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COMPANY REGISTRATION NUMBER: 03281207
Tardis PLC
Annual Report
31 March 2024
Tardis PLC
Financial Statements
Year ended 31 March 2024
Contents
Page
Strategic report
1
Directors' report
7
Independent auditor's report to the members
9
Statement of comprehensive income
13
Statement of financial position
14
Statement of changes in equity
15
Statement of cash flows
16
Notes to the financial statements
17
Tardis PLC
Strategic Report
Year ended 31 March 2024
Introduction
It remains the case that our commitment to R&D year-on-year has been one of the drivers for the enterprise during a challenging trading period nationally on a backdrop of sharply rising costs, and we will continue in support of this strategy to safeguard the business and the customers we serve. The coding pipeline is exciting with more new innovative applications being created, complementing the number of clients regularly using our unique software, generating an informed approach to the procurement process for clients and decision makers. The Company continues to engage social media and leverages the portal to market strategic direct and indirect messaging as its primary promotional tools, but also selecting very targeted verticals.
Business review
This last fiscal year has seen the company shift its focus from new net sales to shoring up its exiting clientele with the view of reinforcing the foundation in readiness for growth, refining its software development pipeline, negotiating new strategic supply chains, and securing stronger relationships with its clients and end-users. Tardis has admirable 5-star reviews on Google, with feedback including very positive comments on the holistic nature of our delivery, from the initial engagement, supply and installation, to the outstanding post-sales support - the perfect platform for an evolving company with an eye to growth. Clients who choose not to provide public reviews are equally happy with the Company's performance (which we draw from portal feedback and account management support), which has driven greater efficiencies of our deployed connectivity and SIM card estate, yielding more confidence and further rewarding staff through performance led bonuses. The portal is the spine of the operation which is mirrored by our R&D effort, reflected in yet further strong results. With each new portal feature, the rise in capability creates a new zero-line and in turn provides multiple benefits, all of which is enjoyed by active portal users, and our proud position is only amplified by the absence of competition to invest in themselves - no other Managed Solutions Provider (MSP) or vendor comes close to what we do, and year-on-year that has proven to be the Company's cornerstone of success. Tardis plc is in a strong position to scale, and rapidly. The B2B opportunity comes two-fold, direct sales and channel sales. The former has always been the primary route for revenue of the enterprise, but the latter is now generating more interest as we have operated in this market just prior to the pandemic. 2025 will be an incredibly exciting year for new business opportunities, and we aim to secure them. Regardless of company and target market or vertical, the portal can be white-labelled and leveraged to create a better user-experience (direct) or to generate new and/or more margin via recurring subscriptions (channel). The company continues to publish impressive results and generate value to its capitalisation through the delivery of robust profits with what is now a recognisable trading model centred on a solid maintainable margin irrespective of topline sales variations, yet still one of the most competitive within the market - a compelling statement - when our topline lifts, our margins automatically carry the returns to capital by default. Despite fluctuating revenue and recognising turnover has been impacted by the national economic crisis of energy price increases, conflict in Europe and the Middle East and uncertainty with a change in government for the first time in fourteen years, we are naturally enthused to report a healthier profit margin for the last year, and we believe this reflects and reinforces the importance of our portal within this market and how committed the people are within the business - it is a well-drilled unit. The company will continue to innovate with a clear vision and pioneer powerful technological capabilities beyond its appearance and has caught the eye of several suitors - only one will be successful.
Principal risks and uncertainties
Management perceive the principal risks and uncertainties of the company to be: the exposure of the company to credit risk, liquidity risk & market risk Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Management of credit control is a priority of the company and potential defaulters are identified as soon as practicable with firm measures taken early to resolve any default on debt Liquidity risk Liquidity risk is the risk that the company will encounter difficulty in meeting its obligations associated with its financial liabilities. The company regularly reviews its working capital requirements and responds quickly and appropriately where any potential shortfall is identified. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risks: currency risk, interest rate risk and other price risk. Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market Currency risk The Company is not exposed to currency risk as all its financial instruments are denominated in GBP. Interest rate risk Interest rate risk exists where interest rates on liabilities are either set according to different basis or reset at-different times. The company's loan is set at a fixed rate so there is deemed to be little in the way of risk to the company in this respect.
Financial key performance indicators
The directors consider that the key financial performance indicators are the turnover, gross margin and pre-tax results. Turnover has decreased by 5.5% to £1,428,200. The long-expected change in government has weighed heavily on top-line sales, with tier-1 companies exercising excessive caution and impacting every supply-chain service enterprise beneath it, all of which has contributed to the national malaise - a bleak economic outlook unfortunately reflecting in the serving government of the day, making a change in administration a near certainty even though this would occur after the Company's year-end. The gross profit percentage has declined to 58.5% compared to 68.8% and as a consequence gross profit is down 19.7% to £835,764. In recognition of this, rather than chase new clients who might be looking for the combination of capability through competitive change - a perfect opportunity to pick-up new business - our capital was better invested in suring up existing clients who would equally be reluctant to change for the same reasons above on the backdrop of economic mood, providing a solid foundation for growth when the when the tempo of the national music changes; signals we can all recognise. The pre-tax result shows a profit of £436,138 compared to last year's profit of £642,108 as a direct result of the reduction in turnover and gross profit, the company continuing its strategy of focusing on online marketing and promotion as well as keeping tight control over administrative expenditure. Non-financial key performance indicators are considered to be Research and development Customer satisfaction On-time delivery Customer retention New customer development Internal process productivity Product and service quality Company and brand reputation Employee training and development Employee satisfaction New product and process development
Section 172 statement
The directors of the company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised below: A director of a company must act in the way he/she considers, in good faith. would be most likely to promote the success of the company for the benefit its members as a whole, and in doing so have regard (amongst other matters) to: 1. The likely consequences of any decision in the long term 2. The interests of the company's employees 3. The need to foster the company's business relationships with suppliers, customers and others 4. The impact of the company's operations on the community and the environment 5. The desirability of the company maintaining a reputation for high standards of business conduct, and 6. The need to act fairly as between members of the company. Each director of the company is aware of their obligations on the above and can seek professional advice from an independent advisor as necessary. As a company with a highly skilled work-force the company's directors do invariably delegate day to day decision making to employees of the company. We make strategic decisions based on both long and short term objectives, having regard to our customers' requirements. At all times the board consider how the decisions they make support the company's visions and values and how they promote the success of the company. In the directors' opinion the employees, suppliers, the customer base and bankers represent the key stakeholders and the means of engagement have been detailed below: Customers - Our employees are constantly interacting with our customers to fulfill our customers' requirements. We focus on customer service and this enables us to act as an extension of our customers' operations. All our staff uphold our key values in our dealing with customers. Employees - We rely on our employees to ensure the best relationships with our suppliers and customers. This in turn means that we can offer the best possible services and are renowned for our customer service which requires us to be able to adapt to our customers' requirements. This is only possible through the hard work of our employees and in this regard we provide a support network that they can rely upon, a remuneration package that rewards high performing individuals with ongoing training. Suppliers - We appreciate the key role our suppliers play in the delivery of our goods on time, as such we aim to pay all suppliers on time and to ensure we have an open and honest dialogue with our suppliers on our ongoing requirements. Bankers - We appreciate the key role our bankers play in our commercial operations and operate at all times within the limits that they have set providing them with any information they require on a timely basis. The company is committed to acting ethically and with integrity in all of our business relations. We work closely with our business partners, suppliers and supply chains to ensure these principals are maintained throughout our operations. The directors recognise the requirement to keep members informed with regards to the company and all necessary documentation is provided as required. The company has a policy of considering the needs of members in its decision making process and aims to act fairly with regards to their needs.
This report was approved by the board of directors on 24 September 2024 and signed on behalf of the board by:
C S Sutton
Director
Registered office:
Faber House
Eastern Road
Romford
Essex
RM1 3PJ
Tardis PLC
Directors' Report
Year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
C S Sutton
A Sutton
M J Sutton
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Disclosure of information in the strategic report
The company has chosen to set out in the strategic report information normally required to be included within the directors report in respect of business review, future developments and financial instruments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 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 judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 24 September 2024 and signed on behalf of the board by:
C S Sutton
Director
Registered office:
Faber House
Eastern Road
Romford
Essex
RM1 3PJ
Tardis PLC
Independent Auditor's Report to the Members of Tardis PLC
Year ended 31 March 2024
Opinion
We have audited the financial statements of Tardis PLC (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor'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.
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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of 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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management and via inspection of the company's regulatory and legal correspondence. We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations to our team (and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade legislation; data protection legislation; anti-bribery and corruption legislation. International Standards on Auditing (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements. In relation to fraud, we performed the following specific procedures in addition to those already noted: - Challenging assumptions made by management in its significant accounting estimates in particular: depreciation and deferred income; - Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account. - Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud; As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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. 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. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our 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.
Spencer Watson FCA
(Senior Statutory Auditor)
For and on behalf of
Buckley Watson Limited
Chartered Accountants & Statutory Auditor
57a Broadway
Leigh-on-Sea
Essex
SS9 1PE
24 September 2024
Tardis PLC
Statement of Comprehensive Income
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
4
1,428,200
1,511,839
Cost of sales
592,436
471,507
------------
------------
Gross profit
835,764
1,040,332
Administrative expenses
386,385
389,392
Other operating income
5
104
---------
------------
Operating profit
6
449,379
651,044
Other interest receivable and similar income
10
276
90
Interest payable and similar expenses
11
13,517
9,026
---------
------------
Profit before taxation
436,138
642,108
Tax on profit
12
118,136
102,170
---------
---------
Profit for the financial year and total comprehensive income
318,002
539,938
---------
---------
All the activities of the company are from continuing operations.
Tardis PLC
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
14
120,159
151,804
Current assets
Debtors
15
2,216,300
1,732,498
Cash at bank and in hand
12,131
15,569
------------
------------
2,228,431
1,748,067
Creditors: amounts falling due within one year
16
1,200,138
1,034,535
------------
------------
Net current assets
1,028,293
713,532
------------
---------
Total assets less current liabilities
1,148,452
865,336
Creditors: amounts falling due after more than one year
17
20,833
30,833
Provisions
Taxation including deferred tax
18
30,040
28,926
------------
---------
Net assets
1,097,579
805,577
------------
---------
Capital and reserves
Called up share capital
22
12,500
12,500
Profit and loss account
23
1,085,079
793,077
------------
---------
Shareholders funds
1,097,579
805,577
------------
---------
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
C S Sutton
Director
Company registration number: 03281207
Tardis PLC
Statement of Changes in Equity
Year ended 31 March 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2022
12,500
355,139
367,639
Profit for the year
539,938
539,938
--------
---------
---------
Total comprehensive income for the year
539,938
539,938
Dividends paid and payable
13
( 102,000)
( 102,000)
--------
---------
---------
Total investments by and distributions to owners
( 102,000)
( 102,000)
At 31 March 2023
12,500
793,077
805,577
Profit for the year
318,002
318,002
--------
---------
---------
Total comprehensive income for the year
318,002
318,002
Dividends paid and payable
13
( 26,000)
( 26,000)
----
--------
--------
Total investments by and distributions to owners
( 26,000)
( 26,000)
--------
------------
------------
At 31 March 2024
12,500
1,085,079
1,097,579
--------
------------
------------
Tardis PLC
Statement of Cash Flows
Year ended 31 March 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
318,002
539,938
Adjustments for:
Depreciation of tangible assets
60,634
59,455
Government grant income
( 104)
Other interest receivable and similar income
( 276)
( 90)
Interest payable and similar expenses
13,517
9,026
Gains on disposal of tangible assets
( 24,043)
( 18,532)
Tax on profit
118,136
102,170
Accrued expenses
20,938
8,959
Changes in:
Trade and other debtors
( 483,802)
( 554,283)
Trade and other creditors
59,117
( 33,971)
---------
---------
Cash generated from operations
82,223
112,568
Interest paid
( 13,517)
( 9,026)
Interest received
276
90
Tax paid
( 30,001)
--------
---------
Net cash from operating activities
68,982
73,631
--------
---------
Cash flows from investing activities
Purchase of tangible assets
( 43,834)
( 86,952)
Proceeds from sale of tangible assets
38,888
29,942
--------
---------
Net cash used in investing activities
( 4,946)
( 57,010)
--------
---------
Cash flows from financing activities
Proceeds from borrowings
( 41,475)
( 37,138)
Government grant income
104
Dividends paid
( 26,000)
( 102,000)
--------
---------
Net cash used in financing activities
( 67,475)
( 139,034)
--------
---------
Net decrease in cash and cash equivalents
( 3,439)
( 122,413)
Cash and cash equivalents at beginning of year
15,569
137,982
--------
---------
Cash and cash equivalents at end of year
12,130
15,569
--------
---------
Tardis PLC
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Faber House, Eastern Road, Romford, Essex, RM1 3PJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following are the company's key sources of estimation uncertainty (a) Recoverability of trade debtors Trade and other debtors are recognised to the extent that they are judged recoverable. Reviews are performed to estimate the level of reserves required for potentially irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. Management makes allowance for doubtful debts based on an assessment of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyses historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the profit and loss account. (b) Deferred income calculation. Management is required to makes estimates in respect of the calculation of the state of completion of all service agreements at the year-end date. Each agreement is considered on an individual basis and a proportion of the income is recognised in the year based on the number of days expired at the year-end in relation to the contract as a whole. (c) Depreciation and residual values Management reviews the asset lives and associated residual values of all fixed asset classes and concludes that asset lives and residual values are appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing lives, factors such as future market conditions, the nature of the asset and asset maintenance are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and disposal values. Research and development Research expenditure is written off in the period in which it is incurred. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25% straight line
Fixtures and fittings - 15% straight line
Leased assets - 25% straight line
Website development costs - 25% straight line
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
1,428,200
1,511,839
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Government grant income
104
----
----
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
60,635
59,454
Gains on disposal of tangible assets
( 24,043)
( 18,532)
Impairment of trade debtors
18,279
(3,595)
Foreign exchange differences
328
506
--------
--------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
5,500
4,950
-------
-------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
4,500
4,050
-------
-------
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Administrative staff
5
6
Management staff
3
3
----
----
8
9
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
177,165
210,747
Social security costs
8,128
12,890
Other pension costs
1,316
2,010
---------
---------
186,609
225,647
---------
---------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
59,200
79,363
--------
--------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
276
90
----
----
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
909
1,153
Other interest payable and similar charges
12,608
7,873
--------
-------
13,517
9,026
--------
-------
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
117,023
99,132
Deferred tax:
Origination and reversal of timing differences
( 6,097)
3,038
Impact of change in tax rate
7,210
-------
-------
Total deferred tax
1,113
3,038
---------
---------
Tax on profit
118,136
102,170
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
436,138
642,108
---------
---------
Profit on ordinary activities by rate of tax
109,032
122,001
Effect of expenses not deductible for tax purposes
77
32
R&D claims in the year
(19,790)
Adjustment for 130% superallowance
( 83)
( 73)
Impact of change in tax rate
9,110
---------
---------
Tax on profit
118,136
102,170
---------
---------
13. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
26,000
102,000
--------
---------
Dividends paid during the year
14. Tangible assets
Plant and machinery
Fixtures, Fittings & Equipment
Leased Assets
Website development costs
Total
£
£
£
£
£
Cost
At 1 April 2023
27,242
20,847
211,103
88,182
347,374
Additions
1,466
31,716
10,652
43,834
Disposals
( 27,144)
( 27,144)
--------
--------
---------
--------
---------
At 31 March 2024
27,242
22,313
215,675
98,834
364,064
--------
--------
---------
--------
---------
Depreciation
At 1 April 2023
25,608
19,538
107,295
43,129
195,570
Charge for the year
653
980
35,070
23,931
60,634
Disposals
( 12,299)
( 12,299)
--------
--------
---------
--------
---------
At 31 March 2024
26,261
20,518
130,066
67,060
243,905
--------
--------
---------
--------
---------
Carrying amount
At 31 March 2024
981
1,795
85,609
31,774
120,159
--------
--------
---------
--------
---------
At 31 March 2023
1,634
1,309
103,808
45,053
151,804
--------
--------
---------
--------
---------
15. Debtors
2024
2023
£
£
Trade debtors
341,261
348,881
Prepayments and accrued income
12,519
7,926
Other debtors
1,862,520
1,375,691
------------
------------
2,216,300
1,732,498
------------
------------
16. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
10,843
19,129
Accruals and deferred income
59,682
81,530
Corporation tax
304,723
187,700
Social security and other taxes
6,551
8,294
Director loan accounts
35,701
67,176
Other creditors
772,638
660,706
------------
------------
1,200,138
1,034,535
------------
------------
17. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,833
30,833
--------
--------
18. Provisions
Deferred tax (note 19)
£
At 1 April 2023
28,926
Additions
1,114
--------
At 31 March 2024
30,040
--------
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 18)
30,040
28,926
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
30,040
28,926
--------
--------
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 1,316 (2023: £ 2,010 ).
21. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2024
2023
£
£
Recognised in other operating income:
Government grants released to profit or loss
104
----
----
22. Called up share capital
Issued and called up
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
--------
--------
--------
--------
Shares issued and partly paid
2024
2023
No.
£
No.
£
Ordinary shares - £0.25 paid of £ 1 each
50,000
12,500
50,000
12,500
--------
--------
--------
--------
23. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
24. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
15,569
(3,438)
12,131
Debt due within one year
(77,176)
31,475
(45,701)
Debt due after one year
(30,833)
10,000
(20,833)
--------
--------
--------
( 92,440)
38,037
( 54,403)
--------
--------
--------
25. Contingent liabilities
The company has provided a guarantee in respect of a bank loan granted to Faber House Limited, a company under common control. There are fixed and floating charges over all the property and undertaking of the company. At the year-end the balance on this loan account was £881,216 (2023: £919,200).
26. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Faber House Limited
619,981
578,477
1,822,454
1,305,523
Fone Limited
( 630,478)
( 543,668)
---------
---------
------------
------------
There is no overall controlling party, shares being held by C Sutton, A Sutton , M Sutton and L Sutton. C Sutton is a director and shareholder of Faber House Limited & Fone Limited. His director's current account is repayable on demand and is not interest bearing. A Sutton is a shareholder of Faber House Limited & Fone Limited. M Sutton is a director of Faber House Limited. His director's current account is repayable on demand and is not interest bearing. Included within other creditors is a balance of £98,293 (2023: £98,293) owed to L Sutton. This loan is repayable on demand and is not interest bearing. Transactions with Faber House Limited represent an annual rent of £35,000 (2023: £35,000), which is not payable under any formal lease, with the balance representing cost of sales.