Registration number:
Templeman Retailing and Vending Limited
for the Year Ended 31 March 2023
Templeman Retailing and Vending Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Income Statement |
|
Statement of Financial Position |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Templeman Retailing and Vending Limited
Company Information
Directors |
Mrs W. M. Templeman Mr K. Templeman |
Registered office |
|
Solicitors |
|
Bankers |
|
Auditor |
|
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
......................................... |
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:
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
......................................... |
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.
......................................
For and on behalf of
Statutory Auditor
Chartered Accountants
Bulman House
Regent Centre
Newcastle upon Tyne
NE3 3LS
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 |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
|
|
|
Interest payable and similar expenses |
( |
( |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
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 |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised for issue by the
......................................... |
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 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
At 31 March 2022 |
|
|
|
|
Share capital |
Share premium |
Profit and loss account |
Total |
|
At 1 April 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
At 31 March 2023 |
|
|
|
|
Templeman Retailing and Vending Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
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)
Revenue |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
|
CJRS income |
- |
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Operating lease expense - property |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Bad debts written off |
(310) |
11,327 |
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
Templeman Retailing and Vending Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
Operations |
|
|
Management |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
72,377 |
66,501 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditor's remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Templeman Retailing and Vending Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
|
639,197 |
69,931 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Arising from changes in tax rates and laws |
( |
|
Total deferred taxation |
( |
|
Tax expense in the income statement |
|
|
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
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax (credit)/expense relating to changes in tax rates or laws |
( |
|
(Decrease)/increase in UK and foreign current tax from adjustment for prior periods |
( |
|
Tax increase from effect of capital allowances and depreciation |
|
|
Tax decrease arising from group relief |
- |
( |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
( |
( |
Total tax charge |
|
|
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 |
|
2022 |
Liability |
Accelerated capital allowances |
|
Intangible assets |
Goodwill |
|
Cost or valuation |
|
At 1 April 2022 |
|
At 31 March 2023 |
|
Amortisation |
|
At 1 April 2022 |
|
At 31 March 2023 |
|
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)
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 |
|
|
|
|
|
|
|
Additions |
|
- |
|
|
|
|
|
Disposals |
- |
- |
- |
- |
( |
( |
( |
At 31 March 2023 |
|
|
|
|
|
|
|
Depreciation |
|||||||
At 1 April 2022 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
- |
( |
( |
( |
At 31 March 2023 |
|
|
|
|
|
|
|
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 (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 |
Stocks |
2023 |
2022 |
|
Stock |
|
|
Debtors |
Note |
2023 |
2022 |
|
Trade debtors |
5,828,483 |
4,958,784 |
|
Amounts owed by group undertakings |
5,538 |
5,538 |
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Corporation tax asset |
- |
|
|
|
|
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings |
|
|
|
Social security and other taxes |
|
|
|
Directors loan accounts |
21,633 |
- |
|
Other creditors |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
149,032 |
- |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Templeman Retailing and Vending Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase and finance lease liabilities |
|
|
|
|
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
- |
|
Hire purchase and finance lease liabilities |
|
|
|
|
Bank borrowings
The mortgage is secured against the property asset to which it relates. |
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 April 2022 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 March 2023 |
|
|
|
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 £
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)
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.
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 |
|
|
Later than one year and not later than five years |
|
|
|
|
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 |
|
|
|
|
Advanced |
- |
|
|
|
Repaid |
( |
( |
( |
( |
At end of period |
- |
|
|
|
|
Terms of loans from related parties
Terms of loans to related parties
Templeman Retailing and Vending Limited
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is