REGISTERED NUMBER: 03918281 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 March 2023 |
for |
Temple Group Management Limited |
REGISTERED NUMBER: 03918281 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 March 2023 |
for |
Temple Group Management Limited |
Temple Group Management Limited (Registered number: 03918281) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 7 |
Report of the Independent Auditors | 9 |
Consolidated Income Statement | 13 |
Consolidated Other Comprehensive Income | 14 |
Consolidated Balance Sheet | 15 |
Company Balance Sheet | 17 |
Consolidated Statement of Changes in Equity | 19 |
Company Statement of Changes in Equity | 20 |
Consolidated Cash Flow Statement | 21 |
Notes to the Consolidated Cash Flow Statement | 22 |
Notes to the Consolidated Financial Statements | 24 |
Temple Group Management Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Cornelius House |
178-180 Church Road |
Hove |
East Sussex |
BN3 2DJ |
Temple Group Management Limited (Registered number: 03918281) |
Group Strategic Report |
for the Year Ended 31 March 2023 |
Temple Group Management is the holding company of Temple - one of the UK's leading independent infrastructure and property consultancies, specialising in environment, planning and sustainability services. |
Having completed the first phase of our investment into an ambitious one business transformation programme the whole team now operate under our new and unified Temple brand. Our new website effectively communicates our vision as a purpose driven business. We are also extremely proud to be one of only two UK top 30 environmental consultancies to achieve B-Corp status, joining a network of like-minded businesses, striving for the same environmental, social, and sustainable goals. |
In 2022 we celebrated 25 years of trading, creating a digital booklet that highlighted the range of projects and sectors we have worked on as well as looking to the future, when we expect to continue to grow, refining and renewing partner relationships, as well as expanding the sectors and geographical locations within which we operate and the services we offer. |
REVIEW OF BUSINESS |
We are pleased to report a good operating performance of the consolidated group of companies for the year ending 31 March 2023, delivering growth in profits following the transformation programme. |
The reported revenue for the year ended 31 March 2023 was £12.2m with a PBT of £709k compared to revenue of £12.1m and a PBT of £239k for the previous 12-month period.The increased profits flow from the investment we have been making in bringing the business together, combined with having a financial year without significant market disruptions and project delays. |
We continue to commit significantly more than 1% of Profit before Tax to charitable and good causes. Some is given as direct donations to a variety of registered charities, e.g., Aspire, Cambridge Youth Opera, Plantlife and The Southwood Foundation (a Registered Charity). In 2022-3 our volunteering committee has continued to work hard to expand opportunities for our employees and to increased participation. Throughout the year our teams have undertaken a broad range of activities with Thames21, IEMA Northwest, Elderflower Fields Festival with Sussex Wildlife Trust, ICanBe, The Wellies Project and the Southwood Foundation. We are also developing an ongoing relationship with The Conservation Volunteers to work on a site close to our London office. In December, our offices held collections and made donations to a number of local foodbanks including Southwark Foodbank, The Trussel Trust and Mustard Tree. |
Temple Group Management Limited (Registered number: 03918281) |
Group Strategic Report |
for the Year Ended 31 March 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
As a Group, we actively identify, monitor and mitigate the financial and operational risks and uncertainties to which we are exposed. |
Financial Risk |
Our financial risk principally relates to macro-economic, inflation, liquidity and credit risk. |
Large infrastructure projects and government contracts remain a significant proportion of our revenue and any material variation from either of these sources has a commensurate impact on turnover and profits. Our 2027 Strategy helps mitigate this risk by continuing to: invest in further diversification activities; work in partnership on larger programmes to share the risk; supplement our core team with associates and sub-consultants, allowing us to respond promptly to significant and/or unexpected fluctuations in revenue, without having to restructure the business in the short term. |
We also continue to operate in a highly competitive industry which has the potential to impact our ability to win new work at appropriate margins. We mitigate these risks by effective cost management, differentiating ourselves in the marketplace as a valued and trusted market leader, being selective about what work we compete for, and by close scrutiny of our bid tendering process and project delivery to ensure forecast bid and actual delivery margins remain satisfactory. |
Ongoing impacts from Brexit and Covid-19, along with global economic instability, means that greater focus has been given to the credit risk of all our clients. We manage credit risk by obtaining external credit checks on potential new clients, setting, and working within defined credit limits and monitoring and reporting on credit risk on an ongoing basis. Debtor and WIP days are reviewed regularly. We maintain a strong focus on cash management and maintained reasonable cash balance over this period. Our cash flow profile is ordinarily steady and predictable. Monthly cash flow forecasts are prepared to take into account seasonality, particularly relevant to ecology. |
We are satisfied as a Group that we have adequate and available cash resources to meet our financial requirements over the next trading period, and we remain committed to our ambitious growth plans as part of our 2027 Strategy. |
Operational Risk |
Our principal operation risks, as for many of our competitors, relate to project delivery and contract risk; the recruitment and retention of key staff; reputational risk from operations; and cyber security. |
As a Group, we review and discuss these matters on a regular basis and believe that through our business strategy, our business model, our certified integrated management system and our stakeholder relationships we have the right approaches, systems and processes in place to appropriately identify, quantify mitigate and ultimately manage these risks. |
Temple Group Management Limited (Registered number: 03918281) |
Group Strategic Report |
for the Year Ended 31 March 2023 |
The Government has been inconsistent in its commitment to infrastructure projects in the past twelve months, with a number of strategic transport programmes paused or receiving limited in funding. Conversely, there has been an increase in funding and prospects for infrastructure related to energy and water security, and climate adaptation and resilience in the context of a growing mainstream aspiration from governments, businesses and society for a greener, fairer and more inclusive world. The issues of staff retention, recruitment and resourcing are particularly acute across all the areas we operate. These issues have intensified in the last 12 months, with limited availability of individuals with the right skills and capabilities intensifying competition and driving salary inflation for staff at all levels across all environmental, planning and sustainability disciplines. This limited availability of individuals is seemingly being driven not only by an increase in demand but also a reduction in the number of new individuals coming into the industry and gaining the right experience (particularly over the last two years), an increasing cohort of senior individuals choosing to retire early from the industry and a growing desire for staff at all levels to reduce their working hours and or increase their amount of annual leave as part of their new post-Covid work patterns. |
We expect the aforementioned issues to persist as both a risk and an opportunity for the foreseeable. As we pursue our 2027 Strategy, we will be unlocking new opportunities for cross-sector and skill development and career progression for all. This provides an incentive for staff to remain with us over the long-term and for new staff to join the team. Embedded learning and development programmes, in addition to formal performance review processes underpin our company values and support career development for all members of the team. Finally, our agile business model affords staff greater protection as well as opportunities to take more responsibility, access a wider variety of work than would typically be the case with larger organisations, and benefit from close working with clients and our highly experienced associates and partners. |
OUR STAFF |
Temple's employees are at the heart of everything we do, and their passion, professionalism, commitment, and creativity continue to drive our success and growth. The environmental sector is going through a highly competitive period with regard to recruitment and retention and we are working hard to attract, develop and retain the best talent to enhance our team. Our graduate programme is now in its second year and by giving young consultants the opportunity to work in a variety of areas throughout the business we aim to develop a well-rounded future workforce. During the last year we launched a share option scheme for senior staff and long service awards, with one employee celebrating 20 years with the company. We are working towards providing other enhanced benefits for 2023-24. |
We would express our sincere thanks to our staff for the extraordinary commitment and efforts they made over the recent period as we adjust to new ways of working, rapid changes to society, the economy and technology and to thank them all for their loyalty, ongoing hard work and continued support. |
Temple Group Management Limited (Registered number: 03918281) |
Group Strategic Report |
for the Year Ended 31 March 2023 |
OUTLOOK |
Our 2027 business strategy, covering the period 2023-2027, is being further reviewed to take account of the seismic global change driven by significant political, macro-economic, societal, and environmental uncertainty, as well as digital and technological advances. |
Core to this strategy is our vision to create sustainable futures, a commitment to a new business structure that is fit for future markets, and a business strategy and investment programme that will differentiate us from our competitors, including a number of digital innovations, services aligned to natural asset management, a new advisory service and enhanced community engagement services. We also continue to work closely with a number of our trusted and strategic partners (with a shared vision and aligned values), which see us working on the UK's most exciting, complex, challenging and globally relevant issues for a range of high-profile projects and programmes. |
With environmental considerations moving into the mainstream of everyone's lives, notably social value, inclusivity and engagement, and sustainability more generally, we see huge opportunity for organisations such as Temple. Our 2027 Strategy responds to these growing needs and the needs of our clients, society and nature. It recognises that we must continue to find new ways of delivering our existing services as well as developing new areas of expertise. We need to ensure that the natural environment, societal needs and sustainable business models and consumption are at the heart of our service offer and encourage our clients and partners to harness the power of collective cooperation, collaboration and action to drive this forward. |
We intend to continue to recruit and develop an inclusive and diverse team of highly qualified professionals to provide the best advice, motivated by our unique culture and the interesting, varied and professionally challenging nature of our clients and our work. |
Our transformation over the last few years into one business has brought numerous benefits, not least allowing us to provide a greater breadth of skills and experience to our clients. It has been the catalyst behind our commitment to being purpose driven, and implementing a comprehensive Sustainability Strategy which has helped us to achieve B-Corp status. We continue to maintain strong relationships with long standing clients and are working with them to understand their business needs and create opportunities and services that will help them to achieve their business and sustainability goals. |
We continue to invest our people, enhancing the resilience of our business; and proactively driving internal efficiencies, including information technology and data analytics, simplifying processes whilst maintaining our commitments under ISO9001, ISO14001 and ISO45001, and building an ethical and sustainable business that enables us to invest in our business future alongside the future of our people, our clients and our planet. |
Therefore, the outlook for the Group as a UK-owned business is challenging but positive. |
ON BEHALF OF THE BOARD: |
Temple Group Management Limited (Registered number: 03918281) |
Group Strategic Report |
for the Year Ended 31 March 2023 |
Temple Group Management Limited (Registered number: 03918281) |
Report of the Directors |
for the Year Ended 31 March 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
DIVIDENDS |
Dividends totalling £176,000 were paid in the period. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
Donations of £20,901 (2022- £40,687) were made to local and national charities during the year, in addition staff time was donated to charitable activities. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 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 directors are 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 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 group's auditors are aware of that information. |
Temple Group Management Limited (Registered number: 03918281) |
Report of the Directors |
for the Year Ended 31 March 2023 |
AUDITORS |
The auditors, Parkers, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Temple Group Management Limited |
Opinion |
We have audited the financial statements of Temple Group Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other 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 31 March 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 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 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 directors with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Temple Group Management Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 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 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 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 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 seven, 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Temple Group Management Limited |
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: |
Based on our understanding of the company and industry, we identified that the principal risks of |
non-compliance with laws and regulations related to UK pensions legislation and UK tax legislation, as well as UK Health & Safety legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also 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's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to revenue recognition where there may be incentive for manipulation of profits. Audit procedures performed by the engagement team included: |
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |
- Challenging assumptions and judgements made by management in their significant accounting estimates; and |
- Identifying and testing journal entries, in particular any journal entries posted with unusual account |
combinations including journal entries which inflated the Company's results for the period with unusual |
offset entries and journal entries impacting revenue recognition. |
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. Also, 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 or intentional misrepresentations, or through |
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. |
Report of the Independent Auditors to the Members of |
Temple Group Management Limited |
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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Cornelius House |
178-180 Church Road |
Hove |
East Sussex |
BN3 2DJ |
Temple Group Management Limited (Registered number: 03918281) |
Consolidated Income Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
TURNOVER | 12,208,014 | 12,121,542 |
Cost of sales | 7,676,860 | 7,872,511 |
GROSS PROFIT | 4,531,154 | 4,249,031 |
Administrative expenses | 3,714,883 | 3,960,322 |
816,271 | 288,709 |
Other operating income | - | 17,609 |
OPERATING PROFIT | 4 | 816,271 | 306,318 |
Interest payable and similar expenses | 5 | 107,679 | 67,346 |
PROFIT BEFORE TAXATION | 708,592 | 238,972 |
Tax on profit | 6 | 148,621 | 90,688 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 559,971 | 148,284 |
Temple Group Management Limited (Registered number: 03918281) |
Consolidated Other Comprehensive Income |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 559,971 | 148,284 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
559,971 |
148,284 |
Total comprehensive income attributable to: |
Owners of the parent | 559,971 | 148,284 |
Temple Group Management Limited (Registered number: 03918281) |
Consolidated Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 202,607 | 248,497 |
Tangible assets | 10 | 226,873 | 309,801 |
Investments | 11 | - | - |
429,480 | 558,298 |
CURRENT ASSETS |
Debtors | 12 | 2,687,834 | 1,516,125 |
Prepayments and accrued income | 2,632,933 | 1,810,893 |
Cash at bank | 151,997 | 1,187,786 |
5,472,764 | 4,514,804 |
CREDITORS |
Amounts falling due within one year | 13 | 2,866,693 | 2,014,308 |
NET CURRENT ASSETS | 2,606,071 | 2,500,496 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,035,551 |
3,058,794 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(966,667 |
) |
(1,366,667 |
) |
PROVISIONS FOR LIABILITIES | 18 | (37,262 | ) | (44,476 | ) |
NET ASSETS | 2,031,622 | 1,647,651 |
Temple Group Management Limited (Registered number: 03918281) |
Consolidated Balance Sheet - continued |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 19 | 5,850 | 5,850 |
Capital redemption reserve | 20 | 7,725 | 7,725 |
Retained earnings | 20 | 2,018,047 | 1,634,076 |
SHAREHOLDERS' FUNDS | 2,031,622 | 1,647,651 |
The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2023 and were signed on its behalf by: |
R M L Southwood - Director |
Temple Group Management Limited (Registered number: 03918281) |
Company Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 12 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
Temple Group Management Limited (Registered number: 03918281) |
Company Balance Sheet - continued |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 210,016 | 44,332 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Temple Group Management Limited (Registered number: 03918281) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2021 | 5,850 | 1,661,792 | 7,725 | 1,675,367 |
Changes in equity |
Dividends | - | (176,000 | ) | - | (176,000 | ) |
Total comprehensive income | - | 148,284 | - | 148,284 |
Balance at 31 March 2022 | 5,850 | 1,634,076 | 7,725 | 1,647,651 |
Changes in equity |
Dividends | - | (176,000 | ) | - | (176,000 | ) |
Total comprehensive income | - | 559,971 | - | 559,971 |
Balance at 31 March 2023 | 5,850 | 2,018,047 | 7,725 | 2,031,622 |
Temple Group Management Limited (Registered number: 03918281) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Temple Group Management Limited (Registered number: 03918281) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (224,407 | ) | (291,040 | ) |
Interest paid | (79,129 | ) | (41,301 | ) |
Interest element of finance lease payments paid |
801 |
(3,691 |
) |
Finance costs paid | (29,351 | ) | (22,354 | ) |
Tax paid | (62,019 | ) | (60,180 | ) |
Government Grants Received | - | 17,609 |
Net cash from operating activities | (394,105 | ) | (400,957 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (35,000 | ) |
Purchase of tangible fixed assets | (64,482 | ) | (278,273 | ) |
Sale of tangible fixed assets | 1,417 | 110,123 |
Net cash from investing activities | (63,065 | ) | (203,150 | ) |
Cash flows from financing activities |
Loan repayments in year | (399,998 | ) | (267,841 | ) |
Capital repayments in year | (2,621 | ) | (60,771 | ) |
Equity dividends paid | (176,000 | ) | (176,000 | ) |
Net cash from financing activities | (578,619 | ) | (504,612 | ) |
Decrease in cash and cash equivalents | (1,035,789 | ) | (1,108,719 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,187,786 |
2,296,505 |
Cash and cash equivalents at end of year |
2 |
151,997 |
1,187,786 |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.23 | 31.3.22 |
£ | £ |
Profit before taxation | 708,592 | 238,972 |
Depreciation charges | 193,262 | 235,057 |
Profit on disposal of fixed assets | (1,381 | ) | - |
Government grants | - | (17,609 | ) |
Finance costs | 107,679 | 67,346 |
1,008,152 | 523,766 |
Increase in trade and other debtors | (1,993,399 | ) | (198,375 | ) |
Increase/(decrease) in trade and other creditors | 760,840 | (616,431 | ) |
Cash generated from operations | (224,407 | ) | (291,040 | ) |
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 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 151,997 | 1,187,786 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 1,187,786 | 2,296,505 |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank | 1,187,786 | (1,035,789 | ) | 151,997 |
1,187,786 | (1,035,789 | ) | 151,997 |
Debt |
Finance leases | (2,621 | ) | 2,621 | - |
Debts falling due within 1 year | (400,000 | ) | - | (400,000 | ) |
Debts falling due after 1 year | (1,366,667 | ) | 400,000 | (966,667 | ) |
(1,769,288 | ) | 402,621 | (1,366,667 | ) |
Total | (581,502 | ) | (633,168 | ) | (1,214,670 | ) |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Temple Group Management Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
No significant judgements have had to be made by the directors in preparing these financial statements. |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
Where the services are supplied under long-term contracts, turnover represents the value of work done in the year, including amounts not invoiced and is recognised by reference to stage of completion. |
Goodwill |
Goodwill on the acquisition of subsidiaries is being written off over over their estimated useful lives. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, or if held under a finance lease, over the lease term, whichever is shorter. |
Leasehold Improvements - in accordance with the property |
Fixtures & Fittings - 5 years |
Equipment on Jobs - 3 Years |
Computer Equipment - 3 Years |
Vehicles - 5 Years |
Office Equipment - 3-5 Years |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Financial instruments |
The company only enters into basic financial instrument transactions 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, loans to and from related parties and investments in non-puttable ordinary shares. |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that any asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries | 6,678,731 | 6,516,997 |
Social security costs | 683,118 | 652,515 |
Other pension costs | 306,250 | 305,948 |
7,668,099 | 7,475,460 |
The average number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
Technical Staff | 123 | 138 |
Support Staff | 33 | 35 |
31.3.23 | 31.3.22 |
£ | £ |
Directors' remuneration | 141,737 | 158,425 |
Directors' pension contributions to money purchase schemes | 69,502 | 71,422 |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.23 | 31.3.22 |
£ | £ |
Other operating leases | - | (320 | ) |
Depreciation - owned assets | 147,372 | 164,982 |
Depreciation - assets on finance leases | - | 26,515 |
Profit on disposal of fixed assets | (1,381 | ) | - |
Goodwill amortisation | 45,890 | 43,556 |
Auditors' remuneration | 12,018 | 13,009 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.23 | 31.3.22 |
£ | £ |
Bank interest | 1,682 | 287 |
Bank loan interest | 77,447 | 41,014 |
Leasing | (801 | ) | 3,691 |
Other Finance Charges | 29,351 | 19,994 |
Late payment interest | - | 2,360 |
107,679 | 67,346 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Current tax: |
UK corporation tax | 155,835 | 61,969 |
Tax Prior Year | - | 21,525 |
Total current tax | 155,835 | 83,494 |
Deferred tax | (7,214 | ) | 7,194 |
Tax on profit | 148,621 | 90,688 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | DIVIDENDS |
31.3.23 | 31.3.22 |
£ | £ |
Ordinary 0.001p shares of 0.1p each |
Interim | 3,520 | 3,520 |
Ordinary A 0.001p shares of 0.1p each |
Interim | 142,560 | 142,560 |
Ordinary B 0.001p shares of 0.1p each |
Interim | 29,920 | 29,920 |
176,000 | 176,000 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 | 755,806 |
AMORTISATION |
At 1 April 2022 | 507,309 |
Amortisation for year | 45,890 |
At 31 March 2023 | 553,199 |
NET BOOK VALUE |
At 31 March 2023 | 202,607 |
At 31 March 2022 | 248,497 |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 | 53,874 | 18,367 | 19,919 | 534,082 | 626,242 |
Additions | 3,024 | 1,177 | - | 60,279 | 64,480 |
Disposals | (5,675 | ) | (13,193 | ) | (4,493 | ) | (288 | ) | (23,649 | ) |
At 31 March 2023 | 51,223 | 6,351 | 15,426 | 594,073 | 667,073 |
DEPRECIATION |
At 1 April 2022 | 16,993 | 18,370 | (24,266 | ) | 305,344 | 316,441 |
Charge for year | 16,404 | 170 | 12,778 | 118,020 | 147,372 |
Eliminated on disposal | (5,674 | ) | (13,193 | ) | (4,493 | ) | (253 | ) | (23,613 | ) |
At 31 March 2023 | 27,723 | 5,347 | (15,981 | ) | 423,111 | 440,200 |
NET BOOK VALUE |
At 31 March 2023 | 23,500 | 1,004 | 31,407 | 170,962 | 226,873 |
At 31 March 2022 | 36,881 | (3 | ) | 44,185 | 228,738 | 309,801 |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Computer |
equipment |
£ |
COST |
At 1 April 2022 | 19,106 |
Transfer to ownership | (19,106 | ) |
At 31 March 2023 | - |
DEPRECIATION |
At 1 April 2022 | 14,874 |
Transfer to ownership | (14,874 | ) |
At 31 March 2023 | - |
NET BOOK VALUE |
At 31 March 2023 | - |
At 31 March 2022 | 4,232 |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: 3rd Floor, The Clove Building, 4 Maguire Street, London, England, SE1 2NQ. |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 3rd Floor, The Clove Building, 4 Maguire Street, London, England, SE1 2NQ. |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) |
Registered office: 3rd Floor, The Clove Building, 4 Maguire Street, London, England, SE1 2NQ. |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: Vincents Chartered Accountants, Level 34, 32 Turbot Street, Brisbane City, Queensland 4000, Australia. |
Nature of business: |
% |
Class of shares: | holding |
31.3.23 | 31.3.22 |
£ | £ |
Aggregate capital and reserves |
Prior to the previous year end most of the trade and assets of Ecology Consultancy Limited and Arbeco Limited were hived up to Temple Group Management Limited and then gifted to Temple Group Limited. Some trade remains in Ecology Consultancy Limited and Arbeco Limited as certain projects could not be novated due to contractual obligations. |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Trade debtors | 2,566,163 | 1,262,284 |
Amounts owed by group undertakings | - | - |
Other debtors | 19,767 | 138,499 |
Social security and other tax | 101,554 | 115,342 | - | - |
Tax | 350 | - |
2,687,834 | 1,516,125 |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 400,000 | 400,000 |
Finance leases (see note 16) | - | 2,621 |
Trade creditors | 490,597 | 306,222 |
Amounts owed to group undertakings | - | - |
Tax | 155,835 | 61,669 |
Social security and other taxes | 173,047 | 170,033 |
VAT | 527,466 | 354,084 | 16,054 | 18,641 |
Other creditors | 123,474 | 26,625 |
Accruals and deferred income | 268,065 | 160,022 |
Accrued expenses | 728,209 | 533,032 |
2,866,693 | 2,014,308 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Bank loans (see note 15) | 966,667 | 1,366,667 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 400,000 | 400,000 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 400,000 | 400,000 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 566,667 | 966,667 |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Finance leases |
31.3.23 | 31.3.22 |
£ | £ |
Net obligations repayable: |
Within one year | - | 2,621 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Bank loans | 1,366,667 | 1,766,667 |
Finance leases | - | 2,621 | - | - |
1,366,667 | 1,769,288 |
These balances are secured by a charge over the group companies assets. |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 37,262 | 44,476 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 44,476 |
Provided during year | (7,214 | ) |
Accelerated Capital Allowances |
Balance at 31 March 2023 | 37,262 |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
18. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Accelerated Capital Allowances | 3,643 |
Balance at 31 March 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary 0.001p | 0.1p | 100 | 100 |
Ordinary A 0.001p | 0.1p | 4,750 | 4,750 |
1,000,000 | Ordinary B 0.001p | 0.1p | 1,000 | 1,000 |
5,850 | 5,850 |
20. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 1,634,076 | 7,725 | 1,641,801 |
Profit for the year | 559,971 | 559,971 |
Dividends | (176,000 | ) | (176,000 | ) |
At 31 March 2023 | 2,018,047 | 7,725 | 2,025,772 |
Temple Group Management Limited (Registered number: 03918281) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
20. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
21. | ULTIMATE CONTROLLING PARTY |
Mr R.M.L Southwood and Mrs M.C. Southwood are the ultimate controlling parties by way of their 100% shareholding in Temple Group Management Limited. |
22. | SHARE-BASED PAYMENT TRANSACTIONS |
As at 31st March 2023 the company had granted options over 2,300,293 shares at an exercise price of £0.08p. None of the options have been vested and they are exercisable only on a material disposal of shares in the company. The Vesting quantity is linked to the value of the company at sale of the shares. |