Registered number:
For the Year Ended
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SKYFALL TOPCO LIMITED
Company Information
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SKYFALL TOPCO LIMITED
Contents
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SKYFALL TOPCO LIMITED
Group Strategic Report
For the Year Ended 31 December 2023
The directors present their strategic report for the year ended 31 December 2023.
Skyfall Topco Limited aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties that we face.
The directors consider that the results for the year and the financial position at the end of the year were as expected.
The Group remains focussed and committed to managing the factors which affected our business over the last twelve months.
Now in the second full year of the private equity investment from KCP, we continue to deliver our growth plan. We unfortunately continue to see some delays in the construction projects in our customer pipelines due to external economic factors, which is having an impact on the rate of revenue growth. The business remains well placed for accelerated growth into 2024 and beyond, with growth in key sectors forecast. The executive team remain focussed on our growth strategy, with objectives and key results agreed at board level, to ensure our continued success and effective mitigation of associated risks. Focus will primarily continue on the vertical sectors that we understand integrally, enabling us to add pivotal value for our valued customers and enhance their business and secure our ongoing future partnerships.
We consider that our key financial performance indicators are those that communicate the financial performance and position of the group as a whole, these being revenue, pre-tax profit and return on capital employed.
Consolidated revenue for the year is £20,712,381. This is up by £3,427,722 which is a 19.8% increase. Consolidated pre-tax loss for the year is £547,862 which is -2.6% of our annual revenue. This compares to £657,366 in 2022 (-3.8% of annual revenue). Consolidated return on capital employed, defined as earnings before interest and tax divided by total assets less current liabilities, is 3.0% (2022: 4.5%). The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations. In respect of bank balances, all balances are managed in order to ensure our liabilities are met to terms. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for bad and doubtful debtors. Trade creditors' liquidity risk is managed by ensuring that there are sufficient funds available to meet amounts due. The liquidity of the business remains a key focus of the management team. At 31 December 2023 the consolidated current ratio has decreased slightly to a level of 1.0 (2022: 1.3).
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SKYFALL TOPCO LIMITED
Group Strategic Report (continued)
For the Year Ended 31 December 2023
This report was approved by the board and signed on its behalf.
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SKYFALL TOPCO LIMITED
Directors' Report
For the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
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 judgments 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 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 loss for the year, after taxation, amounted to £546,921 (2022 - loss £328,622).
During the year dividends of £Nil were paid (2022 - £Nil).
The directors who served during the year were:
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SKYFALL TOPCO LIMITED
Directors' Report (continued)
For the Year Ended 31 December 2023
There have been no significant events affecting the Group since the year end.
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SKYFALL TOPCO LIMITED
Independent Auditors' Report to the Members of Skyfall Topco Limited
We have audited the financial statements of Skyfall Topco Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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SKYFALL TOPCO LIMITED
Independent Auditors' Report to the Members of Skyfall Topco Limited (continued)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Group Strategic Report or the Directors' Report.
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SKYFALL TOPCO LIMITED
Independent Auditors' Report to the Members of Skyfall Topco Limited (continued)
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:
Based on our understanding of the Group and industry, we identify the key laws and regulations affecting the Group. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
∙management bias in respect of accounting estimates and judgements made;
∙management override of control;
∙posting of unusual journals or transactions.
We focussed on those areas that could give rise to a material misstatement in the Group financial statements.
Our procedures included, but were not limited to:
∙enquiry of management and those charged with governance around actual and potential litigation and
claims, including instances of non-compliance with laws and regulations and fraud;
∙reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations
and fraud;
∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations;
∙performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the 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.
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SKYFALL TOPCO LIMITED
Independent Auditors' Report to the Members of Skyfall Topco Limited (continued)
This report is made solely to the Group'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 Group'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 Group and the Group's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
2 Lace Market Square
NG1 1PB
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SKYFALL TOPCO LIMITED
Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2023
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SKYFALL TOPCO LIMITED
Registered number: 13074291
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 36 form part of these financial statements.
Page 10
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SKYFALL TOPCO LIMITED
Registered number: 13074291
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 36 form part of these financial statements.
Page 11
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SKYFALL TOPCO LIMITED
Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2023
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SKYFALL TOPCO LIMITED
Company Statement of Changes in Equity
For the Year Ended 31 December 2023
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SKYFALL TOPCO LIMITED
Consolidated Statement of Cash Flows
For the Year Ended 31 December 2023
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SKYFALL TOPCO LIMITED
Consolidated Statement of Cash Flows (continued)
For the Year Ended 31 December 2023
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SKYFALL TOPCO LIMITED
Consolidated Analysis of Net Debt
For the Year Ended 31 December 2023
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
1.Accounting policies
Skyfall Topco Limited is a private company limited by shares incorporated in the United Kingdom. The address of the registered office is given in the company information of these financial statements. The nature of the Company's principal activities are detailed in the directors' report.
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 financial statements are presented in sterling which is the functional currency of the Group and rounded to the nearest £1.
The following principal accounting policies have been applied:
The group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December 2023.
Subsidiary undertakings are included using the acquisition method of accounting. Under this method the Consolidated statement of comprehensive income and statement of cash flows include the results and cash flows of subsidiaries from the date of acquisition to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition. No Statement of comprehensive income is presented for the Company as permitted by Section 408 of the Companies Act 2006.
The financial statements have been prepared on a going concern basis, which assumes that the Company will continue to trade. The validity of this assumption is dependent on the continued support of the trading subsidiary undertakings, Total Integrated Solutions Limited and Nationwide Specialist Projects Limited. If these companies were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide further liabilities that might arise and reclassify fixed assets as current assets.
Functional and presentation currency
Transactions and balances
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
1.Accounting policies (continued)
For contracts with customers which have the characteristics of long term contracts, revenue represents the total amount receivable in respect of work done, including certified amounts recoverable on contracts. Profit on contracts is taken at the point the outcome of the contract can be estimated reliably, which is based on the level of completion of the contract at the balance sheet date. Losses are recognised as soon as they are foreseeable.
Goodwill
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less
estimated residual value, of each asset on a systematic basis over its expected useful life.
Depreciation is provided on the following basis:
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
1.Accounting policies (continued)
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
1.Accounting policies (continued)
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
1.Accounting policies (continued)
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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cashflows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of anout-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
∙at fair value with changes recognised in the Consolidated Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
∙at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
Sales provisions Profit recognition is based on an assessment of the stage of completion of the contract. The profit recognised reflects that part of the total profit estimated to arise over the duration of the contract that fairly represents the profit attributable to the work performed at the accounting date. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. Depreciation Depreciation rates are assigned to each asset category based on the useful economic lives of the assets of that type. These rates are applied to all assets until they are fully written down. Goodwill The Group established a reliable estimate of the useful life of goodwill arising on business combinations. This estimate is based on factors such as the expected use of the acquired business and the expected useful life of the cash generating units to which the goodwill is attributed.
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
There are no factors that may affect future charges.
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
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 profit after tax of the parent Company for the year was £NIL. (2022 - £NIL).
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
Secured creditors
Creditors falling due after more than one year on which security has been given include a bank loan of £2,755,248 (2022: £2,994,285). Security has been given to the lender by way of guarantee from each member company within the group. The loan bears an interest rate of 6.25% and is repayable in monthly installments, ending in December 2026. In addition to the above, a bank loan of £4,724,653 (2022: £Nil) is also secured. Security has been given to the lender by way of guarantee from each member company within the group. The loan bears an interest rate of 6.35% plus Base Rate and is repayable in December 2026. Security has been given to the lender on other loans of £6,063,712 (2022: £4,196,099) by way of debenture giving security over the undertaking and all property and assets (both present and future) of Skyfall Bidco Limited. Other loans bear an interest rate of 10% and are repayable in 2026. Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
23.Deferred taxation (continued)
Profit and loss account
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
Page 34
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
26.Business combinations (continued)
The Group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the Group to the scheme, and amounted to £210,564 (2022: £184,058).
Contributions totalling £28,557 (2022: £26,722) were payable to the fund at the balance sheet date and are included in creditors.
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SKYFALL TOPCO LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
The ultimate controlling party is J J Twigg.
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