Covenant breaches and a 36% loan

The chemical wholesale subsidiary maintained a lean profile, keeping headcount flat at just five staff while processing £31.2m in turnover. Operating profit held steady at £1.08m as administrative expenses were trimmed back. The period also saw a substantial return to the parent, recording a £1m dividend for the year.

This Scottish childcare group grew turnover by 7% to £5.37m, but the top-line progress contrasts with a highly leveraged balance sheet. Operating profit rose to £389k, yet a £241k finance cost and a £61k exceptional charge brought net profit down to £32k. The going-concern note details a breach of a financial covenant, with the company awaiting a formal waiver from the bank.

Consecutive relegations and a reliance on a single shareholder group have triggered a material uncertainty warning from the auditor. While turnover nudged up to £5.07m, the club recorded an operating loss, with finance costs jumping 31% to £362k. The notes reveal an ongoing legacy issue: the current board is investigating and disputing an informal loan that carried a 36% annual interest rate.

A steady period at this traditional jeweller turned a prior-year loss into a £64k pre-tax profit. Turnover climbed 11% to £727k, while the period also saw a £66k reduction in administrative expenses. Despite the return to profitability, the accounts note the business remains reliant on formal letters of support from its ultimate shareholders to maintain going-concern status.