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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire HU2 8BA |
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 |
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 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Issue of share capital | ( |
) | - | - | ( |
) |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Buyback of shares | - | (144,910 | ) | 25 | (144,885 | ) |
Balance at 30th April 2023 |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30th April 2024 |
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 |
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. |
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 |
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 |
Additions |
Transfer to investment |
property | ( |
) | ( |
) |
At 30th April 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for year |
Transfer to investment |
property | ( |
) | ( |
) |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
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 | 10,400,652 |
Disposals | ( |
) | (98,246 | ) |
Intra group transfer | 21,900 |
At 30th April 2024 | 10,324,306 |
NET BOOK VALUE |
At 30th April 2024 | 10,324,306 |
At 30th April 2023 | 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 |
Registered office: The View Bridgehead Business Park, Hessle, Hull, East Yorkshire, United Kingdom, HU13 0GD |
Nature of business: |
% |
Class of shares: | holding |
Registered office: The View Bridgehead Business Park, Hessle, Hull, East Yorkshire, United Kingdom, HU13 0GD |
Nature of business: |
% |
Class of shares: | holding |
Registered office: The View Bridgehead Business Park, Hessle, Hull, East Yorkshire, United Kingdom, HU13 0GD |
Nature of business: |
% |
Class of shares: | holding |
Registered office: The View Bridgehead Business Park, Hessle, Hull, East Yorkshire, United Kingdom, HU13 0GD |
Nature of business: |
% |
Class of shares: | holding |
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 |
Registered office: The View, Bridgehead Business Park, Hessle, England, HU13 0GD |
Nature of business: |
% |
Class of shares: | holding |
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 |
Transfer from freehold |
property | 498,194 |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
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 | - | - |
Other debtors | 167,164 | 106,691 |
Directors' current accounts | 61,512 | 27,285 | - | - |
Tax | 5,917 | 5,998 |
Prepayments and accrued income | 408,192 | 457,336 |
2,003,482 | 2,220,546 |
Amounts falling due after more than one | year: |
Other debtors | 1,500,000 | - |
Aggregate amounts | 3,503,482 | 2,220,546 |
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 |
Other loans (see note 19) | 256,008 | 127,228 |
Trade creditors | 401,284 | 529,810 |
Amounts owed to group undertakings | - | - |
Corporation tax | 553,311 | 397,665 |
Taxation and social security costs (excluding corporation tax) |
389,005 |
468,450 |
Other creditors | 387,673 | 797,133 |
Provision for deferred income | 504,025 | 566,399 | - | - |
2,666,518 | 3,223,029 |
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 |
Other loans (see note 19) | 426,519 | 492,428 |
960,008 | 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 |
Other loans | 256,008 | 127,228 |
431,220 | 463,572 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 178,838 | 227,044 |
Other loans - 1-2 years | 203,819 | 135,884 | 141,319 |
382,657 | 362,928 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 354,651 | 612,163 |
Other loans - 2-5 years | 222,700 | 356,544 |
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 |
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 |
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 |
Provided during year |
Balance at 30th April 2024 |
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: | £ | £ |
A Ordinary | £1 | 1,275 | 1,275 |
B Ordinary | £1 | 700 | 700 |
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. |