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REGISTERED NUMBER: 01704623 (England and Wales)
























STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

KOMPAN LIMITED

KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


KOMPAN LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2023







DIRECTORS: P E Larsen
S P Sylvester
H F Damgaard-Hansen





SECRETARY: M E Pantling-Jones





REGISTERED OFFICE: Serenity House
Shirwell Crescent
Furzton Lake
Milton Keynes
Buckinghamshire
MK4 1GA





REGISTERED NUMBER: 01704623 (England and Wales)





AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

STRATEGIC REPORT
For The Year Ended 31 December 2023


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

PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS
The principal activity of the company during the year continued to be that of marketing and distributing outdoor play, sports and fitness equipment, incorporating the design and installation of outdoor environments.

Kompan Limited is a private limited company registered in England and Wales, registered number 01704623.

In 2023 the company achieved significant revenue growth to £41.5 million (2022: £38.2 million) by once again outperforming the UK outdoor play and fitness market (KOMPAN Ltd. up 9% / Market down 7%) resulting in increased market share by 189 BPS.

Kompan Limited achieved the sales growth to some degree due to an increase in market coverage in existing and new sectors, but the growth was mainly through a 5% win rate improvement linked to having the best people and products in the UK market, and increased customer satisfaction. We have expanded our customer facing teams for sales, contract management and inspection & maintenance, and expanded our back office teams such as design and aftersales. Our even stronger team, allied with our extensive product and service offering to the UK market and continuous improvement in all areas of our business, has elevated Kompan to a clear market leadership position.

The trading results for the year and the company's financial position at the end of the year are shown within the primary financial statements on pages 9 to 11.

Strategy

Our outlook for the coming years is to continue our aggressive growth and we are confident that we will succeed due to our unique blend of best-in-class products, exceptional supply chain performance and our people.

We will continue to develop and strengthen our digital team so that we can increase our market coverage across all market sectors by increased traffic to our website, and more sales leads.

During 2023, the company continued with new product releases from the innovation pipeline, most notably with an even broader sustainably conscious outdoor play range whereby we can make colourful playgrounds with 95% recycled materials for our HDPE panels, our Hercules Rope yarn, and the TexMade™ posts, thereby helping both private and public sector customer achieve their environmental goals with no compromise on warranty and play values.


KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

STRATEGIC REPORT
For The Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Tha market has continued to slow during 2024 due to economic uncertainty and a change in government, however we feel that Kompan is uniquely positioned for continued market share growth due to the aforementioned reasons.

Price risk
The company is exposed to price risk due to normal inflationary increases in the purchase price of goods and services. The company has no exposure to equity securities price risk as it holds no listed or other equity instruments.

Liquidity risk
The company makes efforts to manage financial risk by the monitoring of cash-flow to meet operational and investment requirements.

Credit risk
The company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited and therefore the principal credit risk arises from its trade debtors.

In order to manage credit risk the directors set limits for customers based on a combination of payment history and credit references. These credit limits are regularly reviewed by the directors and trading positions relative to these are acted upon.

Interest rate risk
The company does hold substantial cash balances at the present time and assets which only earn a very low rate of interest due to the present economic situation.

SUBSEQUENT EVENTS
There are no significant post balance sheet events.

FUTURE DEVELOPMENTS
The company intends to continue its present management policies for the foreseeable future and will continue to grow the business through organic growth.

ON BEHALF OF THE BOARD:





S P Sylvester - Director


18 September 2024

KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

REPORT OF THE DIRECTORS
For The Year Ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
The profit for the year after providing for depreciation and taxation amounts to £1,836,484 (2022: £935,278). The directors paid an interim dividend of £140,000 (2022: £nil) during the year, and recommended a final dividend of £1,500,000 (2022: £nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

P E Larsen
S P Sylvester

Other changes in directors holding office are as follows:

C Astrup-Larsen - resigned 9 October 2023
H F Damgaard-Hansen - appointed 9 October 2023

FINANCIAL INSTRUMENTS
The company utilises various financial instruments including loans, cash and various items such as trade
debtors and trade creditors that arise directly from its operations. The main purpose of these is to raise finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail in the Strategic Report.

POLITICAL DONATIONS AND EXPENDITURE
Donations of £7,750 (2022: £3,305) were made during the year.

GOING CONCERN
The company has financial resources together with contracts in the pipeline with a number of customers and suppliers. As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic environment.

The company is expected to continue to generate positive cashflows for the foreseeable future.

Based on the above, the directors have no reason to believe that a material uncertainty exists that may cast a significant doubt over the ability of the company to continue as a going concern.

On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern principle in the annual financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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.


KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

REPORT OF THE DIRECTORS
For The Year Ended 31 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S P Sylvester - Director


18 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KOMPAN LIMITED


Opinion
We have audited the financial statements of Kompan Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 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 Auditors' 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KOMPAN LIMITED


Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management 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 bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
KOMPAN LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Emma Jones FCCA (Senior Statutory Auditor)
for and on behalf of TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

18 September 2024

KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

STATEMENT OF COMPREHENSIVE
INCOME
For The Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 41,532,185 38,233,453

Cost of sales 29,513,168 28,559,304
GROSS PROFIT 12,019,017 9,674,149

Administrative expenses 9,865,061 8,528,751
OPERATING PROFIT 5 2,153,956 1,145,398

Income from shares in group undertakings 250,000 140,000
Interest receivable and similar income 122,325 65,493
372,325 205,493
2,526,281 1,350,891

Interest payable and similar expenses 6 179,933 303,400
PROFIT BEFORE TAXATION 2,346,348 1,047,491

Tax on profit 7 509,864 112,213
PROFIT FOR THE FINANCIAL YEAR 1,836,484 935,278

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,836,484

935,278

KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 23,993 22,909
Investments 11 710,337 710,337
734,330 733,246

CURRENT ASSETS
Stocks 12 862,666 877,634
Debtors 13 7,763,041 8,291,700
Cash at bank 1,729,539 1,298,707
10,355,246 10,468,041
CREDITORS
Amounts falling due within one year 14 8,060,034 8,368,229
NET CURRENT ASSETS 2,295,212 2,099,812
TOTAL ASSETS LESS CURRENT LIABILITIES 3,029,542 2,833,058

CAPITAL AND RESERVES
Called up share capital 16 9,700 9,700
Share premium 597,500 597,500
Retained earnings 2,422,342 2,225,858
SHAREHOLDERS' FUNDS 3,029,542 2,833,058

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





S P Sylvester - Director


KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 9,700 1,290,580 597,500 1,897,780

Changes in equity
Total comprehensive income - 935,278 - 935,278
Balance at 31 December 2022 9,700 2,225,858 597,500 2,833,058

Changes in equity
Dividends - (1,640,000 ) - (1,640,000 )
Total comprehensive income - 1,836,484 - 1,836,484
Balance at 31 December 2023 9,700 2,422,342 597,500 3,029,542

KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023


1. STATUTORY INFORMATION

Kompan Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Going concern
As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

Preparation of consolidated financial statements
The financial statements contain information about Kompan Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Kompan Holding A/S. The consolidated financial statements can be obtained from the Company Secretary at: Kompan Limited, Serenity House Shirwell Crescent, Furzton Lake, Milton Keynes, England, MK4 1GA.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company earns revenue from the sale of playground equipment and installation services. This revenue is recognised in the accounting period when services have been rendered and an amount that reflects the consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - in accordance with the lease
Fixtures and fittings - 20% on cost

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
Basic financial assets, including trade and other receivables, cash and bank balances and investments, are initially recognised at transaction price, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, bank loans and hire purchase liabilities 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.


KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
The company's financial statements are presented in sterling, which is also the company's functional currency. Transactions in foreign currencies are initially recorded in the entity's functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the balance sheet date. All differences are taken to the income statement.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

Operating lease commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash at bank and in hand
Cash and short term deposits in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity of three months or less.

Pensions and other post-employment benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The amounts charged to the income statement represent the contributions payable to the scheme in respect of the accounting period.

3. TURNOVER

The turnover for the year was derived from the company's one principal activity and trade was carried out wholly within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 6,285,416 5,614,999
Social security costs 821,209 824,660
Other pension costs 158,417 139,944
7,265,042 6,579,603

KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Selling and distribution staff 54 61
Administrative staff 28 19
Service staff 10 -
92 80

2023 2022
£    £   
Directors' remuneration 1,062,741 952,055

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 1,062,741 952,055

Remuneration for certain directors has been borne by a related company. These directors are also directors or officers of a number of companies within the Kompan group. The directors do not believe that it is practicable to apportion their remuneration between their services as directors of this company and their services related to group companies.

The only key management personnel are considered to be the directors

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 108,197 81,959
Depreciation - owned assets 19,081 50,198
Auditor's remuneration - audit of these financial statements 17,325 17,250
Auditor's remuneration - Other services relating to taxation 1,650 1,500

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Intercompany loans 174,219 290,579
Other 2,279 9,824
Bank loans and overdrafts 3,197 2,997
Interest payable 238 -
179,933 303,400

KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 500,501 221,419
Tax under/over provision (1,032 ) -
Total current tax 499,469 221,419

Deferred tax 10,395 (109,206 )
Tax on profit 509,864 112,213

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,346,348 1,047,491
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

551,861

199,023

Effects of:
Expenses not deductible for tax purposes 5,052 48,504
Income not taxable for tax purposes (58,800 ) (26,600 )
Depreciation in excess of capital allowances 1,356 491

for changes in tax rates
Movement in deferred tax 10,395 (109,205 )
Total tax charge 509,864 112,213

On 3 March 2021, the government announced in the Budget that the UK corporation tax rate will increase to 25% from 1 April 2023. This was substantively enacted on 24 May 2021. As this rate was substantively enacted at the statement of financial position date it has been used to calculate the deferred tax balance.

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 1,500,000 -
Interim 140,000 -
1,640,000 -

KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 80,993
AMORTISATION
At 1 January 2023
and 31 December 2023 80,993
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 149,974 60,250 47,579 257,803
Additions 7,745 - 12,420 20,165
At 31 December 2023 157,719 60,250 59,999 277,968
DEPRECIATION
At 1 January 2023 145,981 60,250 28,663 234,894
Charge for year 2,277 - 16,804 19,081
At 31 December 2023 148,258 60,250 45,467 253,975
NET BOOK VALUE
At 31 December 2023 9,461 - 14,532 23,993
At 31 December 2022 3,993 - 18,916 22,909

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,759,523
PROVISIONS
At 1 January 2023
and 31 December 2023 1,049,186
NET BOOK VALUE
At 31 December 2023 710,337
At 31 December 2022 710,337

KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


11. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Kompan Scotland Limited
Registered office: 5 Dunlop Square, Deans Industrial Estate, Livingston, West Lothian, Scotland, EH54 8SB
Nature of business: Design and installation of play areas
%
Class of shares: holding
Ordinary 100.00

12. STOCKS
2023 2022
£    £   
Finished goods 862,666 877,634

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,862,128 7,455,344
Amounts owed by group undertakings 284,554 234,091
Tax - 6,151
Deferred tax asset 245,993 256,388
Prepayments 370,366 339,726
7,763,041 8,291,700

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,595,973 1,013,253
Amounts owed to group undertakings 1,254,254 3,244,200
Corporation tax 500,501 -
Social security and other taxes 125,239 251,247
VAT 1,495,681 1,452,155
Other creditors 3,088,386 2,407,374
8,060,034 8,368,229

KOMPAN LIMITED (REGISTERED NUMBER: 01704623)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


15. LEASING AGREEMENTS
The company has entered into commercial leases on certain properties and items of machinery. These leases have an average duration of between 3 and 15 years. Only the property lease agreement contains an option for renewal, with such options being exercisable three months before the expiry of the leases. There are no restrictions placed upon the lease.

Future minimum rentals payable under non-cancellable operating leases are as follows:

Land and buildings Other
2023 2022 2023 2022
£ £ £ £

Not later than one year 72,000 72,000 314,162 193,298
After one year but not more than five
years

288,000

288,000

466,561

164,077
After five years 481,907 553,900 - -
841,907 913,900 780,723 349,191

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
9,700 Ordinary £1 9,700 9,700

17. ULTIMATE PARENT COMPANY

The immediate and ultimate parent undertaking and controlling party is KOMPAN Holding A/S, a company incorporated in Denmark and this is the only parent undertaking to consolidate these financial statements at 31 December 2023. The consolidated financial statements of KOMPAN Holding A/S can be obtained from the Company Secretary at: Kompan Limited, Serenity House Shirwell Crescent, Furzton Lake, Milton Keynes, England, MK4 1GA.

18. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned entities within the group.

During the year, a total of key management personnel compensation of £ 1,062,741 (2022 - £ 954,209 ) was paid.