Company registration number 04115619 (England and Wales)
CYGNET TEXKIMP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CYGNET TEXKIMP LIMITED
COMPANY INFORMATION
Directors
M J Kimpton-Smith
S Kimpton-Smith
C P Smith
J E Smith
L D Vardy
A R Attwood
A McCampbell
E Hutchison
(Appointed 3 October 2023)
Secretary
E Hutchison
Company number
04115619
Registered office
Swan House, Kimpton Drive
Off Wincham Lane
Wincham
Northwich
CW9 6GG
Auditor
MHA
80 Mosley Street
Manchester
M2 3FX
Bankers
Barclays PLC
Level 11
20 Chapel Street
Liverpool
L3 9AG
CYGNET TEXKIMP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 29
CYGNET TEXKIMP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

PRINCIPAL ACTIVITIES

The principal activities of the Company are the design and manufacture of engineering solutions for the handling and processing of technical fibres.

STRATEGIC REVIEW AND FUTURE DEVELOPMENTS

The Company is a principal subsidiary of Cygnet Group Limited ('the Group'). Further information on the performance of the Group, together with a detailed commentary on its future prospects, can be found in the strategic report prepared by the Directors of Cygnet Group Limited.

 

Markets, People and Infrastructure

The primary business focus of Cygnet Texkimp is on delivering process machinery, automation and turnkey plant solutions for the processing of technical fibres. Carbon fibre remains the largest technical fibre growth area and this is expected to continue for the foreseeable future.

 

Driven by a global need, and often regulatory requirement, to reduce emissions and to improve fuel efficiency, the 'light weighting' agenda continues to gather momentum and brings with it a number of challenges and opportunities that Cygnet Texkimp is well-positioned to meet. Light weighting is widening the use of technical fibres and advanced materials in the aerospace, automotive, wind, industrial, defence and space industries; these provide significant opportunities for growth into new sectors not currently served by Cygnet Texkimp. The demand for innovative solutions in the handling of these fibres and materials in these different sectors also gives scope for the spread of risk. This has formed a significant part of Cygnet Texkimp's strategy for the future.

 

The Company continues to look inwardly assessing our performance, our operational structure and ensuring efficiency throughout. Overheads are continually monitored and adapted, whilst maintaining service levels and R&D, and we continue to invest in our sales and technical teams.

 

The Company has continued to invest in its staff and general infrastructure, including IT and IP. We continue to undertake collaborative R&D projects utilising both the Innovate UK and European grant funding platforms, to accelerate our internal R&D and build key relationships with some of the biggest brands in the sectors we operate.

 

Future Developments

As a company, we continue to invest heavily in R&D projects that are focused on future technologies, supporting UK and global aspirations for greener processes and outputs that will be used to improve the green credentials of the end users.

 

We are developing our capabilities to offer innovative recycling processes for carbon fibre and cryogenic solutions for the transmission of carbon neutral energy.

 

The company intends to further capitalise on its restructured cost base, enhanced information systems and product innovation. The pandemic has also provided an opportunity to re-engineer our businesses and to identify further opportunities for efficiencies. Strategic plans are being continually reviewed, cascaded and adapted with a clear view of the main drivers of growth and profitability.

 

Research and development remain at the forefront of what we do. Our focus on expanding our product portfolio through innovation underpins our future strategy for growth and profitability.

CYGNET TEXKIMP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

FINANCIAL REVIEW

The Board monitors the progress of the Company strategy and its individual elements by reference to certain financial and non-financial key performance indicators. The key performance indicators used by the Board include:

 

 

 

 

 

%

 

2024

2023

Change

Change

Turnover (£m)

16.2

11.2

5.0

45%

Gross margin (£m)

4.0

2.5

1.5

57%

Gross profit margin (%)

24.5%

22.7%

1.8%

7.9%

R&D Expenditure (£m)

(1.2)

(1.1)

0.1

9.1%

EBITDA (£m)

0.8

0.2

0.6

264%

Net assets (£m)

4.1

4.0

0.1

3%

Projects with order value >£0.5 million (No.)

27

24

3

12.5%

Cash in hand (£m)

4.3

4.5

(0.2)

(6%)

 

The Company has had a successful year growing revenue in core sectors and is demonstrating growth in revenue over a 3 and 5 year timeframe. Margins continue to improve under the growth strategy as we keep overheads under control. The year on year movement in revenue reflects the stage of completion in contracts (as is the norm in this sector). The Company has maintained profit margins and continues to keep overheads under control.

 

The Company continues to invest strategically in R&D in line with prior year at £1.2m (2023: £1.1m), and continue to be supported by a number of Innovate UK grant funded projects during the last financial year. This ensures resources were committed to developing products which will drive future growth and profitable return on this investment.

 

EBITDA was a £0.8m profit (2023: £0.2m), a confident performance as margins on core products support those newer product areas. The orderbook going into the next financial year is considerably stronger than the prior year and the directors remain confident in the long term development of the business.

 

Cash balances decreased by £0.2m in the financial year to £4.3m (2023: £4.5m) reflecting the stage payments of the projects in progress at the year end.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company remains exposed to macro market risk resulting from instability in the credit markets. A significant number of the Company's contracts are denominated in US Dollars or Euros and the company has a robust policy for the use of forward contracts in place to mitigate exchange rate risk. The Company actively tries to avoid reliance on any one customer, geographical area or market sector.

The Company is exposed to liquidity risk as the profile of receipts under long-term contracts may not be timed to coincide with corresponding outflows. In order to mitigate liquidity risk, the Ultimate Parent Company ensures that its subsidiaries have a mixture of debt facilities, including access to UKEF Trade Loans where required.

CYGNET TEXKIMP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The Company is exposed to credit risk on the carrying value of its assets, principally receivables. Where possible the Company endeavours to minimise credit risk through payment terms. The Directors believe that as the counter parties are mainly major corporations, the credit risk is minimal. Controls around customer credit are monitored, and the Directors believe there is no significant change in the ability of core customers to meet their obligations in this matter.

 

The Company recognises its obligations relating to health and safety and the risk to its reputation of any incident affecting the health and safety of its customers or employees. The Directors are mindful of their responsibilities to ensure a safe environment in all Group companies. The Group regularly monitors the health and safety procedures of each subsidiary company to ensure that a safe environment is maintained in the Group's operations.

 

The Company believes it is well placed to respond to current global markets and to continue to build on the progress made in the financial year.

On behalf of the board

L D Vardy
Director
27 September 2024
CYGNET TEXKIMP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 5.

Dividends of £391,701 were distributed in the year ended 31 March 2024 (31 March 2023: £91,579).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M J Kimpton-Smith
S Kimpton-Smith
C P Smith
J E Smith
L D Vardy
D G D Walker
(Resigned 31 July 2023)
A R Attwood
A McCampbell
E Hutchison
(Appointed 3 October 2023)

Going concern

In considering the appropriateness of the going concern basis of preparation, the Directors have considered current trading performance, the availability of bank facilities, market expectations and financial forecasts for the next twelve months from the date of signing the 2024 financial statements.

 

The Company has a cross guarantee and debenture agreement relating to any monies owing to Barclays PLC by other Group undertakings. The Company has £2.6m of debt facilities with no associated covenants. A £1.25m CBIL (Coronavirus Business Interruption Loan) was secured from Barclays PLC in April 2020 to the Company and was repaid during the year.

 

The Directors have reviewed the latest trading forecasts which indicate that the Company will continue to operate as a going concern for the foreseeable future. The latest forecasts are based on both secured and prospective orders and review of the sales pipeline which show that our established product streams Creels (CRE), Wide Web Converting (WWC) and Automation and Handling (A&H) all have significant activity; with Fibre Placement and Filament Winding (FW) beginning to contribute significantly in line with our strategy. Additionally, with a strong pipeline there are a number of sizeable projects which could materialise. After making detailed enquiries and reviewing these forecasts the Directors have formed a judgment, at the time of approving the financial statements, that there is a strong expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Directors continue to adopt the going concern basis of accounting in preparing the annual financial statements of both the Group and the Company.

Research and development

The Company undertakes research and development expenditure and, in the opinion of the Directors, continuity of investment in this area is essential for the maintenance of the Company's market position and for future growth.

 

Matters of strategic importance

The future developments section; R&D and information on financial information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 have been included in a separate strategic report in accordance with section 414c (ii) of the Companies Act 2006.

CYGNET TEXKIMP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
L D Vardy
Director
27 September 2024
CYGNET TEXKIMP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CYGNET TEXKIMP LIMITED
- 6 -
Opinion

We have audited the financial statements of Cygnet Texkimp Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in the preparation of the company's financial statements 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:

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 ethical responsibilities in accordance with those 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

CYGNET TEXKIMP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CYGNET TEXKIMP LIMITED (CONTINUED)
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

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.

Matters on which we are required to report by exception

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:

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 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

CYGNET TEXKIMP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CYGNET TEXKIMP LIMITED (CONTINUED)
- 8 -

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 financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Alexander Kelly BA FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Manchester, United Kingdom
27 September 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
CYGNET TEXKIMP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£'000
£'000
Turnover
3
16,242
11,163
Cost of sales
(12,256)
(8,627)
Gross profit
3,986
2,536
Administrative expenses
(4,019)
(3,212)
Other operating income
619
567
Operating profit/(loss)
4
586
(109)
Interest receivable and similar income
8
14
3
Interest payable and similar expenses
9
(113)
(52)
Profit/(loss) before taxation
487
(158)
Tax on profit/(loss)
10
30
171
Profit for the financial year
517
13

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CYGNET TEXKIMP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
as restated
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
12
51
128
Tangible assets
13
1,297
988
1,348
1,116
Current assets
Stocks
14
146
157
Debtors
16
4,916
5,132
Cash at bank and in hand
4,264
4,541
9,326
9,830
Creditors: amounts falling due within one year
17
(6,251)
(6,159)
Net current assets
3,075
3,671
Total assets less current liabilities
4,423
4,787
Creditors: amounts falling due after more than one year
18
-
0
(542)
Provisions for liabilities
Provisions
20
89
73
Deferred tax liability
21
217
180
(306)
(253)
Net assets
4,117
3,992
Capital and reserves
Called up share capital
23
1
1
Share premium account
23
23
Profit and loss reserves
4,093
3,968
Total equity
4,117
3,992
The financial statements were approved by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
L D Vardy
Director
Company registration number 04115619 (England and Wales)
CYGNET TEXKIMP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
1
23
4,047
4,071
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
13
13
Dividends
11
-
-
(92)
(92)
Balance at 31 March 2023
1
23
3,968
3,992
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
517
517
Dividends
11
-
-
(392)
(392)
Balance at 31 March 2024
1
23
4,093
4,117
CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Company information

Cygnet Texkimp Limited is a private company limited by shares incorporated in England and Wales. The registered office is Swan House, Kimpton Drive, Off Wincham Lane, Wincham, Northwich, CW9 6GG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principle accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Cygnet Group Limited. These consolidated financial statements are available from its registered office, Swan House Kimpton Drive, Off Wincham Lane Wincham, Northwich, Cheshire, CW9 6GG.

CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern

In considering the appropriateness of the going concern basis of preparation, the Directors have considered current trading performance, the availability of bank facilities, market expectations and financial forecasts for the next twelve months from the date of signing the 202true4 financial statements.

 

The Company has a cross guarantee and debenture agreement relating to any monies owing to Barclays PLC by other Group undertakings. The Company has £2.6m of debt facilities with no associated covenants. A £1.25m CBIL (Coronavirus Business Interruption Loan) was secured from Barclays PLC in April 2020 to the Company and repaid during the year.

 

The Directors have reviewed the latest trading forecasts which indicate that the Company will continue to operate as a going concern for the foreseeable future. The latest forecasts are based on both secured and prospective orders and review of the sales pipeline which show that our established product streams Creels (CRE), Wide Web Converting (WWC) and Automation and Handling (A&H) all have significant activity; with Fibre Placement and Filament Winding (FW) beginning to contribute significantly in line with our strategy. Additionally, with a strong pipeline there are a number of sizeable projects which could materialise. After making detailed enquiries and reviewing these forecasts the Directors have formed a judgment, at the time of approving the financial statements, that there is a strong expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Directors continue to adopt the going concern basis of accounting in preparing the annual financial statements of both the Group and the Company.

1.3
Turnover

Turnover arises from the sales of goods and services. It is stated at the fair value of the consideration receivable, net of value added tax, rebates and discounts. Turnover from the sale of goods and services is recognised when the significant risks and benefits of ownership of the product have transferred to the buyer or the service has been discharged, which may be upon shipment, completion of the product or the product being ready for delivery, based on specific contract terms.

 

Contract turnover reflects the contract activity during the period and is measured at the fair value of consideration received or receivable.

 

Long-term contracts

Long-term contracts are assessed on a contract-by-contract basis and are reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract, and credit is taken for profit earned to date when the outcome of the contract can be assessed with reasonable certainty. The amount by which turnover exceeds payments on account is classified as "amounts recoverable on contracts" and included in debtors; to the extent that payments on account exceed relevant turnover and long-term contract balances, the excess is included as a creditor. The amount of long- term contracts, at cost net of amounts transferred to cost of sales, less provision for payments on account not matched with turnover, is included within debtors.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

When the outcome of a construction contract cannot be estimated reliably, contract turnover is recognised only to the extent of contract costs that are recoverable and the contract costs are expensed as incurred.

CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Intangible fixed assets other than goodwill

 

Research and development

The Company capitalises development expenditure as an intangible asset when it is able to demonstrate all of the following:

 

 

Capitalised development expenditure is initially recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Capitalised development expenditure is amortised on a straight line basis over its useful life, which is between 3 and 5 years. The Directors consider these useful lives to be appropriate because that is the period over which economic benefit is anticipated. Amortisation of these assets, on the same basis as other assets, commences when the assets are ready for their intended use.

 

All research expenditure and development expenditure that does not meet the above conditions is expensed as incurred.

 

Amortisation in respect of development costs recognised in profit or loss for the year is recognised within administrative expenses.

 

On disposal, the difference between the net disposal proceeds and the carrying amount of the intangible asset is recognised in profit or loss.

 

Software

Software is capitalised at cost and amortised to profit or loss on a straight-line basis over its useful life, at the rate of 33% per annum.

 

Amortisation in respect of intangible fixed assets recognised in profit or loss for the year is recognised within administration expenses.

 

Patents

Patent costs are capitalised at cost and amortised to profit or loss on a straight-line basis over their useful life, at the rate of 5% per annum.

 

Amortisation in respect of intangible fixed assets recognised in profit or loss for the year is recognised within administration expenses.

 

Assets under Construction

Assets in the course of construction for production, supply or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the company's accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.

CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, excluding capital work in progress, at rates calculated to write off the cost, less estimated residual value of each asset as follows:

 

 

Residual value is calculated using prices prevailing at the reporting date, after estimated cost of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

1.6
Impairment of fixed assets

An assessment is made at each reporting date of whether there are indications that a fixed asset may be impaired or that an impairment loss previously recognised has fully or partially reversed. If such indications exist, the Company estimates the recoverable amount of the asset or, for goodwill, the recoverable amount of the cash-generating unit to which the goodwill belongs.

 

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation loss. All other impairment losses are recognised in profit or loss.

 

Any impairment loss recognised for goodwill is not reversed. For fixed asset other than goodwill, recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Reversals of impairment losses are recognised in profit or loss or, for revalued assets, as a revaluation gain. On reversal of an impairment loss, the depreciation or amortisation is adjusted to allocate the asset's revised carrying amount (less any residual value) over its remaining useful life.

1.7
Stocks

Stock and work in progress are valued at the lower of average cost and estimated selling price less costs to complete and sell. Cost of finished goods and work in progress includes overheads appropriate to the stage of manufacture. Estimated selling price less costs to complete and sell is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.

At each reporting date, the Company assesses whether stocks are impaired or if an impairment loss recognised in prior periods has reversed. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

 

Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Financial instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument, and are offset only when the Company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

 

Financial assets

 

Trade, Group and other debtors

Trade, Group and other debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

 

Financial liabilities and equity

 

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

 

Equity instruments

Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

 

Trade, Group and other creditors

Trade, Group and other creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

 

Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost.

 

Derivatives

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured to fair value, at each reporting date. Fair value gains and losses are recognised in profit or loss.

 

Derecognition of financial assets and liabilities

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and that obligation can be estimated reliably. Provisions are measured at the best estimate of the amounts required to settle the obligation.

 

Warranty obligations

 

When turnover is recognised for long-term contracts, a provision is made for the estimated cost of the warranty obligation. The provision is measured based on the probability weighting of all possible outcomes and is included within provisions.

1.12
Retirement benefits

Defined contribution plans

 

Certain employees are eligible to join a Group Personal Pension Plan. The contributions are charged to the profit and loss account in the year in which they become payable. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

1.13
Leases

Operating leases are those which do not meet the definition of a finance lease. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.14
Government grants

Income from government grants is presented within other operating income at the fair value of the asset received or receivable.

 

The Company recognises grant income when the grant’s performance-related conditions are met. A grant that does not impose specified future performance-related conditions on the recipient is recognised an income when the grant proceeds are receivable. A grant that imposes specified future performance conditions on the recipient is recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the system exchange rate (generally the previous month end rate).

 

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

 

All translation differences are taken to profit or loss.

1.16

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense unless those costs are required to be recognised as part of the cost of stock or are capitalised as an intangible fixed asset or a tangible fixed asset.

CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

 

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

 

Critical estimates

 

Stage of completion

 

In order to assess the recognition of turnover and profits generated on contracts, management consider the stage of completion of the contracts ongoing at the year-end by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of expected total costs. This assessment includes an estimate of expected costs to complete, which includes an element of judgement as projects can change and result in either additional or less costs depending on the outcome of work performed. Additionally, the technical risk of the project is taken into consideration with projects categorised as red (high technical risk), amber (medium technical risk) and green (low technical risk). Revenue and profit recognition occur earlier on green projects, with revenue and profit recognition being deferred to later stages of the project to some extent for amber projects and to a greater extent for red projects, as higher risk projects often result in additional costs towards the end of the project.

 

Stock Provision

 

In order to assess the carrying value of stock and, therefore, the resulting stock provision, management review the historical level stock provision levels (which are based on the ageing of the stock), levels of stock write-offs over the past 3 years and the general recoverability of stock. These combined, provide a basis for the stock provision estimate. Stock is also reviewed by management on a line by line basis to determine whether any additional provisions, which would sit outside of the policy detailed, are required. Any outliers would be provided for specifically irrespective of its age.

 

Warranty

 

When turnover is recognised for long-term contracts, a provision is made for the estimated cost of the warranty obligation. The provision is measured based on the probability weighting of all possible outcomes and is included within accruals. The estimated cost for warranty is on average 0.5% of the full order value for all live projects and those which have been completed and remain within a warranty period (average twelve months). Contracts with customers include a twelve- month warranty period after completion of the project. At the end of the warranty period the provision is released.

3
Turnover and other income
2024
2023
£'000
£'000
Turnover analysed by class of business
Capital equipment
15,451
10,207
Spares and service
791
956
16,242
11,163
CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other income
(Continued)
- 20 -
2024
2023
£'000
£'000
Turnover analysed by geographical market
United Kingdom
1,317
1,581
Rest of World
14,243
8,356
EU
682
1,226
16,242
11,163
Other Income
Rent receivable
29
30
Government grant receivable and released
343
382
Commissions receivable as other operating income
111
23
Management fees receivable
32
44
Sundry income
104
88
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£'000
£'000
Exchange losses
112
152
Research and development costs
61
32
Government grants
(343)
(382)
Depreciation of owned tangible fixed assets
143
139
Amortisation of intangible assets
101
198
Impairment of stocks recognised or (reversed)
41
(26)
Operating lease charges
243
248

In the year ended 31 March 2024, the Company received a grant from Innovate UK as part of a consortium working on the innovation and development of new technologies relevant to the aerospace industry. The grant is unconditional and has been recognised as earned on the Company's progression through our section of the consortium's project.

5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
35
31
CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales and marketing
7
7
Operations
60
50
Other
11
9
Directors
6
6
Total
84
72

Their aggregate remuneration comprised:

2024
2023
£'000
£'000
Wages and salaries
4,198
3,350
Social security costs
423
348
Pension costs
212
148
4,833
3,846
7
Directors' remuneration
2024
2023
£'000
£'000
Remuneration for qualifying services
352
274
Company pension contributions to defined contribution schemes
57
13
409
287

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£'000
£'000
Remuneration for qualifying services
174
179
Company pension contributions to defined contribution schemes
40
29
CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
8
Interest receivable and similar income
2024
2023
£'000
£'000
Interest income
Other interest income
14
3
9
Interest payable and similar expenses
2024
2023
£'000
£'000
Interest on bank overdrafts and loans
113
52
10
Taxation
2024
2023
£'000
£'000
Current tax
UK corporation tax on profits for the current period
(31)
(129)
Adjustments in respect of prior periods
(35)
(46)
Total current tax
(66)
(175)
Deferred tax
Origination and reversal of timing differences
36
4
Total tax credit
(30)
(171)

The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£'000
£'000
Profit/(loss) before taxation
487
(158)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
122
(30)
Tax effect of expenses that are not deductible in determining taxable profit
4
2
Adjustments in respect of prior years
(35)
(46)
Research and development tax credit
(1)
(3)
Fixed asset differences
8
(12)
Other tax adjustments, reliefs and transfers
-
0
(2)
Additional deduction for research and development expenditure
(140)
(121)
Remeasurement of deferred tax charges for changes in tax rates
-
0
1
Surrender of tax losses for research and development tax credit refund
12
40
Taxation credit for the year
(30)
(171)
CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
11
Dividends
2024
2023
£'000
£'000
Interim and final paid
392
92
12
Intangible fixed assets
Software
Patents
Development Costs
Assets Under Construction
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 April 2023
275
16
688
12
991
Additions
38
-
0
-
0
5
43
Disposals
(11)
(12)
-
0
(12)
(35)
At 31 March 2024
302
4
688
5
999
Amortisation and impairment
At 1 April 2023
275
6
582
-
0
863
Amortisation charged for the year
4
1
96
-
0
101
Disposals
(11)
(5)
-
0
-
0
(16)
At 31 March 2024
268
2
678
-
0
948
Carrying amount
At 31 March 2024
34
2
10
5
51
At 31 March 2023
-
0
10
106
12
128

At 31 March 2024 development costs of £nil (2023: £1,000) and patent costs of £4,856 (2023: £11,000) were under construction.

CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
13
Tangible fixed assets
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 April 2023
741
1,178
429
29
2,377
Additions
333
58
279
-
0
670
Disposals
(218)
-
0
(99)
-
0
(317)
Transfers
(411)
411
-
0
-
0
-
0
At 31 March 2024
445
1,647
609
29
2,730
Depreciation and impairment
At 1 April 2023
-
0
1,058
321
10
1,389
Depreciation charged in the year
-
0
81
57
5
143
Eliminated in respect of disposals
-
0
-
0
(99)
-
0
(99)
At 31 March 2024
-
0
1,139
279
15
1,433
Carrying amount
At 31 March 2024
445
508
330
14
1,297
At 31 March 2023
741
120
108
19
988

At 31 March 2024 plant and machinery costs of £445,000 (2023: £741,000) were under construction.

14
Stocks
2024
2023
as restated
£'000
£'000
Raw materials and consumables
146
157

During the year, a stock impairment £41,000 (2023: £26,000) was recognised within cost of sales.

 

In the prior year WIP of £642,000 was recognised within stock. There has been a retrospective adjustment to recognise this balance within debtors, 'contract assets'.

15
Long term contracts
2024
2023
£'000
£'000
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
988
1,110
CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
16
Debtors
2024
2023
as restated
Amounts falling due within one year:
£'000
£'000
Trade debtors
1,819
831
Amounts recoverable on contracts
988
1,110
Corporation tax recoverable
324
251
Amounts owed by group undertakings
883
1,344
VAT debtor
207
128
Contract assets
237
642
Other debtors
20
14
Prepayments and accrued income
438
812
4,916
5,132

Trade debtors are stated net of a provision of £6,837 (2023: £nil).

 

Amounts owed by Group undertakings are unsecured and repayable on demand. No interest is charged on trading balances.

 

 

17
Creditors: amounts falling due within one year
2024
2023
Notes
£'000
£'000
Bank loans
19
-
0
250
Other borrowings
19
-
0
956
Payments received on account
2,420
1,612
Trade creditors
1,489
1,030
Amounts owed to group undertakings
384
26
Taxation and social security
109
102
Other creditors
37
31
Accruals and deferred income
1,812
2,152
6,251
6,159
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£'000
£'000
Bank loans and overdrafts
19
-
0
542
CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
19
Loans and overdrafts
2024
2023
£'000
£'000
Bank loans
-
0
792
Other loans
-
0
956
-
0
1,748
Payable within one year
-
0
1,206
Payable after one year
-
0
542

 

 

20
Provisions for liabilities
2024
2023
£'000
£'000
Warranty
89
73

Warranties

A provision of £89,000 (2023: £74,000, included in accruals) has been recognised for expected warranty claims on goods sold during the last two years The warranty provision represents the Company's liability in respect of warranties granted on projects. The amount provided represents management's best estimate of the future cash outflows in respect of those products still within the warranty period at the year end.

Movements on provisions:
Warranty
£'000
At 1 April 2023
73
Additional provisions in the year
16
At 31 March 2024
89
CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£'000
£'000
Accelerated capital allowances
220
180
Short term timing differences
(3)
-
217
180
2024
Movements in the year:
£'000
Liability at 1 April 2023
180
Charge to profit or loss
37
Liability at 31 March 2024
217

The deferred tax liability set out above is expected to reverse after more than 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
212
148

The Company operates a defined contribution pension scheme for all qualifying employees in the United Kingdom. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £37,000 (2023: £1,000) were payable to the fund at the year end and are included in creditors.

23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
1,264 ordinary A shares of £1 each
1,264
1,264
1
1
10 ordinary B shares of £1 each
10
10
-
-
CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
24
Financial commitments, guarantees and contingent liabilities

The Company has a cross guarantee and debenture agreement relating to any monies owing to Barclays PLC by other Group undertakings. At 31 March 2024 there was a liability with Barclays Plc across the Group of £nil (2023: £791,667).

 

At 31 March 2024, the Group had access to an debt facility of £2,600,000 (2023: £2,600,000) of which £214,745 (2023: £1,565,745) was in use. At 31 March 2024, £214,745 (2023: £609,812) was attributable to bank guarantees.

25
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£'000
£'000
Within one year
269
244
Between two and five years
958
905
In over five years
1,268
1,509
2,495
2,658
26
Related party transactions
Transactions with related parties

The Company is required to disclose transactions and balances with related parties where 100% of their voting rights are not controlled within the same group.

2024
2023
as restated
£'000
£'000
Purchases charged by Group Companies
670
533
Sales charged to Group Companies
(159)
(163)
2024
2023
Amounts due to related parties
£'000
£'000
Owed to Group Companies
20
3
Owed from Group Companies
(247)
-

Included within the amounts owed from Group Companies balance is an interest free loan due to Cygnet Texkimp Limited of £713,000.

 

During the year rental payments of £103.500 (2023: £103,500) were paid to the self-invested personal pension of M J Kimpton-Smith. There were no balances outstanding at the end of the period.

CYGNET TEXKIMP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
27
Ultimate controlling party

By virtue of combined controlling interest in Cygnet Group Limited, the Company considers M J Kimpton- Smith and S Kimpton-Smith to be the ultimate controlling parties.

The Directors regard Cygnet Group Limited, a company registered in England and Wales, as the ultimate parent company. Cygnet Group Limited is the immediate parent and is the smallest and largest company for which consolidated accounts including Cygnet Texkimp Limited are prepared. The consolidated accounts of Cygnet Group Limited are available from its registered office, which is the same as this company.

28
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2023
£'000
£'000
£'000
Current assets
Stocks
799
(642)
157
Debtors due within one year
4,490
642
5,132
Net assets
3,992
-
3,992
Capital and reserves
Total equity
3,992
-
3,992
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2023
£'000
£'000
£'000
Profit for the financial period
13
-
13

In the prior year WIP of £642,000 was recognised within stock. There has been a retrospective adjustment to recognise this balance within debtors, 'contract assets'.

2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200M J Kimpton-SmithS Kimpton-SmithC P SmithJ E SmithL D VardyD G D WalkerA R AttwoodA McCampbellE HutchisonE 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