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REGISTERED NUMBER: 06979605 (England and Wales)










Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

For The Year Ended 30 April 2024

for

Kwigo Limited

Kwigo Limited (Registered number: 06979605)






Contents of the Consolidated Financial Statements
For The Year Ended 30 April 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


Kwigo Limited

Company Information
For The Year Ended 30 April 2024







DIRECTORS: L A C Shepherd
J R T Shepherd



REGISTERED OFFICE: Alton Road
Ross-on-Wye
Herefordshire
HR9 5NG



REGISTERED NUMBER: 06979605 (England and Wales)



AUDITORS: Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN



BANKERS: Barclays Bank PLC
1/3 Broad Street
Hereford
Herefordshire
HR4 9BH

Kwigo Limited (Registered number: 06979605)

Group Strategic Report
For The Year Ended 30 April 2024

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

In the opinion of the directors, the general performance and development of the company and the group during the year ended 30 April 2024 and its financial position as at that date were satisfactory and there have been no important events affecting the company since that date.

The company and its subsidiaries have continued to trade in their respective activities and the directors look forward to ensuring the continued stability of the company and the group by developing and reinforcing its position in its chosen business sectors.

REVIEW OF BUSINESS
The key financial highlights of the group are as follows:


2024

2023

2022

2021

2020


Turnover movement

+11%

+17%

+12%

+0%

+1%

Gross profit movement

+9%

+18%

+22%

+0%

+39%


Profit before tax

£1,492k

£1,014k

£1,462k

£560k

£282k

Turnover and gross profit improved on the previous financial year.

The directors are confident that current plans will support the group's future profitability.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties relate to the trading subsidiaries which are principally focused on solutions to the pre-treatment of wastewater and the provision of equipment in the disposal of specific wastes generated in hospitals and care homes, environmental engineering services and the letting of property.

Products and services are developed and manufactured by the company to meet customers current and future needs. The letting side of the business is managed by the directors to ensure that rents charged, although commercial, are set at levels to maintain full occupancy.

The group also aims to continually maintain and improve its performance regarding Health & Safety, the environment, employee conditions and development, and relevant compliances.

The group continues to actively support the closed defined benefit pension scheme. The directors have confidence that the plan agreed with the trustees of the scheme is appropriate.

ON BEHALF OF THE BOARD:





J R T Shepherd - Director


9 January 2025

Kwigo Limited (Registered number: 06979605)

Report of the Directors
For The Year Ended 30 April 2024

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

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £ 660,000 .

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

L A C Shepherd
J R T Shepherd

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise bank balances, bank loans and overdrafts, trade creditors, trade debtors and finance lease agreements. The main purpose of these instruments is to sustainably support the group's operations.

Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank loans and overdrafts at floating rates of interest.

The group is also a lessee in respect of the finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet payments.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The currency risk arising out of overseas sales invoiced in local currencies is not considered significant.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

DISCLOSURE IN THE STRATEGIC REPORT
Information regarding review of the business, key financial highlights, principal risks and uncertainties is shown within the strategic report on pages two and three of the accounts.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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.

Kwigo Limited (Registered number: 06979605)

Report of the Directors
For The Year Ended 30 April 2024


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.

AUDITORS
The auditors, Kingscott Dix Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J R T Shepherd - Director


9 January 2025

Report of the Independent Auditors to the Members of
Kwigo Limited

Opinion
We have audited the financial statements of Kwigo Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 30 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
Kwigo 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:

In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident.

At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud.

Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud.

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors, and inspection of the Group's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
Kwigo Limited


The group is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements.

The group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety including COSHH, sales of goods legislation, customs & excise legislation, employment laws, GDPR and environmental laws and regulations recognising the nature of the company's activities. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Directors and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so.

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.




Stephen Baily (Senior Statutory Auditor)
for and on behalf of Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

13 January 2025

Kwigo Limited (Registered number: 06979605)

Consolidated
Income Statement
For The Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   

TURNOVER 3 15,144,740 13,670,899

Cost of sales 8,484,313 7,585,375
GROSS PROFIT 6,660,427 6,085,524

Administrative expenses 5,152,124 5,036,815
1,508,303 1,048,709

Other operating income 2,095 4,996
OPERATING PROFIT 5 1,510,398 1,053,705

Interest receivable and similar income 4,013 4,179
Other finance income 23 109,000 52,000
113,013 56,179
1,623,411 1,109,884

Interest payable and similar expenses 6 130,824 95,598
PROFIT BEFORE TAXATION 1,492,587 1,014,286

Tax on profit 7 342,835 195,708
PROFIT FOR THE FINANCIAL YEAR 1,149,752 818,578
Profit attributable to:
Owners of the parent 1,149,752 818,578

Kwigo Limited (Registered number: 06979605)

Consolidated
Other Comprehensive Income
For The Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   

PROFIT FOR THE YEAR 1,149,752 818,578


OTHER COMPREHENSIVE INCOME
Actuarial gains / (losses) 104,000 792,000
Return on plan assets (excluding
interest income) 29,000 (236,000 )
Income tax relating to components of
other comprehensive income

(46,550

)

(194,600

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

86,450

361,400
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,236,202

1,179,978

Total comprehensive income attributable to:
Owners of the parent 1,236,202 1,179,978

Kwigo Limited (Registered number: 06979605)

Consolidated Statement of Financial Position
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - 22,051
Tangible assets 11 2,364,059 2,382,280
Investments 12 - -
Investment property 13 1,523,321 1,523,321
3,887,380 3,927,652

CURRENT ASSETS
Stocks 14 3,092,118 3,342,079
Debtors 15 2,328,740 2,416,106
Cash at bank and in hand 705,186 116,366
6,126,044 5,874,551
CREDITORS
Amounts falling due within one year 16 2,535,934 2,556,823
NET CURRENT ASSETS 3,590,110 3,317,728
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,477,490

7,245,380

CREDITORS
Amounts falling due after more than one
year

17

(1,519,108

)

(1,704,681

)

PROVISIONS FOR LIABILITIES 21 (251,833 ) (253,352 )

PENSION ASSET 23 1,629,000 1,472,000
NET ASSETS 7,335,549 6,759,347

CAPITAL AND RESERVES
Called up share capital 22 2 2
Capital reserve 2,322,864 2,322,864
Retained earnings 5,012,683 4,436,481
SHAREHOLDERS' FUNDS 7,335,549 6,759,347

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:





J R T Shepherd - Director


Kwigo Limited (Registered number: 06979605)

Company Statement of Financial Position
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 5,372,405 5,372,405
Investment property 13 - -
5,372,405 5,372,405

CURRENT ASSETS
Debtors 15 6,898 5,610
Cash at bank 93,845 54,076
100,743 59,686
CREDITORS
Amounts falling due within one year 16 1,912,661 1,663,172
NET CURRENT LIABILITIES (1,811,918 ) (1,603,486 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,560,487

3,768,919

CREDITORS
Amounts falling due after more than one
year

17

1,112,936

1,172,414
NET ASSETS 2,447,551 2,596,505

CAPITAL AND RESERVES
Called up share capital 22 2 2
Capital reserve 2,322,864 2,322,864
Retained earnings 124,685 273,639
SHAREHOLDERS' FUNDS 2,447,551 2,596,505

Company's profit for the financial year 511,046 326,263

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:





J R T Shepherd - Director


Kwigo Limited (Registered number: 06979605)

Consolidated Statement of Changes in Equity
For The Year Ended 30 April 2024

Called up
share Retained Capital Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 2 3,476,503 2,322,864 5,799,369

Changes in equity
Dividends - (220,000 ) - (220,000 )
Total comprehensive income - 1,179,978 - 1,179,978
Balance at 30 April 2023 2 4,436,481 2,322,864 6,759,347

Changes in equity
Dividends - (660,000 ) - (660,000 )
Total comprehensive income - 1,236,202 - 1,236,202
Balance at 30 April 2024 2 5,012,683 2,322,864 7,335,549

Kwigo Limited (Registered number: 06979605)

Company Statement of Changes in Equity
For The Year Ended 30 April 2024

Called up
share Retained Capital Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 2 167,376 2,322,864 2,490,242

Changes in equity
Dividends - (220,000 ) - (220,000 )
Total comprehensive income - 326,263 - 326,263
Balance at 30 April 2023 2 273,639 2,322,864 2,596,505

Changes in equity
Dividends - (660,000 ) - (660,000 )
Total comprehensive income - 511,046 - 511,046
Balance at 30 April 2024 2 124,685 2,322,864 2,447,551

Kwigo Limited (Registered number: 06979605)

Consolidated Statement of Cash Flows
For The Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,794,505 1,056,098
Interest paid (95,738 ) (70,978 )
Interest element of hire purchase
payments paid

(35,061

)

(24,595

)
Finance costs paid (25 ) (25 )
Tax paid (130,840 ) (252,927 )
Net cash from operating activities 1,532,841 707,573

Cash flows from investing activities
Purchase of tangible fixed assets (273,585 ) (1,103,353 )
Sale of tangible fixed assets 27,271 -
Interest received 4,013 4,179
Net cash from investing activities (242,301 ) (1,099,174 )

Cash flows from financing activities
Bank loan repayments (59,478 ) (67,364 )
Hire purchase advances - 708,012
Hire purchase capital repayments (111,565 ) (74,019 )
Amount introduced by directors 129,323 -
Equity dividends paid (660,000 ) (220,000 )
Net cash from financing activities (701,720 ) 346,629

Increase/(decrease) in cash and cash equivalents 588,820 (44,972 )
Cash and cash equivalents at
beginning of year

2

116,366

161,338

Cash and cash equivalents at end of
year

2

705,186

116,366

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Statement of Cash Flows
For The Year Ended 30 April 2024

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

30.4.24 30.4.23
£    £   
Profit before taxation 1,492,587 1,014,286
Depreciation charges 308,012 204,730
Profit on disposal of fixed assets (21,426 ) -
Pension funding adjustments - 42,000
Finance costs 130,824 95,598
Finance income (113,013 ) (56,179 )
1,796,984 1,300,435
Decrease/(increase) in stocks 249,961 (711,241 )
Decrease/(increase) in trade and other debtors 75,906 (273,675 )
(Decrease)/increase in trade and other creditors (328,346 ) 740,579
Cash generated from operations 1,794,505 1,056,098

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 705,186 116,366
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 116,366 161,338


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 116,366 588,820 705,186
116,366 588,820 705,186
Debt
Finance leases (636,821 ) 111,565 (525,256 )
Debts falling due within 1 year (79,448 ) - (79,448 )
Debts falling due after 1 year (1,196,914 ) 59,478 (1,137,436 )
(1,913,183 ) 171,043 (1,742,140 )
Total (1,796,817 ) 759,863 (1,036,954 )

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements
For The Year Ended 30 April 2024

1. STATUTORY INFORMATION

Kwigo 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements have been prepared by consolidating the financial statements of the holding company and its subsidiary undertakings at 30 April 2024.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Rental Income
Turnover represents rental income from the Company's portfolio of investment properties, recharged utility and related costs, arising from operating leases, excluding VAT. The Company recognises such revenue on a straight line accruals basis.

Goodwill
Goodwill, being the amounts paid in connection with the acquisition of businesses in 2010 and 2016, is being amortised evenly over its estimated useful life of between five and fifteen years.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is calculated to write off the cost of fixed assets less their residual values over their estimated useful lives at the following rates per annum:

Freehold landnil
Freehold property4% on cost
Plant and fixtures20% and 33 1/3% on cost and 25% and 33% on reducing balance
Motor vehicles25% on cost and 25% on reducing balance

Investment property
Investment properties have been valued by the directors on an open market value basis in accordance with FRS 102. Any surplus or deficit on revaluation would be transferred to revaluation reserve except where the deficit reduces the property below its historic cost, in which case it has been taken to the profit and loss account.

No depreciation is allocated to these properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors, these properties are held primarily for their investment potential so their current value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view. The provisions of Section 16 of FRS 102 in respect of investment properties have therefore been adopted in order to give a true and fair view. If this departure from the act had not been made, the profit for the year would have been reduced by depreciation.

However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separately identified or quantified.

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first in, first out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the group's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire rewards of ownership to another entity.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.


Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Assets that are held by group under leases which transfer to the group substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the group are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the group at their fair value at
the inception of the lease or, if lower, at the present value of the minimum lease payments. The
corresponding liability to the lessor is included in the statement of financial position as a finance lease
obligation. Lease payments are apportioned between finance expenses and reduction of the lease
obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance
expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying
assets, in which case they are capitalised. Contingent rentals are recognised as expenses in the period in which they are incurred.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term,
except where another systematic basis is more representative of the time pattern in which economic
benefits from the leased asset are consumed. Contingent rentals arising under operating leases are
recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are
recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental
expense on a straight-line basis, except where another systematic basis is more representative of the
time pattern in which economic benefits from the leased asset are consumed.

The group as lessor
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Direct costs incurred in negotiating and arranging an operating lease are charged to the profit and loss account in the period in which incurred.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

The group also operates a defined benefit scheme. As the scheme is frozen, the regular pension contribution is charged against the pension liability brought forward as required by FRS 102. Only administration costs are charged to the profit and loss account.

Warranties
Customers are offered the option to purchase a warranty over the goods supplied which extends beyond the standard guarantee period. Income arising as a result of the sale of these extended warranties is held on the balance sheet as deferred income and credited to turnover over the extended guarantee period.

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

30.4.24 30.4.23
£    £   
Sales - Home UK 11,167,590 11,152,083
Sales - Export 3,757,105 2,248,721
Rental income - UK 220,045 270,095
15,144,740 13,670,899

4. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£    £   
Wages and salaries 4,312,612 3,888,446
Social security costs 459,162 416,797
Other pension costs 207,495 244,220
4,979,269 4,549,463

The average number of employees during the year was as follows:
30.4.24 30.4.23

Manufacturing 55 54
Selling 4 4
Office and administration 45 46
104 104

The average number of employees by undertakings that were proportionately consolidated during the year was 102 (2023 - 102 ) .

30.4.24 30.4.23
£    £   
Directors' remuneration 200,000 350,000
Directors' pension contributions to money purchase schemes 6,000 7,000

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

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
30.4.24 30.4.23
£    £   
Emoluments etc 100,000 200,000
Pension contributions to money purchase schemes 500 6,000

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

5. OPERATING PROFIT

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

30.4.24 30.4.23
£    £   
Other operating leases 163,616 204,117
Depreciation - owned assets 153,339 109,251
Depreciation - assets on hire purchase contracts 132,622 73,423
Profit on disposal of fixed assets (21,426 ) -
Goodwill amortisation 22,051 22,056
Auditors' remuneration 44,050 43,150
Auditors' remuneration for non audit work 4,615 7,950

Pension Costs

The group operates a defined benefit scheme and a money purchase pension scheme. Costs incurred during the year in respect of these schemes are as follows:

30.4.24 30.4.23
£ £

Expenses re defined benefits scheme 10,011 54,653
Expenses and contributions re money purchase scheme 195,174 196,221
205,185 251,074

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£    £   
Bank interest 676 20
Bank loan interest 95,062 69,772
Other interest - 1,186
Hire purchase interest 35,061 24,595
Dividends paid re deferred
non-voting shares 25 25
130,824 95,598

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax 310,858 -
Over provision in prior years 46 (20,044 )
Total current tax 310,904 (20,044 )

Deferred tax:
Deferred tax (6,519 ) 213,352
Deferred tax on pension scheme 38,450 2,400
Total deferred tax 31,931 215,752

Tax on profit 342,835 195,708

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:

30.4.24 30.4.23
£    £   
Profit before tax 1,492,587 1,014,286
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

373,147

192,714

Effects of:
Expenses not deductible for tax purposes - (130 )
Adjustments to tax charge in respect of previous periods 46 (20,044 )
Depreciation on non-qualifying assets 141 141
Goodwill amortisation 5,514 4,191
Deferred tax not provided for (47,213 ) 12,710
Interest on pension scheme (27,250 ) (2,500 )
Deferred tax on pension scheme 38,450 2,400
Capital allowances superdeduction - (46,974 )
Change of rate on deferred tax - 34,916
Change of rate on corporation tax - 18,284
Total tax charge 342,835 195,708

Tax effects relating to effects of other comprehensive income

30.4.24
Gross Tax Net
£    £    £   
Actuarial gains / (losses) 104,000 (36,400 ) 67,600
Return on plan assets (excluding
interest income) 29,000 (10,150 ) 18,850
133,000 (46,550 ) 86,450

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

7. TAXATION - continued

30.4.23
Gross Tax Net
£    £    £   
Actuarial gains / (losses) 792,000 (277,200 ) 514,800
Return on plan assets (excluding
interest income) (236,000 ) 82,600 (153,400 )
556,000 (194,600 ) 361,400

8. INDIVIDUAL INCOME STATEMENT

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.


9. DIVIDENDS
30.4.24 30.4.23
£    £   
Interim 660,000 220,000

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 1,502,711
AMORTISATION
At 1 May 2023 1,480,660
Amortisation for year 22,051
At 30 April 2024 1,502,711
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 22,051

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

11. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 1,864,079 2,549,311 380,615 12,200 4,806,205
Additions - 24,946 248,639 - 273,585
Disposals - - (62,268 ) - (62,268 )
Transfer to ownership - - 2,091 - 2,091
At 30 April 2024 1,864,079 2,574,257 569,077 12,200 5,019,613
DEPRECIATION
At 1 May 2023 585,335 1,592,813 243,695 2,082 2,423,925
Charge for year - 173,492 108,126 4,343 285,961
Eliminated on disposal - - (56,423 ) - (56,423 )
Transfer to ownership - - 2,091 - 2,091
At 30 April 2024 585,335 1,766,305 297,489 6,425 2,655,554
NET BOOK VALUE
At 30 April 2024 1,278,744 807,952 271,588 5,775 2,364,059
At 30 April 2023 1,278,744 956,498 136,920 10,118 2,382,280

Freehold property is held at its fair value applicable when the shares in the subsidiary, The Haigh Group Limited, were acquired in 2010, less depreciation. Other assets are held at depreciated cost values.

The net book value above includes amounts attributable to assets subject to hire purchase and finance lease agreements at 30 April 2024 of £607,646 (2023: £713,257) including a depreciation charge to the profit and loss account of £132,622 (2023: £73,423).

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 5,372,405
NET BOOK VALUE
At 30 April 2024 5,372,405
At 30 April 2023 5,372,405

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

The Haigh Group Limited
Registered office: Alton Road, Ross on Wye, Herefordshire. HR9 5NG
Nature of business: Management services and lettings
%
Class of shares: holding
£1 ordinary 100.00

MPC Services (UK) Limited
Registered office: 23k Lower Mantle Close, Bridge Street, Clay Cross, Chesterfield. S45 9NY
Nature of business: Environmental engineering services
%
Class of shares: holding
£1 ordinary 100.00

MPC Services Limited
Registered office: 23k Lower Mantle Close, Bridge Street, Clay Cross, Chesterfield. S45 9NY
Nature of business: Dormant
%
Class of shares: holding
£1 ordinary 100.00

Jalkin Limited
Registered office: Goodridge Court, Goodridge Avenue,Gloucester, GL2 5EN
Nature of business: Dormant
%
Class of shares: holding
£1 Ordinary 100.00

Haigh Engineering Limited (Ireland)
Registered office: Ireland
Nature of business: Dormant
%
Class of shares: holding
1 € Ordinary 100.00

The Haigh Engineering Company Limited
Registered office: Alton Road, Ross on Wye, Herefordshire. HR9 5NG
Nature of business: waste disposal and processing equipment.
%
Class of shares: holding
£1 ordinary 100.00

Haigh Macerators Corp
Registered office: USA
Nature of business: distributor
%
Class of shares: holding
$1 common 100.00

The investment relates to a subsidiary based in the USA which is still owned within the group. The investment was written off in 2016 and there have been no material transactions in the period since therefore this investment is not reflected in these consolidated accounts.


Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 1,523,321
NET BOOK VALUE
At 30 April 2024 1,523,321
At 30 April 2023 1,523,321

14. STOCKS

Group
30.4.24 30.4.23
£    £   
Stocks 215,515 223,317
Finished goods and raw
materials 2,876,603 3,118,762
3,092,118 3,342,079

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Trade debtors 2,066,992 2,109,301 - -
Other debtors 112,992 108,318 6,898 5,610
Taxation recoverable - 11,460 - -
Prepayments and accrued income 148,756 187,027 - -
2,328,740 2,416,106 6,898 5,610

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Bank loans and overdrafts (see note 18) 79,448 79,448 79,448 79,448
Hire purchase contracts (see note 19) 143,584 129,054 - -
Trade creditors 1,090,253 1,541,585 156 156
Amounts owed to group undertakings - - 1,797,303 1,572,303
Corporation tax 169,824 1,220 25,514 165
Social security and other taxes 253,391 313,698 - -
Other creditors 58,145 70,964 - -
Directors' current accounts 132,393 3,070 - -
Accruals and deferred income 608,896 417,784 10,240 11,100
2,535,934 2,556,823 1,912,661 1,663,172

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

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

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Bank loans (see note 18) 1,112,936 1,172,414 1,112,936 1,172,414
Other loans (see note 18) 24,500 24,500 - -
Hire purchase contracts (see note 19) 381,672 507,767 - -
1,519,108 1,704,681 1,112,936 1,172,414

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 79,448 79,448 79,448 79,448
Amounts falling due between one and two years:
Bank loans 66,207 79,448 66,207 79,448
Amounts falling due between two and five years:
Bank loans 1,046,729 1,092,966 1,046,729 1,092,966
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Deferred non-voting shares 24,500 24,500 - -

Interest is charged on a base rate basis plus 1.89% per annum.

The liability shown as a loan in respect of the deferred non-voting shares relates to 24,500 non-equity shares of £1each held by the directors in The Haigh Group Limited.

The Deferred non- voting shares have the following rights attached:

a) A fixed cumulative net cash dividend of 0.001p per share per annum is payable in priority to the holders of any other class of share. There is no right to participate in the profits of the group.

b) There are no voting rights attached to the shares.

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.4.24 30.4.23
£    £   
Net obligations repayable:
Within one year 143,584 129,054
Between one and five years 381,672 507,767
525,256 636,821

Group
Non-cancellable operating leases
30.4.24 30.4.23
£    £   
Within one year 82,742 54,552
Between one and five years 172,256 67,770
In more than five years 8,000 -
262,998 122,322

The group has contracted with lessees for the following future minimum lease payments for let income:
30.4.24 30.4.23
£ £

Within one year 144,102 144,888
Between one and five years 64,136 42,646
208,238 187,534

All of the properties let have committed tenants for the next 1 to 3 years (2023: 1 to 3 years).

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Bank loans 1,192,384 1,251,862 1,192,384 1,251,862
Hire purchase contracts 525,256 636,821 - -
1,717,640 1,888,683 1,192,384 1,251,862

The loan is secured by a fixed and floating charge over the assets of the group. Hire purchase liabilities are secured over the assets to which they relate.

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

21. PROVISIONS FOR LIABILITIES

Group
30.4.24 30.4.23
£    £   
Deferred tax 206,833 213,352

Other provisions 45,000 40,000

Aggregate amounts 251,833 253,352

Group
Deferred
tax
£   
Balance at 1 May 2023 213,352
Accelerated capital allowances (6,519 )
Balance at 30 April 2024 206,833

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
2 Ordinary shares £1 2 2

23. EMPLOYEE BENEFIT OBLIGATIONS

The group operates a defined benefit scheme:

The Haigh Group Limited 1974 Retirement Fund

This scheme is self administered and funded to cover future pension liabilities in respect of service up to the balance sheet date. The scheme is subject to independent valuations which are obtained at least every three years using a qualified actuary. The total of employer's contributions to the scheme during the year were £Nil (2023: £Nil).

The last actuarial valuation of the scheme was carried out as at 31 October 2017 and was assessed in accordance with the advice of a professionally qualified actuary.

The scheme was closed with effect from 31 August 2002 and no employee contributions or AVC's have been made since this date although employer contributions continue in accordance with the recommendations of the actuary.

The pension scheme is reported in the accounts of the subsidiary, The Haigh Group Limited. The following is a summary of the information contained within those accounts and also reflected in these consolidated accounts.

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

23. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
30.4.24 30.4.23
£    £   
Present value of funded obligations (4,530,000 ) (4,715,000 )
Fair value of plan assets 7,036,000 6,979,000
2,506,000 2,264,000
Present value of unfunded obligations - -
Surplus 2,506,000 2,264,000
Deferred tax liability (877,000 ) (792,000 )
Net asset 1,629,000 1,472,000

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
30.4.24 30.4.23
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

219,000

170,000
Past service cost - -
219,000 170,000

Actual return on plan assets 357,000 (14,000 )

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
30.4.24 30.4.23
£    £   
Opening defined benefit obligation 4,715,000 5,654,000
Interest cost 219,000 170,000
Actuarial losses/(gains) (104,000 ) (792,000 )
Benefits paid (300,000 ) (317,000 )
4,530,000 4,715,000

Kwigo Limited (Registered number: 06979605)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 April 2024

23. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
30.4.24 30.4.23
£    £   
Opening fair value of scheme assets 6,979,000 7,352,000
Contributions by employer - (42,000 )
Interest income on plan assets 328,000 222,000
Benefits paid (300,000 ) (317,000 )
Return on plan assets (excluding interest
income)

29,000

(236,000

)
7,036,000 6,979,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
30.4.24 30.4.23
£    £   
Return on plan assets (excluding interest
income)

29,000

(236,000

)
Actuarial (losses) / gains 104,000 792,000
133,000 556,000

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
30.4.24 30.4.23
Equities 13% 12%
Other, including Cash Fund 87% 88%
100% 100%

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

30.4.24 30.4.23
Discount rate 5.20% 4.80%
Inflation (RPI) 3.30% 3.20%
Future pension increases 3.80% 3.80%

24. ULTIMATE CONTROLLING PARTY

By virtue of their shareholding, L.A.C.Shepherd and J.R.T.Shepherd are considered to be joint controlling parties of the company and group.