Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
COMPANY INFORMATION
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1948 GROUP LIMITED
CONTENTS
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1948 GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their strategic report for the group for the year ended 31st December 2021.
Group results for the year, after elimination of intra-group transactions reflects a pre-tax profit of £292,439 for the year, achieved on consolidated turnover of £33,354,103. This compares with £1,274,429 and £27,121,630 respectively reflected in the previous year.
The results of the company show a pre-tax profit of £672,954 for the year compared to last year's profit of £3,059,131 as a result of a substantial decrease in investment income from subsidiaries. Rental income has increased upon the level achieved in the comparative year, being £1,077,890 compared with £929,006 for 2020. Turnover mainly comprises rental income received from D.D.S (Demolition) Limited, Thanet Waste Services Limited and other subsidiaries of the group. The group has had a successful year of trading. Development of premises owned and further investment in fixed assets have been made during the year, which will hopefully help facilitate further growth of the trading subsidiaries.
The management of the business and the execution of the group's strategy are subject to a number of risks.
Risks are formally reviewed by the board and appropriate processes put in place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect of such events would compound the possible adverse effects on the group. The key business risks affecting the group are set out as follows: Competition Although the company is not directly exposed to competition, the group operates in a competitive market particularly with regard to pricing and service. This results not only in downward pressure on margins but also the risk of not attracting new contracts. In order to mitigate the risk each company's management regularly review results of the company throughout the year and try to address any factors identified that have arisen which are considered inefficient or could impact upon results further if changes are not made. Employee skills and retention The group's performance depends largely on its board directors and operational directors plus operations staff and other key employees. The resignation of these individuals and the inability to recruit people with the right experience and skills from the local community could adversely impact upon the group's results. The board continues to monitor salaries of key personnel to ensure salaries paid remain current and at expected market levels and staff are appropriately rewarded, thus helping to motivate and retain key individuals. The company is not affected by this risk directly, since the only staff employed by the company are directors. The risk could indirectly impact upon the company however, since the main trade of 1948 Group Limited is with the subsidiary undertakings, both companies of which, rely on key employees.
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1948 GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The company has made progress in the year under review on the group's overriding objective and the key elements of strategy for growth. The board monitors progress on the overall strategy by reference to the following KPIs:
Growth in sales Year on year sales growth expressed as a percentage. Group sales have increased upon the levels achieved in the previous financial year. Growth / (reduction) in sales for 2021 are 23.0% compared with (18.8%) for 2020. Gross profit Gross profit is the ratio of profit on sale of products or services, expressed as a percentage. Gross profit percentage for the group for 2021 is 10.8% compared with 12.3% for 2020.
Given the straight forward nature of the business activities, the directors are of the opinion that disclosure of any other KPI's is not necessary for an understanding of the results of the company.
The group's funding, liquidity and exposure to interest rate risks are managed by the directors of the company. The management of this is conducted within a framework of policies and guidelines authorised by the board of the company.
The group's financial instruments comprise borrowings, cash and liquid resources, and various items such as trade debtors and trade creditors that arise directly from its operating activities. The main purpose of the financial instruments is to raise finance for the company's operations and also to support activities of the other group companies. This is relevant with regard to the subsidiary undertaking Thanet Waste Services Limited as the site used by the subsidiary was purchased by 1948 Group Limited, and the development of the Waste Transfer Station and related facilities are funded by the parent undertaking. This is also relevant with regard to the other trading subsidiary companies D.D.S (Demolition) Limited and DDS Environmental Limited since they also relocated and expenditure on the site owned by 1948 Group Limited is being funded by the parent undertaking. The company publishes its financial statements in pounds sterling and conducts business solely in sterling. There are some foreign currency transactions in the subsidiary undertakings but the foreign currency risk is considered minimal. It is, and has been throughout the year under review, the company's policy that no trading in financial instruments shall be undertaken.
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1948 GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The main risks arising from the group's financial instruments are interest rate and liquidity risk. The board of directors reviews and agrees policies for managing each of these risks and they are summarised as follows:-
Liquidity and cashflow risk
As regards liquidity, the group's policy throughout the year has been to ensure continuity of funding. The borrowing undertaken during the year is for a term of up to 15 years.
Interest rate risk The group finances its operations primarily through bank borrowings and hire purchase and finance lease agreements. The bank borrowings are at floating rates based principally on Bank of England base rates, and finance agreements at fixed rates. The board will consider the appropriateness of financing should the operations change significantly in size or nature.
This report was approved by the board on 29 September 2022
and signed on its behalf.
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1948 GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the
consolidated
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £
403,553
(2020 -
£
1,208,912
)
.
Details of dividends paid during the year are reflected in the notes to the financial statements. The directors do not recommend the payment of any further dividends for the year.
The directors who served during the year were:
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1948 GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The subsidiary undertaking Thanet Waste Services Limited has expanded the washplant facility with the inclusion of a concrete plant and the focus for the forthcoming year is continued increase of output from the washplant and concrete plant together with seeking new contracts for waste. The subsidiary also invested in new plant which is expected to contribute towards the continued expansion of trade and providing reliable services.
The other main trading subsidiary, D.D.S (Demolition) Limited has continued to expand its service providing building materials and aggregates and in developing contract work and groundworks to support the group and certain third parties. Despite the uncertain economic outlook going forward, the group predicts modest growth in the forthcoming year, principally from the Thanet Waste Services Limited trading company. The directors are satisfied with the financial position of the group and continue to look to the future with optimism. Accordingly, the directors have prepared the group financial statements on a going concern basis.
Financial risk management objectives and policies of the group are detailed in the Strategic Report.
The auditors, Magee Gammon Corporate Limited, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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1948 GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 1948 GROUP LIMITED
We have audited the financial statements of 1948 Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2021, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity
and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or 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 directors with respect to going concern are described in the relevant sections of this report.
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1948 GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 1948 GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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1948 GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 1948 GROUP LIMITED (CONTINUED)
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 Group 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:
Capability of the audit in detecting irregularities including fraud Based on our understanding of the company, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override, and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. Procedures performed by the audit team included: • Discussions with management regarding known or suspected instances of non-compliance with laws and regulations; • Evaluation of controls designed to prevent and detect irregularities; and • Assessing journal entries as part of our planned audit approach. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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.
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.
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1948 GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 1948 GROUP LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditors
Henwood House
Henwood
Kent
TN24 8DH
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1948 GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
REGISTERED NUMBER:
03713113
CONSOLIDATED BALANCE SHEET
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 42 form part of these financial statements.
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1948 GROUP LIMITED
REGISTERED NUMBER:
03713113
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 42 form part of these financial statements.
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1948 GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2020
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1948 GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2020
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1948 GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1948 Group Limited is a private limited company incorporated in England and Wales. The Company is limited by shares and the address of its registered office is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The address of the principal place of business is Charles Anthony House, Manston Road, Margate, Kent, CT9 4JW.
The registered number of the company is 03713113. The principal activity of the company is that of property rental.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
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 key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: Depreciation and residual values The directors have reviewed the useful economic life and associated residual values for all classes of fixed assets and have concluded that asset lives and residual values are appropriately reflected.
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
12.
Taxation (continued)
There were no factors that may affect future tax charges.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £101,562 (2020: £95,974). Contributions totalling £12,860 (2020 : £8,103 were payable to the fund at the balance sheet date and are included in creditors.
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
During the year 1948 Group Limited received funds from REWD Limited totalling £775,000 (2020: provided funds (£200,000)). The amount due (to)/from REWD Limited at the balance sheet date was (£115,000) (2020: £660,000).
Mr W Ray, a director of the company has a material interest in the transactions by virtue of his shareholding in REWD Limited. During the year D.D.S (Demolition) Limited provided goods and services totalling £5,818 (2020: £Nil) to Southwood Design & Build Limited. The amount due from Southwood Design & Build Limited at the balance sheet date was £Nil (2020: £Nil). Mr L Ray, a director of the company has a material interest in the transactions by virtue of his shareholding in Southwood Design & Build Limited. During the year D.D.S (Demolition) Limited received goods and services totalling £11,897 (2020: £Nil) from Just Welfare Limited. The amount due to Just Welfare Limited at the balance sheet date was £13,232 (2020: £Nil). During the year DDS Environmental Limited received goods and services totalling £2,546 (2020: £Nil) from Just Welfate Limited. The amount due to Just Welfare Limited at the balance sheet date was £3,055 (2020: £Nil). Mr W Ray, Mr T Worrall and Mr M Hennessy, director of the company, have an interest in the transactions by virtue of his shareholding in Just Welfare Limited. During the year 1948 Group Limited provided funds totalling £Nil (2020: £Nil) to Shemara (Kent) Limited. The amount due from Shemara (Kent) Limited at the balance sheet date was £100,000 (2020: £100,000). Mr W Ray, a director of the company has a material interest in the transactions by virtue of his shareholding in Shemara (Kent) Limited. During the year 1948 Group Limited provided funds to Raycasa Investments Limited totalling £Nil (2020: £200,000). The amount due from Raycasa Investments Limited at the balance sheet date was £580,000 (2020: £580,000). Mr S Ray, a director of the company has a material interest in the transactions by virtue of his shareholding in Raycasa Investments Limited. The following related party transactions occurred within the Group during the year:- During the year the company provided goods and services in respect of rent totalling £312,000 (2020: £360,000) to D.D.S (Demolition) Limited and received goods and services totalling £Nil (2020: £63,883). The company also received dividends of £Nil (2020: £2,000,000) and paid/(received) net funds of £1,675,072 (2020: (£492,279)). The amount due from D.D.S (Demolition) Limited at the balance sheet date was £2,185,656 (2020: £510,152). During the year the company provided goods and services in respect of rent totalling £660,000 (2020: £480,000) to Thanet Waste Services Limited. The company also paid net funds of £486,703 and received dividends of £Nil (2020: net funds £633,095 and dividends of £500,000) from Thanet Waste Services Limited. The amount due to Thanet Waste Services Limited at the balance sheet date was (£476,492) (2020: (£69,788)).
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
During the year the company received net funds from DDS Environmental Limited totalling £Nil (2020: £Nil). The amount due to DDS Environmental Limited at the balance sheet date was £648,744 (2020: £648,744).
During the year the company provided goods and services to Secure Storage Solutions (Kent) Limited in respect of rent totalling £96,000 (2020: £72,000) and received goods and services totalling £14,469 (2020: £Nil) The company also (received) / provided net funds totalling (£29,691) (2020: £38,801) to Secure Storage Solutions (Kent) Limited. The amount due to 1948 Group Limited at the balance sheet date was £180,718 (2020: £202,552). During the year the company received funds totalling £Nil (2020: £8,218) from Reco Ready Mix Limited. The amount due to 1948 Group Limited at the balance sheet date was £491,782 (2020: £491,782). During the year D.D.S (Demolition) Limited provided goods and services totalling £99,167 (2020: £69,360) to Thanet Waste Services Limited and received goods and services totalling £456,800 (2020: £832,350). The company also received net funds totalling £250,000 (2020: £Nil). The amount due (to)/from Thanet Waste Services Limited at the balance sheet date was (£29,520) (2020: £196,976). During the year D.D.S (Demolition) Limited provided goods and services totalling £209,531 (2020: £246,767) to DDS Environmental Limited and received goods and services totalling £236,174 (2020: £751,385). Net fund of (£203,503) (2020: £64,510) was also (paid)/received by D.D.S (Demolition) Limited during the year. The amount due from DDS Environmental Limited at the balance sheet date was £941,913 (2020: £738,732). During the year D.D.S (Demolition) Limited provided goods and services to Secure Storage Solutions (Kent) Limited totalling £10,207 (2020: £10,629) and received goods and services totalling £13,453 (2020: £37,233). Net funds of £18,732 (2020: £Nil) were also received from Secure Storage Solutions (Kent) Limited. Net expenditure of £Nil (2020: £5,253) was also paid by D.D.S (Demolition) Limited on behalf of Secure Storage Solutions (Kent) Limited during the year. The amount due from Secure Storage Solutions (Kent) Limited at the balance sheet date was £70,182 (2020: £87,469). During the year D.D.S (Demolition) Limited provided goods and services totalling £3,703 (2020: £95,432) to Reco Ready Mix Limited and received goods and services totalling £2,951 (2020: £5,074). The amount due (to) Reco Ready Mix Limited at the balance sheet date was (£1,403) (2020: (£17,187)). During the year DDS Contracting Services Limited provided goods and services totalling £25,473 (2020: £Nil) to D.D.S (Demolition) Limited and received goods and services totalling £545,125 (2020: £Nil). Net funds of £211,058 (2020: £Nil) was also received by DDS Contracting Services Limited during the year. The amount due (to) D.D.S (Demolition) Limited at the balance sheet date was (£211,057) (2020: £Nil). During the year DDS Contracting Services Limited received goods and services totalling £126,487 (2020: £Nil). The amount due (to) Thanet Waste Services Limited at the balance sheet date was (£66,230) (2020: £Nil). During the year DDS Contracting Services Limited received goods and services from DDS Environmental Limited totalling £2,631 (2020: £Nil). Net funds of £7,049 (2020: £Nil) were also received by DDS Contracting Services Limited during the year. The amount due (to) DDS Environmental Limited at the balance sheet date was (£7,049) (2020: £Nil). During the year DDS Contracting Services Limited received goods and services from Secure Storage Solutions (Kent) Limited totalling £31,260 (2020: £Nil). The amount due from Secure Storage Solutions (Kent) Limited at the balance sheet date was £Nil (2020: £Nil). During the year DDS Contracting Services Limited received goods and services from Reco Ready Mix Limited totalling £170,850 (2020: £Nil). The amount due (to) Reco Ready Mix Limited at the balance sheet date was (£47,381) (2020: £Nil).
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
During the year Thanet Waste Services Limited provided goods and services totalling £989,856 (2020: £426,269) to Reco Ready Mix Limited and received goods and services totalling £333,936 (2020: £171,053). Net funds of (£53,975) (2020: £124,965) were also (paid)/received by Thanet Waste Services Limited during the year. The amount due (to) Reco Ready Mix Limited at the balance sheet date was (£7,358) (2020: (£30,218)).
During the year Thanet Waste Services Limited provided goods and services totalling £124 (2020: £53) to DDS Environmental Limited and received goods and services totalling £Nil (2020: £Nil). The amount due from DDS Environmental Limited at the balance sheet date was £Nil (2020: £Nil). During the year Thanet Waste Services Limited provided goods and services totalling £2,328 (2020: £3,901) to Secure Storage Solutions (Kent) Limited. Net funds of £278 (2020: £Nil) was also received by Thanet Waste Services Limited during the year. (2020: £NIl) The amount due from Secure Storage Solutions (Kent) Limited at the balance sheet date was £328 (2020: £359). During the year DDS Environmental Limited provided goods and services to Secure Storage Solutions (Kent) Limited totalling £40 (2020: £Nil) Net funds of £4,548 were also provided to Secure Storage Solutions (Kent) Limited during the year. The amount due from Secure Storage Solutions (Kent) Limited at the balance sheet date was £4,548 (2020: £Nil). All transactions were undertaken on a normal arms length basis. During the year, there were also transactions between the directors and 1948 Group Limited. There were net loans / (loan repayments) made by the company of £193,503 to Mr L J Ray and Mrs L Ray during the year (2020: net repayment (£308,873)) as well as interest paid of £51,998 (2020: £58,702). The balance due to Mr L J Ray and Mrs L Ray at the year end date is £1,059,401 (2020: £688,900). There were net loan repayments made by the company of £277,963 to Mr S Ray during the year (2020: £248,037) as well as net interest received of £3,156 (2020: £6,182). The balance due to Mr S Ray the year end date is £1,026 (2020: £12,145). There were net loan repayments made by the company of £33,945 to Mr W Ray during the year (2020: £197,662) as well as net interest paid of £6,452 (2020: £7,082). The balance due to Mr W Ray at the year end date is £449,865 (2020: £207,358). Interest paid by the company was at 10% and received by the company between 2.0% and 2.25% and balances due to the directors are included in other creditors. In addition to the above transactions with directors, dividends paid to the directors during the year were as follows:-
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1948 GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The parent undertaking of the smallest group to consolidate their financial statements is 1948 Group Limited, a company incorporated in England and Wales. The registered office of the company is Henwood House, Henwood, Ashford, Kent, TN24 8DH.
The parent undertaking of the largest group to consolidate these financial statements is 1948 Group Limited, a company incorporated in England and Wales. The registered address of the company is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The ultimate parent undertaking is 1948 Group Limited, a company incorporated in England and Wales. 1948 Group Limited is also the most senior parent entity producing publicly available financial statements. The controlling party of the parent undertaking is Mr and Mrs L Ray, by virtue of a combined interest of 60% of the issued share capital of the company. 1948 Group Limited has prepared consolidated financial statements which include this company and are publicly available.
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