Company registration number 11960858 (England and Wales)
TPW GLOBAL LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
TPW GLOBAL LTD
COMPANY INFORMATION
Directors
Mrs L Keir
Mr R Millman
Mr M Coxhead
Company number
11960858
Registered office
TPW Towers
Units 1-2 Aragon Court
Manor Park Avenue
Runcorn
Cheshire
WA7 1SP
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
TPW GLOBAL LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 30
TPW GLOBAL LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The directors present the strategic report for the year ended 31 August 2024.

Fair review of the business

The directors are satisfied with the results for the year ended 31 August 2024 and the balance sheet position. The group returned a post tax profit of £4,936,576 (2023 - £2,870,959).

The trading company Class Delta Limited has performed very profitably for year ended 31 August 2024 and has returned a post tax profit of £6,591,666 (2023 - £5,162,011).

The group’s primary activity is the development, manufacture and sale of functional shakes, foods and supplements across a number of strategic markets in Europe. The execution of a robust strategy that focuses on extreme value for money for the customer has meant that despite a challenging macro backdrop, the business has continued to thrive.

 

Through the creation of a vertically-integrated mode and a strong pipeline of product innovation, the directors expect continued profitable growth throughout the financial year. Its commitment to prioritising customer satisfaction via premium quality products and an exceptional service continue to deliver results and strong retention levels.

 

The significant investment now underway in a brand new site, encompassing all its teams and functions, is expected to be complete in 2025 and will serve as a platform on which to base its next phase of growth.

 

Principal risks and uncertainties

The Directors monitor the overall risk profile of the group. In addition, the Directors are responsible for determining clear policies as to acceptable levels of risk. These policies seek to enable people throughout the group to use their expertise to identify risks that could undermine performance and to devise ways of bringing them to within acceptable levels. When the Directors identify risks that are not acceptable, they develop action plans to mitigate them with clear allocation of responsibilities and timescales for completion and ensure that progress towards implementing these plans is monitored and reported upon.

The group uses various financial instruments including finance leases and loans.

The main risks arising from the group's financial instruments are market risk, interest rate risk, liquidity risk and foreign currency risk. The Directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs to invest cash assets safely and profitably. Short term flexibility is achieved by the option of an overdraft facility through their banking provider.

Interest rate and foreign currency risk

The group finances its operations through a mixture of retained profits, share capital and banking facilities. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of a floating rate. The group could potentially be affected adversely by an increase in interest rates charged on its bank overdraft.

The group is exposed to translation and transaction foreign exchange risk. A significant percentage of the group's sales are to customers outside the UK. These sales are invoiced in the currencies of the customers involved.

Whilst the aim is to achieve an economic hedge, the group does not adopt a policy of hedge accounting for these financial statements.

Credit risk

The group's principal financial assets are cash and trade debtors. The group does not have significant credit risks as the majority of its trade is done through e-commerce sales. In terms of debtors, they are fully assessed, credit checked and reference checked prior to onboarding. There is also a regular monitoring programme in place to highlight and manage any potential risks.

TPW GLOBAL LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

Market risk

Market risk encompasses three types of risk, being currency risk, fair value interest risk and price risk. The group's policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled "interest rate risk" above. There is no price risk.

Key Performance Indicators

The Directors consider the key performance indicators for the group to be customer lifetime value, average order value, revenue growth %, gross profit margins, net promoter score, on time in full delivery and stock turnover.

Key performance indicators continue to be used throughout the business. The group is data-driven to a very high level and focuses on improving these metrics to deliver an excellent service to the customer.

Future developments

The Directors are optimistic about the group's potential for profit growth in the future, and have various strategic initiatives which will help towards this.

ESG

The group and its directors have a genuine commitment to both its community and the environment. As a result, it has built a clear ESG vision and strategy which covers all areas of its operation from product packaging & supply chain to employee value proposition, development and engagement.

On behalf of the board

Mrs L Keir
Director
20 December 2024
TPW GLOBAL LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company and group continued to be that of a holding company and the supply of protein and other sports nutrition products, operating under the trade name of The Protein Works.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Ghoora
(Resigned 10 October 2023)
Mrs L Keir
Mr R Millman
Mr M Coxhead
Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

TPW GLOBAL LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
On behalf of the board
Mrs L Keir
Director
20 December 2024
TPW GLOBAL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TPW GLOBAL LTD
- 5 -
Opinion

We have audited the financial statements of TPW Global Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

TPW GLOBAL LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TPW GLOBAL LTD
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the company 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: Companies Act 2006, Health and Safety at Work Act and Employment Law.

 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

 

TPW GLOBAL LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TPW GLOBAL LTD
- 7 -

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. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alex Hesketh (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
20 December 2024
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
TPW GLOBAL LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
50,732,946
42,824,923
Cost of sales
(20,117,410)
(18,878,427)
Gross profit
30,615,536
23,946,496
Administrative expenses
(22,750,910)
(18,677,799)
Exceptional items
4
-
0
(315,521)
Operating profit
5
7,864,626
4,953,176
Interest receivable and similar income
9
71,823
-
0
Interest payable and similar expenses
10
(735,529)
(758,836)
Profit before taxation
7,200,920
4,194,340
Tax on profit
11
(2,187,805)
(1,323,381)
Profit for the financial year
5,013,115
2,870,959
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
TPW GLOBAL LTD
GROUP BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
-
0
885,949
Other intangible assets
12
240,777
257,379
Total intangible assets
240,777
1,143,328
Tangible assets
13
1,666,171
979,845
1,906,948
2,123,173
Current assets
Stocks
16
5,142,507
3,768,606
Debtors
17
3,878,862
4,719,122
Cash at bank and in hand
11,270,931
5,880,760
20,292,300
14,368,488
Creditors: amounts falling due within one year
18
(15,310,113)
(14,652,770)
Net current assets/(liabilities)
4,982,187
(284,282)
Total assets less current liabilities
6,889,135
1,838,891
Creditors: amounts falling due after more than one year
19
-
(126,430)
Provisions for liabilities
Deferred tax liability
22
305,580
142,021
(305,580)
(142,021)
Net assets
6,583,555
1,570,440
Capital and reserves
Called up share capital
24
97
97
Profit and loss reserves
6,583,458
1,570,343
Total equity
6,583,555
1,570,440
The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
20 December 2024
Mrs L Keir
Director
Company registration number 11960858 (England and Wales)
TPW GLOBAL LTD
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
6,372,735
6,372,735
Current assets
Debtors
17
7,570
9,128
Cash at bank and in hand
501,884
102,473
509,454
111,601
Creditors: amounts falling due within one year
18
(11,067,189)
(9,900,195)
Net current liabilities
(10,557,735)
(9,788,594)
Net liabilities
(4,185,000)
(3,415,859)
Capital and reserves
Called up share capital
24
97
97
Profit and loss reserves
(4,185,097)
(3,415,956)
Total equity
(4,185,000)
(3,415,859)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £769,141 (2023 - £1,123,644 loss).

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
20 December 2024
Mrs L Keir
Director
Company registration number 11960858 (England and Wales)
TPW GLOBAL LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2022
97
(1,300,616)
(1,300,519)
Year ended 31 August 2023:
Profit and total comprehensive income
-
2,870,959
2,870,959
Balance at 31 August 2023
97
1,570,343
1,570,440
Year ended 31 August 2024:
Profit and total comprehensive income
-
5,013,115
5,013,115
Balance at 31 August 2024
97
6,583,458
6,583,555
TPW GLOBAL LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2022
97
(2,292,312)
(2,292,215)
Year ended 31 August 2023:
Loss and total comprehensive income for the year
-
(1,123,644)
(1,123,644)
Balance at 31 August 2023
97
(3,415,956)
(3,415,859)
Year ended 31 August 2024:
Profit and total comprehensive income
-
(769,141)
(769,141)
Balance at 31 August 2024
97
(4,185,097)
(4,185,000)
TPW GLOBAL LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
9,102,645
6,886,051
Interest paid
(735,529)
(758,836)
Income taxes paid
(1,734,737)
(580,600)
Net cash inflow from operating activities
6,632,379
5,546,615
Investing activities
Purchase of intangible assets
(58,676)
(90,924)
Purchase of tangible fixed assets
(1,145,286)
(349,626)
Proceeds from disposal of tangible fixed assets
1,836
-
Interest received
71,823
-
0
Net cash used in investing activities
(1,130,303)
(440,550)
Financing activities
Repayment of borrowings
-
(24,775)
Payment of finance leases obligations
(111,905)
(135,952)
Net cash used in financing activities
(111,905)
(160,727)
Net increase in cash and cash equivalents
5,390,171
4,945,338
Cash and cash equivalents at beginning of year
5,880,760
935,422
Cash and cash equivalents at end of year
11,270,931
5,880,760
TPW GLOBAL LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,101,573
815,350
Interest paid
(702,162)
(730,386)
Net cash inflow from operating activities
399,411
84,964
Financing activities
Repayment of borrowings
-
(24,775)
Net cash used in financing activities
-
(24,775)
Net increase in cash and cash equivalents
399,411
60,189
Cash and cash equivalents at beginning of year
102,473
42,284
Cash and cash equivalents at end of year
501,884
102,473
TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
1
Accounting policies
Company information

TPW Global Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is TPW Towers, Units 1-2 Aragon Court, Manor Park Avenue, Runcorn, Cheshire, WA7 1SP.

 

The group consists of TPW Global Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company TPW Global Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the company is relying on the support of its owners and the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
1.4
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% Straight Line
Trademarks
Straight Line over 10 years
1.7
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% Straight Line
Plant and equipment
25% Straight Line
Computers
33% Straight Line
TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and 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.

1.12
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 group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

The useful economic life of tangible fixed assets had to be estimated by the directors of the Group to ensure an appropriate depreciation charge is recognised in the year.

Stock provision

The stock provision had to be estimated by the directors of the Company, where use-by dates and environmental changes to packaging was taken into consideration. The stock provision value at the year end was £663,193 (2023: £364,000).

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of healthy shakes, meals & snacks
50,732,946
42,824,923
2024
2023
£
£
Other revenue
Interest income
71,823
-

No geographical analysis of turnover is given as in the opinion of the directors, such information would be seriously prejudicial to the interests of the company.

4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional items
-
315,521
-
315,521

Exceptional costs relate to non recurring legal fees.

TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
309,059
122,137
Depreciation of owned tangible fixed assets
373,884
152,593
Depreciation of tangible fixed assets held under finance leases
83,240
17,590
Amortisation of intangible assets
961,227
1,234,811

Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £309,059 (2023 - £122,137).

6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,750
3,500
Audit of the financial statements of the company's subsidiaries
25,000
21,000
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales and distribution
162
151
2
-
Directors
3
3
3
4
165
154
5
4

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,449,500
5,228,503
804,000
564,032
Pension costs
67,688
65,482
-
0
-
0
6,517,188
5,293,985
804,000
564,032
TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
545,770
564,032
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
187,109
155,708
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
71,823
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
71,823
-
10
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
11,519
28,450
Other interest
724,010
730,386
Total finance costs
735,529
758,836
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,024,246
1,323,381
Deferred tax
Origination and reversal of timing differences
163,559
-
0
Total tax charge
2,187,805
1,323,381
TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
7,200,920
4,194,340
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.52%)
1,800,230
902,622
Tax effect of expenses that are not deductible in determining taxable profit
368,836
152,034
Effect of change in corporation tax rate
-
279,895
Group relief
-
0
(20,784)
Depreciation in excess of permanent capital allowances
18,739
9,614
Taxation charge
2,187,805
1,323,381
12
Intangible fixed assets
Group
Goodwill
Software
Trademarks
Total
£
£
£
£
Cost
Assets introduced at 4 June 2019
5,837,038
667,189
153,575
6,657,802
Additions - separately acquired
-
0
37,200
21,476
58,676
At 31 August 2024
5,837,038
704,389
175,051
6,716,478
Amortisation and impairment
Amortisation introduced at 4 June 2019
4,951,089
539,381
24,004
5,514,474
Amortisation charged for the year
885,949
58,859
16,419
961,227
At 31 August 2024
5,837,038
598,240
40,423
6,475,701
Carrying amount
At 31 August 2024
-
0
106,149
134,628
240,777
At 31 August 2023
885,949
127,808
129,571
1,143,328
The company had no intangible fixed assets at 31 August 2024 or 31 August 2023.
TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
13
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
Assets introduced at 4 June 2019
669,457
1,655,796
75,306
444,546
2,845,105
Additions
127,853
948,185
-
0
69,248
1,145,286
Disposals
-
0
-
0
(1,836)
-
0
(1,836)
At 31 August 2024
797,310
2,603,981
73,470
513,794
3,988,555
Depreciation and impairment
Depreciation introduced at 4 June 2019
443,604
1,009,651
64,008
347,997
1,865,260
Depreciation charged in the year
115,586
277,716
4,774
59,048
457,124
At 31 August 2024
559,190
1,287,367
68,782
407,045
2,322,384
Carrying amount
At 31 August 2024
238,120
1,316,614
4,688
106,749
1,666,171
At 31 August 2023
225,853
646,145
11,298
96,549
979,845
The company had no tangible fixed assets at 31 August 2024 or 31 August 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
220,375
159,290
-
0
-
0
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
6,372,735
6,372,735
TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
14
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
6,372,735
Carrying amount
At 31 August 2024
6,372,735
At 31 August 2023
6,372,735
15
Subsidiaries

Details of the company's subsidiaries at 31 August 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Class Delta Ltd
England & Wales
Supply of healthy shakes, meals & snacks
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
3,367,781
2,153,720
-
-
Finished goods and goods for resale
1,774,726
1,614,886
-
0
-
0
5,142,507
3,768,606
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,798,590
2,814,261
-
0
-
0
Corporation tax recoverable
-
0
46,360
-
0
-
0
Other debtors
1,246,787
1,324,826
97
97
Prepayments and accrued income
833,485
533,675
7,473
9,031
3,878,862
4,719,122
7,570
9,128
TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
104,494
89,969
-
0
-
0
Other borrowings
20
6,459,999
6,459,999
6,459,999
6,459,999
Trade creditors
2,649,558
2,634,694
-
0
1,089
Amounts owed to group undertakings
-
0
-
0
2,852,535
1,278,596
Corporation tax payable
1,222,354
979,205
-
0
-
0
Other taxation and social security
780,849
998,700
689,278
934,647
Other creditors
17,969
36,406
1,027
770
Accruals and deferred income
4,074,890
3,453,797
1,064,350
1,225,094
15,310,113
14,652,770
11,067,189
9,900,195
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
-
0
126,430
-
0
-
0
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
6,459,999
6,459,999
6,459,999
6,459,999
Payable within one year
6,459,999
6,459,999
6,459,999
6,459,999

Bank loans and overdrafts are secured against a fixed and floating charge and are repayable on demand.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
104,494
89,969
-
0
-
0
In two to five years
-
0
126,430
-
0
-
0
104,494
216,399
-
-
TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
305,580
142,021
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
142,021
-
Charge to profit or loss
163,559
-
Liability at 31 August 2024
305,580
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
67,688
58,966

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
3,675 Ordinary of 1p each
37
37
6,000 Ordinary of 1p each
60
60
97
97
TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
25
Related party transactions

During the year YFM Private Equity Limited charged TPW Global Limited £91,849 (2023: £83,153) in monitoring fees. YFM Equity Partners LLP is the ultimate controlling party of TPW Global Limited.

 

At the balance sheet date £6,400,000 (2023: £6,400,000) was owed to YFM EP Buyout I LP, and interest of £660,917 (2023: £728,581) was charged during the year. Additionally, £59,999 (2023: £59,999) was owed to R Millman, a director of the company, and interest of £13,071 (2023: £5,400) was charged during the year.

26
Controlling party

The ultimate controlling party is YFM Private Equity Limited, a company registered in England & Wales.

27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
5,013,115
2,870,959
Adjustments for:
Taxation charged
2,187,805
1,323,381
Finance costs
735,529
758,836
Investment income
(71,823)
-
0
Amortisation and impairment of intangible assets
961,227
1,230,795
Depreciation and impairment of tangible fixed assets
457,124
425,496
Movements in working capital:
(Increase)/decrease in stocks
(1,373,901)
919,733
Decrease/(increase) in debtors
793,900
(2,675,518)
Increase in creditors
399,669
2,032,369
Cash generated from operations
9,102,645
6,886,051
28
Cash generated from operations - company
2024
2023
£
£
Loss after taxation
(769,141)
(1,123,644)
Adjustments for:
Finance costs
702,162
730,386
Movements in working capital:
Decrease/(increase) in debtors
1,558
(73)
Increase in creditors
1,166,994
1,208,681
Cash generated from operations
1,101,573
815,350
TPW GLOBAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 30 -
29
Analysis of changes in net funds/(debt) - group
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
5,880,760
5,390,171
11,270,931
Borrowings excluding overdrafts
(6,459,999)
-
(6,459,999)
Obligations under finance leases
(216,399)
111,905
(104,494)
(795,638)
5,502,076
4,706,438
30
Analysis of changes in net debt - company
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
102,473
399,411
501,884
Borrowings excluding overdrafts
(6,459,999)
-
(6,459,999)
(6,357,526)
399,411
(5,958,115)
2024-08-312023-09-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr A GhooraMrs L KeirMr R MillmanMr M Coxheadfalse11960858bus:Consolidated2023-09-012024-08-31119608582023-09-012024-08-3111960858bus:Director22023-09-012024-08-3111960858bus:Director32023-09-012024-08-3111960858bus:Director42023-09-012024-08-3111960858bus:Director12023-09-012024-08-3111960858bus:RegisteredOffice2023-09-012024-08-3111960858bus:Consolidated2024-08-31119608582024-08-3111960858bus:Consolidated2022-09-012023-08-3111960858core:Exceptionalbus:Consolidated12023-09-012024-08-31119608582022-09-012023-08-3111960858core:Goodwillbus:Consolidated2024-08-3111960858core:Goodwillbus:Consolidated2023-08-3111960858core:OtherResidualIntangibleAssetsbus:Consolidated2024-08-3111960858core:OtherResidualIntangibleAssetsbus:Consolidated2023-08-3111960858core:ComputerSoftwarebus:Consolidated2024-08-3111960858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2024-08-3111960858core:ComputerSoftwarebus:Consolidated2023-08-3111960858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-08-3111960858bus:Consolidated2023-08-3111960858core:LeaseholdImprovementsbus:Consolidated2024-08-3111960858core:PlantMachinerybus:Consolidated2024-08-3111960858core:FurnitureFittingsbus:Consolidated2024-08-3111960858core:ComputerEquipmentbus:Consolidated2024-08-3111960858core:LeaseholdImprovementsbus:Consolidated2023-08-3111960858core:PlantMachinerybus:Consolidated2023-08-3111960858core:FurnitureFittingsbus:Consolidated2023-08-3111960858core:ComputerEquipmentbus:Consolidated2023-08-31119608582023-08-3111960858core:ShareCapitalbus:Consolidated2024-08-3111960858core:ShareCapitalbus:Consolidated2023-08-3111960858core:ShareCapital2024-08-3111960858core:ShareCapital2023-08-3111960858core:RetainedEarningsAccumulatedLosses2024-08-3111960858core:ShareCapitalbus:Consolidated2022-08-31119608582022-08-3111960858core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-08-3111960858core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-08-3111960858core:ShareCapital2022-08-3111960858core:RetainedEarningsAccumulatedLosses2022-08-3111960858core:RetainedEarningsAccumulatedLosses2023-08-3111960858bus:Consolidated2022-08-3111960858core:Goodwill2023-09-012024-08-3111960858core:IntangibleAssetsOtherThanGoodwill2023-09-012024-08-3111960858core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-09-012024-08-3111960858core:PlantMachinery2023-09-012024-08-3111960858core:ComputerEquipment2023-09-012024-08-3111960858core:UKTaxbus:Consolidated2023-09-012024-08-3111960858core:UKTaxbus:Consolidated2022-09-012023-08-3111960858bus:Consolidated12023-09-012024-08-3111960858bus:Consolidated12022-09-012023-08-3111960858core:Goodwillbus:Consolidated2023-08-3111960858core:ComputerSoftwarebus:Consolidated2023-08-3111960858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-08-3111960858bus:Consolidated2023-08-3111960858core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-09-012024-08-3111960858core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-09-012024-08-3111960858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-09-012024-08-3111960858core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-09-012024-08-3111960858core:Goodwillbus:Consolidated2023-09-012024-08-3111960858core:ComputerSoftwarebus:Consolidated2023-09-012024-08-3111960858core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-09-012024-08-3111960858core:LeaseholdImprovementsbus:Consolidated2023-08-3111960858core:PlantMachinerybus:Consolidated2023-08-3111960858core:FurnitureFittingsbus:Consolidated2023-08-3111960858core:ComputerEquipmentbus:Consolidated2023-08-3111960858core:LeaseholdImprovementsbus:Consolidated2023-09-012024-08-3111960858core:PlantMachinerybus:Consolidated2023-09-012024-08-3111960858core:FurnitureFittingsbus:Consolidated2023-09-012024-08-3111960858core:ComputerEquipmentbus:Consolidated2023-09-012024-08-3111960858core:PlantMachinery2024-08-3111960858core:PlantMachinery2023-08-3111960858core:CurrentFinancialInstruments2024-08-3111960858core:CurrentFinancialInstruments2023-08-3111960858core:CurrentFinancialInstrumentsbus:Consolidated2024-08-3111960858core:CurrentFinancialInstrumentsbus:Consolidated2023-08-3111960858core:Non-currentFinancialInstrumentsbus:Consolidated2024-08-3111960858core:Non-currentFinancialInstrumentsbus:Consolidated2023-08-3111960858core:Non-currentFinancialInstruments2024-08-3111960858core:Non-currentFinancialInstruments2023-08-3111960858core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-08-3111960858core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-08-3111960858core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3111960858core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3111960858core:WithinOneYearbus:Consolidated2024-08-3111960858core:WithinOneYearbus:Consolidated2023-08-3111960858core:WithinOneYear2024-08-3111960858core:WithinOneYear2023-08-3111960858core:BetweenTwoFiveYearsbus:Consolidated2024-08-3111960858core:BetweenTwoFiveYearsbus:Consolidated2023-08-3111960858core:BetweenTwoFiveYears2024-08-3111960858core:BetweenTwoFiveYears2023-08-3111960858bus:PrivateLimitedCompanyLtd2023-09-012024-08-3111960858bus:FRS1022023-09-012024-08-3111960858bus:Audited2023-09-012024-08-3111960858bus:ConsolidatedGroupCompanyAccounts2023-09-012024-08-3111960858bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP