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REGISTERED NUMBER: 03730074 (England and Wales)


















Spectrum Workplace Technology
Group Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30th April 2024






Spectrum Workplace Technology
Group Limited (Registered number: 03730074)






Contents of the Consolidated Financial Statements
for the year ended 30th April 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 16


Spectrum Workplace Technology
Group Limited

Company Information
for the year ended 30th April 2024







DIRECTORS: K Sturdy
E Cavill
T Cavill
R M Cavill





SECRETARY: M J Clayphan





REGISTERED OFFICE: The View
Bridgehead Business Park
Hessle
East Yorkshire
HU13 0GD





REGISTERED NUMBER: 03730074 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Group Strategic Report
for the year ended 30th April 2024

The directors present their strategic report of the company and the group for the year ended 30th April 2024.

REVIEW OF BUSINESS
The results for the period and financial position of the company are shown in the annexed financial statements.

During the year ended 30 April 2024, the group has met management expectations. Revenues have continued to grow, increasing 3% to £11.7 million for the year. Pre tax profits excluding the profit on sale of associate rose to £1.93m.

The management team have set a target of becoming one of the UK's leading independent automation and print management specialists. Organic growth and growth by acquisition remain at the forefront of the groups plans in the upcoming financial year.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the group's strategy are subject to a number of risks. The directors consider the key business risks affecting the group to be market competition and the level of national economic growth.

The group is exposed to a number of financial risks that include the effects of commodity price risk, credit risk, liquidity risk and interest rate risk. The group has in place a number of risk management processes that seek to limit the adverse effect of these on its financial performance.

The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit which is reassessed annually by the board.

The group actively manages its working capital requirement to ensure that there are sufficient funds for its operations and planned expansion. The requirements for medium- and long-term debt finance are reviewed by the board of directors based on the group's forecasts.

KEY PERFORMANCE INDICATORS
The key performance indicators of the business are focussed on growth of its revenue streams by acquisition and organically.

ON BEHALF OF THE BOARD:





K Sturdy - Director


23rd October 2024

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Report of the Directors
for the year ended 30th April 2024

The directors present their report with the financial statements of the company and the group for the year ended 30th April 2024.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of the sale, leasing, rental and maintenance of photocopiers and the provision of software and related services.

DIVIDENDS
During the year interim dividends totalling £2,230,000 were paid.

The directors recommend that no final dividend be paid.

The total distribution for the year ended 30th April 2024 will be £2,230,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st May 2023 to the date of this report.

K Sturdy
E Cavill
T Cavill
R M Cavill

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Report of the Directors
for the year ended 30th April 2024


AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K Sturdy - Director


23rd October 2024

Report of the Independent Auditors to the Members of
Spectrum Workplace Technology
Group Limited

Opinion
We have audited the financial statements of Spectrum Workplace Technology Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th April 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30th April 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Spectrum Workplace Technology
Group Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

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 a Report of the Auditors 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;

-
assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

Report of the Independent Auditors to the Members of
Spectrum Workplace Technology
Group Limited


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with relevant regulators and the company's legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Auditors.

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 we are required to state to them in a Report of the Auditors 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.




I R Lamb FCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

23rd October 2024

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Consolidated Statement of Comprehensive Income
for the year ended 30th April 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 11,701,998 11,292,907

Cost of sales 5,535,861 5,220,087
GROSS PROFIT 6,166,137 6,072,820

Distribution costs 2,260,010 2,361,254
Administrative expenses 2,120,913 2,295,676
4,380,923 4,656,930
1,785,214 1,415,890

Other operating income 95,116 92,349
GROUP OPERATING PROFIT 5 1,880,330 1,508,239

Share of operating profit in
Associates - 218,744

Profit on sale of associate 6 2,585,331 -
4,465,661 1,726,983

Interest receivable and similar income 137,962 4,601
4,603,623 1,731,584

Interest payable and similar expenses 7 91,553 87,701
PROFIT BEFORE TAXATION 4,512,070 1,643,883

Tax on profit 8 572,074 408,360
PROFIT FOR THE FINANCIAL YEAR 3,939,996 1,235,523

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,939,996

1,235,523

Profit attributable to:
Owners of the parent 3,939,996 1,235,523

Total comprehensive income attributable to:
Owners of the parent 3,939,996 1,235,523

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Consolidated Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 1,700,698 1,955,137
Tangible assets 12 2,066,624 2,588,273
Investments 13 - 405,502
Investment property 14 738,000 239,806
4,505,322 5,188,718

CURRENT ASSETS
Stocks 15 698,007 846,239
Debtors 16 3,503,482 2,220,546
Cash at bank and in hand 1,421,314 1,071,866
5,622,803 4,138,651
CREDITORS
Amounts falling due within one year 17 2,666,518 3,223,029
NET CURRENT ASSETS 2,956,285 915,622
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,461,607

6,104,340

CREDITORS
Amounts falling due after more than one
year

18

(960,008

)

(1,331,635

)

PROVISIONS FOR LIABILITIES 22 (147,275 ) (128,382 )
NET ASSETS 6,354,324 4,644,323

CAPITAL AND RESERVES
Called up share capital 23 1,980 1,975
Capital redemption reserve 3,000,150 3,000,150
Retained earnings 3,352,194 1,642,198
SHAREHOLDERS' FUNDS 6,354,324 4,644,323

The financial statements were approved by the Board of Directors and authorised for issue on 23rd October 2024 and were signed on its behalf by:





K Sturdy - Director


Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Company Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 1,748,739 2,233,730
Investments 13 10,324,306 10,400,652
Investment property 14 738,000 239,806
12,811,045 12,874,188

CURRENT ASSETS
Debtors 16 1,912,625 10,197
Cash at bank 7,663 12,281
1,920,288 22,478
CREDITORS
Amounts falling due within one year 17 4,073,275 2,793,335
NET CURRENT LIABILITIES (2,152,987 ) (2,770,857 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,658,058

10,103,331

CREDITORS
Amounts falling due after more than one
year

18

(897,508

)

(1,331,635

)

PROVISIONS FOR LIABILITIES 22 (81,312 ) (75,879 )
NET ASSETS 9,679,238 8,695,817

CAPITAL AND RESERVES
Called up share capital 23 1,980 1,975
Capital redemption reserve 3,000,150 3,000,150
Retained earnings 6,677,108 5,693,692
SHAREHOLDERS' FUNDS 9,679,238 8,695,817

Company's profit for the financial year 3,213,416 1,114,021

The financial statements were approved by the Board of Directors and authorised for issue on 23rd October 2024 and were signed on its behalf by:





K Sturdy - Director


Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Consolidated Statement of Changes in Equity
for the year ended 30th April 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st May 2022 2,000 1,573,500 3,000,125 4,575,625

Changes in equity
Issue of share capital (25 ) - - (25 )
Dividends - (1,021,915 ) - (1,021,915 )
Total comprehensive income - 1,235,523 - 1,235,523
Buyback of shares - (144,910 ) 25 (144,885 )
Balance at 30th April 2023 1,975 1,642,198 3,000,150 4,644,323

Changes in equity
Issue of share capital 5 - - 5
Dividends - (2,230,000 ) - (2,230,000 )
Total comprehensive income - 3,939,996 - 3,939,996
Balance at 30th April 2024 1,980 3,352,194 3,000,150 6,354,324

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Company Statement of Changes in Equity
for the year ended 30th April 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st May 2022 2,000 5,746,496 3,000,125 8,748,621

Changes in equity
Issue of share capital (25 ) - - (25 )
Dividends - (1,021,915 ) - (1,021,915 )
Total comprehensive income - 1,114,021 - 1,114,021
Buyback of shares - (144,910 ) 25 (144,885 )
Balance at 30th April 2023 1,975 5,693,692 3,000,150 8,695,817

Changes in equity
Issue of share capital 5 - - 5
Dividends - (2,230,000 ) - (2,230,000 )
Total comprehensive income - 3,213,416 - 3,213,416
Balance at 30th April 2024 1,980 6,677,108 3,000,150 9,679,238

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Consolidated Cash Flow Statement
for the year ended 30th April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,021,223 2,169,337
Interest paid (91,553 ) (87,701 )
Tax paid (397,454 ) (191,833 )
Net cash from operating activities 1,532,216 1,889,803

Cash flows from investing activities
Purchase of intangible fixed assets - (1,495,639 )
Purchase of tangible fixed assets (227,135 ) (207,254 )
Sale of tangible fixed assets 75,669 35,481
Sale of fixed asset investments 1,490,833 -
Assets on acquisition of subsidiary - (2,341 )
Interest received 137,962 4,601
Dividends received from associate 8,104 310,745
Net cash from investing activities 1,485,433 (1,354,407 )

Cash flows from financing activities
New loans in year 250,000 700,000
Bank loan repayments in year (466,850 ) (397,116 )
Other loan repayments in year (187,129 ) (80,344 )
Amount introduced by directors - 133,769
Amount withdrawn by directors (34,227 ) -
Share issue 5 -
Share buyback - (144,910 )
Equity dividends paid (2,230,000 ) (1,021,915 )
Net cash from financing activities (2,668,201 ) (810,516 )

Increase/(decrease) in cash and cash equivalents 349,448 (275,120 )
Cash and cash equivalents at
beginning of year

2

1,071,866

1,346,986

Cash and cash equivalents at end of
year

2

1,421,314

1,071,866

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Cash Flow Statement
for the year ended 30th April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 4,512,070 1,643,883
Depreciation charges 209,307 194,100
Profit on disposal of fixed assets (42,490 ) (18,001 )
Goodwill amortisation 212,041 537,998
Share of associate operating profit - (218,744 )
Profit on sale of associate (2,585,331 ) -
Other intangibles amortisation 42,398 33,387
Finance costs 91,553 87,701
Finance income (137,962 ) (4,601 )
2,301,586 2,255,723
Decrease in stocks 148,232 3,506
Decrease/(increase) in trade and other debtors 251,210 (591,475 )
(Decrease)/increase in trade and other creditors (679,805 ) 501,583
Cash generated from operations 2,021,223 2,169,337

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 1,421,314 1,071,866
Year ended 30th April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 1,071,866 1,346,986


Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Cash Flow Statement
for the year ended 30th April 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 1,071,866 349,448 1,421,314
1,071,866 349,448 1,421,314
Debt
Debts falling due within 1 year (463,572 ) 32,352 (431,220 )
Debts falling due after 1 year (1,331,635 ) 371,627 (960,008 )
(1,795,207 ) 403,979 (1,391,228 )
Total (723,341 ) 753,427 30,086

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements
for the year ended 30th April 2024

1. STATUTORY INFORMATION

Spectrum Workplace Technology Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102: The Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Basis of consolidation
The group accounts consolidate the accounts of the Company and all its subsidiary undertakings at 30 April 2024 using acquisition accounting.

Associates
Associates are measured using the equity method approach subject to impairment reviews.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Turnover relating to on-going service contracts is recognised based on the machine usage over the period the services are provided to the customer. Where amounts are received in advance of services being provided, the amounts are recorded as deferred income and included in creditors.

Turnover from the rental of machines is accounted for on a straight line basis over the lease term.

Turnover from the provision of services is recognised once such services have been rendered and the outcome of the transaction can be estimated reliably.

Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is between 10 and 20 years and provisions are made for any impairment following annual reviews.

Purchased goodwill is recognised at cost and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years and provisions are made for any impairment following annual reviews.

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Contracts are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Costs includes those costs that are directly attributable to making the asset capable of operating as intended.

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 as follows:

Freehold property- 2%
Plant and machinery- 25% - 100%
Fixtures and fittings- 25% - 100%
Motor vehicles- 25%

Investment property
Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in the statement of comprehensive income.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate

Taxation
Current tax represents the amount payable or receivable in respect of the taxable profit or loss for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

2. ACCOUNTING POLICIES - continued

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Photocopiers out on hire
The cost of photocopiers out on internally financed hire agreements are capitalised and written off to profit and loss account over their expected useful lives. All internal hire agreements granted are treated as operating leases and rental income is recognised on a straight line basis over the period of each agreement.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable/payable within one year
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 profit and loss account in other administrative expenses.

Deferred income
Provision is made against charges made to customers for maintenance services which have been invoiced in advance but not yet fulfilled.

Share-based payment
The cost and corresponding increase in equity in respect of equity-settled share-based payment transactions with employees are measured by reference to the fair value of equity instruments issued at the date of grant. Amounts are expensed on a straight line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. A corresponding adjustment is made to equity.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Machines and consumables 3,423,103 3,404,237
Services and maintenance 6,480,508 5,876,001
Software and support 1,232,484 1,445,506
Lease rentals 382,130 398,979
Commission 183,773 168,184
11,701,998 11,292,907

The turnover and profit before tax are attributable to the principal activities of the group wholly within the UK.

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,310,044 3,366,056
Social security costs 385,924 332,217
Other pension costs 92,751 88,821
3,788,719 3,787,094

The average number of employees during the year was as follows:
2024 2023

Directors 4 4
Service 43 41
Sales 16 17
Admin 12 13
75 75

2024 2023
£    £   
Directors' remuneration 224,595 164,374
Directors' pension contributions to money purchase schemes 4,955 3,180

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 2

Information regarding the highest paid director for the year ended 30th April 2024 is as follows:
2024
£   
Emoluments etc 156,673
Pension contributions to money purchase schemes 1,775

The total key management remuneration for the group during the year was £903,035 (2023 - £831,534)

5. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 209,307 194,100
Profit on disposal of fixed assets (34,386 ) (18,001 )
Goodwill amortisation 212,041 537,998
Patents and licences amortisation 607 51
Contracts amortisation 41,791 33,336
Auditors' remuneration 31,118 22,711
Rents received under operating leases (95,116 ) (92,349 )

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Profit on sale of associate 2,585,331 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 48,235 62,118
Other loan interest 43,318 25,583
91,553 87,701

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 553,181 355,788
Associates corporation tax - 13,095
Total current tax 553,181 368,883

Deferred tax 18,893 39,477
Tax on profit 572,074 408,360

UK corporation tax has been charged at 25 % (2023 - 25 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 4,512,070 1,643,883
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 25 %)

1,128,018

410,971

Effects of:
Expenses not deductible for tax purposes 90,389 154,988
Income not taxable for tax purposes (646,333 ) -

R&D tax credits - (51,798 )
Change in rate of corporation tax - (105,801 )
Total tax charge 572,074 408,360

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£    £   
A Ordinary shares of £1 each
Interim 2,230,000 1,021,915

11. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Contracts Totals
£    £    £    £   
COST
At 1st May 2023 8,679,543 6,075 417,831 9,103,449
Disposals (35,190 ) - - (35,190 )
At 30th April 2024 8,644,353 6,075 417,831 9,068,259
AMORTISATION
At 1st May 2023 7,012,550 51 135,711 7,148,312
Amortisation for year 212,041 607 41,791 254,439
Eliminated on disposal (35,190 ) - - (35,190 )
At 30th April 2024 7,189,401 658 177,502 7,367,561
NET BOOK VALUE
At 30th April 2024 1,454,952 5,417 240,329 1,700,698
At 30th April 2023 1,666,993 6,024 282,120 1,955,137

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1st May 2023 2,509,723 673,720 279,252
Additions 195 89,218 69,818
Disposals - (70,569 ) -
Transfer to investment
property (583,821 ) - -
At 30th April 2024 1,926,097 692,369 349,070
DEPRECIATION
At 1st May 2023 275,996 404,251 255,996
Charge for year 43,554 123,321 18,445
Eliminated on disposal - (47,979 ) -
Transfer to investment
property (85,627 ) - -
At 30th April 2024 233,923 479,593 274,441
NET BOOK VALUE
At 30th April 2024 1,692,174 212,776 74,629
At 30th April 2023 2,233,727 269,469 23,256

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st May 2023 148,340 85,668 3,696,703
Additions 67,904 - 227,135
Disposals (89,343 ) - (159,912 )
Transfer to investment
property - - (583,821 )
At 30th April 2024 126,901 85,668 3,180,105
DEPRECIATION
At 1st May 2023 86,519 85,668 1,108,430
Charge for year 23,987 - 209,307
Eliminated on disposal (70,650 ) - (118,629 )
Transfer to investment
property - - (85,627 )
At 30th April 2024 39,856 85,668 1,113,481
NET BOOK VALUE
At 30th April 2024 87,045 - 2,066,624
At 30th April 2023 61,821 - 2,588,273

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Included in cost of land and buildings is freehold land of £332,070 (2023 - £332,070) which is not depreciated.

Company
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1st May 2023 2,509,724 189,226 85,668 2,784,618
Additions 195 64,170 - 64,365
Transfer to investment
property (583,821 ) - - (583,821 )
At 30th April 2024 1,926,098 253,396 85,668 2,265,162
DEPRECIATION
At 1st May 2023 275,994 189,226 85,668 550,888
Charge for year 43,554 7,608 - 51,162
Transfer to investment
property (85,627 ) - - (85,627 )
At 30th April 2024 233,921 196,834 85,668 516,423
NET BOOK VALUE
At 30th April 2024 1,692,177 56,562 - 1,748,739
At 30th April 2023 2,233,730 - - 2,233,730

Included in cost of land and buildings is freehold land of £ 332,070 (2023 - £ 332,070 ) which is not depreciated.

13. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
At 1st May 2023 405,502
Disposals (405,502 )
At 30th April 2024 -
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 405,502

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

13. FIXED ASSET INVESTMENTS - continued

Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1st May 2023 10,302,406 98,246 10,400,652
Disposals - (98,246 ) (98,246 )
Intra group transfer 21,900 - 21,900
At 30th April 2024 10,324,306 - 10,324,306
NET BOOK VALUE
At 30th April 2024 10,324,306 - 10,324,306
At 30th April 2023 10,302,406 98,246 10,400,652

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Spectrum Rentals Limited
Registered office: The View Bridgehead Business Park, Hessle, Hull, East Yorkshire, United Kingdom, HU13 0GD
Nature of business: Leasing and maintenance of photocopiers.
%
Class of shares: holding
Ordinary £1 Shares 100.00

IT@Spectrum Limited
Registered office: The View Bridgehead Business Park, Hessle, Hull, East Yorkshire, United Kingdom, HU13 0GD
Nature of business: Sale and maintenance of photocopiers
%
Class of shares: holding
Ordinary £1 shares 100.00

Dellstrong Limited
Registered office: The View Bridgehead Business Park, Hessle, Hull, East Yorkshire, United Kingdom, HU13 0GD
Nature of business: Dormant company
%
Class of shares: holding
Ordinary £1 shares 100.00

IT@Spectrum North East Limited
Registered office: The View Bridgehead Business Park, Hessle, Hull, East Yorkshire, United Kingdom, HU13 0GD
Nature of business: Sale and maintenance of photocopiers
%
Class of shares: holding
Ordinary 100.00

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

13. FIXED ASSET INVESTMENTS - continued

Carter Business Systems Limited
Registered office: The View, Bridgehead Business Park, Hessle, England, HU13 0GD
Nature of business: Sale and maintenance of photocopiers
%
Class of shares: holding
Ordinary £1 shares 100.00

All investments are measured at cost less impairment on the basis that they represent shares in entities that are not publicly traded and the fair value cannot otherwise be measured reliably.


14. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st May 2023 239,806
Transfer from freehold
property 498,194
At 30th April 2024 738,000
NET BOOK VALUE
At 30th April 2024 738,000
At 30th April 2023 239,806

Company
Total
£   
FAIR VALUE
At 1st May 2023 239,806
Transfer from freehold
property 498,194
At 30th April 2024 738,000
NET BOOK VALUE
At 30th April 2024 738,000
At 30th April 2023 239,806

For the group and the company, investment property has been valued at £738,000 by the directors during the year ended 30 April 2024. This was based on an external professional valuation.

If the assets had not been revalued, then the aggregate cost at 30th April 2024 would be £738,000.

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

15. STOCKS

Group
2024 2023
£    £   
Consumables 577,812 691,810
Goods for resale 120,195 154,429
698,007 846,239

16. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,360,697 1,623,236 - -
Amounts owed by group undertakings - - 402,103 -
Other debtors 167,164 106,691 3 197
Directors' current accounts 61,512 27,285 - -
Tax 5,917 5,998 - -
Prepayments and accrued income 408,192 457,336 10,519 10,000
2,003,482 2,220,546 412,625 10,197

Amounts falling due after more than one year:
Other debtors 1,500,000 - 1,500,000 -

Aggregate amounts 3,503,482 2,220,546 1,912,625 10,197

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 19) 175,212 336,344 175,212 336,344
Other loans (see note 19) 256,008 127,228 131,008 127,228
Trade creditors 401,284 529,810 - -
Amounts owed to group undertakings - - 3,639,564 2,187,010
Corporation tax 553,311 397,665 123,488 72,590
Taxation and social security costs
(excluding corporation tax)

389,005

468,450

-

-
Other creditors 387,673 797,133 4,003 70,163
Provision for deferred income 504,025 566,399 - -
2,666,518 3,223,029 4,073,275 2,793,335

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 19) 533,489 839,207 533,489 839,207
Other loans (see note 19) 426,519 492,428 364,019 492,428
960,008 1,331,635 897,508 1,331,635

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 175,212 336,344 175,212 336,344
Other loans 256,008 127,228 131,008 127,228
431,220 463,572 306,220 463,572
Amounts falling due between one and two years:
Bank loans - 1-2 years 178,838 227,044 178,838 227,044
Other loans - 1-2 years 203,819 135,884 141,319 135,884
382,657 362,928 320,157 362,928
Amounts falling due between two and five years:
Bank loans - 2-5 years 354,651 612,163 354,651 612,163
Other loans - 2-5 years 222,700 356,544 222,700 356,544
577,351 968,707 577,351 968,707

The company has a bank loan with the National Westminster Bank Plc of £708,701 (2023: £875,662). The loan is repayable in monthly instalments over a 10 year period with a final repayment due 2027. The interest rate on the loan is 1.95% above the Bank of England base rate.

The company has another bank loan with the National Westminster Bank Plc of £nil (2023: £116,556). The interest rate on the loan is 2% above the Bank of England base rate.

The company has a further loan with National Westminster Bank Plc of £nil (2023: £183,333). The interest rate on the loan is 2.62% above the Bank of England base rate.

In addition the company has loans with Edmund Finance Limited and Tim Cavill Finance Limited of £495,027 (2023 ;£619,656).The loan is repayable in monthly instalments over a 5 year period with a final repayment due 2027. The interest rate on the loan is 2.35% above the Bank of England base rate.

In October 2023 the company took out a £250,000 loan. The loan is repayable in monthly instalments over a 2 year period. The loan is interest free on the condition that the company refers a specified volume of business during the term of the loan.

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 146,440 128,334
Between one and five years 226,353 148,244
372,793 276,578

Group

Future minimum rentals receivable under non-cancellable operating leases fall due as follows

2024 2023
Net obligations receivable: £ £
Within one year 374,642 193,194
Between one and five years 443,260 361,981
Greater than 5 years 11,528 -
829,430 555,175

Company

Future minimum rentals receivable under non-cancellable operating leases fall due as follows

2024 2023
Net obligations receivable: £ £
Within one year - -
Between one and five years - -
- -

21. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 708,701 1,175,551 708,701 1,175,551

The bank loans are secured by way of a legal charge over the land, property and plant and equipment at The View Bridgehead Business Park and a fixed and floating charge over all assets.

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

22. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 147,275 128,382 81,312 75,879

Group
Deferred
tax
£   
Balance at 1st May 2023 128,382
Charge to Statement of Comprehensive Income during year 18,893
Balance at 30th April 2024 147,275

Company
Deferred
tax
£   
Balance at 1st May 2023 75,879
Provided during year 5,433
Balance at 30th April 2024 81,312

The expected net reversal of deferred tax assets and liabilities in the next financial year is £31,903 This is due to the reversal of accelerated capital allowances and other timing differences.

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,275 A Ordinary £1 1,275 1,275
700 B Ordinary £1 700 700
5 C Ordinary £1 5 -
1,980 1,975

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

23. CALLED UP SHARE CAPITAL - continued

The following shares were allotted and fully paid for cash at par during the year:

5 C Ordinary shares of £1 each

All of the classes of shares rank pari passu in all respects save in respect of:

a) The C Shares do not carry the right to vote at general meetings (on a show of hands or a poll)or via any kind of written resolution (but the Ordinary A Shares of £1 each and the Ordinary B Shares of £1 each shall carry such rights (one vote per share))

b) The C Shares do not carry the right to dividends however the Ordinary A Shares of £1 each and the Ordinary B Shares of £1 each shall carry the right to dividends at the same rate per share

c) On a return of the Company's assets to the shareholders on a Capital Return, the Available Distributable Funds shall (to the extent that the Company is lawfully able to do so) be distributed as follows:
i) only if the Available Distributable Funds exceed the Adjusted Minimum Threshold at the time of the Capital Return:
- a sum of 7% of the C Share Amount to the holders of the Ordinary C1 Shares;
- a sum of 3.25% of the C Share Amount to the holders of the Ordinary C2 Shares;
- a sum of 3.25% of the C Share Amount to the holders of the Ordinary C3 Shares;
- a sum of 3.25% of the C Share Amount to the holders of the Ordinary C4 Shares; and
- a sum of 3.25% of the C Share Amount to the holders of the Ordinary C5 Shares;
ii) otherwise, or in any case even where a distribution is made as per the above, any remainder then to the holders of the Ordinary A Shares and Ordinary B shares pari passu

24. PENSION COMMITMENTS

The group makes payments to defined contribution schemes which have resulted in a charge to the profit and loss account of £92,751 (2023 £88,821). At 30th April 2024 no amounts were accrued or prepaid (2023 £Nil).

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year £62,842 (2023; £114,500) was advanced to directors and at 30th April 2024 £61,512 (2023; £27,285) is included in other debtors in this respect. The loans carry varying interest rates from 0% to 2.5% and are repayable on demand.

26. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Interest payable and similar charges 42,240 25,583
Amount due to related party 495,027 619,656

Spectrum Workplace Technology
Group Limited (Registered number: 03730074)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024

26. RELATED PARTY DISCLOSURES - continued

There are the following loans which are due for repayment in August 2027.

Related party Amount Interest rate %

Edmund Finance Limited (a company controlled by Mr E
Cavill a director of the company)
£247,514 2.35% above
base rate
Tim Cavill Finance Limited (a company controlled by Mr E
Cavill a director of the company)
£247,513 2.35% above
base rate




Other related parties
2024 2023
£    £   
Sales 10,309 12,495
Purchases 150 -
Amount due from related party 2,228 -
Amount due to related party - 3,495

27. ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party.