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Registered number: 11791436
Totem Holdings Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Company Information 1
Strategic Report 2—3
Directors' Report 4
Independent Auditor's Report 5—7
Consolidated Profit and Loss Account 8
Consolidated Statement of Comprehensive Income 9
Consolidated Balance Sheet 10—11
Company Balance Sheet 12
Consolidated Statement of Changes in Equity 13
Company Statement of Changes in Equity 14
Consolidated Statement of Cash Flows 15
Notes to the Consolidated Statement of Cash Flows 16
Company Statement of Cash Flows 17
Notes to the Company Statement of Cash Flows 18
Notes to the Financial Statements 19—27
The following pages do not form part of the statutory accounts:
Consolidated Trading Profit and Loss Account 28—29
Company Trading Profit and Loss Account 30
Page 1
Company Information
Directors Mr Matthew Diskin
Mr Joseph Dickinson
Company Number 11791436
Registered Office Olympus House
2 Howley Park Business Village, Morley
West Yorkshire, Leeds
LS27 0BZ
Accountants Northern Accountants
Howley Park Business Village
Olympus House, 2 Pullan Way
Morley
Leeds
LS27 0BZ
Auditors Xeinadin Audit
Conqueror Court
Sittingbourne
Kent
ME10 5BH
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 31 March 2024.
Review of the Business
The Totem Group has demonstrated remarkable performance this year, marked by significant increases in both turnover and profitability. As a trusted partner to both public sector operators and private house builders, our commitment to delivering comprehensive solutions continues to strengthen the breadth of services we offer. Our goal is clear: to be recognised as the premier ‘one-stop shop’ for all construction needs, thereby streamlining procurement processes and reducing costs for our clients.
To safeguard our resilience and adaptability in an ever-evolving construction landscape, we have intentionally limited inter-company trading within the group. This strategic decision is designed to minimise our exposure to market fluctuations. Each company within our portfolio maintains its own distinct corporate identity, operating with a strong outward-facing
approach. This structure not only allows us to maximise our competitive edge but also opens avenues for securing contracts with strategic competitors, where our integrated capabilities can deliver exceptional value.
As we move forward, our focus remains on expanding our scope of work and enhancing our service offerings, reinforcing our position as an indispensable partner in the construction sector.
Page 2
Page 3
Principal Risks and Uncertainties
As we navigate the dynamic landscape of our industry, it is imperative to acknowledge the key business risks and uncertainties that could impact our organization. Three principal factors merit our attention:
1. Market Competition: 
The competitive landscape continues to evolve, necessitating that we remain vigilant and proactive in our strategy to differentiate our offerings and maintain our market leadership.
As we navigate the dynamic landscape of our industry, it is imperative to acknowledge the key business risks and uncertainties that could impact our organization. Three principal factors merit our attention:
2. Rising Costs:
We are experiencing increased subcontractor and employment costs, which could affect our overall profitability. It is crucial that we implement effective cost management strategies while ensuring we attract and retain top talent to sustain our operational excellence.
3. Economic and Regulatory Changes:
The business environment is subject to fluctuations due to economic shifts and changes in regulatory frameworks. We must be agile and adaptable to these changes to mitigate risks and seize emerging opportunities.
Development and performance
The landscape of the construction sector is evolving, and with it, new opportunities are emerging. We must leverage these changes by expanding into markets aligned with our strategic vision. Our commitment to sustainability will not only meet client expectations but also position us as leaders in responsible construction practices.
At Totem Holdings, our strategic ambition is to curate a diversified portfolio of companies that delivers a ‘whole of market’ solution tailored to meet the evolving needs of our clients. We recognise the critical importance of addressing the complexities of the construction sector, and as such, our focus encompasses the entire lifecycle of services, including planning, construction, maintenance (both planned and reactive), and comprehensive management of diverse property portfolios.
A key area of emphasis for us will be centrally funded housing projects, particularly those involving Council and Housing Association properties. With an acute awareness of the increasing government investment in housing initiatives driven by the ongoing housing shortage, we are uniquely positioned to capitalise on these opportunities and contribute to effective solutions for communities across the UK.
To realise this vision, Totem Holdings is committed to an aggressive growth strategy through strategic acquisitions. We are actively seeking out companies that demonstrate a track record of robust performance and possess proven management expertise. By integrating these high-calibre organisations into our portfolio, we will not only enhance our operational capabilities but also expand our market reach, ensuring that we deliver exceptional value to our stakeholders.
Financial key performance indicators
As we strive for excellence and sustained growth, the key performance indicators (KPIs) that guide our efforts across the group are centred on two fundamental metrics: Turnover and Net Profit for each of our business units. 
By closely monitoring these indicators, we are able to evaluate our financial health, identify opportunities for optimisation, and ensure that each division contributes effectively to our overall objectives. This focus not only drives accountability across our teams but also aligns our strategic initiatives with our goal of delivering long-term shareholder value.
On behalf of the board
Mr Matthew Diskin
Director
Mr Joseph Dickinson
Director
24/09/2024
Page 3
Page 4
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Principal Activity
The group's principal activity continues to be that of a holding company.
Directors
The directors who held office during the year were as follows:
Mr Matthew Diskin
Mr Joseph Dickinson
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Independent Auditors
The auditors, Xeinadin Audit, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Matthew Diskin
Director
Mr Joseph Dickinson
Director
24/09/2024
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Totem Holdings Ltd (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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 31 March 2024 and of the group's profit/(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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Page 6
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their 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 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 or 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 4, 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 and 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.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Using our general commercial and sector experience and through discussions with the directors we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from managment's own assessment of the risks that irregularities may occur either as a result of fraud or error. 
We examined the company's regulatory and legal correspondence and discussed with the directors any known suspected instances of fraud or non-compliance with laws and regulations throughout the audit.
In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates.
There are inherent limitations in the audit procedures described above and he further removed we are from the non-compliance with laws and regulations in respect of events and transactions refelcted in the financial statements, the less likely we would become aware of identifying issues. Also, the risk of not detecting a material misstateemnt due to fraud is higher than the risk of not detecting one from error, as fraud may involve the deliberate concealment, for example, through forgery or intentional misrepresentation, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
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Nicholas Mark Hume FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit , Statutory Auditor
24/09/2024
Xeinadin Audit
Conqueror Court
Sittingbourne
Kent
ME10 5BH
Page 7
Page 8
Consolidated Profit and Loss Account
31 March 2024 31 March 2023
Notes £ £
TURNOVER 3 16,562,977 6,850,312
Cost of sales (9,596,175 ) (4,465,914 )
GROSS PROFIT 6,966,802 2,384,398
Administrative expenses (4,412,896 ) (1,517,000 )
Other operating income 2,935 -
OPERATING PROFIT 5 2,556,841 867,398
(Loss)/profit on disposal of fixed assets (11,770 ) 11,032
Other interest receivable and similar income 10 880 450
Interest payable and similar charges 11 (104,275 ) (42,801 )
PROFIT BEFORE TAXATION 2,441,676 836,079
Tax on Profit (439,445 ) (23,801 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 2,002,231 812,278
Profit attributable to:
Owners of the parent 1,964,786 802,950
Non-controlling interest 37,445 9,328
2,002,231 812,278
The notes on pages 16 to 27 form part of these financial statements.
Page 8
Page 9
Consolidated Statement of Comprehensive Income
31 March 2024 31 March 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 2,002,231 812,278
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,002,231 812,278
Total comprehensive income attributable to:
Owners of the parent 1,964,786 802,950
Non-controlling interest 37,445 9,328
2,002,231 812,278
Page 9
Page 10
Consolidated Balance Sheet
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 7,835,978 7,835,978
Tangible Assets 13 1,496,258 989,315
9,332,236 8,825,293
CURRENT ASSETS
Stocks 15 469,808 396,504
Debtors 16 2,126,423 4,661,335
Cash at bank and in hand 692,153 34,910
3,288,384 5,092,749
Creditors: Amounts Falling Due Within One Year 17 (4,574,535 ) (6,360,901 )
NET CURRENT ASSETS (LIABILITIES) (1,286,151 ) (1,268,152 )
TOTAL ASSETS LESS CURRENT LIABILITIES 8,046,085 7,557,141
Creditors: Amounts Falling Due After More Than One Year 18 (595,238 ) (2,230,555 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 21 (347,550 ) (164,520 )
NET ASSETS 7,103,297 5,162,066
CAPITAL AND RESERVES
Called up share capital 23 2 2
Profit and Loss Account 2,932,293 967,507
Equity attributable to owners of the parent 2,932,295 967,509
Non-controlling interest 4,171,002 4,194,557
TOTAL EQUITY 7,103,297 5,162,066
Page 10
Page 11
On behalf of the board
Mr Matthew Diskin
Director
Mr Joseph Dickinson
Director
24/09/2024
The notes on pages 16 to 27 form part of these financial statements.
Page 11
Page 12
Company Balance Sheet
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Investments 14 7,837,180 7,837,180
7,837,180 7,837,180
CURRENT ASSETS
Debtors 16 2,880 200
Cash at bank and in hand 289 6,140
3,169 6,340
Creditors: Amounts Falling Due Within One Year 17 (4,891,932 ) (5,624,114 )
NET CURRENT ASSETS (LIABILITIES) (4,888,763 ) (5,617,774 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,948,417 2,219,406
Creditors: Amounts Falling Due After More Than One Year 18 (20,833 ) (585,833 )
NET ASSETS 2,927,584 1,633,573
CAPITAL AND RESERVES
Called up share capital 23 2 2
Profit and Loss Account 2,927,582 1,633,571
SHAREHOLDERS' FUNDS 2,927,584 1,633,573
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 1,294,011 (2023: £ 561,984 profit).
On behalf of the board
Mr Matthew Diskin
Director
21/08/2024
The notes on pages 16 to 27 form part of these financial statements.
Page 12
Page 13
Consolidated Statement of Changes in Equity
Share Capital Profit and Loss Account Total Attributable to Parent Non-controlling interest Total
£ £ £ £ £
As at 1 February 2023 2 164,557 164,559 4,267,229 4,431,788
Profit for the period and total comprehensive income - 802,950 802,950 9,328 812,278
Dividends paid - - - (82,000 ) (82,000)
As at 31 March 2023 and 1 April 2023 2 967,507 967,509 4,194,557 5,162,066
Profit for the year and total comprehensive income - 1,964,786 1,964,786 37,445 2,002,231
Dividends paid - - - (61,000 ) (61,000)
As at 31 March 2024 2 2,932,293 2,932,295 4,171,002 7,103,297
Page 13
Page 14
Company Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 February 2023 2 1,071,587 1,071,589
Profit for the period and total comprehensive income - 561,984 561,984
As at 31 March 2023 and 1 April 2023 2 1,633,571 1,633,573
Profit for the year and total comprehensive income - 1,294,011 1,294,011
As at 31 March 2024 2 2,927,582 2,927,584
Page 14
Page 15
Consolidated Statement of Cash Flows
31 March 2024 31 March 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 2,287,200 192,388
Interest paid (104,275 ) (42,801 )
Tax (paid)/refunded (265,818 ) 84,617
Net cash generated from operating activities 1,917,107 234,204
Cash flows from investing activities
Purchase of intangible assets - 100
Purchase of tangible assets (424,602 ) (51,357 )
Proceeds from disposal of tangible assets 194,952 32,271
Interest received 880 450
Net cash used in investing activities (228,770 ) (18,536 )
Cash flows from financing activities
Equity dividends paid (61,000 ) (82,000 )
Proceeds from new bank borrowings - 62,635
Repayment of bank borrowings (888,924 ) (199,415 )
Repayment of finance leases (95,412 ) 16,247
Amount introduced by directors 71,826 789
Net cash used in financing activities (973,510 ) (201,744 )
Increase in cash and cash equivalents 714,827 13,924
Cash and cash equivalents at beginning of year 2 (39,419 ) (53,343 )
Cash and cash equivalents at end of year 2 675,408 (39,419 )
Page 15
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
31 March 2024 31 March 2023
£ £
Profit for the financial year 2,002,231 812,278
Adjustments for:
Tax on profit 439,445 23,801
Interest expense 104,275 42,801
Interest income (880 ) (450 )
Depreciation of tangible assets 296,869 48,174
Loss/(profit) on disposal of tangible assets 11,770 (11,032)
Movements in working capital:
Increase in stocks (73,304 ) (19,410 )
Decrease/(increase) in trade and other debtors 2,607,762 (819,084 )
(Decrease)/increase in trade and other creditors (3,100,968 ) 115,310
Net cash generated from operations 2,287,200 192,388
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
31 March 2024 31 March 2023
£ £
Cash at bank and in hand 692,153 34,910
Overdraft facilities repayable on demand (16,745 ) (74,329 )
Cash and cash equivalents as stated in the Statement of Cash Flows 675,408 (39,419)
3. Analysis of changes in net debt
As at 1 April 2023 Cash flows As at 31 March 2024
£ £ £
Cash at bank and in hand 34,910 657,243 692,153
Overdraft facilities repayable on demand (74,329) 57,584 (16,745)
Cash and cash equivalents (39,419 ) 714,827 675,408
Finance leases (63,372) (478,456) (541,828)
Debts falling due within one year (52,983 ) (507,573) (560,556 )
Debts falling due after more than one year (1,670,304) 1,396,497 (273,807)
(1,826,078) 1,125,295 (700,783)
Page 16
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Company Statement of Cash Flows
31 March 2024 31 March 2023
Notes £ £
Cash flows from operating activities
Net cash used in operations 1 (1,231,574 ) (76,520 )
Interest paid (14,277 ) (2,422 )
Net cash used in operating activities (1,245,851 ) (78,942 )
Cash flows from investing activities
Purchase of other fixed asset investments - (5 )
Dividends received 1,250,000 82,000
Net cash generated from investing activities 1,250,000 81,995
Cash flows from financing activities
Repayment of bank borrowings (10,000 ) (1,667 )
(Decrease)/increase in cash and cash equivalents (5,851 ) 1,386
Cash and cash equivalents at beginning of year 2 6,140 4,754
Cash and cash equivalents at end of year 2 289 6,140
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Notes to the Company Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash used in operations
31 March 2024 31 March 2023
£ £
Profit for the financial year 1,294,011 561,984
Adjustments for:
Interest expense 14,277 2,422
Income from shares in group undertakings (1,250,000) (82,000)
Movements in working capital:
Increase in trade and other debtors (2,680 ) (200 )
Decrease in trade and other creditors (1,287,182 ) (558,726 )
Net cash used in operations (1,231,574 ) (76,520 )
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
31 March 2024 31 March 2023
£ £
Cash at bank and in hand 289 6,140
3. Analysis of changes in net debt
As at 1 April 2023 Cash flows As at 31 March 2024
£ £ £
Cash at bank and in hand 6,140 (5,851) 289
Debts falling due within one year (10,000 ) - (10,000 )
Debts falling due after more than one year (30,833) 10,000 (20,833)
(34,693) 4,149 (30,544)
Page 18
Page 19
Notes to the Financial Statements
1. General Information
Totem Holdings Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11791436 . The registered office is Olympus House, 2 Howley Park Business Village, Morley, West Yorkshire, Leeds, LS27 0BZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
Page 19
Page 20
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% WDV
Plant & Machinery 25% WDV
Motor Vehicles 25% WDV
Fixtures & Fittings 25% WDV
Computer Equipment 33% SL
2.7. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.8. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
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2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Turnover
4. Other Operating Income
31 March 2024 31 March 2023
£ £
Other operating income 2,935 -
2,935 -
5. Operating Profit
The operating profit is stated after charging:
31 March 2024 31 March 2023
£ £
Bad debts 70,212 5,946
Depreciation of tangible fixed assets 296,869 48,174
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
31 March 2024 31 March 2023
£ £
Audit Services
Audit of the group and company's financial statements 28,500 -
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7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
31 March 2024 31 March 2023
£ £
Wages and salaries 4,701,940 4,525,850
Social security costs 153,007 -
Other pension costs 37,870 5,855
4,892,817 4,531,705
8. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 69 (2023: 80)
Company
Average number of employees, including directors, during the year was: 2 (2023: 2)
69 80
2 2
9. Directors' remuneration
31 March 2024 31 March 2023
£ £
Emoluments 176,178 140,549
Company contributions to money purchase pension schemes 190 77
176,368 140,626
10. Interest Receivable and Similar Income
31 March 2024 31 March 2023
£ £
Bank interest receivable 865 450
Other interest receivable type A 15 -
880 450
11. Interest Payable and Similar Charges
31 March 2024 31 March 2023
£ £
Bank loans and overdrafts 80,779 26,479
Interest payable on other loans - 2,402
Factoring charges - 9,719
Finance charges payable under finance leases and hire purchase contracts 10,283 3,475
Late payment tax charges 10,703 -
Other finance charges 2,510 726
104,275 42,801
Page 22
Page 23
12. Intangible Assets
Group
Goodwill
£
Cost
As at 1 April 2023 7,885,978
As at 31 March 2024 7,885,978
Amortisation
As at 1 April 2023 50,000
As at 31 March 2024 50,000
Net Book Value
As at 31 March 2024 7,835,978
As at 1 April 2023 7,835,978
Company
The company had no intangible fixed assets as at 31 March 2024 or 31 March 2023.
13. Tangible Assets
Group
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 5,098 1,438,534 478,433 131,142
Additions - 729,264 249,906 57,486
Disposals - (335,094 ) (10,000 ) -
As at 31 March 2024 5,098 1,832,704 718,339 188,628
Depreciation
As at 1 April 2023 2,549 697,396 312,198 77,581
Provided during the period 722 181,528 88,115 48,038
Disposals - (129,931 ) (8,441 ) -
As at 31 March 2024 3,271 748,993 391,872 125,619
Net Book Value
As at 31 March 2024 1,827 1,083,711 326,467 63,009
As at 1 April 2023 2,549 741,138 166,235 53,561
Page 23
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Computer Equipment Total
£ £
Cost
As at 1 April 2023 92,078 2,145,285
Additions 46,259 1,082,915
Disposals (39,596 ) (384,690 )
As at 31 March 2024 98,741 2,843,510
Depreciation
As at 1 April 2023 66,246 1,155,970
Provided during the period 50,847 369,250
Disposals (39,596 ) (177,968 )
As at 31 March 2024 77,497 1,347,252
Net Book Value
As at 31 March 2024 21,244 1,496,258
As at 1 April 2023 25,832 989,315
Company
The company had no tangible fixed assets as at 31 March 2024 or 31 March 2023.
14. Investments
Company
Unlisted
£
Cost
As at 1 April 2023 7,837,180
As at 31 March 2024 7,837,180
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 7,837,180
As at 1 April 2023 7,837,180
15. Stocks
31 March 2024 31 March 2023
£ £
Stock 464,946 390,504
Work in progress 4,862 6,000
469,808 396,504
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16. Debtors
Group Company
31 March 2024 31 March 2023 31 March 2024 31 March 2023
£ £ £ £
Due within one year
Trade debtors 1,383,891 699,763 2,880 -
Amounts owed by group undertakings 229,023 2,866,425 - -
Other debtors 513,509 1,095,147 - 200
2,126,423 4,661,335 2,880 200
17. Creditors: Amounts Falling Due Within One Year
Group Company
31 March 2024 31 March 2023 31 March 2024 31 March 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts 220,397 58,121 - -
Trade creditors 1,026,899 985,983 10,302 1,200
Bank loans and overdrafts 577,301 127,312 10,000 10,000
Amounts owed to group undertakings 104,080 3,544,924 4,079,324 4,882,914
Other creditors 1,787,637 1,146,705 790,000 730,000
Corporation tax 437,070 373,623 - -
Taxation and social security 105,027 113,534 2,306 -
Accruals and deferred income 316,124 10,699 - -
4,574,535 6,360,901 4,891,932 5,624,114
18. Creditors: Amounts Falling Due After More Than One Year
Group Company
31 March 2024 31 March 2023 31 March 2024 31 March 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts 321,431 5,251 - -
Bank loans 273,807 1,670,304 20,833 30,833
Other creditors - 555,000 - 555,000
595,238 2,230,555 20,833 585,833
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19. Loans
An analysis of the maturity of loans is given below:
Group Company
31 March 2024 31 March 2023 31 March 2024 31 March 2023
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans 560,556 52,983 10,000 10,000
Group Company
31 March 2024 31 March 2023 31 March 2024 31 March 2023
£ £ £ £
Amounts falling due between one and five years:
Bank loans 273,807 1,670,304 20,833 30,833
20. Obligations Under Finance Leases and Hire Purchase
Group
31 March 2024 31 March 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 220,397 58,121
Later than one year and not later than five years 321,431 5,251
541,828 63,372
541,828 63,372
21. Deferred Taxation
The provision for deferred tax is made up as follows:
31 March 2024 31 March 2023
£ £
Other timing differences 347,550 164,520
22. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 April 2023 164,520 164,520
Additions 183,030 183,030
Balance at 31 March 2024 347,550 347,550
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23. Share Capital
31 March 2024 31 March 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.000 each 2 2
24. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £37,870 (2023: £5,855).
At the balance sheet date contributions of £4,151 (2023: £4,464) were due to the fund and are included in creditors.
Page 27
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Consolidated Trading Profit and Loss Account
31 March 2024 31 March 2023
£ £ £ £
TURNOVER
Sales 16,562,977 6,850,312
COST OF SALES
Purchases 3,957,299 92,302
Materials (9,328 ) -
Subcontractor costs 1,806,856 477,907
Wages and salaries 2,708,042 3,890,391
Employers NI 1,860 -
Employers pensions - defined contribution schemes 6,432 5,314
Hire and leasing of plant, equipment and vehicles 231,543 -
Consultancy fees 41,685 -
Other direct costs 851,786 -
(9,596,175 ) (4,465,914 )
GROSS PROFIT 6,966,802 2,384,398
Administrative Expenses
Directors' salaries 176,178 140,549
Directors' pension - defined contribution schemes 190 77
Wages and salaries 1,817,720 494,910
Employers NI 151,147 -
Employers pensions - defined contributions scheme 31,248 464
Staff training 105,859 49,101
Health and safety costs 3,918 1,486
Protective clothing 12,851 -
Staff expenses 199 -
Travel and subsistence expenses 1,083 -
Rent 146,095 95,143
Rates 20,593 466
Property management and service charges - 3,221
Light and heat 34,191 4,295
Repairs and maintenance 93,545 4,853
Cleaning 5,618 3,754
Other premises costs 5,078 4,515
Use of private residence (312 ) -
Vehicle running costs 584,444 164,296
Computer software, consumables and maintenance 15,718 8,078
Computer and IT consumables 8,554 -
Repairs, renewals and maintenance 153 -
Insurance 189,451 70,271
Printing, postage and stationery 14,688 10,759
Advertising and marketing costs (10,182 ) 29,692
Telecommunications and data costs 17,679 19,011
Telecommunications 3,011 -
Website costs 5,000 -
Accountancy fees 64,248 31,622
Legal fees 19,901 2,680
Professional fees 52,211 69,787
...CONTINUED
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Page 29
Consultancy fees 222,823 91,392
Management fees 94,776 91,590
Subscriptions 64,465 41,860
Bookkeeping fees 19,828 -
Payroll fees 1,189 -
Charitable donations 25,474 1,950
Bad debts written off 70,212 5,946
Other office costs 1,749 -
Depreciation 273,425 36,364
Depreciation of fixtures and fittings 15,006 1,717
Depreciation of computer equipment 8,438 10,093
Entertaining 37,066 16,628
Sundry expenses 8,368 10,430
(4,412,896 ) (1,517,000 )
Other Operating Income
Other income - contributing to other operating income 2,935 -
2,935 -
OPERATING PROFIT 2,556,841 867,398
(Loss)/profit on disposal of tangible fixed assets (11,770) 11,032
(11,770) 11,032
Other interest receivable and similar income
Bank interest receivable 865 450
Other interest receivable type A 15 -
880 450
Interest payable and similar charges
Bank interest payable 10,254 22,991
Bank charges 8,939 3,488
Bank loan interest 61,586 -
Interest payable on other loans - 2,402
Factoring charges - 9,719
Other interest payable 2,510 726
Hire purchase charges 10,283 3,475
Late payment tax charges 10,703 -
(104,275) (42,801)
PROFIT BEFORE TAXATION 2,441,676 836,079
Tax on Profit
Corporation tax charge 421,017 108,418
Deferred taxation 183,030 -
Prior year adjustment (164,602) (84,617)
(439,445) (23,801)
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 2,002,231 812,278
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Company Trading Profit and Loss Account
31 March 2024 31 March 2023
£ £ £ £
TURNOVER
Sales 80,000 3,600
GROSS PROFIT 80,000 3,600
Administrative Expenses
Travel and subsistence expenses 9 -
Vehicle running costs 5 -
Accountancy fees 2,190 194
Legal fees 17,000 1,000
Entertaining 2,503 -
Sundry expenses 5 -
(21,712 ) (1,194 )
OPERATING PROFIT 58,288 2,406
Other exceptional operating costs - (480,000)
Dividends from shares in subsidiaries 1,250,000 82,000
1,250,000 562,000
Interest payable and similar charges
Bank interest payable 14,146 -
Bank charges 131 20
Interest payable on other loans - 2,402
(14,277) (2,422)
PROFIT FOR THE FINANCIAL YEAR 1,294,011 561,984
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