Greenwich Service Solutions Limited - Limited company accounts 23.2

REGISTERED NUMBER: 06778317 (England and Wales)

GREENWICH SERVICE SOLUTIONS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Profit or Loss

9

Statement of Profit or Loss and Other Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

DIRECTORS:

M Bakalovic

K T Scotford

L S Fletcher

SECRETARY:

S K Sandhu

REGISTERED OFFICE:

Room 102

Birchmere Business Site Eastern Way

Thamesmead

LONDON

SE28 8BF

REGISTERED NUMBER:

06778317 (England and Wales)

AUDITORS:

McCabe Ford Williams

Statutory Auditors and Chartered Accountants

Building 1063

Cornforth Drive

Kent Science Park

Sittingbourne

Kent

ME9 8PX

The directors present their strategic report for the year ended 31 March 2023.

Greenwich Service Solutions Limited (GSS Limited) is a company limited by shares, whose ultimate parent is the Royal Borough of Greenwich, the activities of the company include:

- Gateway Employment

- Building Cleaning Service

REVIEW OF BUSINESS

This is the 14th full year of trading for GSS. Turnover increased from £1.13m to £1.43m, reflecting the improved demand for agency services including new business and efficiency savings achieved in 2022 resulting a return to net surplus, with accumulated reserves of £0.36m.

This year represents the fourth year of the company's Transformation Implementation Business Plan following the decision by the Cabinet of the Royal Borough of Greenwich on 20th February 2019 with regard to its trading companies GSS Ltd and sister company GS Plus Ltd to "Insource Fleet, Passenger and Facilities Management services but move away from the provision of Catering, Schools ICT and Building Cleaning services (except RBG Building Cleaning)" over a 3 year period, which was subsequently extended for a further 3 year period to March 2025 and endorsed by the company's Board. Gateway Employment Agency cannot be insourced but will continue to support GS Plus operations over the life of the company. GSS continues to work closely with GS Plus under a shared management structure to implement further efficiencies.

PRINCIPAL RISKS AND UNCERTAINTIES

Notwithstanding the change in strategic direction, the principal activity of the company remains the Gateway Employment Agency and the main client is GS Plus Ltd which predominantly provides Teckal services to RBG. Credit risk is therefore low and trade is directly influenced by the parent.

FORWARD LOOKING STATEMENT

The increase in demand included new business to provide interim staff to the new catering providers in Greenwich primary schools throughout 2022/23. Further new business opportunities are being actively explored to continue this growth trend. Following this improvement and another successful year of operations supporting our key clients, the company has commenced work to plan for continued operations beyond the current transformation period for sign off with the parent. Quarterly updates on the progress of the extended Business Plan and financial forecasts will continue to be submitted to the Board, to ensure that the company position remains solvent and that Directors are compliant with their legal duties as Directors under the Companies Act 2006 and otherwise.

ON BEHALF OF THE BOARD:

M Bakalovic - Director

10 November 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of Gateway Employment, Payroll & Building Cleaning Service.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2023.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

M Bakalovic

K T Scotford

Other changes in directors holding office are as follows:

S A Brain - resigned 4 May 2022

C Lloyd - appointed 25 May 2022

L S Fletcher was appointed as a director after 31 March 2023 but prior to the date of this report.

C Lloyd ceased to be a director after 31 March 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 UK-adopted international accounting standards. 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 company and of the profit or loss of the company 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;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, McCabe Ford Williams, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Bakalovic - Director

10 November 2023

Opinion

We have audited the financial statements of Greenwich Service Solutions Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Profit or Loss, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;

-	have been properly prepared in accordance with IFRSs as adopted by the UK; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

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:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with management and our experience of the sector;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including, but not limited to, the Companies Act 2006 and UK tax legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

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

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC and Companies House records.

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 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 or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ashley Phillips FCCA (Senior Statutory Auditor)

for and on behalf of McCabe Ford Williams

Statutory Auditors and Chartered Accountants

Building 1063

Cornforth Drive

Kent Science Park

Sittingbourne

Kent

ME9 8PX

20 November 2023

CONTINUING OPERATIONS

Revenue

1,428,593

1,127,202

Cost of sales

(1,309,192

)

(1,210,098

)

GROSS PROFIT/(LOSS)

119,401

(82,896

)

Other operating income

3

-

65,103

Administrative expenses

(113,262

)

(109,168

)

OPERATING PROFIT/(LOSS)

6,139

(126,961

)

PROFIT/(LOSS) BEFORE INCOME TAX

5

6,139

(126,961

)

Income tax

6

-

-

PROFIT/(LOSS) FOR THE YEAR

6,139

(126,961

)

PROFIT/(LOSS) FOR THE YEAR

6,139

(126,961

)

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

6,139

(126,961

)

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment

7

8,104

10,806

CURRENT ASSETS

Trade and other receivables

8

186,910

227,351

Cash and cash equivalents

9

338,294

259,750

525,204

487,101

TOTAL ASSETS

533,308

497,907

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

10

100

100

Retained earnings

11

363,261

357,122

TOTAL EQUITY

363,361

357,222

LIABILITIES

CURRENT LIABILITIES

Trade and other payables

12

169,947

140,685

TOTAL LIABILITIES

169,947

140,685

TOTAL EQUITY AND LIABILITIES

533,308

497,907

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by:

M Bakalovic - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2021

100

484,083

484,183

Changes in equity

Total comprehensive income

-

(126,961

)

(126,961

)

Balance at 31 March 2022

100

357,122

357,222

Changes in equity

Total comprehensive income

-

6,139

6,139

Balance at 31 March 2023

100

363,261

363,361

Cash flows from operating activities

Cash generated from operations

1

78,544

(178,788

)

Net cash from operating activities

78,544

(178,788

)

Increase/(decrease) in cash and cash equivalents

78,544

(178,788

)

Cash and cash equivalents at beginning of year

2

259,750

438,538

Cash and cash equivalents at end of year

2

338,294

259,750

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

31.3.23

31.3.22

£

£

Profit/(loss) before income tax

6,139

(126,961

)

Depreciation charges

2,702

3,602

8,841

(123,359

)

Decrease in inventories

-

2,595

Decrease in trade and other receivables

40,441

20,117

Increase/(decrease) in trade and other payables

29,262

(78,141

)

Cash generated from operations

78,544

(178,788

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2023

31.3.23

1.4.22

£

£

Cash and cash equivalents

338,294

259,750

Year ended 31 March 2022

31.3.22

1.4.21

£

£

Cash and cash equivalents

259,750

438,538

1.	STATUTORY INFORMATION

Greenwich Service Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

The company meets its day to day working capital requirements largely through its own activities but also through financial and grant support from the Boroughs for which it operates facilities. The Directors expect this financial support to continue for the foreseeable future and therefore consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of its financial support by the local authority.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from the 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimation of bad debts is based on previous history and any known factors at the time the financial statements are approved, however due to the level of trade debtors this represents an area of significant estimation uncertainty.

A further key source of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of tangible fixed assets and the recoverability of tax trading losses along with any related deferred tax asset.

Revenue recognition

Income represents net sales of goods and services excluding value added tax.

Cash and cash equivalents

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on reducing balance

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other receivables

Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other payables

Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

Grant income

Monies advanced as grants and contributions are shown as liabilities on the Balance Sheet until outstanding conditions are satisfied. When conditions are satisfied, the grant or contribution is credited to the Income Statement.

Government grants

During the previous accounting period, the company was in receipt of government grants in the form of the Coronavirus Job Retention Scheme. The grants are recognised in full as income in the period to which the associated grant claim relates. Accordingly, grants recognised in the period to 31 March 2022 related to claims for wages costs incurred from 1 April 2021 up until 30 September 2021, when the scheme ended.

3.	OTHER OPERATING INCOME

31.3.23

31.3.22

£

£

Government grants

-

65,103

The outbreak of the COVID-19 pandemic, which began in the early months of 2020, continued through into the year ended 31 March 2022. The pandemic caused extensive disruption across the globe, and as with many businesses, the Company's activities were impacted.

Since the outbreak of the pandemic, the UK Government enforced several lockdowns to restrict the spread of the virus, with the final lockdown in the UK ending on 29 March 2021. All the remaining Government imposed restrictions on social distancing were removed on 24 February 2022.

Due to the nature of the business, it was necessary to furlough some members of the workforce during the year ended 31 March 2022 and the Company accessed Government support via the Coronavirus Job Retention Scheme.

No such income was relevant for the year ended 31 March 2023.

4.	EMPLOYEES AND DIRECTORS

31.3.23

31.3.22

£

£

Wages and salaries

1,237,383

1,141,940

Social security costs

70,143

59,106

Other pension costs

16,003

14,907

1,323,529

1,215,953

The average number of employees during the year was as follows:

31.3.23

31.3.22

Weekly paid

81

78

Monthly paid

7

9

88

87

31.3.23

31.3.22

£

£

Directors' remuneration

2,556

3,000

5.	PROFIT/(LOSS) BEFORE INCOME TAX

The profit before income tax (2022 - loss before income tax) is stated after charging/(crediting):

31.3.23

31.3.22

£

£

Cost of inventories recognised as expense

(51,325

)

5,939

Depreciation - owned assets

2,702

3,602

Auditors remuneration

8,250

7,500

Overprovision in prior year

-

(500

)

6.	INCOME TAX

Analysis of tax expense

No liability to UK corporation tax arose for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Factors affecting the tax expense

The tax assessed for the year is lower (2022 - higher) than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.23

31.3.22

£

£

Profit/(loss) before income tax

6,139

(126,961

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 19% (2022 - 19%)

1,166

(24,123

)

Effects of:

Expenses not allowable for tax purposes

-

199

Depreciation in excess of capital allowances

513

684

Movement in expenses not allowable for tax purposes

148

(165

)

for tax purposes in 2019

Losses available to carry forward

-

30,503

Reduction in bad debt provision

(197

)

(7,098

)

Losses utilised

(1,630

)

-

Tax expense

-

-

7.	PROPERTY, PLANT AND EQUIPMENT

Computer

equipment

£

COST

At 1 April 2022

and 31 March 2023

53,795

DEPRECIATION

At 1 April 2022

42,989

Charge for year

2,702

At 31 March 2023

45,691

NET BOOK VALUE

At 31 March 2023

8,104

At 31 March 2022

10,806

8.	TRADE AND OTHER RECEIVABLES

31.3.23

31.3.22

£

£

Current:

Trade debtors

47,760

27,154

Amounts owed by group undertakings

102,586

171,821

Prepayments and accrued income

36,564

28,376

186,910

227,351

9.	CASH AND CASH EQUIVALENTS

31.3.23

31.3.22

£

£

Bank accounts

338,294

259,750

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

100

Ordinary

1

100

100

11.

RESERVES

Retained

earnings

£

At 1 April 2022

357,122

Profit for the year

6,139

At 31 March 2023

363,261

12.	TRADE AND OTHER PAYABLES

31.3.23

31.3.22

£

£

Current:

Trade creditors

193

3,807

Other taxes and PAYE taxes

15,796

16,670

Other creditors

5,398

4,288

Accrued expenses

52,019

65,028

VAT

96,541

50,892

169,947

140,685

13.	RELATED PARTY DISCLOSURES

The company was charged £41,847 (2022: £44,913) by Greenwich Service Plus Limited, a company under common control, for management services. It also charged Greenwich Service Plus Limited £1,302,683 (2022: £1,070,022) during the same period and at the Statement of Financial Position date the company was due £167,733 (2022: £220,334) from Greenwich Service Plus Limited. Greenwich Service Plus Limited also recharged expenses totalling £7,312 (2022: £53,495) to the company during the same period, and at the Statement of Financial Position date, the company owed £nil (2022: £4,853).

The company charged £nil (2022: £1,998) to the Royal Borough of Greenwich (including Schools), the ultimate controlling party, during the year. The balance due from the Royal Borough of Greenwich at the Statement of Financial Position date was £nil (2022: £nil). The balance due to the Royal Borough of Greenwich at the Statement of Financial Position date was £nil (2022: £nil).

The Company also made sales to schools within the Royal Borough of Greenwich totalling £4,934 (2022:£nil) and at the date of financial position the amount owing from these schools totalled £nil (2022: £nil).

14.	ULTIMATE CONTROLLING PARTY