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Registration number: 06637798

Templeman Retailing and Vending Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Templeman Retailing and Vending Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 6

Statement of Directors' Responsibilities

7

Independent Auditor's Report

8 to 10

Income Statement

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14 to 27

 

Templeman Retailing and Vending Limited

Company Information

Directors

Mrs W. M. Templeman

Mr K. Templeman

Registered office

Earlsway
Team Valley Trading Estate
Gateshead
Tyne & Wear
NE11 0RQ

Solicitors

Mincoffs Solicitors LLP
5 Osborne Terrace
Jesmond
Newcastle
NE2 1SQ

Bankers

National Westminster Bank plc
Gateshead High Street
243 High Street
Gateshead
NE8 1UY

Auditor

Azets Audit Services
Chartered Accountants & Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS

 

Templeman Retailing and Vending Limited

Strategic Report for the Year Ended 31 March 2023

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

Principal activity

The principal activity of the company is that of the sale and operating of vending machines and the wholesale supply of soft drinks, confectionery and hot drink ingredients into the vending and foodservice market nationwide.

Fair review of the business

2022/23 saw an increase of 14.41% in turnover with an increase in GP% from 17.12% to 18.85% being achieved. An increase of 22.58% in administrative expenses reflects the need to increase the staff numbers to meet the demands of the increased workload.

The net assets of the company have increased by £2,866k with the company continuing to invest heavily in commercial vehicles showing the directors commitment to seek and achieve continued growth.

The company maintains adequate cash reserves to enable the company to meet the demand of its cashflow cycle. The directors monitor this on a frequent basis.

The company's key financial and other performance indicators during the year were as follows:

 

Unit

2023

2022

Sales

£'000

62,336

54,486

Gross profit

£'000

11,752

9,326

Gross profit margin

%

19

17

Net profit margin before tax

%

6

5

Principal risks and uncertainties

The stability of the supply chain is a risk which is mitigated by maintaining strong relationships with key suppliers. Maintaining the customer book in a competitive market is a challenge which can be mitigated by diversifying the company's customer base.

Section 172(1) statement

Under section 172 of the Companies Act 2006, the Directors have a duty to act in good faith in a way that is most likely to promote the success of the company for the benefit of its members as a whole, having regard to the likely consequences of decisions for the long term, the interests of the company's employees, the need to foster relationships with other stakeholders, the impact on the community and the environment and maintaining a reputation for high standards of business conduct. Key decisions made by the board during the year were considered with the aforesaid duty to act in good faith.

All business decisions are taken with due regard to the primary stakeholders who impact the performance of the business including: Our Employees; Our Customers; Our Suppliers; and Our Shareholders.

We constantly monitor current market conditions and explore opportunities to increase shareholder value. We continue to invest internally in our people and methods to ensure we can maximise our opportunities and satisfy our customer expectations. We have invested in progressive programmes of training, communication and consultation as well as in our employees wellbeing. We aim to provide equal opportunities to all current and prospective employees in a diverse and inclusive environment.

Supplier relationships are important across all areas of the business. The company has developed key and positive long-term relationships that have ensured a stable and sustainable supply chain.

 

Templeman Retailing and Vending Limited

Strategic Report for the Year Ended 31 March 2023 (continued)

We aim to continue to develop our people, systems and product portfolio to promote the success of the company for the benefit of its members as a whole, having regard to the likely consequences of decisions for the long term, the interests of the company's employees, the need to foster relationships with other stakeholders, the impact on the community and the environment (as detailed in the "Carbon Reporting" section) and holding ourselves to high standards of business conduct.

We aim to continue to develop our people, systems and product portfolio to promote the success of the company for the benefit of its members as a whole, having regard to the likely consequences of decisions for the long term, the interests of the company's employees, the need to foster relationships with other stakeholders, the impact on the community and the environment (as detailed in the "Carbon Reporting" section) and holding ourselves to high standards of business conduct.

Future developments

The board believes that the company is in a very strong position to take advantage of the significant opportunities available to it and looks forward to the forthcoming year and beyond with cautious optimism.

Approved and authorised for issue by the Board on 21 December 2023 and signed on its behalf by:
 

.........................................
Mr K. Templeman
Director

 

Templeman Retailing and Vending Limited

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs W. M. Templeman

Mr K. Templeman

Financial instruments

Objectives and policies

The company finances its activities with a combination of group loans, bank loans, finance leases and hire purchase contracts, cash and short term deposits. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the company's operating activities.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk is the risk that changes in raw material prices have the potential to impact on the profitability of the company. The company does not consider that it is materially exposed to price risk.

Credit risk is the risk that one party of a financial instrument will cause a financial loss for the other party by failing to discharge its obligation. Company policies are aimed at minimising such losses and require customers to satisfy credit worthiness procedures prior to acceptance of orders. The company does not consider that it is materially exposed to credit risk.

Cash flow and liquidity risk is the risk that the company's available cash will not be sufficient to meet its financial obligations.The company actively manages its cash flow position including collection of debts and timely payment of creditors. This, coupled with the strong cash position of the company and support of group companies is deemed sufficient to minimise the company's exposure to cash flow and liquidity risk.

Interest rate risk regarding unfavourable movements in interest rates is not perceived as being material to the accounts due to the borrowing agreements in place.

Employment of disabled persons

The Company gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the Company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

 

Templeman Retailing and Vending Limited

Directors' Report for the Year Ended 31 March 2023 (continued)

Energy and carbon report

Emissions and energy consumption

During the year ended 31 March 2023, Templeman Retailing and Vending Limited has gathered data regarding scope one and two carbon emissions (as defined by the GHG Protocol) from its UK Operations as defined by the requirement of the Streamlined Energy and Carbon Reporting (SECR) legislation.

Energy (kWh)

 

2023

Scope 1 (emissions from gas and fuel for fleet vehicles)

 

7,879,102

Scope 2 (emissions from electricity and gas)

 

230,691

Total energy

 

8,109,703

     

Emissions (tCO2e)

   

Scope 1 (emissions from gas and fuel for fleet vehicles)

 

1,900

Scope 2 (emissions from electricity and gas)

 

45

Total SECR emissions

 

1,945

     

Specific Carbon Consumption

   

SCC (tCO2e / £000 revenue)

 

0.031

     

The combined Scope 1 and Scope 2 carbon emissions for the period recorded was 1945 tCO2e. The energy consumed in the period is 8,109,703 kWh. The Specific Carbon Consumption (SSC) for the period is calculated a 0.031 tCO2e/£000 revenue.

During the period of reporting a number of practical actions to reduce energy consumption have been undertaken including the renewal of a number of fleet vehicles to more efficient vehicles to help reduce fuel usage.

Future developments

See disclosures within the strategic report regarding future developments of the company.

Going concern

The financial statements have been prepared on a going concern basis.

The company meets its day to day working capital requirements through cash generated from operations as well as external and group borrowings. At the year end the company had net current assets of £6,376,837 including cash of £698,466.

The directors believe that the company has adequate financial resources to continue in operational existence for at least 12 months from the date of signing the financial statements and therefore the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

 

Templeman Retailing and Vending Limited

Directors' Report for the Year Ended 31 March 2023 (continued)

Reappointment of auditor

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Azets Audit Services as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised for issue by the Board on 21 December 2023 and signed on its behalf by:
 

.........................................
Mr K. Templeman
Director

 

Templeman Retailing and Vending Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Templeman Retailing and Vending Limited

Independent Auditor's Report to the Members of Templeman Retailing and Vending Limited

Opinion

We have audited the financial statements of Templeman Retailing and Vending Limited (the 'company') for the year ended 31 March 2023, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, and Notes to the Financial Statements, including 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 company's affairs as at 31 March 2023 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s 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.

 

Templeman Retailing and Vending Limited

Independent Auditor's Report to the Members of Templeman Retailing and Vending Limited (continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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

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

Matters on which we are required to report by exception

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

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

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

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 7], 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;

enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;

 

Templeman Retailing and Vending Limited

Independent Auditor's Report to the Members of Templeman Retailing and Vending Limited (continued)

challenging assumptions and judgements made by management in their significant accounting estimates; and

reviewing financial statement disclosures and testing to support documentation.

Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); anti-bribery and corruption; and compliance with the UK Companies Act.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s 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.

......................................
Brian Laidlaw BA CA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
Statutory Auditor
Chartered Accountants
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS

21 December 2023

Azets Audit Services is a trading name of Azets Audit Services Limited

 

Templeman Retailing and Vending Limited

Income Statement for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

3

62,336,193

54,486,408

Cost of sales

 

(50,584,187)

(45,160,592)

Gross profit

 

11,752,006

9,325,816

Administrative expenses

 

(8,194,508)

(6,684,783)

Other operating income

4

-

21,537

Operating profit

5

3,557,498

2,662,570

Interest payable and similar expenses

6

(59,599)

(57,215)

Profit before tax

 

3,497,899

2,605,355

Taxation

10

(631,826)

(569,636)

Profit for the financial year

 

2,866,073

2,035,719

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Templeman Retailing and Vending Limited

(Registration number: 06637798)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12

6,687,626

7,175,612

Current assets

 

Stocks

13

6,429,843

4,293,126

Debtors

14

6,748,973

6,273,277

Cash at bank and in hand

 

698,466

892,720

 

13,877,282

11,459,123

Creditors: Amounts falling due within one year

15

(7,500,445)

(6,844,999)

Net current assets

 

6,376,837

4,614,124

Total assets less current liabilities

 

13,064,463

11,789,736

Creditors: Amounts falling due after more than one year

15

(131,409)

(1,715,384)

Provisions for liabilities

17

(764,664)

(772,035)

Net assets

 

12,168,390

9,302,317

Capital and reserves

 

Called up share capital

240

240

Share premium reserve

19

1,417,785

1,417,785

Profit and loss account

19

10,750,365

7,884,292

Total equity

 

12,168,390

9,302,317

Approved and authorised for issue by the Board on 21 December 2023 and signed on its behalf by:
 

.........................................
Mr K. Templeman
Director

 

Templeman Retailing and Vending Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 April 2021

240

1,417,785

5,848,573

7,266,598

Profit for the year

-

-

2,035,719

2,035,719

Total comprehensive income

-

-

2,035,719

2,035,719

At 31 March 2022

240

1,417,785

7,884,292

9,302,317

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 April 2022

240

1,417,785

7,884,292

9,302,317

Profit for the year

-

-

2,866,073

2,866,073

Total comprehensive income

-

-

2,866,073

2,866,073

At 31 March 2023

240

1,417,785

10,750,365

12,168,390

 

Templeman Retailing and Vending Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is Earlsway, Team Valley Trading Estate, Gateshead, Tyne & Wear, NE11 0RQ.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are prepared in sterling which is the functional currency of the entity.

Summary of disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.

The company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.

Name of parent of group

These financial statements are consolidated in the financial statements of Templeman Trading Limited.

The financial statements of Templeman Trading Limited may be obtained from Earlsway,Team Valley Trading Estate,Gateshead,Tyne & wear NE11 0RQ.

 

Templeman Retailing and Vending Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis.

The company meets its day to day working capital requirements through cash generated from operations as well as external and group borrowings. At the year end the company had net current assets of £6,376,837 including cash of £698,466.

The directors believe that the company has adequate financial resources to continue in operational existence for at least 12 months from the date of signing the financial statements and therefore the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Assessing indicators of impairment - In assessing whether there have been indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Useful economic lives of tangible assets - The annual depreciation charge is sensitive to changes in the estimated useful lives of the assets. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, future investments and economic utilisation. The carrying amount is £6,687,626 (2022 - £7,175,612).

Impairment of debtors - The company makes an estimate of the recoverable value of the trade and other debtors. When assessing impairment of trade and other debtor, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The carrying amount is £33,810 (2022 - £13,571).

 

Templeman Retailing and Vending Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover represents the value of goods sold and services provided during the year net of discounts, returns and Value Added Tax.

Turnover is recognised when the goods are physically despatched to the customer. Cash sales transactions are recognised at the time of collection from the machines.

Government grants

Government grants relating to the costs incurred by the company are recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate. Government grants are presented separately and disclosed in other operating income in the income statement.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Asset class

Depreciation method and rate

 

Plant and machinery

20% reducing balance

 

Fixtures and fittings

15% reducing balance

 

Motor vehicles

25% reducing balance

 

Vending machines

20% reducing balance

 

Leasehold improvements

10 years straight line

 

Long leasehold

125 years straight line

 

Templeman Retailing and Vending Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Templeman Retailing and Vending Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Templeman Retailing and Vending Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

3

Revenue

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

62,336,193

54,486,408

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
 £

2022
 £

CJRS income

-

21,537

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,215,469

1,018,025

Operating lease expense - property

106,780

97,258

Profit on disposal of property, plant and equipment

(65,109)

(99,192)

Bad debts written off

(310)

11,327

6

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

26,137

37,663

Interest on obligations under finance leases and hire purchase contracts

33,462

19,552

59,599

57,215

 

Templeman Retailing and Vending Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

4,048,876

3,448,733

Social security costs

437,082

331,582

Pension costs, defined contribution scheme

87,564

66,697

4,573,522

3,847,012

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

16

13

Operations

95

87

Management

8

7

119

107

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
 £

2022
 £

Remuneration

70,926

65,189

Contributions paid to money purchase schemes

1,451

1,312

72,377

66,501

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
 No.

2022
 No.

Accruing benefits under money purchase pension scheme

2

2

9

Auditor's remuneration

2023
£

2022
£

Audit of the financial statements

13,500

9,240


 

 

Templeman Retailing and Vending Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

10

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

641,610

69,900

UK corporation tax adjustment to prior periods

(2,413)

31

639,197

69,931

Deferred taxation

Arising from origination and reversal of timing differences

(5,602)

314,417

Arising from changes in tax rates and laws

(1,769)

185,288

Total deferred taxation

(7,371)

499,705

Tax expense in the income statement

631,826

569,636

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

3,497,899

2,605,355

Corporation tax at standard rate

664,601

495,017

Effect of expense not deductible in determining taxable profit (tax loss)

13,276

9,230

Deferred tax (credit)/expense relating to changes in tax rates or laws

(1,769)

185,288

(Decrease)/increase in UK and foreign current tax from adjustment for prior periods

(2,413)

31

Tax increase from effect of capital allowances and depreciation

4,507

4,524

Tax decrease arising from group relief

-

(494)

Other tax effects for reconciliation between accounting profit and tax expense (income)

(46,376)

(123,960)

Total tax charge

631,826

569,636

 

Templeman Retailing and Vending Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

10

Taxation (continued)

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Accelerated capital allowances

764,664

   

2022

Liability
£

Accelerated capital allowances

772,035

   

11

Intangible assets

Goodwill
 £

Cost or valuation

At 1 April 2022

633,568

At 31 March 2023

633,568

Amortisation

At 1 April 2022

633,568

At 31 March 2023

633,568

Carrying amount

At 31 March 2023

-

At 31 March 2022

-

 

Templeman Retailing and Vending Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

12

Tangible assets

Leasehold Improvements
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Vending Machines
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

63,088

2,437,791

412,810

305,791

5,438,725

4,130,936

12,789,141

Additions

46,937

-

23,343

105,955

13,934

659,842

850,011

Disposals

-

-

-

-

(152,945)

(252,746)

(405,691)

At 31 March 2023

110,025

2,437,791

436,153

411,746

5,299,714

4,538,032

13,233,461

Depreciation

At 1 April 2022

23,197

64,870

198,952

154,761

3,918,092

1,253,657

5,613,529

Charge for the year

8,071

19,499

36,042

37,837

300,764

813,256

1,215,469

Eliminated on disposal

-

-

-

-

(114,008)

(169,155)

(283,163)

At 31 March 2023

31,268

84,369

234,994

192,598

4,104,848

1,897,758

6,545,835

Carrying amount

At 31 March 2023

78,757

2,353,422

201,159

219,148

1,194,866

2,640,274

6,687,626

At 31 March 2022

39,891

2,372,921

213,858

151,030

1,520,633

2,877,279

7,175,612

 

Templeman Retailing and Vending Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

12

Tangible assets (continued)

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Motor vehicles

1,648,269

2,080,539

     

13

Stocks

2023
 £

2022
 £

Stock

6,429,843

4,293,126

14

Debtors

Note

2023
£

2022
£

Trade debtors

 

5,828,483

4,958,784

Amounts owed by group undertakings

 

5,538

5,538

Other debtors

 

497,618

588,141

Prepayments

 

417,334

597,699

Corporation tax asset

10

-

123,115

 

6,748,973

6,273,277

15

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

16

1,649,357

466,583

Trade creditors

 

2,208,969

2,489,502

Amounts owed to group undertakings

 

2,239,893

2,239,540

Social security and other taxes

 

649,697

487,545

Directors loan accounts

 

21,633

-

Other creditors

 

146,325

720,779

Accrued expenses

 

435,539

441,050

Corporation tax liability

 

149,032

-

 

7,500,445

6,844,999

Due after one year

 

Loans and borrowings

16

131,409

1,715,384

 

Templeman Retailing and Vending Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

16

Loans and borrowings

2023
 £

2022
 £

Current loans and borrowings

Bank borrowings

1,040,229

284,565

Hire purchase and finance lease liabilities

609,128

182,018

1,649,357

466,583

2023
 £

2022
 £

Non-current loans and borrowings

Bank borrowings

-

1,063,968

Hire purchase and finance lease liabilities

131,409

651,416

131,409

1,715,384

Bank borrowings

The Natwest mortgage is denominated in sterling with a nominal interest rate of Bank of England base rate plus 1.75%, and the final instalment is due on 31 December 2023. The carrying amount at year end is £1,040,229 (2022 - £1,236,970).

The mortgage is secured against the property asset to which it relates.

The obligations under high purchase and finance lease liabilities are secured by way of a floating charge over the related assets of the company.

17

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2022

772,035

772,035

Increase (decrease) in existing provisions

(7,371)

(7,371)

At 31 March 2023

764,664

764,664

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £87,564 (2022 - £66,697).

No contributions were outstanding at the reporting date (2021 - £Nil).

 

Templeman Retailing and Vending Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

19

Reserves

Share capital

This represents the nominal value of shares that have been issued.

Share premium

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Profit and loss account

This reserve records retained earnings and accumulated losses.

20

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

609,128

182,018

Later than one year and not later than five years

131,409

651,416

740,537

833,434

21

Related party transactions

The company is a wholly owned subsidiary of Templeman Trading Limited. As permitted by Section 33.1A of FRS102, the company has chosen not to disclose transaction with its parent company or any wholly owned subsidiaries of the parent company.

Loans from/to related parties

 

From key management

To other related parties

2023
£

2022
£

2023
£

2022
£

At start of period

593,913

437,809

457,553

717,640

Advanced

-

450,000

26

1,035

Repaid

(593,913)

(293,896)

(115,000)

(261,122)

At end of period

-

593,913

342,579

457,553

Terms of loans from related parties

Loans from key management are interest free and repayable on demand. The balance is included within other creditors.

Terms of loans to related parties
 Loans to other related parties are interest free and repayable on demand. The balance is included within other debtors.

 

Templeman Retailing and Vending Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

22

Parent and ultimate parent undertaking

The company's immediate parent is Templeman Trading Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Templeman Trading Limited. These financial statements are available upon request from Earlsway, Team Valley Trading Estate, Gateshead, NE11 0RQ.

 The ultimate controlling party is Mrs W. M. Templeman.