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Registered number: 13074291










SKYFALL TOPCO LIMITED










Annual Report and Financial Statements

For the Year Ended 31 December 2023

 
SKYFALL TOPCO LIMITED
 

Company Information


Directors
E W Goold (resigned 25 July 2024)
J Hall 
J J Twigg 




Registered number
13074291



Registered office
c/o Total Integrated Solutions Limited
Hamilton Way

Oakham Business Park

Mansfield

Nottinghamshire

NG18 5BU




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

2 Lace Market Square

Nottingham

NG1 1PB





 
SKYFALL TOPCO LIMITED
 

Contents



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14 - 15
Consolidated Analysis of Net Debt
16
Notes to the Financial Statements
17 - 36


 
SKYFALL TOPCO LIMITED
 

Group Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
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. 

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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).

Page 1

 
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.


................................................
J J Twigg
Director

Date: 3 December 2024

Page 2

 
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.

Directors' responsibilities statement

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.
 
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 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 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.

Principal activity

The Company's principal activity is that of a holding company. The Group's principal activities are the installation and maintenance of communication and security systems and the installation of smoke control and ventilation systems.

Results and dividends

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).

Directors

The directors who served during the year were:

E W Goold (resigned 25 July 2024)
J Hall 
J J Twigg 

Qualifying third party indemnity provisions

A qualifying third party indemnity provision is in place for the directors of the Company. This covers liability for the actions of the directors and officers of the Company and associated costs including legal costs. No claim or notice of claim in respect of these indemnities has been received in the year. The qualifying indemnity provision was in force throughout the financial year and up to the date of approval of the Directors' Report.

Page 3

 
SKYFALL TOPCO LIMITED
 

 
Directors' Report (continued)
For the Year Ended 31 December 2023


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.

Post balance sheet events

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

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill 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.
 





................................................
J J Twigg
Director

Date: 3 December 2024

Page 4

 
SKYFALL TOPCO LIMITED
 

 
Independent Auditors' Report to the Members of Skyfall Topco Limited
 

Opinion


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 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 31 December 2023 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.


Page 5

 
SKYFALL TOPCO LIMITED
 

 
Independent Auditors' Report to the Members of Skyfall Topco Limited (continued)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the 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.


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 Group 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 and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

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


In preparing the financial statements, the directors are responsible for assessing the 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 6

 
SKYFALL TOPCO LIMITED
 

 
Independent Auditors' Report to the Members of Skyfall Topco 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 (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.


Page 7

 
SKYFALL TOPCO LIMITED
 

 
Independent Auditors' Report to the Members of Skyfall Topco Limited (continued)


Use of our report
 

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 2006Our 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.





James Bagley (Senior Statutory Auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB

3 December 2024
Page 8

 
SKYFALL TOPCO LIMITED
 

Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 3 
20,712,381
17,284,659

Cost of sales
  
(12,033,178)
(9,906,153)

Gross profit
  
8,679,203
7,378,506

Administrative expenses
  
(8,077,561)
(6,849,161)

Operating profit
 4 
601,642
529,345

Interest receivable and similar income
 8 
880
-

Interest payable and similar expenses
 9 
(1,150,384)
(1,186,711)

Loss before taxation
  
(547,862)
(657,366)

Tax on loss
 10 
941
328,744

Loss for the financial year
  
(546,921)
(328,622)

Loss for the year attributable to:
  

Owners of the parent Company
  
(546,921)
(328,622)

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 17 to 36 form part of these financial statements.

Page 9

 
SKYFALL TOPCO LIMITED
Registered number: 13074291

Consolidated Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
18,063,165
9,115,724

Tangible assets
 13 
1,670,432
1,370,659

  
19,733,597
10,486,383

Current assets
  

Stocks
 15 
645,234
671,627

Debtors: amounts falling due after more than one year
 16 
86,265
187,255

Debtors: amounts falling due within one year
 16 
5,738,729
4,173,159

Cash at bank and in hand
 17 
1,740,975
550,084

  
8,211,203
5,582,125

Creditors: amounts falling due within one year
 18 
(8,215,607)
(4,432,534)

Net current (liabilities)/assets
  
 
 
(4,404)
 
 
1,149,591

Total assets less current liabilities
  
19,729,193
11,635,974

Creditors: amounts falling due after more than one year
 19 
(21,423,118)
(12,782,978)

Provisions for liabilities
  

Net liabilities
  
(1,693,925)
(1,147,004)


Capital and reserves
  

Called up share capital 
 24 
8,701
8,701

Profit and loss account
 25 
(1,702,626)
(1,155,705)

  
(1,693,925)
(1,147,004)


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




................................................
J J Twigg
Director

Date: 3 December 2024

The notes on pages 17 to 36 form part of these financial statements.

Page 10

 
SKYFALL TOPCO LIMITED
Registered number: 13074291

Company Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
12,902
12,902

  
12,902
12,902

  

Creditors: amounts falling due within one year
 18 
(4,201)
(4,201)

Net current liabilities
  
 
 
(4,201)
 
 
(4,201)

Total assets less current liabilities
  
8,701
8,701

  

  

Net assets
  
8,701
8,701


Capital and reserves
  

Called up share capital 
 24 
8,701
8,701

  
8,701
8,701


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




................................................
J J Twigg
Director

Date: 3 December 2024

The notes on pages 17 to 36 form part of these financial statements.

Page 11

 
SKYFALL TOPCO LIMITED
 

Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 January 2022
8,701
(827,083)
(818,382)
(818,382)



Loss for the year
-
(328,622)
(328,622)
(328,622)



At 1 January 2023
8,701
(1,155,705)
(1,147,004)
(1,147,004)



Loss for the year
-
(546,921)
(546,921)
(546,921)


At 31 December 2023
8,701
(1,702,626)
(1,693,925)
(1,693,925)


The notes on pages 17 to 36 form part of these financial statements.

Page 12

 
SKYFALL TOPCO LIMITED
 

Company Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Total equity

£
£


At 1 January 2022
8,701
8,701



At 1 January 2023
8,701
8,701


At 31 December 2023
8,701
8,701


The notes on pages 17 to 36 form part of these financial statements.

Page 13

 
SKYFALL TOPCO LIMITED
 

Consolidated Statement of Cash Flows
For the Year Ended 31 December 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(546,921)
(328,622)

Adjustments for:

Amortisation of intangible assets
1,299,488
1,111,394

Depreciation of tangible assets
448,397
430,754

Profit on disposal of tangible assets
(115,376)
(74,783)

Interest paid
1,150,384
1,186,711

Interest received
(880)
-

Taxation charge
(941)
(328,744)

Decrease/(increase) in stocks
39,418
(92,467)

Decrease/(increase) in debtors
1,746,923
(1,157,464)

Increase in creditors
15,064
718,972

Corporation tax paid
(209,237)
(10,627)

Net cash generated from operating activities

3,826,319
1,455,124


Cash flows from investing activities

Purchase of tangible fixed assets
(659,525)
(330,873)

Sale of tangible fixed assets
188,995
128,300

Interest received
880
-

HP interest paid
(28,276)
(24,114)

Business combination
(8,083,558)
-

Cash on acquisition
462,281
-

Net cash from investing activities

(8,119,203)
(226,687)

Cash flows from financing activities

New secured loans
4,780,000
-

Repayment of loans
(279,929)
(395,877)

Other new loans
2,040,000
-

Repayment of other loans
(132,387)
-

Repayment of/new finance leases
198,199
(204,592)

Interest paid
(1,122,108)
(1,162,597)

Net cash used in financing activities
5,483,775
(1,763,066)

Net increase/(decrease) in cash and cash equivalents
1,190,891
(534,629)
Page 14

 
SKYFALL TOPCO LIMITED
 

Consolidated Statement of Cash Flows (continued)
For the Year Ended 31 December 2023


2023
2022

£
£



Cash and cash equivalents at beginning of year
550,084
1,084,713

Cash and cash equivalents at the end of year
1,740,975
550,084


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,740,975
550,084


The notes on pages 17 to 36 form part of these financial statements.

Page 15

 
SKYFALL TOPCO LIMITED
 

Consolidated Analysis of Net Debt
For the Year Ended 31 December 2023







At 1 January 2023
Cash flows
Acquisition of subsidiaries
New finance leases
Other non-cash changes
At 31 December 2023
£

£

£

£

£

£

Cash at bank and in hand

550,084

728,610

462,281

-

-

1,740,975

Debt due after 1 year

(12,515,584)

(6,632,422)

-

-

239,193

(18,908,813)

Debt due within 1 year

(224,738)

224,738

-

-

(239,193)

(239,193)

Finance leases

(499,596)

339,070

(26,455)

(537,269)

-

(724,250)


(12,689,834)
(5,340,004)
435,826
(537,269)
-
(18,131,281)

The notes on pages 17 to 36 form part of these financial statements.

Page 16

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

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:

 
1.2

Basis of consolidation

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.

 
1.3

Going concern

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.

 
1.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Page 17

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.Accounting policies (continued)

 
1.5

Revenue

Revenue is recognised to the extent that it is probable 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. The following criteria must also be met before revenue is recognised:

Sale of goods

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

Revenue from contracts
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.

 
1.6

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 which is considered to be 10 years.
 
 
1.7

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 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:

Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
12.5% - 25% straight line
Office equipment
-
10%-33% straight line

Page 18

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.Accounting policies (continued)

 
1.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
1.9

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. The cost of finished goods and work-in-progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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

 
1.10

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Consolidated statement of comprehensive income in administrative expenses.

 
1.11

Cash and cash equivalents

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

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

 
1.12

Leased assets

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase 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 creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

 
1.13

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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.Accounting policies (continued)

 
1.14

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company 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 balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
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 balance sheet date.

 
1.15

Interest income

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

 
1.16

Borrowing costs

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

Page 20

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.Accounting policies (continued)

  
1.17

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.

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.

Page 21

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.


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 for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements:
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.


3.


Turnover

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


2023
2022
£
£

Commercial
12,718,558
10,913,859

Maintenance and service
5,497,053
4,699,560

MoD
2,496,770
1,671,240

20,712,381
17,284,659


All turnover arose within the United Kingdom.


4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets - owned
217,330
196,722

Depreciation of tangible fixed assets - financed
231,067
234,032

Operating lease rentals
421,514
373,991

Defined contribution pension cost
210,564
184,058

Amortisation of intangible fixed assets
1,299,488
1,111,394

Profit on disposal of fixed assets
115,376
74,783

Page 22

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

5.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Group's auditors for the audit of the consolidated and parent company's financial statements
2,500
1,440

Fees payable to the Group's auditors for the audit of the subsidiaries' financial statements
24,550
14,835

Fees payable to the Group's auditors in respect of:

Taxation services
4,950
3,405


6.


Employees

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


Group
2023
Group
2022
£
£



Wages and salaries
6,062,286
5,599,540

Social security costs
889,799
597,061

Cost of defined contribution scheme
210,564
184,058

7,162,649
6,380,659

The average monthly number of employees during the period was as follows:


Group
2023
Group
2022
No.
No.



Administration
65
50

Technical
24
25

Management
13
16

Engineers
72
73

174
164

The Company has no employees other than the directors, who did not receive any remuneration.

Page 23

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
286,014
161,561

Group contributions to defined contribution pension schemes
12,372
10,000

298,386
171,561


During the year retirement benefits were accruing to 3 directors (2022 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £169,073 (2022 - £161,561).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £2,500 (2022 - £10,000).


8.


Interest receivable

2023
2022
£
£


Bank interest receivable
880
-


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
3,387
1,543

Other loan interest payable
1,118,721
1,161,054

Finance leases and hire purchase contracts
28,276
24,114

1,150,384
1,186,711

Page 24

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
101,905
-


Total current tax
101,905
-

Deferred tax


Origination and reversal of timing differences
(102,846)
(328,744)

Total deferred tax
(102,846)
(328,744)


Taxation on loss on ordinary activities
(941)
(328,744)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 -19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(547,862)
(657,366)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(113,259)
(124,900)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
287,703
211,165

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
88,736
59,694

Fixed asset differences
3,190
(16,054)

Non-taxable income
(307)
-

Adjustment in respect of prior periods
(267)
-

Adjustment in research and development tax credit leading to a decrease in the tax charge
(265,416)
(256,702)

Capital gains
-
2,376

Movement in deferred tax not recognised
4,694
(165,033)

Remeasurement of deferred tax for changes in tax rates
(6,015)
(39,290)

Total tax charge for the year
(941)
(328,744)


Factors that may affect future tax charges

There are no factors that may affect future charges.

Page 25

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

11.


Parent company profit for the year

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).


12.


Intangible assets

Group





Goodwill

£



Cost


At 1 January 2023
11,113,938


Additions
10,246,929



At 31 December 2023

21,360,867



Amortisation


At 1 January 2023
1,998,214


Charge for the year
1,299,488



At 31 December 2023

3,297,702



Net book value



At 31 December 2023
18,063,165



At 31 December 2022
9,115,724

There were no intangible assets held by the Company as at 31 December 2023 (2022: £Nil)



Page 26

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

13.


Tangible fixed assets

Group






Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
1,539,337
613,161
1,108,795
3,261,293


Additions
508,119
58,280
93,126
659,525


Acquisition of subsidiaries
204,931
70,669
22,225
297,825


Disposals
(298,297)
-
-
(298,297)



At 31 December 2023

1,954,090
742,110
1,224,146
3,920,346



Depreciation


At 1 January 2023
817,883
390,453
682,298
1,890,634


Charge for the year on owned assets
11,253
82,120
123,957
217,330


Charge for the year on financed assets
231,067
-
-
231,067


Acquisition of subsidiaries
91,550
29,911
14,100
135,561


Disposals
(224,678)
-
-
(224,678)



At 31 December 2023

927,075
502,484
820,355
2,249,914



Net book value



At 31 December 2023
1,027,015
239,626
403,791
1,670,432



At 31 December 2022
721,454
222,708
426,497
1,370,659

There were no tangible fixed assets held by the Company as at 31 December 2023 (2022: £Nil).

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


2023
2022
£
£



Motor vehicles
929,378
715,710

Page 27

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2023
12,902



At 31 December 2023
12,902





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

  Skyfall Bidco Limited
  Hamilton Way
Oakham Business Park
Mansfield
Nottinghamshire
NG18 5BU
  Holding company
Ordinary
100%
  Total Integrated Solutions (Group) Limited (indirectly held)
  Hamilton Way
Oakham Business Park
Mansfield
Nottinghamshire
NG18 5BU
  Holding company
Ordinary
100%
  Total Integrated Solutions (Holdings) Limited (indirectly held)
  Hamilton Way
Oakham Business Park
Mansfield
Nottinghamshire
NG18 5BU
  Holding company
Ordinary
100%
  Total Integrated Solutions Limited (indirectly held)
  Hamilton Way
Oakham Business Park
Mansfield
Nottinghamshire
NG18 5BU
  The installation and maintenance of communication and security systems
Ordinary
100%
  SRR Europa Group Limited (indirectly held)
  Europa Building
35a Arthur drive
Hoo Farm Industries estate
Kidderminster
Worcestershire
DY11 7RA
  Holding company
Ordinary
100%
  Nationwide Specialist Projects Limited (indirectly held)
  Europa Building
35a Arthur drive
Hoo Farm Industries estate
Kidderminster
Worcestershire
DY11 7RA
  The installation of smoke control and ventilation systems
Ordinary
100%

Page 28

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

15.


Stocks

Group
Group
2023
2022
£
£

Work in progress
-
213,139

Finished goods and goods for resale
645,234
458,488

645,234
671,627


Stocks are stated after provisions for impairment of £Nil (2022: £Nil).
The value of stock held by the Company at 31 December 2023 was £Nil (2022: £Nil).


16.


Debtors

Group
Group
2023
2022
£
£

Due after more than one year

Other debtors
86,265
187,255


Group
Group
2023
2022
£
£

Due within one year

Trade debtors
3,478,010
2,880,992

Other debtors
311,938
163,010

Prepayments and accrued income
1,861,107
1,126,086

Deferred taxation
87,674
3,071

5,738,729
4,173,159


Trade debtors are stated after provisions for impairment of £7,426 (2022: £21,829).
The value of debtors held by the Company at 31 December 2023 was £Nil (2022: £Nil).


17.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
1,740,975
550,084


The value of cash held by the Company at 31 December 2023 was £Nil (2022: £Nil).

Page 29

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
239,193
224,738
-
-

Trade creditors
3,385,703
2,282,254
-
-

Amounts owed to group undertakings
-
-
4,201
4,201

Corporation tax
495,030
267
-
-

Other taxation and social security
389,896
331,739
-
-

Obligations under finance lease and hire purchase contracts
266,745
232,202
-
-

Other creditors
2,227,519
248,756
-
-

Accruals and deferred income
1,211,521
1,112,578
-
-

8,215,607
4,432,534
4,201
4,201


Secured creditors
Creditors falling due within one year on which security has been given include bank loans of £239,193 (2022: £224,738). 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.
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

Page 30

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

19.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
7,479,901
2,994,285

Other loans
11,428,912
9,521,299

Net obligations under finance leases and hire purchase contracts
457,505
267,394

Other creditors
2,056,800
-

21,423,118
12,782,978


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.


20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
239,193
224,738

Amounts falling due 1-2 years

Bank loans
254,579
239,193

Amounts falling due 2-5 years

Bank loans
7,225,322
2,755,092

Other loans
11,428,912
9,521,299


19,148,006
12,740,322


Page 31

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
266,745
232,202

Between 1-5 years
457,505
267,394

724,250
499,596


22.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at amortised cost
3,876,213
3,231,257
-
-


Financial liabilities

Financial liabilities measured at amortised cost
27,542,278
15,770,928
4,201
4,201


Financial assets measured at amortised cost comprise trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, bank loans, other loans, obligations under hire purchase contracts, amounts owed to group undertakings and other creditors.


23.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
3,071
(325,673)


Credited to profit or loss
102,846
328,744


Arising on business combinations
(18,243)
-



At end of year
87,674
3,071

Page 32

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023
 
23.Deferred taxation (continued)



The deferred tax asset is made up as follows:

Group
Group
2023
2022
£
£

Fixed asset differences
(360,929)
(298,880)

Tax losses being carried forward
443,606
298,214

Short term timing differences
4,997
3,737

87,674
3,071


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



8,700 (2022 - 8,700) Ordinary shares of £1.00 each
8,700
8,700
1 (2022 - 1) Preference share of £1.00
1
1

8,701

8,701



25.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends.

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SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

26.
 

Business combinations

On 25 October 2023 the Group acquired the entire share capital of SRR Europa Group Limited and its subsidiary undertaking Nationwide Specialist Projects Ltd for consideration of £12,806,758. An analysis of the acquisition can be found below.


Recognised amounts of identifiable assets acquired and liabilities assumed

Fair value
£

Fixed Assets

Tangible assets
162,264

162,264

Current Assets

Stocks
13,025

Debtors
3,116,162

Cash at bank and in hand
462,281

Total Assets
3,753,732

Creditors

Due within one year
(1,175,660)

Deferred taxation
(18,243)

Total Identifiable net assets
2,559,829


Goodwill
10,246,929

Total purchase consideration
12,806,758

Consideration

£


Cash
8,693,158

Deferred consideration
4,113,600

Total purchase consideration
12,806,758

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SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

26.Business combinations (continued)

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
8,083,558

8,083,558

Less: Cash acquired
(462,281)

Net cash outflow on acquisition
7,621,277

The goodwill arising on acquisition is being amortised evenly over the estimated useful life of 10 years.
Revenue of £Nil and profit before tax of £Nil arose in the period from acquisition to 31 December 2023 relating to SRR Europa Group Limited. 
Revenue of £1,243,839 and profit before tax of £257,341 arose in the period from acquisition to 31 December 2023 relating to Nationwide Specialist Projects Limited.


27.


Pension commitments

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.


28.


Commitments under operating leases

At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
433,554
424,045

Later than 1 year and not later than 5 years
983,697
379,141

Later than 5 years
246,500
-

1,663,751
803,186
Page 35

 
SKYFALL TOPCO LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

29.


Related party transactions

The Group has taken advantage of the exemption under FRS 102 Section 33.1A Related Party Disclosures from disclosing transactions with other members of the group.
Included within other debtors is £2,183 (2022: £2,432) due from a director. Amounts advanced to the director during the year totalled £11,925 (2022: £6,293) and amounts repaid during the year totalled £12,174 (2022: £4,177). No interest was charged on the loan. 
All directors and management of the parent and subsidiary undertakings who have authority and responsibility for planning, directing and controlling the activities of the group are considered to be key management personnel. Remuneration in the year in respect of these individuals totalled £616,018 (2022: £526,853) for short term employment benefits and £25,618 (2022: £23,670) for post-employment benefits. During the year post-employment benefits were accruing to 8 (2022: 7) key management personnel.


30.


Controlling party

The ultimate controlling party is J J Twigg.


Page 36