Company registration number 07676073 (England and Wales)
KLIPSPRINGER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
KLIPSPRINGER LIMITED
COMPANY INFORMATION
Directors
Mr J J Carlyon
Mr T A Carlyon
Mr M T Carlyon
Mr P Carlyon
Mr A S Carlyon
Mr A J Carlyon
Mr S R Smith
Secretary
Mrs E J Carlyon
Company number
07676073
Registered office
Rynor House
Farthing Road
Ipswich
IP1 5AP
Auditor
Benee Consulting Limited
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
Accountant
Oldfield Advisory LLP
Santis House
Curriers Close
Coventry
CV4 8AW
KLIPSPRINGER LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
KLIPSPRINGER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of supplying specialist safety and compliance products and services to the food and beverage industry.
Review of the business
Business environment
The main sector the company operates in is the food and beverage sector. Customers rely on a secure and efficient supply chain and the company has a long established and stable supply chain with key suppliers across the UK and Europe.
There have been no specific negative impacts on the supply chain during the financial year and the company is continually working with its suppliers to ensure this remains the case in the short, medium and long term.
The company's three-year plan for growth focuses upon excelling in delivering solutions to customers utilising its product range, by region, across the UK and Europe. The business monitors targets against the three-year plan ensuring that it identifies key detractors to enable it to manage any risks and uncertainties that have the potential to affect the achievement of its targets.
Strategy
As part of a family-controlled group, the directors have strong values and hold themselves to the highest standards. This is reflected in the company's values which include: care, competence and focus.
The success and longevity of the business is built upon revenue growth, profit growth, sustainable cash flow and debtor management. To ensure the continued success of the business, management regularly evaluate and monitor KPIs and take appropriate remedial actions.
During the year ended 31 December 2023 the company's parent undertaking has invested in a new premises which will provide state-of-the-art production and warehouse facilities to support the continuing demands of the company. This is expected to become operational in September 2024. The directors consider this an investment in meeting the demands of both existing and future customers whilst supporting staff in continuing to fulfil the volume, and high standards of quality, that customers expect.
Principal risks and uncertainties
Risk acceptance and risk management is continually monitored by means of a framework of policies, procedures and internal controls. All such policies and procedures are overseen by the board of directors and senior management and are constantly under review to comply with statutory regulations and best practice.
The principal risks to the business are inflation and supply chain uncertainty due to global unrest. The company continues to monitor inflation and the effect this has on the cost of incoming goods and overhead costs. The company concentrates the bulk of their sourcing of products and materials from the UK and Europe to minimise supply chain challenges.
Following the outbreak of war in Ukraine, in February 2022, the company carried out a review of its supply chain and client base to assess and manage impacts on various stakeholder groups. The company has identified no significant exposure to Ukraine or Russia through its operations but will continue to monitor escalating energy prices and the potential for further impact on supply chain costs more generally.
In the wider macro environment shortages of resources, and skilled staff at all levels, is constraining all sectors of industry. Resource planning and talent reviews ensure the company can build the pipeline of talent it needs to meet its business requirements. A robust talent acquisition process, with line managers trained to make the best hiring decisions and on boarding processes, ensures new starters are integrated into the business effectively.
KLIPSPRINGER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties
Policies and procedures
Senior management are responsible for the Integrated Management System which they are committed to reviewing monthly ensuring that particular focus is given to driving continuing improvements to achieve scalable processes for future growth.
In the food sector, standards are high, markets are demanding and the margin for error is non-existent. The company’s rigorous commitment to compliance and continuous improvement is underpinned by external accreditation including UKAS, ISO 9001 and an ongoing BRCGS partnership.
The company's approach to managing liquidity and credit risk are provided in the financial instrument section of the directors report.
Development and performance
As anticipated by the directors, sales for 2023 were stronger than in 2022 and grew by 11.9%. The gross profit margin and operating profit percentages have remained consistent in 2023 when compared to 2022.
The directors are confident that the company's three year plan has enabled the business to retain a strong financial position and together with the dedication of its staff, new premises, and an accountable leadership team, will successfully deliver the company's objectives for 2024.
Key performance indicators
The directors were pleased to report an operating profit of 28.1% for the year (2022 – 29.2%), which continues a track record of strong performance.
At the year end the company had shareholders funds of £6,119,885 (2022 - £3,623,975). The directors believe the company's position to be satisfactory, especially as the company's current assets exceed its current liabilities by £5,607,974 (2022 - £3,419,054), resulting in a strong current ratio, at the end of the year, of 4.8 (2022 - 2.8).
Other performance indicators
Client satisfaction is a key non-financial indicator. NPI (net promotor indicator) feedback is formally requested from clients, usually upon delivery of goods.
Future developments
The company continues to invest in product development conformance, undertaking research and development into both new and existing products and their application methodologies.
Mr T A Carlyon
Director
23 August 2024
KLIPSPRINGER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £600,000. The directors do not recommend payment of a final dividend.
No preference dividends were paid.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J J Carlyon
Mr T A Carlyon
Mr M T Carlyon
Mr P Carlyon
Mr A S Carlyon
Mr A J Carlyon
Mr S R Smith
Financial instruments
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Post reporting date events
During the year ended 31 December 2023 the company's parent undertaking has invested in a new premises which will provide state-of-the-art production and warehouse facilities to support the continuing demands of the company. This is expected to become operational in September 2024 and the sale of the parent undertakings current premises, at Farthing Road, is also expected to complete in September 2024. The new premises are located at: Foxtail House, Foxtail Road, Ransomes Industrial Estate, Ipswich, Suffolk, IP3 9RX and this will become the company's registered office in due course.
Future developments
Details of future developments are given in the Strategic Report.
Auditor
Benee Consulting Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
KLIPSPRINGER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr T A Carlyon
Director
23 August 2024
KLIPSPRINGER LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
The directors are responsible 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 then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s 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.
KLIPSPRINGER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KLIPSPRINGER LIMITED
- 6 -
Qualified Opinion on the financial statements
We have audited the financial statements of Klipspringer Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph the financial statements:
Basis for qualified 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’s 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 except for the evidence relating to stock. We were not appointed as auditor of the company until after 31 December 2022 and thus did not observe the counting of physical stocks at the start of the year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2022, which are included in cost of sales during 2023 and the comparative balance sheet at £1,509,944, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.
KLIPSPRINGER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KLIPSPRINGER LIMITED
- 7 -
The directors are responsible for the other information. The other information comprises the information included in the report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £1,509,944 held at 31 December 2022. We have concluded that where the other information refers to the stock balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Qualified opinions on other matters prescribed by the Companies Act 2006
We were not appointed as auditor of the company until after 31 December 2022 and thus did not observe the counting of physical stocks at the start of the year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2022, which are included in the balance sheet at £1,509,944, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the opening stock balance to be required, the strategic report would also need to be amended.
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, 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.
In respect solely of the limitation on our work relating to stock, described above:
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:
KLIPSPRINGER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KLIPSPRINGER LIMITED
- 8 -
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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's 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of
journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
KLIPSPRINGER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KLIPSPRINGER LIMITED
- 9 -
Other matters which we are required to address
We were appointed to audit the financial statements for the year ended 31 December 2023. In the previous year the company directors took advantage of the small companies audit exemption in Companies Act 2006. Financial statements for the prior year were not subject to audit.
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.
Sarah Flint BSc FCA
Senior Statutory Auditor
For and on behalf of Benee Consulting Limited
23 August 2024
Accountants
Statutory Auditor
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
KLIPSPRINGER LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
14,376,092
12,848,792
Cost of sales
(6,978,588)
(6,266,168)
Gross profit
7,397,504
6,582,624
Administrative expenses
(3,356,282)
(2,820,178)
Operating profit
4
4,041,222
3,762,446
Interest receivable and similar income
8
8,730
1,483
Interest payable and similar expenses
9
(1,531)
Profit before taxation
4,049,952
3,762,398
Tax on profit
10
(954,042)
(712,415)
Profit for the financial year
3,095,910
3,049,983
The profit and loss account has been prepared on the basis that all operations are continuing operations.
KLIPSPRINGER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
£
£
Profit for the year
3,095,910
3,049,983
Other comprehensive income
-
-
Total comprehensive income for the year
3,095,910
3,049,983
KLIPSPRINGER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
19,414
Tangible assets
13
580,062
221,364
599,476
221,364
Current assets
Stocks
14
1,601,564
1,509,944
Debtors
15
3,832,956
2,370,862
Cash at bank and in hand
1,649,930
1,421,127
7,084,450
5,301,933
Creditors: amounts falling due within one year
16
(1,476,476)
(1,882,879)
Net current assets
5,607,974
3,419,054
Total assets less current liabilities
6,207,450
3,640,418
Provisions for liabilities
Deferred tax liability
17
87,565
16,443
(87,565)
(16,443)
Net assets
6,119,885
3,623,975
Capital and reserves
Called up share capital
19
1,101,000
1,101,000
Capital redemption reserve
900,000
900,000
Profit and loss reserves
4,118,885
1,622,975
Total equity
6,119,885
3,623,975
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Mr T A Carlyon
Director
Company registration number 07676073 (England and Wales)
KLIPSPRINGER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,101,000
900,000
1,685,885
3,686,885
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
3,049,983
3,049,983
Dividends
11
-
-
(3,112,893)
(3,112,893)
Balance at 31 December 2022
1,101,000
900,000
1,622,975
3,623,975
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
3,095,910
3,095,910
Dividends
11
-
-
(600,000)
(600,000)
Balance at 31 December 2023
1,101,000
900,000
4,118,885
6,119,885
KLIPSPRINGER LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
2,129,077
3,793,171
Interest paid
(1,531)
Income taxes paid
(784,418)
(443,015)
Net cash inflow from operating activities
1,344,659
3,348,625
Investing activities
Purchase of intangible assets
(20,730)
Purchase of tangible fixed assets
(555,439)
(128,410)
Proceeds from disposal of tangible fixed assets
51,583
Interest received
8,730
1,483
Net cash used in investing activities
(515,856)
(126,927)
Financing activities
Payment of finance leases obligations
(7,687)
Dividends paid
(600,000)
(3,112,893)
Net cash used in financing activities
(600,000)
(3,120,580)
Net increase in cash and cash equivalents
228,803
101,118
Cash and cash equivalents at beginning of year
1,421,127
1,320,009
Cash and cash equivalents at end of year
1,649,930
1,421,127
KLIPSPRINGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information
Klipspringer Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rynor House, Farthing Road, Ipswich, IP1 5AP.
The principal activity of the company continued to be that of supplying specialist safety and compliance products and services to the food and beverage industry.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
KLIPSPRINGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software licences
Straight line over 10 years
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property improvements
25% on cost
Equipment and moulds
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
33.3% on cost
Motor vehicles
25% reducing balance or period of lease
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
KLIPSPRINGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Stock is measured on a weighted average cost basis.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
KLIPSPRINGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
KLIPSPRINGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
KLIPSPRINGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Food safety and compliance products
13,286,544
12,013,062
Lab services
1,089,548
835,730
14,376,092
12,848,792
KLIPSPRINGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
13,348,984
11,998,089
Ireland
583,323
470,410
European Union
212,612
181,615
Rest of the World
231,173
198,678
14,376,092
12,848,792
2023
2022
£
£
Other revenue
Interest income
8,730
1,483
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(4,764)
2,741
Fees payable to the company's auditor for the audit of the company's financial statements
12,500
Depreciation of owned tangible fixed assets
159,757
74,225
(Profit)/loss on disposal of tangible fixed assets
(14,599)
47
Amortisation of intangible assets
1,316
-
Operating lease charges
145,476
144,984
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,500
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
58
55
KLIPSPRINGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 22 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
2,365,165
2,008,492
Social security costs
240,298
214,807
Pension costs
148,285
101,872
2,753,748
2,325,171
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
172,930
49,559
Company pension contributions to defined contribution schemes
120,000
80,000
292,930
129,559
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
6,836
1,483
Other interest income
1,894
Total income
8,730
1,483
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
6,836
1,483
9
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
-
1,531
KLIPSPRINGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
883,103
703,052
Adjustments in respect of prior periods
(183)
(4,359)
Total current tax
882,920
698,693
Deferred tax
Origination and reversal of timing differences
71,122
13,722
Total tax charge
954,042
712,415
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
4,049,952
3,762,398
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
951,739
714,856
Tax effect of expenses that are not deductible in determining taxable profit
1,362
5,136
Permanent capital allowances in excess of depreciation
(69,868)
(12,079)
Under/(over) provided in prior years
(183)
(4,359)
Tax relief in respect of gift aid
(130)
(4,861)
Deferred tax adjustment
71,122
13,722
Taxation charge for the year
954,042
712,415
Deferred tax of £87,565 is expected to reverse in the next year as accelerated capital allowances reduce (see note 17).
Factors that may affect future tax charges
From 1 April 2023, the main rate of ccorporation tax increased from 19% to 25% for companies in the United Kingdom with profits exceeding £250,000. This change will place a greater tax burden on the company in future accounting periods, in comparison with previous years.
11
Dividends
2023
2022
£
£
Interim paid
600,000
3,112,893
KLIPSPRINGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
12
Intangible fixed assets
Goodwill
Software licences
Total
£
£
£
Cost
At 1 January 2023
1,750,001
1,750,001
Additions
20,730
20,730
At 31 December 2023
1,750,001
20,730
1,770,731
Amortisation and impairment
At 1 January 2023
1,750,001
1,750,001
Amortisation charged for the year
1,316
1,316
At 31 December 2023
1,750,001
1,316
1,751,317
Carrying amount
At 31 December 2023
19,414
19,414
At 31 December 2022
13
Tangible fixed assets
Property improvements
Equipment and moulds
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
195,543
349,574
111,283
215,758
178,080
1,050,238
Additions
370,745
15,766
168,928
555,439
Disposals
(101,000)
(945)
(31,545)
(133,490)
At 31 December 2023
195,543
619,319
111,283
230,579
315,463
1,472,187
Depreciation and impairment
At 1 January 2023
189,461
300,481
73,532
186,293
79,107
828,874
Depreciation charged in the year
5,432
82,324
9,437
20,657
41,907
159,757
Eliminated in respect of disposals
(87,878)
(892)
(7,736)
(96,506)
At 31 December 2023
194,893
294,927
82,969
206,058
113,278
892,125
Carrying amount
At 31 December 2023
650
324,392
28,314
24,521
202,185
580,062
At 31 December 2022
6,082
49,093
37,751
29,465
98,973
221,364
KLIPSPRINGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
14
Stocks
2023
2022
£
£
Finished goods and goods for resale
1,601,564
1,509,944
The differences between purchase and replacement cost are not material.
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,487,128
2,309,579
Amounts owed by group undertakings
1,259,440
Other debtors
46,555
36,745
Prepayments and accrued income
39,833
24,538
3,832,956
2,370,862
16
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
375,441
805,123
Amounts owed to group undertakings
244,173
Corporation tax
423,208
324,706
Other taxation and social security
545,170
442,754
Other creditors
1,068
38,826
Accruals and deferred income
131,589
27,297
1,476,476
1,882,879
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
87,565
16,443
KLIPSPRINGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Deferred taxation
(Continued)
- 26 -
2023
Movements in the year:
£
Liability at 1 January 2023
16,443
Charge to profit or loss
71,122
Liability at 31 December 2023
87,565
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
148,285
101,872
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
1,100,000
1,100,000
1,100,000
1,100,000
Preference shares classified as equity
1,100,000
1,100,000
Total equity share capital
1,101,000
1,101,000
The company has one class of ordinary shares which carry no right to fixed income. Additionally, the company has in issue 1,100,000 preference shares of £1 each, classified as equity. These shares carry no right to fixed income and redemption is at the discretion of the company.
KLIPSPRINGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
20
Events after the reporting date
During the year ended 31 December 2023 the company's parent undertaking has invested in a new premises which will provide state-of-the-art production and warehouse facilities to support the continuing demands of the company. This is expected to become operational in September 2024 and the sale of the parent undertakings current premises, at Farthing Road, is also expected to complete in September 2024. The new premises are located at: Foxtail House, Foxtail Road, Ransomes Industrial Estate, Ipswich, Suffolk, IP3 9RX and this will become the company's registered office in due course.
21
Related party transactions
During the year ended 31 December 2023 the company's parent undertaking charged the company management fees of £642,000 (2022 - £570,000) and rent of £144,000 (2022 - £144,000). The amount due to the parent undertaking at the balance sheet date was £Nil (2022 - £384,000).
Included in debtors due within one year is an intercompany account balance with the company's parent undertaking of £1,259,440 (2022 - £244,173 creditor). No interest is charged on the intercompany account and the balance is repayable on demand.
22
Ultimate controlling party
Klipspringer Limited is a wholly owned subsidiary of Klipspringer Holdings Limited, and the results of Klipspringer Limited are included in the consolidated financial statements of Klipspringer Holdings Limited which are available from company's registered office: 20 West Side, Farthing Road, Ipswich, IP1 5AP.
The ultimate controlling party is the board of directors of Klipspringer Holdings Limited.
23
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
3,095,910
3,049,983
Adjustments for:
Taxation charged
954,042
712,415
Finance costs
1,531
Investment income
(8,730)
(1,483)
(Gain)/loss on disposal of tangible fixed assets
(14,599)
47
Amortisation and impairment of intangible assets
1,316
Depreciation and impairment of tangible fixed assets
159,757
74,225
Movements in working capital:
Increase in stocks
(91,620)
(227,561)
Increase in debtors
(1,462,094)
(513,940)
(Decrease)/increase in creditors
(504,905)
697,954
Cash generated from operations
2,129,077
3,793,171
KLIPSPRINGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
24
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,421,127
228,803
1,649,930
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