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

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

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

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.

1.18

Invoice discounting

The group recognises a trade debtor on sales and a invoice discounting liability due to a third party when it has transferred substantially all of the risks and rewards of the ownership of the trade debtors and has an obligation to pay the received cash flows in full without any material delays. As the company has an obligation to buy back debts over a certain ageing, a debtor and corresponding creditor is recognised.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

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.

Stock

The group wholesales and distributes musical instruments and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provision required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods. See note 15 for the net carrying amount of the stock and associated provision.

TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sales of goods - musical instruments
10,133,340
10,587,263
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
8,302,968
8,911,370
EU
1,169,245
1,041,317
Rest of the world
661,127
634,576
10,133,340
10,587,263
2024
2023
£
£
Other revenue
Interest income
15,593
2,608

All turnover is derived from one activity, being the group's principal activity in sale of musical instruments.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
19,698
47,467
Depreciation of owned tangible fixed assets
31,941
42,688
Depreciation of tangible fixed assets held under finance leases
22,427
29,903
Profit on disposal of tangible fixed assets
-
(13,261)
Amortisation of intangible assets
659
879
Operating lease charges
125,000
125,000
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
-
-
Audit of the financial statements of the company's subsidiaries
45,000
43,000
TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
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
Sales and distribution
14
8
-
-
Administration
12
12
1
1
Drivers and yard staff
17
19
-
-
Total
43
39
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,477,390
1,494,224
-
0
-
0
Social security costs
151,302
157,409
-
-
Pension costs
101,324
77,214
-
0
-
0
1,730,016
1,728,847
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
15,593
2,608
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
7
133
Interest on invoice finance arrangements
3,256
14,517
Interest on finance leases and hire purchase contracts
1,266
-
Total finance costs
4,529
14,650
TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
233,876
195,171
Adjustments in respect of prior periods
(388)
(9,188)
Total current tax
233,488
185,983

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
853,099
940,177
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
213,275
220,942
Tax effect of expenses that are not deductible in determining taxable profit
11,720
11,013
Permanent capital allowances in excess of depreciation
8,881
(33,838)
Other permanent differences
-
0
170
Under/(over) provided in prior years
(388)
(9,188)
Profit on disposal of tangible fixed assets
-
0
(3,116)
Taxation charge
233,488
185,983
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
120,000
130,000
11
Intangible fixed assets
Group
Goodwill
Patents & licences
Brand name
Total
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
156,400
41,080
10,500
207,980
Amortisation and impairment
At 1 January 2024
146,500
41,080
4,345
191,925
Amortisation charged for the year
-
0
-
0
659
659
At 31 December 2024
146,500
41,080
5,004
192,584
TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Intangible fixed assets
(Continued)
- 23 -
Carrying amount
At 31 December 2024
9,900
-
0
5,496
15,396
At 31 December 2023
9,900
-
0
6,155
16,055
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.

More information on impairment movements in the year is given in note .

Brand name relates to the acquisition of Thibouville-Lamy and Huber.

12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
46,586
9,499
431,032
259,680
746,797
Additions
-
0
-
0
1,963
-
0
1,963
At 31 December 2024
46,586
9,499
432,995
259,680
748,760
Depreciation and impairment
At 1 January 2024
42,549
2,375
392,097
96,028
533,049
Depreciation charged in the year
3,147
1,781
8,527
40,913
54,368
At 31 December 2024
45,696
4,156
400,624
136,941
587,417
Carrying amount
At 31 December 2024
890
5,343
32,371
122,739
161,343
At 31 December 2023
4,037
7,124
38,935
163,652
213,748
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
983,138
983,138
TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
983,138
Carrying amount
At 31 December 2024
983,138
At 31 December 2023
983,138
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Barnes & Mullins (Manufacturing) Limited*
1
Dormant
Ordinary
0
100.00
Barnes & Mullins Limited
1
Whole sale and distributor
Ordinary
100.00
-
Terry Gould International Limited*
1
Dormant
Ordinary
0
100.00
The Hidersine Company Limited*
1
Dormant
Ordinary
0
99.00
Shergold Guitars London Limited*
1
Dormant
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Grays Inn House Unit 14 Mile, Oak Industrial Estate, Oswestry, Shropshire, SY10 8GA
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Barnes & Mullins (Manufacturing) Limited*
(148,318)
Barnes & Mullins Limited
5,783,228
619,611
Terry Gould International Limited*
869
The Hidersine Company Limited*
100
Shergold Guitars London Limited*
100

Fixed asset investments comprise equity shares in the above entities, none of which are publicly traded.

 

*Subsidiaries of Barnes & Mullins Limited.

TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
185,079
188,071
-
-
Finished goods and goods for resale
3,306,672
3,295,377
-
0
-
0
3,491,751
3,483,448
-
-

Stock is stated after provisions for impairment of £284,382 (2023: £284,382).

There is no significant difference between the replacement cost of finished goods and their carrying amounts.

16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,160,729
1,120,808
-
0
-
0
Amounts owed by group undertakings
-
-
120,000
120,000
Other debtors
39,779
13,302
-
0
-
0
Prepayments and accrued income
110,913
108,153
-
0
-
0
1,311,421
1,242,263
120,000
120,000

Trade debtors disclosed above are measured at amortised cost.

Trade debtors are stated after provisions for impairment of £41,588 (2023: £40,900).

 

Included within trade debtors are debts of £nil (2023: £813,040) that are part of the invoice discounting arrangement.

 

Company

Included within amounts owed by group undertakings are loans of £120,000 (2023: £120,000) which are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
33,203
33,203
-
0
-
0
Trade creditors
319,837
415,128
-
0
-
0
Corporation tax payable
233,876
195,171
-
0
-
0
Other taxation and social security
251,296
225,287
-
-
Other creditors
123,612
120,385
120,000
120,000
Accruals and deferred income
182,322
179,613
-
0
-
0
1,144,146
1,168,787
120,000
120,000
TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Creditors: amounts falling due within one year
(Continued)
- 26 -

Included within other creditor is a loan balance of £120,000 (2023: £120,000) due to the director of the company. The loan is unsecured, interest free, have no date of repayment and repayable on demand.

 

There is also a £40,000 guarantee in the favour of HM Customs and Excise.

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
12,047
48,287
-
0
-
0

 

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
33,203
33,203
-
0
-
0
In two to five years
12,047
48,287
-
0
-
0
45,250
81,490
-
-

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

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
101,324
77,214

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.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
251
251
251
251
Non-voting Ordinary shares of £1 each
63
99
63
99
314
350
314
350
TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Share capital
(Continued)
- 27 -

There are two classes of Ordinary shares; Ordinary shares and Non-voting Ordinary shares. On the Ordinary shares, there's full voting rights and no restrictions on the distribution of dividends and repayment of capital. Non-voting Ordinary shares have no voting rights and there are no restrictions on the distribution of dividends and repayment capital.

 

On 25 October 2021, 180 Ordinary Shares of £1 each were re-designated as 180 Non-voting Ordinary shares of £1 each.

 

The company entered into a multiple completion contract on 25 October 2021 to buy back 40 voting ordinary shares of £1 each at £5,000 per share and 180 non-voting ordinary shares of £1 each at £4,444 per share.

 

During the year, under the terms of the contract, the company bought back 9 shares each quarter totalling 36 non-voting ordinary £1 shares.

 

The remaining 63 non-voting ordinary £1 shares will be bought back and cancelled at the rate of 9 shares every quarter.

22
Reserves
Capital redemption reserve

This reserve records the nominal amount of the shares repurchased by the company.

Other reserve

Other reserve have arisen on consolidation of the subsidiary under the merger accounting principles which has resulted in a merger reserve which is the fair value of the consideration in excess of the investment in the subsidiary.

Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

23
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
158,203
138,203
-
-
Between two and five years
269,684
261,805
-
-
427,887
400,008
-
-
TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
490,736
449,678
Transactions with related parties

During the year the group entered into the following transactions with related parties:

2024
2023
£
£
Group
Other related parties
125,000
125,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
120,000
120,000
Company
Key management personnel
120,000
120,000
25
Controlling party

The company is owned and controlled by the director.

TROUBADOUR INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
26
Cash generated from group operations
2024
2023
£
£
Profit after taxation
619,611
754,194
Adjustments for:
Taxation charged
233,488
185,983
Finance costs
4,529
14,650
Investment income
(15,593)
(2,608)
Gain on disposal of tangible fixed assets
-
(13,261)
Amortisation and impairment of intangible assets
659
879
Depreciation and impairment of tangible fixed assets
54,368
72,591
Movements in working capital:
(Increase)/decrease in stocks
(8,303)
313,043
(Increase)/decrease in debtors
(69,158)
231,549
Decrease in creditors
(63,346)
(15,299)
Cash generated from operations
756,255
1,541,721
27
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,706,163
254,333
1,960,496
Obligations under finance leases
(81,490)
36,240
(45,250)
1,624,673
290,573
1,915,246
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100B M 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