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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditor |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
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 |
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 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Capital reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 land | nil |
Freehold property | 4% on cost |
Plant and fixtures | 20% and 33 1/3% on cost and 25% and 33% on reducing balance |
Motor vehicles | 25% 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 |
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 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
Registered office: Alton Road, Ross on Wye, Herefordshire. HR9 5NG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 23k Lower Mantle Close, Bridge Street, Clay Cross, Chesterfield. S45 9NY |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 23k Lower Mantle Close, Bridge Street, Clay Cross, Chesterfield. S45 9NY |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Goodridge Court, Goodridge Avenue,Gloucester, GL2 5EN |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Ireland |
Nature of business: |
% |
Class of shares: | holding |
€ Ordinary |
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 |
Taxation recoverable | - | 11,460 |
Prepayments and accrued income | 148,756 | 187,027 |
2,328,740 | 2,416,106 |
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 |
Hire purchase contracts (see note 19) | 143,584 | 129,054 |
Trade creditors | 1,090,253 | 1,541,585 |
Amounts owed to group undertakings | - | - |
Corporation tax | 169,824 | 1,220 |
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 |
2,535,934 | 2,556,823 |
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 |
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 |
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 |
Amounts falling due between one and | two years: |
Bank loans | 66,207 | 79,448 |
Amounts falling due between two and | five years: |
Bank loans | 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 |
Hire purchase contracts | 525,256 | 636,821 | - | - |
1,717,640 | 1,888,683 |
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: | £ | £ |
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. |