Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3100falsetruetruetruetruetrue1122023-01-01falseNo description of principal activity144 04125178 2023-01-01 2023-12-31 04125178 2022-01-01 2022-12-31 04125178 2023-12-31 04125178 2022-12-31 04125178 2022-01-01 04125178 c:Director1 2023-01-01 2023-12-31 04125178 c:Director2 2023-01-01 2023-12-31 04125178 c:Director3 2023-01-01 2023-12-31 04125178 c:Director4 2023-01-01 2023-12-31 04125178 c:Director4 2023-12-31 04125178 c:Director5 2023-01-01 2023-12-31 04125178 c:Director6 2023-01-01 2023-12-31 04125178 c:Director7 2023-01-01 2023-12-31 04125178 c:Director8 2023-01-01 2023-12-31 04125178 c:RegisteredOffice 2023-01-01 2023-12-31 04125178 d:MotorVehicles 2023-01-01 2023-12-31 04125178 d:MotorVehicles 2023-12-31 04125178 d:MotorVehicles 2022-12-31 04125178 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04125178 d:FurnitureFittings 2023-01-01 2023-12-31 04125178 d:FurnitureFittings 2023-12-31 04125178 d:FurnitureFittings 2022-12-31 04125178 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04125178 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04125178 d:Goodwill 2023-01-01 2023-12-31 04125178 d:Goodwill 2023-12-31 04125178 d:Goodwill 2022-12-31 04125178 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-01 2023-12-31 04125178 d:ComputerSoftware 2023-12-31 04125178 d:ComputerSoftware 2022-12-31 04125178 d:CurrentFinancialInstruments 2023-12-31 04125178 d:CurrentFinancialInstruments 2022-12-31 04125178 d:Non-currentFinancialInstruments 2023-12-31 04125178 d:Non-currentFinancialInstruments 2022-12-31 04125178 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04125178 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04125178 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04125178 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04125178 d:UKTax 2023-01-01 2023-12-31 04125178 d:UKTax 2022-01-01 2022-12-31 04125178 d:ShareCapital 2023-12-31 04125178 d:ShareCapital 2022-12-31 04125178 d:ShareCapital 2022-01-01 04125178 d:SharePremium 2023-01-01 2023-12-31 04125178 d:SharePremium 2023-12-31 04125178 d:SharePremium 2022-12-31 04125178 d:SharePremium 2022-01-01 04125178 d:CapitalRedemptionReserve 2023-01-01 2023-12-31 04125178 d:CapitalRedemptionReserve 2023-12-31 04125178 d:CapitalRedemptionReserve 2022-12-31 04125178 d:CapitalRedemptionReserve 2022-01-01 04125178 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04125178 d:RetainedEarningsAccumulatedLosses 2023-12-31 04125178 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04125178 d:RetainedEarningsAccumulatedLosses 2022-12-31 04125178 d:RetainedEarningsAccumulatedLosses 2022-01-01 04125178 c:OrdinaryShareClass1 2023-01-01 2023-12-31 04125178 c:OrdinaryShareClass1 2023-12-31 04125178 c:OrdinaryShareClass1 2022-12-31 04125178 c:OrdinaryShareClass2 2023-01-01 2023-12-31 04125178 c:OrdinaryShareClass2 2023-12-31 04125178 c:OrdinaryShareClass2 2022-12-31 04125178 c:OrdinaryShareClass3 2023-01-01 2023-12-31 04125178 c:OrdinaryShareClass3 2023-12-31 04125178 c:OrdinaryShareClass3 2022-12-31 04125178 c:FRS102 2023-01-01 2023-12-31 04125178 c:Audited 2023-01-01 2023-12-31 04125178 c:FullAccounts 2023-01-01 2023-12-31 04125178 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04125178 d:WithinOneYear 2023-12-31 04125178 d:WithinOneYear 2022-12-31 04125178 d:BetweenOneFiveYears 2023-12-31 04125178 d:BetweenOneFiveYears 2022-12-31 04125178 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04125178 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04125178 2 2023-01-01 2023-12-31 04125178 d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04125178 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 04125178 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 04125178 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 04125178







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


TAILOR MADE TECHNOLOGIES LIMITED






































img74a7.png                        

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
COMPANY INFORMATION


Directors
I C Brown 
S M Fenner 
T A Houston 
J P Jeffers (resigned 29 June 2023)
S P McCarthy 
D J Scott-Healey 
L J Whitcher 
S R Weedon 




Registered number
04125178



Registered office
Forum 5 Solent Business Park
Whiteley

Fareham

Hampshire

PO15 7PA




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


TAILOR MADE TECHNOLOGIES LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11 - 12
Notes to the Financial Statements
13 - 27


 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their Strategic Report for the Year Ended 31st December 2023.
The Group consists of a holding company, Solent Group Holdings Limited (“SGH”), trading entity, Tailor Made Technologies Limited (“TMT”) and a dormant company, Peach Technologies Limited (“Peach”).
For the purpose of this report, the results discussed are for the combined Group.
SGH is one of the largest privately owned IT managed services and communications providers for SME’s in the UK. The Group’s strapline is “Powering Business Success with Managed IT, Cyber Security and Communications”. TMT’s innovative services and solutions coupled with both a highly customer-centric approach and “one-stop-shop” capability is why organisations choose TMT to deliver transformative IT and Communications solutions.

Review of the Company’s business
 
Turning to the key results and KPIs for the period under review:
Revenue on a statutory basis declined 2% to £15.35m (FY2022: £15.72m) and gross profit reduced by 13% to £4.9m (FY22: £5.6m) and to 32% (FY22: 36%) of revenues. 2023 was a mixed year for the Group, as it suffered from an industry wide slowdown specifically in Q4 due to external macro factors including rapid increases in the cost of capital and political uncertainty. As a result, customer project work was delayed deflating the group’s financial results.  
Despite the economic headwinds, the Group’s recurring revenues held up well, with some notable growth success. Core IT managed services grew 15% YoY – showcasing the trust customers have put into the Group’s services teams, and hosted telephony grew over 30% YoY reflecting the increasing market trend for cloud based telephony services moving away from more capital intensive on prem solutions. 
Recurring revenues continue to account by far the majority of the Group’s revenues at circa 68% of the total. Overall Hosted and Cloud services now represent circa 31% of the Group’s overall recurring revenues. During 2023 the group continued its investment in it’s innovate range of cyber security services and capability tailored for the SME market, and as a result of strong demand doubled the revenues of its cyber managed services revenues. Further illustrating the point, within professional services cyber consultancy and security reviews revenue grow 32% YoY. Strong growth within cyber services is expected to continue in 2024.
Weak Q4 performance during 2023, reduced overall Adjusted EBITDA for period to circa to c £1.10m, however since the year end there has been a strong recovery and as a result growth is expected in both revenue and EBITDA for 2024.
During the year the Group welcomed 28 new employees - many of which are skilled technical professionals - to the business as part of its transformation and focus on key selected IT and cyber services revenues. 
The Group remains confident in its ambitions to become one of the leading Managed Service Providers for IT & Communications dedicated to SME organisations in Southern England.
The directors are satisfied with the net asset position of the Group.

Future developments
 
The group expect to grow organically within the Solent region.

Principal risks and uncertainties
 
The Group faces a number of regular business risks and uncertainties including potential changes to the economic and regulatory environment in its target markets.
The Group is impacted by external macro factors that affect the UK economy and in particular SME organisations. The Group considers itself relatively well protected against significant customer risk due to its diverse customer base. The Group seeks to mitigate such risks by adapting its own commercial activities and procedures.

Page 1

 


TAILOR MADE TECHNOLOGIES LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Going concern
 
For going concern, The Group is considered as a whole. The Directors have reviewed the future trading cashflows for the period to 1 September 2024.
In April 2023, the Group signed a revised banking facility with Santander who have and continue to be supportive of the company. The group expects to complete a re financing of its debt facility during the first half of 2025.
The Group has a stable and substantial customer base with no major reliance on any one customer.
2024 has seen an improvement in trading for the Group as a result of growing sales order intake. 
After reviewing the Group’s forecasts and projections the Directors have a reasonable expectation that the Group has adequate facilities and financial support to continue in operational existence for the next 12 months from the date of these accounts.


This report was approved by the board and signed on its behalf.



................................................
D J Scott-Healey
Director

Date: 20 September 2024

Page 2

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £915,936 (2022 - £900,724).

Directors

The directors who served during the year were:

I C Brown 
S M Fenner 
T A Houston 
J P Jeffers (resigned 29 June 2023)
S P McCarthy 
D J Scott-Healey 
L J Whitcher 
S R Weedon 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 20 September 2024 and signed on its behalf.
 





................................................
D J Scott-Healey
Director

Page 4

 


TAILOR MADE TECHNOLOGIES LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAILOR MADE TECHNOLOGIES LIMITED

Opinion


We have audited the financial statements of Tailor Made Technologies Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


TAILOR MADE TECHNOLOGIES LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAILOR MADE TECHNOLOGIES LIMITED (CONTINUED)

Opinion 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 set out on page 3, 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.


Page 6

 


TAILOR MADE TECHNOLOGIES LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAILOR MADE TECHNOLOGIES LIMITED (CONTINUED)

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 an Auditors' 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:
 
The Company is subject to laws and regulations that directly affect the financial statements including financial
reporting legislation, and general regulations such as health and safety. There are no industry specific laws and
regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.
 
We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to
management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
 
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent purchase ledger and payroll activity.
°Manipulation of amounts subject to significant judgment or estimate.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 7

 


TAILOR MADE TECHNOLOGIES LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAILOR MADE TECHNOLOGIES LIMITED (CONTINUED)

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 2006Our 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 Auditors' 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.





Mr James Hadfield FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

20 September 2024
Page 8

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

  

Turnover
  
15,348,743
15,718,401

Cost of sales
  
(10,330,035)
(10,264,444)

Gross profit
  
5,018,708
5,453,957

Administrative expenses
  
(4,183,375)
(4,465,971)

Other operating income
 5 
11
629

Operating profit
 6 
835,344
988,615

Interest receivable and similar income
 10 
236
-

Interest payable and similar expenses
 11 
(10,323)
(6,272)

Profit before tax
  
825,257
982,343

Tax on profit
 12 
90,679
(81,619)

Profit for the financial year
  
915,936
900,724

The notes on pages 13 to 27 form part of these financial statements.




Operating profit (EBIT) as above
835,344
988,615

Amortisation
99,823
91,928

Depreciation

96,146
78,149

EBITDA
1,031,313
1,158,692

Exceptional items

71,101
242,427

Adjusted EBITDA
1,102,414
1,401,119

Page 9

 


TAILOR MADE TECHNOLOGIES LIMITED
REGISTERED NUMBER:04125178



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
76,573
120,832

Tangible assets
 15 
157,438
116,633

  
234,011
237,465

Current assets
  

Stocks
 16 
103,602
66,611

Debtors: amounts falling due after more than one year
 17 
1,547,264
1,547,264

Debtors: amounts falling due within one year
 17 
3,488,522
2,264,027

Cash at bank and in hand
 18 
396,369
375,893

  
5,535,757
4,253,795

Creditors: amounts falling due within one year
 19 
(2,637,962)
(2,360,152)

Net current assets
  
 
 
2,897,795
 
 
1,893,643

Total assets less current liabilities
  
3,131,806
2,131,108

Creditors: amounts falling due after more than one year
  
(84,762)
-

  

Net assets
  
3,047,044
2,131,108


Capital and reserves
  

Called up share capital 
 21 
9,886
9,886

Share premium account
 22 
1,198
1,198

Capital redemption reserve
 22 
560
560

Profit and loss account
 22 
3,035,400
2,119,464

  
3,047,044
2,131,108


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 September 2024.




................................................
D J Scott-Healey
Director

The notes on pages 13 to 27 form part of these financial statements.

Page 10

 


TAILOR MADE TECHNOLOGIES LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
9,886
1,198
560
2,119,464
2,131,108


Comprehensive income for the year

Profit for the year
-
-
-
915,936
915,936


At 31 December 2023
9,886
1,198
560
3,035,400
3,047,044


The notes on pages 13 to 27 form part of these financial statements.

Page 11

 


TAILOR MADE TECHNOLOGIES LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
9,886
1,198
560
1,218,740
1,230,384


Comprehensive income for the year

Profit for the year
-
-
-
900,724
900,724


At 31 December 2022
9,886
1,198
560
2,119,464
2,131,108


The notes on pages 13 to 27 form part of these financial statements.

Page 12

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Tailor Made Technologies Limited is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the company information page and the nature of the Companys' operations and its principle activities are set out in the directors' report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is GBP.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Solent Group Holdings Limited as at 31 December 2022 and these financial statements may be obtained from Forum 5 Solent Business Park, Whiteley, Fareham, Hampshire, United Kingdom, PO15 7PA..

 
2.3

Going concern

For going concern, the Group is considered as a whole. The Directors have reviewed the future trading and cash flow forecasts out to December 2025. 
The Group has a stable and substantial customer base with no major reliance in any one customer.
The Group forecasts show an expected increase in both revenue and profitability over the next 12 months which is reflection of a growing order book.
After reviewing the Group’s forecasts and projections the Directors have a reasonable expectation that the group has adequate facilities to continue in operational existence for the foreseeable future and not less than twelve months from the approval of the financial statements. The Group and company therefore continue to adopt the going concern basis in preparing its consolidated financial statements.

Page 13

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10 years
Computer Software
-
4 - 10 years

Page 15

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives as shown in the below table:

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Fixtures, fittings and equipment
-
5 - 25% straight line or over the lease term

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 16

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 17

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:
To determine whether there are indicators of impairment of the company's tangible and intangible assets, including
goodwill. Factors taken into consideration in reading such a decision include the economic viability and expected
future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability
and expected future performance of that unit.


4.


Turnover

2023
2022
£
£



Sales of hardware & software
3,757,217
3,655,870

Services
11,591,526
12,062,531

15,348,743
15,718,401

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
11
629

11
629


Page 18

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
103,421
132,817


7.


Auditors' remuneration

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

2023
2022
£
£



Staff
105
122

Directors
7
7

112
129


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
723,830
751,654

Company contributions to defined contribution pension schemes
22,177
20,447

746,007
772,101


During the year retirement benefits were accruing to 7 directors (2022 - 7) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £125,000 (2022 - £129,167).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).

Page 19

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
236
-

236
-


11.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
4,707
6,272

Finance leases and hire purchase contracts
5,616
-

10,323
6,272


12.


Taxation


As restated
2023
2022
£
£

Corporation tax


Current tax on profits for the year
34,118
125,140

Adjustments in respect of previous periods
(124,797)
(43,521)


Total current tax
(90,679)
81,619

Deferred tax

Total deferred tax
-
-


Taxation on (loss)/profit on ordinary activities
(90,679)
81,619
Page 20

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

As restated
2023
2022
£
£


Profit on ordinary activities before tax
825,257
982,343


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
194,100
186,645

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,605
571

Capital allowances for year in excess of depreciation
(127)
21,343

Adjustments to tax charge in respect of prior periods
(124,797)
(43,521)

Changes in provisions leading to an increase (decrease) in the tax charge
775
6,426

Group relief
(164,235)
(89,845)

Total tax charge for the year
(90,679)
81,619


13.


Exceptional items

As restated
2023
2022
£
£



Refinancing costs
-
56,109

Reorganisation costs
8,178
-

Redundancy costs
15,202
7,797

R&D related professional fees
10,000
28,943

Stock write off
37,721
149,578

71,101
242,427

Page 21

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
95,658
503,408
599,066


Additions
55,564
-
55,564



At 31 December 2023

151,222
503,408
654,630



Amortisation


At 1 January 2023
54,447
423,787
478,234


Charge for the year on owned assets
30,818
69,005
99,823



At 31 December 2023

85,265
492,792
578,057



Net book value



At 31 December 2023
65,957
10,616
76,573



At 31 December 2022
41,211
79,621
120,832



Page 22

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets





Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
-
312,702
312,702


Additions
113,471
25,559
139,030


Disposals
-
(27,747)
(27,747)



At 31 December 2023

113,471
310,514
423,985



Depreciation


At 1 January 2023
-
196,069
196,069


Charge for the year on owned assets
21,276
74,870
96,146


Disposals
-
(25,668)
(25,668)



At 31 December 2023

21,276
245,271
266,547



Net book value



At 31 December 2023
92,195
65,243
157,438



At 31 December 2022
-
116,633
116,633


16.


Stocks

As restated
2023
2022
£
£

Finished goods and goods for resale
103,602
66,611

103,602
66,611


Page 23

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

2023
2022
£
£

Due after more than one year

Due from participating interests
1,547,264
1,547,264

1,547,264
1,547,264


2023
2022
£
£

Due within one year

Trade debtors
688,524
715,362

Amounts owed by group undertakings
1,787,231
857,201

Other debtors
112,012
10,593

Prepayments and accrued income
900,755
680,871

3,488,522
2,264,027



18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
396,369
375,893

396,369
375,893



19.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
1,114,862
560,994

Corporation tax
34,118
125,140

Other taxation and social security
684,917
695,675

Obligations under finance lease and hire purchase contracts
13,298
24,264

Other creditors
356,203
260,387

Accruals and deferred income
434,564
693,692

2,637,962
2,360,152


The obligations under finance lease and hire purchase contracts are secured against the asset they are specified to.

Page 24

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
84,762
-

84,762
-


The obligations under finance lease and hire purchase contracts are secured against the asset they are specified to.


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



80,000 (2022 - 80,000) Ordinary A shares of £0.10 each
8,000
8,000
11,430 (2022 - 11,430) Ordinary B shares of £0.10 each
1,143
1,143
7,430 (2022 - 7,430) Ordinary C shares of £0.10 each
743
743

9,886

9,886

Each Ordinary share has equal voting and dividend rights.



22.


Reserves

Share premium account

The share premium account includes the premium on issue of equity shares, net of any issue costs.

Capital redemption reserve

The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

Page 25

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Prior year adjustment

A prior year adjustment has been recognised in relation to the overstatement of stock identified in earlier years.
The impact of this prior year adjustment is shown below:

2022 as previously reported
Adjustment
2022 as restated
        £
        £
        £
Statement of Comprehensive Income

Cost of sales

(10,114,866)

(149,578)

(10,264,444)
 
Gross profit

5,603,535

(149,578)

5,453,957
 
Operating profit

1,138,193

(149,578)

988,615
 
Profit before tax

1,131,921

(149,578)

982,343
 
Tax on profit

(110,038)

28,420

(81,619)
 
Profit after tax

1,021,883

(121,158)

900,724
 

Statement of Financial Position

Stocks

216,189

(149,578)

66,611
 
Creditors: amounts falling due within one year

(2,388,571)

28,420

(2,360,152)
 
Net current assets

2,014,802

(121,158)

1,893,643
 
Total assets less current liabilities

2,252,267

(121,158)

2,131,108
 
Net assets

2,252,267

(121,158)

2,131,108
 
Profit and loss reserve

2,240,623

(121,158)

2,119,464
 


24.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from
those of the Company in an independently administered fund. The pension cost charge represents contributions
payable by the Company to the fund and amounted to £144,557 (2022 - £197,545). Contributions totalling £24,796
(2022 - £25,340) were payable to the fund at the reporting date and are included within other creditors.


25.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
227,587
131,486

Later than 1 year and not later than 5 years
371,523
328,659

599,110
460,145


Amounts expensed within the Statement of Comprehensive Income, relating to operating leases were £204,728 (2022 - £268,900).

Page 26

 


TAILOR MADE TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.Other financial commitments

The group, consisting of Solent Group Holdings Limited, Tailor Made Technologies Limited and Peach Technologies Limited have in place a group overdraft facility of £300,000 (2022 - £300,000). Each of the members of the group has entered into a cross guarantee agreement in respect of this facility. At the year end the amount drawn on the facility across the group was £Nil (2022 - £Nil).


27.


Related party transactions

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.


28.


Controlling party

The parent of Tailor Made Technologies Limited is Solent Group Holdings Limited and its registered office is as follows:
Forum 5 Solent Business Park, Whiteley, Fareham, Hampshire, United Kingdom, PO15 7PA.
Solent Group Holdings Limited is the smallest company for which consolidated accounts, including this company are prepared. Consolidated accounts are available from its registered office as stated above.

 
Page 27