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Registered number: 01973532


TEMPLE KNIGHT PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




 
TEMPLE KNIGHT PLC
 
 
COMPANY INFORMATION


Directors
R Chapman 
S Chapman 




Company secretary
R Chapman



Registered number
01973532



Registered office
Mercury House
Station Road

Edenbridge

Kent

TN8 6HL




Trading Address
Mercury House
Station Road

Edenbridge

Kent

TN8 6HL






Independent auditors
CWM Chartered Accountants
Chartered Accountants & Registered Auditors

1a High Street

Epsom

Surrey

KT19 8DA





 
TEMPLE KNIGHT PLC
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Balance sheet
10 - 11
Statement of changes in equity
12
Statement of cash flows
13 - 14
Analysis of net debt
15
Notes to the financial statements
16 - 33


 
TEMPLE KNIGHT PLC
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report on the accounts for the year ended 30 April 2024.

Business review
 
The company’s principal activity continues to be managed print services and maintenance agreements for photocopiers and printers covering London, the Southeast and, for key accounts, the United Kingdom and Europe.
Most of our business is gained through selling via leasing companies and financial services.
We also offer, as we have done historically, repairs for business equipment, consumable sales, and third party service. Additionally, we offer telecoms within our portfolio of services.
Trading conditions in the year ended 30 April 2024 proved to be challenging in several respects.  The majority of our equipment sales are subject to finance.  Due to the high interest rates being experienced, lending criteria from leasing partners have become more stringent which has affected the profitability of the business.
Furthermore, costs of equipment, replacement parts and consumables continued to rise with confidence in the market place remaining low.
In January 2024 we moved our offices which resulted in some additional costs as well as disruption.  One of the benefits was to bring the warehousing within our own premises rather than using local storage facilities.
All the above coupled with the rising wage demands affected overall profitability especially as there was no similar increase in turnover.
The Directors continue to be satisfied with the company’s systems in place for handling maintenance agreements. The software integrates with the equipment via the internet. This enables efficient billing and the ability to identify on a timely basis when consumables and service are required.
The company's gross profitability decreased to 42% this year against a comparative of 52%.  This is due to increased sales of equipment under leasing contracts.
Despite this the company is maintaining a positive current asset position. The company has continued to ensure customers pay within the agreed credit facilities. The company has maintained its aim to maintain liquidity and cash at bank at the end of each month is still over £200,000 ensuring the smooth running of the business. At the balance sheet date, this amounted to £236,478 (2023 £293,255).

Principal risks and uncertainties
 
The principal risk to the company from sales and maintenance continues to be that of potential bad debts.  The company undertakes credit checks on all customers prior to fulfilling any order.  Bad debts have been substantially reduced in recent years.
The directors recognise the importance of their staff. Both the technical knowledge of the engineers and the business development managers' ability to understand the best solutions help to maintain good client relationships. The ability to attract and retain good staff is essential and continues to be seen as a real challenge.
The company has been able to maintain most of the increased turnover seen last year due to its continued investment in both systems and staff.

Page 1

 
TEMPLE KNIGHT PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Financial key performance indicators
 
The company's key performance indicator is a daily sales report.  This is manifested in the turnover figure at the end of the year which for 2024 amounted to £2,465,493 (2023 - £2,304578).  The company has tight control over its overheads and is aware of its break even daily sales target.
The company's gross profit percentage has decreased to 42% (2022 -  52.0%).  The reason for this has already been explained above.

Directors' statement of compliance with duty to promote the success of the Company
 
The following paragraphs comprise our section 172 statement, outlining how the directors have, in performing their duties over the course of the year, had regard to the matters set out in Section 172(1)(a) to (f) of the Companies Act 2006.
The company's customers are fundamental to the success of the business and its growth.  We are constantly re-evaluating our customers' needs which has resulted in recent years with a move away from outright purchase to the leasing of machines with charges based upon usage.  Our customers demand support to ensure their printing and scanning system is operational all of the time.  For this reason we provide a next day response for onsite repairs and maintenance, with the ability to replace machines if necessary while off site repairs are carried out.
The company's suppliers also play a vital role in the delivery of our service.  Payment terms are adhered to as part of our recognising their role.  We also value the long standing association we have with many of our suppliers.  The directors believe long standing associations aid the success of both parties.


This report was approved by the board on 29 October 2024 and signed on its behalf.








S Chapman
Director

Page 2

 
TEMPLE KNIGHT PLC
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Results and dividends

The loss for the year, after taxation, amounted to £126,235 (2023 - profit £24,737).

During the year the company declared dividends amounting to £1,000 (2023 - £2,000).

Directors

The directors who served during the year were:

R Chapman 
S Chapman 

Future developments

The company still expects an increase in the number of machines rented to clients along with outright purchase as well as a continued growth in pay per click sales. 
Turnover has increased significantly through investment in its direct sales team.  The new level of turnover is expected to be consolidated over the next year.

Page 3

 
TEMPLE KNIGHT PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

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

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

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsCWM Chartered Accountantswill be proposed for reappointment in accordance with section 489 of the Companies Act 2006.

This report was approved by the board on 29 October 2024 and signed on its behalf.
 





S Chapman
Director

Page 4

 
TEMPLE KNIGHT PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEMPLE KNIGHT PLC
 

Opinion


We have audited the financial statements of Temple Knight Plc (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
TEMPLE KNIGHT PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEMPLE KNIGHT PLC (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
TEMPLE KNIGHT PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEMPLE KNIGHT PLC (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of designing our audit approach, we determined a materiality level and assessed the risks of material misstatement in the financial statements, including how fraud may occur through enquiries of management regarding its assessment of the areas and liklihood of fraud.
We looked at the areas where subjective judgements were made by management.  In particular we looked at significant accounting estimates which were the result of assumptions made and based upon future events which are inherently uncertain.  We also considered the effect of potential financial and other pressures, opportunity and motivations for fraud.  We identified the use of internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management motitor these procedures.  As part of our audit we reviewed and tested journals, key estimates and judgements made by management.
Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.
We did not identify any key audit matters relating to irregularites, including fraud.  We considered the risk of management override of internal controls and carried out tests to to evaluate this.
Our audit procedures are designed to identify risks of material misstatement, recognising that risks of not detecting such material misstatements due to fraud is greater then the risk due to error, due to the fact that fraud may well involve deliberate concealment.  The audit procedures have inherent limitations.  The further removed that non-compliance with laws and regulations are from the events and transactions included in the financial statements, the less likely we are to detect it.


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


Page 7

 
TEMPLE KNIGHT PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEMPLE KNIGHT PLC (CONTINUED)


Use of our report
 

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








M A Cooper FCA (Senior statutory auditor)
  
for and on behalf of
CWM Chartered Accountants
 
Chartered Accountants
Registered Auditors
  
1a High Street
Epsom
Surrey
KT19 8DA

29 October 2024
Page 8

 
TEMPLE KNIGHT PLC
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
2,465,493
2,304,578

Cost of sales
  
(1,431,454)
(1,105,591)

Gross profit
  
1,034,039
1,198,987

Distribution costs
  
(213,791)
(202,816)

Administrative expenses
  
(959,648)
(965,911)

Operating (loss)/profit
 5 
(139,400)
30,260

Interest receivable and similar income
 9 
2,333
3,114

Interest payable and similar expenses
 10 
(9,073)
(5,712)

(Loss)/profit before tax
  
(146,140)
27,662

Tax on (loss)/profit
 11 
19,905
(2,925)

(Loss)/profit for the financial year
  
(126,235)
24,737

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 33 form part of these financial statements.

Page 9

 
TEMPLE KNIGHT PLC
REGISTERED NUMBER: 01973532

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
84,884
96,935

  
84,884
96,935

Current assets
  

Stocks
 14 
106,757
80,490

Debtors: amounts falling due within one year
 15 
223,554
350,510

Current asset investments
  
198,000
198,000

Cash at bank and in hand
 17 
236,478
293,255

  
764,789
922,255

Creditors: amounts falling due within one year
 18 
(513,507)
(545,282)

Net current assets
  
 
 
251,282
 
 
376,973

Total assets less current liabilities
  
336,166
473,908

Creditors: amounts falling due after more than one year
 19 
(158,245)
(156,505)

Provisions for liabilities
  

Deferred tax
 22 
-
(12,247)

  
 
 
-
 
 
(12,247)

Net assets
  
177,921
305,156


Capital and reserves
  

Called up share capital 
 23 
21,876
21,876

Profit and loss account
  
156,045
283,280

  
177,921
305,156


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





R Chapman
S Chapman
Director
Director
Date: 29 October 2024

The notes on pages 16 to 33 form part of these financial statements.
Page 10

 
TEMPLE KNIGHT PLC
REGISTERED NUMBER: 01973532
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024


Page 11

 
TEMPLE KNIGHT PLC
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
21,876
260,543
282,419


Comprehensive income for the year

Profit for the year

-
24,737
24,737


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
24,737
24,737


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,000)
(2,000)


Total transactions with owners
-
(2,000)
(2,000)


At 1 May 2023
21,876
283,280
305,156


Comprehensive income for the year

Loss for the year

-
(126,235)
(126,235)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(126,235)
(126,235)


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,000)
(1,000)


Total transactions with owners
-
(1,000)
(1,000)


At 30 April 2024
21,876
156,045
177,921


The notes on pages 16 to 33 form part of these financial statements.

Page 12

 
TEMPLE KNIGHT PLC
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(126,235)
24,737

Adjustments for:

Depreciation of tangible assets
23,772
30,281

Loss on disposal of tangible assets
4,023
(411)

Interest paid
9,073
5,712

Interest received
(2,333)
(3,114)

Taxation charge
(19,905)
2,925

(Increase)/decrease in stocks
(26,267)
39,174

Decrease/(increase) in debtors
134,613
(161,979)

Increase in creditors
30,423
79,220

Corporation tax (paid)
(7,658)
(23,272)

Net cash generated from operating activities

19,506
(6,727)


Cash flows from investing activities

Purchase of tangible fixed assets
(15,742)
(25,631)

Sale of tangible fixed assets
-
17,151

Purchase of short-term unlisted investments
-
(198,000)

Interest received
2,333
3,114

Net cash from investing activities

(13,409)
(203,366)

Cash flows from financing activities

Repayment of loans
(47,409)
(63,915)

Repayment of/new finance leases
(5,392)
(5,392)

Dividends paid
(1,000)
(2,000)

Interest paid
(9,073)
(5,712)

Net cash used in financing activities
(62,874)
(77,019)

Net (decrease) in cash and cash equivalents
(56,777)
(287,112)

Cash and cash equivalents at beginning of year
293,255
580,367

Cash and cash equivalents at the end of year
236,478
293,255


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
236,478
293,255
Page 13

 
TEMPLE KNIGHT PLC
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£


236,478
293,255


Page 14

 
TEMPLE KNIGHT PLC
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

293,255

(56,777)

236,478

Debt due after 1 year

(79,283)

35,200

(44,083)

Debt due within 1 year

(54,233)

12,955

(41,278)

Finance leases

(11,683)

5,392

(6,291)


148,056
(3,230)
144,826

The notes on pages 16 to 33 form part of these financial statements.

Page 15

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with Financial Reporting Standard 102,
the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the
Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain
critical accounting estimates. It also requires management to exercise judgment in applying the
Company's accounting policies (see note 3).
The significant accounting policies applied in the preparation of these financial statements are set
out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
1.2

Going concern

The directors have at the time of approving the financial statements a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future.  Therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 16

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies (continued)

 
1.4

Revenue

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

Sale of goods

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

Rendering of services

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

 
1.5

Operating leases: the Company as lessee

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

 
1.6

Interest income

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

 
1.7

Finance costs

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

Page 17

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies (continued)

 
1.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.9

Pensions

Defined contribution pension plan

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

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

 
1.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
1.11

Tangible fixed assets

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

Page 18

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies (continued)


1.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and stright line basis.

Depreciation is provided on the following basis:

Plant and machinery
-
33% reducing balance basis
Motor vehicles
-
25% reducing balance basis
Fixtures and fittings
-
15% reducing balance basis
Office equipment
-
straight line over 3 years
Computer equipment
-
straight line over 3 years

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

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

 
1.12

Stocks

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

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

 
1.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
1.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 19

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies (continued)

 
1.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.17

Financial instruments

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

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Other financial assets

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

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
Page 20

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies (continued)


1.17
Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

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

Financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
1.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 21

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.


General information

The company is a public limited company incorporated in England and Wales.  Its principal place of business is situated at Mercury House, Station Road, Edenbridge, Kent TN8 6HL.


3.


Judgements in applying accounting policies 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. The resulting accounting estimates will therefore seldom equal the related actual results.  The significant estimates and assumptions are detailed below.
Revenue Recognition
The majority of the maintenance contract income relates to single year contracts and is treated as income of the year in which the charge is made.  Contracts relating to more than one year are time apportioned over the life of the agreement which is usually three years.  The income relating to future years is therefore deferred.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales and repairs
2,435,598
2,250,639

Copier rentals
29,895
53,939

2,465,493
2,304,578


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
2,465,493
2,304,578

2,465,493
2,304,578


Page 22

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Exchange differences
676
98

Other operating lease rentals
101,113
119,533


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
7,000
7,000

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
576,021
603,055

Social security costs
72,622
67,981

Cost of defined contribution scheme
10,688
10,047

659,331
681,083


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2



Other
13
16

15
18

Page 23

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
133,103
159,316

133,103
159,316



9.


Interest receivable

2024
2023
£
£


Other interest receivable
2,333
3,114

2,333
3,114


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
9,073
5,712

9,073
5,712

Page 24

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Taxation


2024
2023
£
£



Current tax on profits for the year
(7,658)
7,658


(7,658)
7,658


Total current tax
(7,658)
7,658

Deferred tax


Origination and reversal of timing differences
(12,247)
(4,733)

Total deferred tax
(12,247)
(4,733)


Tax on (loss)/profit
(19,905)
2,925

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 19% (2023 - 19%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(146,140)
27,662


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
(27,767)
5,256

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,042
2,376

Capital allowances for year in excess of depreciation
716
26

Unrelieved tax losses carried forward
18,351
-

Other differences leading to an increase (decrease) in the tax charge
(12,247)
(4,733)

Total tax charge for the year
(19,905)
2,925


Factors that may affect future tax charges

Page 25

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)

The company has tax losses available to carry forward and offset against future trading profits amounting to £76,285.


12.


Dividends

2024
2023
£
£


Dividends paid
1,000
2,000

1,000
2,000

Page 26

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
91,245
25,411
262,343
121,631
500,630


Additions
9,828
-
4,377
1,538
15,743


Disposals
(5,406)
-
-
-
(5,406)



At 30 April 2024

95,667
25,411
266,720
123,169
510,967



Depreciation


At 1 May 2023
81,401
11,177
195,083
116,034
403,695


Charge for the year on owned assets
5,932
3,558
10,684
3,598
23,772


Disposals
(1,383)
-
-
-
(1,383)



At 30 April 2024

85,950
14,735
205,767
119,632
426,084



Net book value



At 30 April 2024
9,717
10,676
60,953
3,537
84,883



At 30 April 2023
9,844
14,234
67,260
5,597
96,935

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
10,676
14,234

10,676
14,234

Page 27

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
106,757
80,490

106,757
80,490



15.


Debtors

2024
2023
£
£


Trade debtors
199,159
298,197

Other debtors
9,424
8,565

Prepayments and accrued income
14,971
43,748

223,554
350,510



16.


Current asset investments

2024
2023
£
£

Unlisted investments
198,000
198,000

198,000
198,000



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
236,478
293,255

236,478
293,255


Page 28

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
35,200
47,409

Trade creditors
45,392
166,442

Corporation tax
-
7,658

Other taxation and social security
79,074
53,535

Obligations under finance lease and hire purchase contracts
5,392
5,392

Other creditors
6,132
9,325

Accruals and deferred income
342,317
255,521

513,507
545,282


The following liabilities were secured:

2024
2023
£
£



Bank loans
35,200
47,409

Obligations under finance lease and hire purchase contracts
5,392
5,392

40,592
52,801

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured on the motor vehicles to which they relate.
The bank loans are secured by a fixed and floating charge over the assets of the company.

Page 29

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
44,083
79,283

Net obligations under finance leases and hire purchase contracts
899
6,291

Accruals and deferred income
113,263
70,931

158,245
156,505


The following liabilities were secured:

2024
2023
£
£



Bank loans
44,083
79,283

Net obligations under finance leases and hire purchase contracts
899
6,291

44,982
85,574

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured on the motor vehicles to which they relate.
The bank loans are secured by a fixed and floating charge over the assets of the company.

Page 30

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
35,200
47,409


35,200
47,409

Amounts falling due 1-2 years

Bank loans
35,200
35,197


35,200
35,197

Amounts falling due 2-5 years

Bank loans
8,884
44,086


8,884
44,086


79,284
126,692



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
5,392
5,392

Between 1-5 years
899
6,291

6,291
11,683

Page 31

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Deferred taxation




2024
2023


£

£






At beginning of year
(12,247)
(16,980)


Charged to profit or loss
12,247
4,733



At end of year
-
(12,247)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(12,247)

-
(12,247)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



12,500 (2023 - 12,500) A Ordinary shares of £1.00 each
12,500
12,500
1 (2023 - 1) B Ordinary share of £1.00
1
1

12,501

12,501

Allotted, called up and partly paid



37,500 (2023 - 37,500) A Ordinary shares of £1.00 each
9,375
9,375



24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £10,688 (2023 - £10,044). Contributions totalling £1,773 (2023 - £1,969) were payable to the fund at the balance sheet date.

Page 32

 
TEMPLE KNIGHT PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

25.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Later than 1 year and not later than 5 years
108,791
161,635

108,791
161,635


26.


Related party transactions

Included in administrative expenses is rent of £40,284 (2023 - £43,500) paid to a pension fund in which Mr R Chapman, a director of the company, has a material interest.
Included in creditors falling due within one year is an amount of £15,429 (2023 - £13,050) due to the pension fund.
Included in creditors falling due within one year is an amount of £855 (2023 - £2,076) due to Mr R G Chapman and an amount of £3,450 (2023 - £2,778) due to Mr S Chapman, the company directors.


27.


Controlling party

The company is controlled by Mr R G Chapman.

 
Page 33