REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Temple Group Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Temple Group Limited |
Temple Group Limited (Registered number: 03305849) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 9 |
Report of the Independent Auditors | 11 |
Income Statement | 15 |
Other Comprehensive Income | 16 |
Balance Sheet | 17 |
Statement of Changes in Equity | 19 |
Cash Flow Statement | 20 |
Notes to the Cash Flow Statement | 21 |
Notes to the Financial Statements | 23 |
Temple Group Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Cornelius House |
178-180 Church Road |
Hove |
East Sussex |
BN3 2DJ |
Temple Group Limited (Registered number: 03305849) |
Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
Temple is one of the UK's leading independent infrastructure and property consultancies, specialising in environment, planning and sustainability services. |
Our ambition is to make Temple one of the most sustainable and successful businesses in our sector and we are extremely proud to be one of only two UK top 30 environmental consultancies to be a certified B-Corp. As a B-Corp, we are part of a network of like-minded businesses, committed to balancing profit with purpose and legally required to consider the impact of our decisions on society, the environment, and our workers. Through our certification, we are also held to higher standards of social and environmental responsibility, accountability, and transparency. |
Our company ethos guides us in all that we do, and whilst our business decisions are based on our strategy, our primary goal is long-term value creation for all our stakeholders, and we continue to promote the sustainable development agenda and to have a positive impact on society, people and the planet. |
We operate a flexible and agile business model with a cohort of talented and experienced staff, supplemented by an established associate and partner network. This model has enabled us to sustainably grow and maintain high-quality and reliable services. This approach translates directly into tangible benefits for our clients, as it allows for a responsive resource base, bespoke and best-in-class teams, with unrivalled access to senior personnel with deep technical insights and niche expertise, over prolonged periods if required. |
We are therefore able to provide clients with an enhanced breadth of skills and resources to address the most challenging assignments. We also have long standing collaborative partnerships with proven delivery credentials on major commissions and frameworks. |
Temple Group Limited (Registered number: 03305849) |
Strategic Report |
for the Year Ended 31 March 2024 |
REVIEW OF BUSINESS |
Last year, we faced some major challenges, foremost among these being the significant and almost immediate reduction in revenue from HS2 and other major government infrastructure contracts. It was the speed and extent of the decision, and unexpected nature of it, that gave rise to a one-off and unforeseeable set of circumstances with a material reduction in revenue. |
Unlike others in the market, our response to this significant event, was to take a long-term view. In particular, we accelerated our investment in our diversification into new markets, where our skills were readily transferable, notably the energy and water sectors, and appointed a number of Strategic Advisers to help us gain access to these new markets. We also carried out a strategic review of our structure and overheads, against our future requirements. This identified several efficiency savings and led to a modest restructuring of the business with a small number of redundancies. In addition, we continued to invest in our digital programme, our B Corp and volunteering activities, geographical expansion (Wales), and instigated some new partnership opportunities on other large programmes and projects. |
Notable achievements within the year have included: significant growth in our target markets of energy and water, as well as marine and advisory; we had continued success in our traditional markets of property and rail; we strengthened our stakeholder engagement and consultation team; and opened an office in Cardiff. We continued our investment in the digital delivery team which led to several pivotal partnership agreements and saw us launch a range of new innovative digital products in the biodiversity net gain and consent management arenas. |
The reported revenue for the year ended 31 March 2024 is £10.013m with a loss of £1.4m compared to revenue of £12.24m and a profit of £488k for the period to 31 March 2023. |
Whilst the results are disappointing, these must be read in the context of a significant reduction in revenue due to the unexpected HS2 announcement, and against a backdrop of challenging economic conditions and inflationary cost pressures. Notwithstanding these difficulties, we as Directors continued to make investments over this period in order to put the long-term success of the company and its stakeholders ahead of short-term expediency. |
Despite the challenges in the year, we also continued to support many environmental and community charities, through direct donations and volunteering. Our volunteers undertook a broad range of activities including for The Conservation Volunteers at Stave Hill Ecology Park; The Gasworks Dock Partnership at Cody Dock, London; City Parks in Brighton; the Otter Trust in Devon; Manchester Urban Diggers at Platt Field Garden; and St Johns Church, Manchester. Our Sussex team continue their involvement with the Elderflower Fields festival where we have organised bat walks for some years and several employees have used their volunteering day to support their children's schools. We are also doing outreach work through the STEM ambassador scheme and "I Can Be" to encourage more young people into environmental careers. And, through the Southwood Foundation, we have assisted Wild about Warnham and Laughton Group Black Poplars. |
Direct donations were made to a variety of registered charities, e.g. Enthuse, MASS Action, Surfers against Sewage, Women's Aid, The Peak District National Park and Southwood Foundation (a Registered Charity) via our parent company (TGM). Our offices also held collections in support of Macmillan Cancer Research, Little Village, War Child UK and made donations to a number of food banks. |
Temple Group Limited (Registered number: 03305849) |
Strategic Report |
for the Year Ended 31 March 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
As a Board, we actively identify, monitor and mitigate the financial and operational risks and uncertainties to which we are exposed. |
Financial Risk |
Our financial risk principally relates to economic, inflation, liquidity and credit risk. |
As mentioned above, large infrastructure projects and government contracts still account for a significant proportion of our revenue and any material variation from either of these sources has the potential to have a commensurate impact on turnover and profits. In the last 12 months, we have made significant and rapid progress in reducing our exposure to this risk, by increasing the diversity of our revenue both by sector and geography. Moreover, we continue to mitigate this risk by: investing in further diversification activities; working in partnership on larger programmes to share the risk; and supplementing our core team with associates and sub-consultants. |
We also continue to operate in a highly competitive industry which has the potential to impact our ability to win new work at appropriate margins. We mitigate these risks by effective cost management, differentiating ourselves in the marketplace as a valued and trusted market leader, being selective about what work we compete for, with regular scrutiny of our bid tendering process and project delivery to ensure forecast bid and actual delivery margins remain satisfactory. |
We manage credit risk by obtaining external credit checks on all potential new clients, setting and working within defined credit limits and monitoring and reporting on credit risk on an ongoing basis. We prioritise cash management, reviewing Debtor and WIP days and regularly prepare Monthly cash flow forecasts, which consider seasonality particularly relevant to ecology. |
We are satisfied that as a Group we have adequate and available cash resources to meet our financial requirements over the next trading period, and as part of our 2027 Strategy we remain committed to our growth plan. |
Operational Risk |
Our principal operational risks, as for many of our competitors, relate to project delivery and contract risk; the recruitment and retention of key staff; reputational risk from operations; and cyber security. |
As a Board and a business, we review and discuss these matters regularly and believe that through our business strategy, our business model, our certified integrated management system, ongoing investment in our IT systems and cyber security, and our stakeholder relationships. We are therefore confident that we have the right framework, approach, systems and processes in place to appropriately identify, quantify, mitigate and ultimately manage these risks. |
Temple Group Limited (Registered number: 03305849) |
Strategic Report |
for the Year Ended 31 March 2024 |
Within the year, risks associated with the Government's inconsistency in its commitment to infrastructure projects, with several strategic transport programmes delayed, paused or descoped, have been realised and responded to. Conversely, we have benefited from an increase in funding and prospects for infrastructure related to energy and water security, and climate adaptation and resilience in the context of a growing mainstream aspiration for a greener, fairer and more inclusive world. In the UK real estate market, despite hotspots of activity in certain urban locations and sub-sectors, political, regulatory and economic uncertainty, alongside high interest rates have contributed to a general downward pressure on prices and growth. |
Issues of staff retention, recruitment and resourcing remain acute across all the areas we operate in, with limited availability of individuals with the right skills and capabilities intensifying competition and driving salary inflation for staff at all levels across all environmental, planning and sustainability disciplines. The limited availability of individuals is seemingly being driven not only by an increase in demand but also by a reduction in the number of new individuals coming into the industry and gaining the right experience, moreover an increasing cohort of senior individuals are choosing to retire early from the industry, and there is a growing desire from staff at all levels to reduce their working hours and/or increase their annual leave as part of a flexible work/life balance, and emerging hybrid work patterns. |
We expect these trends to continue for the foreseeable future. As we pursue our 2027 Strategy, we will be unlocking new opportunities for cross-sector and skill development and career progression for all. This provides an incentive for staff to remain over the long-term and for new staff to join the team. Embedded learning and development programmes, in addition to formal performance review processes, underpin our company values and support career development for all members of the team. |
Finally, our agile business model affords staff greater protection and gives staff the opportunity to take more responsibility, access a wider variety of work than would typically be the case with larger organisations, and also benefit from close working with clients and invaluable mentoring on occasion from our highly experienced associates and partners. |
Temple Group Limited (Registered number: 03305849) |
Strategic Report |
for the Year Ended 31 March 2024 |
OUR STAFF |
Temple's employees are at the heart of everything we do, and their passion, professionalism, commitment and creativity continue to drive our success and shape our future. The environmental sector is going through a highly challenging period as regards recruitment and retention and we are working hard to attract, develop and retain the best talent to enhance our team. |
This year, we introduced a leadership programme for the senior management team and our graduate programme continues to provide young consultants with the opportunity to work in a variety of areas throughout the business to develop a well-rounded future workforce. In our commitment to retaining our unique talent by building trust and team cohesion, we have embarked on a phased personality profiling exercise for all our staff, to enable a deeper understanding of colleagues' working preferences. |
During the year we extended our share option scheme for senior staff and provided a range of other enhanced benefits including a health insurance and cashback scheme. We continue to acknowledge the importance of regular and consistent recognition and have provided tools and reinforcement for people manager engagement. As part of our employee engagement programme, we have conducted a series of employee engagement questionnaires and feedback sessions and have introduced a range of different briefing formats to assist communications. |
We would express our sincere thanks to our staff for the extraordinary commitment and efforts they have made over this difficult and challenging period. We recognise the importance of retaining our highly talented team and we remain committed to supporting their professional growth and ensuring that they have the resources and opportunities needed to thrive at Temple. We thank them for their loyalty, ongoing hard work and continued support to achieve our shared goals and vision. |
Temple Group Limited (Registered number: 03305849) |
Strategic Report |
for the Year Ended 31 March 2024 |
OUTLOOK |
At the core of our 2027 strategy is our vision to create sustainable futures, a commitment to a new business structure that is fit for future markets, and a business strategy and investment programme that differentiates us from our competitors. This includes multiple digital innovations, services aligned to natural asset management, a new advisory service and enhanced community engagement services. We also continue to work closely with our trusted and strategic partners (with a shared vision and aligned values), which see us working on the UK's most exciting, complex, challenging and globally relevant issues for a range of high-profile projects and programmes. |
With environmental considerations notably social value, inclusivity and engagement, and sustainability more generally, becoming mainstream in everyone's lives, we see huge opportunities for Temple. Our 2027 Strategy responds to these growing needs and the needs of our clients, society and nature. It recognises that we must continue to find new ways of delivering our existing services as well as developing new areas of expertise. We will ensure that the natural environment, societal needs and sustainable business models and consumption are at the heart of our service offer and encourage our clients and partners to harness the power of collective cooperation, collaboration and concerted action to drive this forward. |
We intend to continue to recruit and develop an inclusive and diverse team of highly qualified professionals to provide the best advice, motivated by our unique culture alongside the interesting, varied and professionally challenging nature of our clients and our work. |
The transformation and repositioning of our business over recent years, whilst challenging in this last year in particular, has brought numerous benefits, not least allowing us to provide a greater breadth of skills and experience to our clients in more geographies and sectors. It has demonstrated our commitment to being purpose-driven and sharpened our focus on building and maintaining strong relationships with longstanding clients, working with them to understand their business needs and creating opportunities and services that will help them achieve their business and sustainability goals. |
We continue to invest in our people, enhancing the resilience of our business; and proactively driving internal efficiencies, including those in information technology and data analytics, simplifying processes whilst maintaining our commitments under ISO9001, ISO14001 and ISO45001. |
By building an ethical and sustainable business we intend to continue to invest in the future success of our business alongside the future success of our people, our clients and our planet. |
Despite the prevailing economic uncertainty, we believe there is an extraordinary growth opportunity for the business commensurate with the sustainability challenges we all face and the need for concerted and urgent action. As such, we believe the outlook for Temple as a UK-owned business remains challenging but positive with strong growth prospects in the medium term. |
ON BEHALF OF THE BOARD: |
Temple Group Limited (Registered number: 03305849) |
Strategic Report |
for the Year Ended 31 March 2024 |
Temple Group Limited (Registered number: 03305849) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of environment, planning and |
sustainability services for the public, private, not-for-profit and voluntary sectors. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
The company made donations to registered charities in the year totalling £356 (2023: £736). |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Temple Group Limited (Registered number: 03305849) |
Report of the Directors |
for the Year Ended 31 March 2024 |
AUDITORS |
The auditors, Parkers, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Temple Group Limited |
Opinion |
We have audited the financial statements of Temple Group Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Temple Group Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page nine, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Temple Group Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the company and industry, we identified that the principal risks of |
non-compliance with laws and regulations related to UK pensions legislation and UK tax legislation, as well as UK Health & Safety legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to revenue recognition where there may be incentive for manipulation of profits. Audit procedures performed by the engagement team included: |
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |
- Challenging assumptions and judgements made by management in their significant accounting estimates; and |
- Identifying and testing journal entries, in particular any journal entries posted with unusual account |
combinations including journal entries which inflated the Company's results for the period with unusual |
offset entries and journal entries impacting revenue recognition. |
There are inherent limitations in the audit procedures described above and the further removed |
non-compliance with laws and regulations is from the events and transactions reflected in the financial |
statements, the less likely we would become aware of it. Also, the risk of not detecting a material |
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may |
involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through |
collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Temple Group Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Cornelius House |
178-180 Church Road |
Hove |
East Sussex |
BN3 2DJ |
Temple Group Limited (Registered number: 03305849) |
Income Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest payable and similar expenses | 5 |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 6 | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
Temple Group Limited (Registered number: 03305849) |
Other Comprehensive Income |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Temple Group Limited (Registered number: 03305849) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
( |
) |
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
NET ASSETS |
Temple Group Limited (Registered number: 03305849) |
Balance Sheet - continued |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Capital redemption reserve | 15 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Temple Group Limited (Registered number: 03305849) |
Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2024 |
Temple Group Limited (Registered number: 03305849) |
Cash Flow Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Finance costs paid | (31,575 | ) | (29,351 | ) |
Tax paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loans repaid in year | ( |
) |
New loans issued in year | (110,000 | ) | - |
New finance lease | 30,764 | - |
Capital repayments in year | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
394,938 |
Cash and cash equivalents at end of year |
2 |
277,487 |
117,022 |
Temple Group Limited (Registered number: 03305849) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 31,575 | 29,351 |
(1,383,348 | ) | 777,257 |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 277,487 | 117,022 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 117,022 | 394,938 |
Temple Group Limited (Registered number: 03305849) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank | 117,022 | 160,465 | 277,487 |
117,022 | 277,487 |
Debt |
Finance leases | - | (21,364 | ) | (21,364 | ) |
- | (21,364 | ) | (21,364 | ) |
Total | 117,022 | 139,101 | 256,123 |
Temple Group Limited (Registered number: 03305849) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Temple Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
No significant judgements have had to be made by the directors in preparing these financial |
statements. |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
Where the services are supplied under long-term contracts, turnover represents the value of work done in the year, including amounts not invoiced and is recognised by reference to stage of completion. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being |
amortised evenly over its estimated useful life of five years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its |
estimated useful life, or if held under a finance lease, over the lease term, whichever is shorter. |
Fixtures & Fittings - 5 years |
Equipment on Jobs - 3 years |
Computer Equipment - 3 years |
Office Equipment - 3 years |
Temple Group Limited (Registered number: 03305849) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of |
financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Temple Group Limited (Registered number: 03305849) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property |
and equipment, are reviewed to determine whether there is an indication that any asset may be |
impaired. If there is an indication of possible impairment, the recoverable amount of any asset or |
group of related assets, which is the higher of value in use and the fair value less cost to sell, is |
estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying |
amount of the asset is reduced to its recoverable amount and an impairment loss is recognised |
immediately in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Technical Staff | 124 | 127 |
Support Staff | 29 | 30 |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Temple Group Limited (Registered number: 03305849) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Goodwill amortisation |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Other finance charges |
6. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax | ( |
) | ( |
) |
Tax on (loss)/profit | ( |
) |
Temple Group Limited (Registered number: 03305849) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Temple Group Limited (Registered number: 03305849) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Finance leases (see note 12) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 323,042 | 491,820 |
Other creditors |
Deferred income |
Accrued expenses |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Finance leases (see note 12) |
Temple Group Limited (Registered number: 03305849) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
31.3.24 | 31.3.23 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
13. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Temple Group Limited (Registered number: 03305849) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 March 2024 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary A | 1 | 4,750 | 4,750 |
Ordinary B | 1 | 1,000 | 1,000 |
Ordinary C | 1 | 5,525 | 5,525 |
11,275 | 11,275 |
15. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 2,866,812 |
Deficit for the year | ( |
) | ( |
) |
At 31 March 2024 | 1,472,864 |