Crampton & Moore Holdings Limited - Limited company accounts 23.2

REGISTERED NUMBER: 05031476 (England and Wales)

Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 30 April 2023

for

Crampton & Moore Holdings Limited

Previously known as

Fencebanner Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Independent Auditors' Report

5

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

16

DIRECTOR:

Mr R J Moore

SECRETARY:

Mrs M J Moore

REGISTERED OFFICE:

Horsleygate Hall

Horsleygate Lane

Holmesfield

Dronfield

Derbyshire

S18 7WD

REGISTERED NUMBER:

05031476 (England and Wales)

AUDITORS:

Harris & Co Limited

Chartered Accountants & Statutory Auditor

Marland House

13 Huddersfield Road

Barnsley

South Yorkshire

S70 2LW

The director presents his strategic report of the Company and the Group for the year ended 30 April 2023.

REVIEW OF BUSINESS

The directors aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year-end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Turnover increased by £8,787k (37.8%) to £32,034k, and the gross profit percentage increased to 27.7% (2022: decreased to 20.2%) resulting in a £4,180k increase in gross profit to £8,866k (2022: £4,686k). Administrative expenses increased by £1,866k (53.8%) which, taken with the increase in gross profit, resulted in the group recording a profit before tax of £3,310k (2022: £1,184k).

The Group's shareholders funds increased by £2,395k to £6,765k (2022: £4,371k) reflecting retained profits. Net current assets increased by £2,090k to £3,946k (2022: 1,856k).

The director is pleased with the Group's financial performance during the year despite th issues and uncertainties around the economy and market conditions. The Group is well placed to withstand any future adverse events.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The Group does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

The board of directors is responsible for monitoring financial risks and for deciding where it would be appropriate to use financial instruments to manage this risk.

Price risk

The Group has no exposure to equity securities price risk as it holds no listed or other equity investments.

Credit risk

The Group has implemented policies that require appropriate credit checks on potential customers before credit sales are made.

Liquidity risk

The Group actively maintains a mixture of long-term and short-term debt to ensure that the Group has sufficient available funds for its operations.

Interest rate cashflow risk

The Group has interest bearing liabilities by way of bank loans and overdrafts, and therefore is exposed to interest rate cashflow risk. The board of directors regularly review the level and mix of debt to manage interest rate risk.

KEY PERFORMANCE INDICATORS

We consider that our key performance indicators are those that communicate the financial performance and strength of the group as a whole. Management use a range of performance measures to monitor and manage the business. The performance measures are split into financial and non-financial key performance indicators as set out below.

2023

2022

Profit ratios:

Gross profit margin

27.68%

20.16%

Net profit margin

8.37%

4.12%

Liquidity ratios:

Current ratio

1.59 : 1

1.37 : 1

Activity ratios:

Debtor days

28.9 days

23.1 days

Creditors days

82.4 days

61.9 days

Stock turnover

3.03 times

3.56 times

ON BEHALF OF THE BOARD:

Mr R J Moore - Director

18 January 2024

The director presents his report with the financial statements of the Company and the Group for the year ended 30 April 2023.

CHANGE OF NAME

The Group passed a special resolution on 5 January 2023 changing its name from Fencebanner Limited to Crampton & Moore Holdings Limited.

PRINCIPAL ACTIVITY

The principal activity of the Group in the year under review was that of electrical retailing.

DIVIDENDS

The total distribution of dividends for the year ended 30 April 2023 will be £285,160.

DIRECTOR

Mr R J Moore held office during the whole of the period from 1 May 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director 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 Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.

AUDITORS

The auditors, Harris & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr R J Moore - Director

18 January 2024

Opinion

We have audited the financial statements of Crampton & Moore Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 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 of the Parent Company affairs as at 30 April 2023 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.

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 Group 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 the 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 director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Auditors' Report 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, 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 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's and 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 director either intends to liquidate the Group or the Parent Company or to cease operations, or has 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 an Auditors' 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:

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:

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:

- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- The internal controls established to mitigate risk related to fraud or non-compliance with laws & regulations;

- Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the UK Companies Act, UK Generally Accepted Accounting Practice and tax legislation.

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 Auditors' Report.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

- Enquiring of management concerning actual and potential litigation and claims;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; and

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing the judgements used in accounting estimates to assess whether these may be indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including

those leading to a material misstatement in the financial statements or non-compliance with regulation. This

risk increases the more that compliance with a law or regulation is removed from the events and transactions

reflected in the financial statements, as we will be less likely to become aware of instances of

non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as

fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' 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.

Thomas Garner CA CTA (Senior Statutory Auditor)

for and on behalf of Harris & Co Limited

Chartered Accountants & Statutory Auditor

Marland House

13 Huddersfield Road

Barnsley

South Yorkshire

S70 2LW

18 January 2024

TURNOVER

32,033,945

23,247,235

Cost of sales

23,168,355

18,561,727

GROSS PROFIT

8,865,590

4,685,508

Administrative expenses

5,337,678

3,471,358

3,527,912

1,214,150

Other operating income

4

19,488

93,085

OPERATING PROFIT

6

3,547,400

1,307,235

Interest payable and similar expenses

7

236,926

123,028

PROFIT BEFORE TAXATION

3,310,474

1,184,207

Tax on profit

8

630,768

226,103

PROFIT FOR THE FINANCIAL YEAR

2,679,706

958,104

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,679,706

958,104

Profit attributable to:

Owners of the parent

2,679,706

958,104

Total comprehensive income attributable to:

Owners of the parent

2,679,706

958,104

FIXED ASSETS

Tangible assets

11

7,139,317

6,338,425

Investments

12

-

500

7,139,317

6,338,925

CURRENT ASSETS

Stocks

13

7,640,661

5,217,274

Debtors

14

2,683,520

1,643,437

Cash at bank and in hand

318,625

28,623

10,642,806

6,889,334

CREDITORS

Amounts falling due within one year

15

6,696,572

5,032,904

NET CURRENT ASSETS

3,946,234

1,856,430

TOTAL ASSETS LESS CURRENT LIABILITIES

11,085,551

8,195,355

CREDITORS

Amounts falling due after more than one year

16

(4,225,850

)

(3,770,212

)

PROVISIONS FOR LIABILITIES

20

(94,428

)

(54,416

)

NET ASSETS

6,765,273

4,370,727

CAPITAL AND RESERVES

Called up share capital

21

100

100

Retained earnings

22

6,765,173

4,370,627

SHAREHOLDERS' FUNDS

6,765,273

4,370,727

The financial statements were approved by the director and authorised for issue on 18 January 2024 and were signed by:

Mr R J Moore - Director

FIXED ASSETS

Tangible assets

11

-

-

Investments

12

472,555

472,555

472,555

472,555

CURRENT ASSETS

Cash at bank

154

162

NET CURRENT ASSETS

154

162

TOTAL ASSETS LESS CURRENT LIABILITIES

472,709

472,717

CAPITAL AND RESERVES

Called up share capital

21

100

100

Retained earnings

22

472,609

472,617

SHAREHOLDERS' FUNDS

472,709

472,717

Company's profit for the financial year

285,152

239,645

The financial statements were approved by the director and authorised for issue on 18 January 2024 and were signed by:

Mr R J Moore - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2021

100

3,652,173

3,652,273

Changes in equity

Dividends

-

(239,650

)

(239,650

)

Total comprehensive income

-

958,104

958,104

Balance at 30 April 2022

100

4,370,627

4,370,727

Changes in equity

Dividends

-

(285,160

)

(285,160

)

Total comprehensive income

-

2,679,706

2,679,706

Balance at 30 April 2023

100

6,765,173

6,765,273

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2021

100

472,622

472,722

Changes in equity

Dividends

-

(239,650

)

(239,650

)

Total comprehensive income

-

239,645

239,645

Balance at 30 April 2022

100

472,617

472,717

Changes in equity

Dividends

-

(285,160

)

(285,160

)

Total comprehensive income

-

285,152

285,152

Balance at 30 April 2023

100

472,609

472,709

Cash flows from operating activities

Cash generated from operations

1

2,057,225

871,745

Interest paid

(233,210

)

(117,642

)

Interest element of hire purchase payments paid

(3,716

)

(5,386

)

Tax paid

(291,252

)

(246,893

)

Net cash from operating activities

1,529,047

501,824

Cash flows from investing activities

Purchase of tangible fixed assets

(1,332,887

)

(4,479,936

)

Sale of tangible fixed assets

603,881

-

Net cash from investing activities

(729,006

)

(4,479,936

)

Cash flows from financing activities

New loans in year

2,597,750

5,136,500

Loan repayments in year

(2,270,095

)

(1,458,220

)

Capital repayments in year

(106,550

)

(18,893

)

Amount introduced by directors

4,569

3,831

Amount withdrawn by directors

(6,844

)

(5,821

)

Equity dividends paid

(285,160

)

(239,650

)

Net cash from financing activities

(66,330

)

3,417,747

Increase/(decrease) in cash and cash equivalents

733,711

(560,365

)

Cash and cash equivalents at beginning of year

2

(415,086

)

145,279

Cash and cash equivalents at end of year

2

318,625

(415,086

)

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2023

2022

£

£

Profit before taxation

3,310,474

1,184,207

Depreciation charges

95,599

60,996

Profit on disposal of fixed assets

(166,985

)

-

Finance costs

236,926

123,028

3,476,014

1,368,231

Increase in stocks

(2,423,387

)

(236,806

)

Increase in trade and other debtors

(1,037,808

)

(1,174,875

)

Increase in trade and other creditors

2,042,406

915,195

Cash generated from operations

2,057,225

871,745

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2023

30/4/23

1/5/22

£

£

Cash and cash equivalents

318,625

28,623

Bank overdrafts

-

(443,709

)

318,625

(415,086

)

Year ended 30 April 2022

30/4/22

1/5/21

£

£

Cash and cash equivalents

28,623

145,279

Bank overdrafts

(443,709

)

-

(415,086

)

145,279

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/5/22

Cash flow

At 30/4/23

£

£

£

Net cash

Cash at bank and in hand

28,623

290,002

318,625

Bank overdrafts

(443,709

)

443,709

-

(415,086

)

733,711

318,625

Debt

Finance leases

(106,550

)

106,550

-

Debts falling due within 1 year

(944,259

)

127,983

(816,276

)

Debts falling due after 1 year

(3,770,212

)

(455,638

)

(4,225,850

)

(4,821,021

)

(221,105

)

(5,042,126

)

Total

(5,236,107

)

512,606

(4,723,501

)

1.	STATUTORY INFORMATION

Crampton & Moore Holdings 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 General Information page.

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

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These consolidated financial statements have been prepared under the historical cost convention and in compliance with FRS 102, 'The Financial Standard Applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

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.

Basis of consolidation

The financial statements incorporate the financial statements of the company and all group undertakings made up to 30 April 2022.

A subsidiary is an entity controlled by the company. Control exists when the company has power, directly or indirectly to govern the operating policies of the entity so as to derive benefits from its activities.

The consolidation of the subsidiary companies has been accounted for using the acquisition method of accounting as permitted by FRS 102. Any subsidiary undertakings sold or acquired during the year are included up to, or from, the dates of change of control. The financial statements of all subsidiary companies are prepared to the same accounting date as the parent company. Uniform accounting policies are followed throughout the group.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

The significant judgements and estimates applied in the preparation of these financial statements are the useful lives and residual values of property; stock provisions; and dilapidation provisions. All accounting policies, judgements and estimates have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover represents amounts earned on goods and services provided during the year and derives from the provision of goods and services falling within the company's ordinary activities.

Tangible fixed assets

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

Freehold property

-

not provided as in the opinion of the directors theresidual value of the freehold buildings at the end of their useful life is not significantly less than original cost and where applicable straight line over 50 years.

Fixtures and fittings

-

25% on reducing balance, 20% on cost straight line and 10% onreducing balance

All fixed assets are initially recorded at cost.

Government grants

Government grants are recognised in accordance with the accrual model of Section 24 of FRS 102.

Grants of a revenue nature are matched to their associated expenditure and recognised in the Statement of Comprehensive Income in the year in which they were borne. Grants of a capital nature are initially deferred and released into the Statement of Comprehensive Income in line with the depreciation policy of the class of asset the grant is awarded for.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost is valued using the weighted average cost method and includes all purchase, transport and handling costs bringing stocks to their present location and condition.

Financial instruments

The company has adopted the provisions set out in sections 11 and 12 of FRS 102 in the recognition and measurement of financial instruments. All financial instruments are initially measured at the original transaction price, less associated costs. For subsequent measurement, basic financial instruments are measured at amortised cost in accordance with section 11 of FRS 102. Other financial instruments that are not considered basic and that are material to the financial statements are measured at fair value through profit or loss in accordance with section 12 of FRS 102.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

4.	OTHER OPERATING INCOME

2023

2022

£

£

Rents received

19,488

7,200

Sundry receipts

-

8,000

Other income

-

63,964

Government grants

-

13,921

19,488

93,085

Government grants relate to Coronavirus Job Retention Support Scheme grants, as well as Business Rates Relief, received from the government during the pandemic. In the opinion of the directors, there are no material unfulfilled conditions or other contingencies relating to this income.

5.	EMPLOYEES AND DIRECTORS

2023

2022

£

£

Wages and salaries

1,166,242

1,019,174

Social security costs

124,663

79,314

Other pension costs

125,602

46,503

1,416,507

1,144,991

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

2023

2022

Directors

2

2

Administrative

44

40

46

42

The average number of employees by undertakings that were proportionately consolidated during the year was 46 (2022 - 42 ) .

2023

2022

£

£

Director's remuneration

39,476

38,585

Director's pension contributions to money purchase schemes

104,132

28,088

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2