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Company registration number: 12371282







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024


ALLENS TPS GROUP LIMITED






































img0937.png                        

 


ALLENS TPS GROUP LIMITED
 


 
COMPANY INFORMATION


Directors
M. R. Jones 
T. I. Jones 
G. V. Pinks 
P. R. Cope 




Registered number
12371282



Registered office
Birch Walk

West Byfleet

Surrey

KT14 6EJ




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


ALLENS TPS GROUP LIMITED
 



CONTENTS



Page
Directors' report
1 - 2
Independent auditors' report
3 - 6
Consolidated statement of comprehensive income
7
Consolidated statement of financial position
8
Company statement of financial position
9
Consolidated statement of changes in equity
10
Company statement of changes in equity
11
Notes to the financial statements
12 - 24

 


ALLENS TPS GROUP LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group's financial statements 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 Group 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 the Group 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 the Group 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 £182,085 (2023 - loss £80,069).

The directors have recommended a dividend of £Nil (2023 - £Nil).

Directors

The directors who served during the year were:

M. R. Jones 
T. I. Jones 
G. V. Pinks 
P. R. Cope 

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 and the Group'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 and the Group's auditors are aware of that information.

Auditors

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

Page 1

 


ALLENS TPS GROUP LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





................................................
M. R. Jones
Director

Date: 23 August 2024

Page 2

 


ALLENS TPS GROUP LIMITED
 


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLENS TPS GROUP LIMITED

Opinion


We have audited the financial statements of Allens TPS Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of changes in equity, the Company 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 Group's and of the parent Company's affairs as at 29 February 2024 and of the Group's 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 Group 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Other information


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


We have nothing to report in this regard.


Page 3

 


ALLENS TPS GROUP LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLENS TPS GROUP LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Group strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 


ALLENS TPS GROUP LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLENS TPS GROUP LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from  material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion.   Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with   ISAs (Ireland) 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:


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 Group financial statements.


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

The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:

The Companies Act 2006;
Financial Reporting Standard 102
UK employment legislation;
UK health and safety legislation;
General Data Protection Regulations;
The Group's industry specific accreditations as required by certain key customers; and
UK tax legislation.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the parent Company and the Group is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area.

We assessed the susceptibility of the parent company’s and Group’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the Group engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; 
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted outside of the normal working patterns of the accounts team, or with unusual descriptions or account combinations.

Page 5

 


ALLENS TPS GROUP LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLENS TPS GROUP LIMITED (CONTINUED)

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

The application of inappropriate judgements or estimation to manipulate the Group's financial position in the calculation of the year end accrued and deferred revenue balances in relation to long term contracts.
The posting of unusual journals and complex transactions.
The use of management override of controls to manipulate results, or to cause the Group to enter into transactions not in its best interests.


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.


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.





Anna Johnston FCA (Senior statutory auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

23 August 2024
Page 6

 


ALLENS TPS GROUP LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024



2024
2023
£
£

  

Turnover
  
8,191,905
8,183,708

Cost of sales
  
(5,968,909)
(6,202,357)

Gross profit
  
2,222,996
1,981,351

Administrative expenses
  
(2,014,970)
(1,853,668)

Operating profit
 4 
208,026
127,683

Interest receivable and similar income
  
(33)
2,383

Interest payable and similar expenses
  
(215,111)
(164,363)

Loss before taxation
  
(7,118)
(34,297)

Tax on loss
  
(174,967)
(45,772)

Loss for the financial year
  
(182,085)
(80,069)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(182,085)
(80,069)

  
(182,085)
(80,069)

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

The notes on pages 12 to 24 form part of these financial statements.

Page 7

 


ALLENS TPS GROUP LIMITED
REGISTERED NUMBER:12371282



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 7 
1,987,774
2,411,112

Tangible assets
 8 
64,422
99,130

  
2,052,196
2,510,242

Current assets
  

Stocks
 10 
62,131
51,711

Debtors: amounts falling due within one year
 11 
1,390,469
1,190,543

Cash at bank and in hand
 12 
202,210
340,805

  
1,654,810
1,583,059

Creditors: amounts falling due within one year
 13 
(2,410,574)
(2,340,683)

Net current liabilities
  
 
 
(755,764)
 
 
(757,624)

Total assets less current liabilities
  
1,296,432
1,752,618

Creditors: amounts falling due after more than one year
 14 
(1,131,079)
(1,399,018)

Provisions for liabilities
  

Deferred taxation
 16 
-
(6,162)

  
 
 
-
 
 
(6,162)

Net assets
  
165,353
347,438


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Share premium account
  
895,404
895,404

Profit and loss account
  
(740,051)
(557,966)

  
165,353
347,438


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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


................................................
M. R. Jones
Director

Date: 23 August 2024

The notes on pages 12 to 24 form part of these financial statements.

Page 8

 


ALLENS TPS GROUP LIMITED
REGISTERED NUMBER:12371282



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investments
 9 
3,184,187
3,263,904

  
3,184,187
3,263,904

Current assets
  

Debtors: amounts falling due within one year
 11 
6,274
6,274

  
6,274
6,274

Creditors: amounts falling due within one year
 13 
(1,964,872)
(1,647,301)

Net current liabilities
  
 
 
(1,958,598)
 
 
(1,641,027)

Total assets less current liabilities
  
1,225,589
1,622,877

  

Creditors: amounts falling due after more than one year
 14 
(981,993)
(1,177,550)

  

Net assets
  
243,596
445,327


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Share premium account
  
895,404
895,404

Profit and loss account brought forward
  
(460,077)
(315,087)

Loss for the year
  
(201,731)
(144,990)

Profit and loss account carried forward
  
(661,808)
(460,077)

  
243,596
445,327


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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


................................................
M. R. Jones
Director

Date: 23 August 2024

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 


ALLENS TPS GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


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

£
£
£
£


At 1 March 2022
10,000
895,404
(477,897)
427,507


Comprehensive income for the year

Loss for the year
-
-
(80,069)
(80,069)
Total comprehensive income for the year
-
-
(80,069)
(80,069)


Total transactions with owners
-
-
-
-



At 1 March 2023
10,000
895,404
(557,966)
347,438


Comprehensive income for the year

Loss for the year
-
-
(182,085)
(182,085)
Total comprehensive income for the year
-
-
(182,085)
(182,085)


Total transactions with owners
-
-
-
-


At 29 February 2024
10,000
895,404
(740,051)
165,353


The notes on pages 12 to 24 form part of these financial statements.

Page 10

 


ALLENS TPS GROUP LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


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

£
£
£
£


At 1 March 2022
10,000
895,404
(315,087)
590,317


Comprehensive income for the year

Loss for the year
-
-
(144,990)
(144,990)
Total comprehensive income for the year
-
-
(144,990)
(144,990)


Total transactions with owners
-
-
-
-



At 1 March 2023
10,000
895,404
(460,077)
445,327


Comprehensive income for the year

Loss for the year
-
-
(201,731)
(201,731)
Total comprehensive income for the year
-
-
(201,731)
(201,731)


Total transactions with owners
-
-
-
-


At 29 February 2024
10,000
895,404
(661,808)
243,596


The notes on pages 12 to 24 form part of these financial statements.
Page 11

 


ALLENS TPS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Allens TPS Group Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office is disclosed on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The Company and its trading subsidiaries provide essential services to a diverse portfolio of government and private contractors. The Group continues to have a very strong order book. This fact, together with the support of its directors and shareholders and the expectation of adequate headroom in its overdraft facility over the 12 months from the date of approval of these financial statements gives the directors confidence that the going concern basis of preparation of the accounts continues to be appropriate.

 
2.4

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP and the accounts are rounded to the nearest £.

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.

Page 12

 


ALLENS TPS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue from the installation and maintenance of perimeter security fencing represents the value of work completed during the period, including estimates of amounts not invoiced. Revenue in respect of long term contracts and contracts for ongoing services is recognised by reference to stage of completion.
Revenue is recognised to the extent that it is probably that the economic benefits will flow to the Group 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.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term.

 
2.7

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets    and are depreciated over their useful lives. Obligations under such agreements are included in creditors net    of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Comprehensive Income so as to produce a constant periodic rate of charge on    the net obligation outstanding in each period.

 
2.8

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

Page 13

 


ALLENS TPS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

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

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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

 The estimated useful lives range as follows:

Goodwill
-
10
years

The amortisation of goodwill over a 10 year period is considered by the directors to be an accurate reflection of the useful life of the assets acquired, taking into account the remaining life cycle of existing contracts, order book projections and customer relationships.

 
2.10

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
per annum on cost
Motor vehicles
-
25%
to 33.3% per annum on cost
Fixtures and fittings
-
25%
to 33.3% per annum on cost

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.

Page 14

 


ALLENS TPS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

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

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

 
2.12

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 15

 


ALLENS TPS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Impairment of investments
Impairment of investments is the main estimation area. In making its judgement for impairment, reviews are carried out on a timely basis to ensure that the accounting policy adopted reflects a true and fair value of the assets.
Value of bad debt provision
Management apply judgement to determine when a provision is required if trade debtor balances are not deemed to be recoverable to avoid overstatement of assets. This use of estimation is not considered to give rise to a significant degree of uncertainty due to management awareness and ability to review for accuracy.
Stage of completion of contracts for WIP calculation
The Group enters into commercial contracts and at period ends is required to assess the level of completion of these contracts, to determine value of revenue recognised and the attributable profit. Management estimate the cost to complete at period end, however based on budgets and an up to date progress review.


4.


Operating profit/(loss)

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

2024
2023
£
£

Depreciation
45,508
73,945

Other operating lease rentals
117,116
110,155

Amortisation
343,621
343,621

Profit on disposal of fixed assets
(4,278)
-


5.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

37,235
34,160

Page 16

 


ALLENS TPS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Employees

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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
4
4
4
4



Direct and administrative staff
47
47
-
-

51
51
4
4


7.


Intangible assets

Group







Goodwill

£



Cost


At 1 March 2023
3,436,207


Fair value adjustment
(79,717)



At 29 February 2024

3,356,490



Amortisation


At 1 March 2023
1,025,095


Charge for the year
343,621



At 29 February 2024

1,368,716



Net book value



At 29 February 2024
1,987,774



At 28 February 2023
2,411,112



The Company had no intangible fixed assets. 

Page 17

 


ALLENS TPS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Tangible fixed assets

Group








Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost


At 1 March 2023
160,960
1,101,454
19,089
148,521
1,430,024


Additions
-
10,800
-
-
10,800


Disposals
-
(20,542)
-
-
(20,542)



At 29 February 2024

160,960
1,091,712
19,089
148,521
1,420,282



Depreciation


At 1 March 2023
143,043
1,031,665
18,717
137,469
1,330,894


Charge for the year
7,312
37,390
806
-
45,508


Disposals
-
(20,542)
-
-
(20,542)



At 29 February 2024

150,355
1,048,513
19,523
137,469
1,355,860



Net book value



At 29 February 2024
10,605
43,199
(434)
11,052
64,422



At 28 February 2023
17,917
69,789
372
11,052
99,130

The Company had no tangible fixed assets.

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


29 February
28 February
2024
2023
£
£



Plant and machinery at cost
11,129
11,129

Accumulated depreciation
(10,758)
(8,532)

Motor vehicles at cost
167,029
167,029

Accumulated depreciation
(131,688)
(99,519)

35,712
70,107

Page 18

 


ALLENS TPS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
3,263,904


Fair value adjustment
(79,717)



At 29 February 2024
3,184,187





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

AFL Group Limited
Holding company
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Perimeter Security Maintenance & Technologies Limited
Maintenance of perimeter fencing
Ordinary
%
Allen Integrated Security Solutions Limited
Dormant
Ordinary
100%
Allen (Fencing) Limited
Installation of perimeter security fencing
Ordinary
100%

The entities listed above are considered to be either direct or indirect subsidiaries of the Company by virtue of owning 100% of their issued share capital.
All subsidiaries have the same registered office address as the parent company, which is disclosed on the company information page.
On 22 August 2023 a wholly owned subsidiary Allen Security Group Limited was dissolved, and is therefore not included in the consolidated accounts at 29 February 2024.

Page 19

 


ALLENS TPS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Stocks

Group
29 February
Group
28 February
2024
2023
£
£

Finished goods and goods for resale
62,131
51,711

62,131
51,711


The Company held no stock at the end of the financial year (2023 - no stock).


11.


Debtors

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,206,354
784,147
-
-

Amounts owed by group undertakings
-
-
274
274

Other debtors
21,497
32,780
6,000
6,000

Prepayments and accrued income
160,626
373,616
-
-

Deferred taxation
1,992
-
-
-

1,390,469
1,190,543
6,274
6,274



12.


Cash and cash equivalents

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
202,210
340,805
-
-

Less: bank overdrafts
(149,271)
-
-
-

52,939
340,805
-
-


Page 20

 


ALLENS TPS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


Creditors: Amounts falling due within one year

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
149,271
-
-
-

Bank loans
41,667
41,667
-
-

Other loans
228,000
138,159
228,000
138,159

Trade creditors
778,826
706,692
-
-

Amounts owed to group undertakings
-
-
1,654,194
1,426,464

Corporation tax
143,711
85,202
-
-

Other taxation and social security
124,546
157,807
-
-

Obligations under finance lease and hire purchase contracts
30,688
51,917
-
-

Other creditors
34,992
32,714
-
-

Accruals and deferred income
878,873
1,126,525
82,678
82,678

2,410,574
2,340,683
1,964,872
1,647,301


Included within other loans is £174,158 (2023: £138,159) in connection with the discounted deferred consideration payable in monthly installments. An effective interest rate of 8.76% per annum has been used to discount the deferred consideration.
Bank overdrafts are secured by a fixed and floating charge over the Group's assets.
Obligations under financial lease and hire purchase contracts are secured on the Group's tangible fixed assets.


14.


Creditors: Amounts falling due after more than one year

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Bank loans
142,361
184,028
-
-

Other loans
981,993
1,177,550
981,993
1,177,550

Net obligations under finance leases and hire purchase contracts
6,725
37,440
-
-

1,131,079
1,399,018
981,993
1,177,550


Included within other loans is £981,993 (2023: £1,177,550) in connection with the discounted deferred consideration payable in monthly installments until February 2031. An effective rate of interest of 8.76% per annum has been used to discount the deferred consideration. 
Obligations under financial lease and hire purchase contracts are secured on the Group's tangible fixed assets.

Page 21

 


ALLENS TPS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

15.


Loans


Analysis of the maturity of loans is given below:


Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
41,667
41,667
-
-

Other loans
228,000
138,159
228,000
138,159


269,667
179,826
228,000
138,159


Amounts falling due 2-5 years

Bank loans
142,361
184,028
-
-

Other loans
489,313
504,482
489,313
504,482


631,674
688,510
489,313
504,482

Amounts falling due after more than 5 years

Other loans
492,680
673,068
492,680
673,068

492,680
673,068
492,680
673,068

1,394,021
1,541,404
1,209,993
1,315,709


Page 22

 


ALLENS TPS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

16.


Deferred taxation


Group



Group
2024
Group
2023


£

£






At beginning of year
(6,162)
(19,853)


Charged to profit or loss
8,154
13,691



At end of year
1,992
(6,162)

Group
29 February
Group
28 February
2024
2023
£
£

Fixed asset timing differences
(1,206)
(7,365)

Short term timing differences
3,198
1,203

1,992
(6,162)

The Company has no deferred tax liability. 


17.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund. Contributions totaling £12,792 (2023 - £11,002) were payable to the fund at the reporting date and are included in creditors.


18.


Commitments under operating leases

At 29 February 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
29 February
Group
28 February
2024
2023
£
£

Not later than 1 year
113,876
39,361

Later than 1 year and not later than 5 years
107,755
63,962

221,631
103,323
The Company had no operating leases.

Page 23

 


ALLENS TPS GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

19.


Related party transactions


The group has no key management personnel other than its directors. 
Included within creditors amounts falling due within one year is £228,000 (2023: £138,159) and creditors amounts   falling due after more than one year is £981,993 (2023: £1,177,550) payable to a director, in connection with a discounted deferred consideration. The deferred consideration is payable in monthly installments until February 2031 and an effective rate of interest of 8.76% per annum has been used to discount the deferred consideration. 
Included within other debtors as at 29 February 2024 is £6,000 owed to the Company by its directors (2023: £6,000). No interest is charged on this balance and there are no formal repayment terms.


20.


Controlling party

There is no one ultimate controlling party. 

 
Page 24