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COMPANY REGISTRATION NUMBER: 12889913
TMO Capital Investments Limited
Financial Statements
30 April 2024
TMO Capital Investments Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16
Notes to the financial statements
17
TMO Capital Investments Limited
Officers and Professional Advisers
The board of directors
G Young
K Murphy
Registered office
James House
Yew Tree Way
Golborne
Warrington
WA3 3JD
Auditor
BSN Associates Limited
Chartered accountants & statutory auditor
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
TMO Capital Investments Limited
Strategic Report
Year ended 30 April 2024
Principal activity The principal activity of the group during the year is the manufacturing and sale of machinery protection systems. Review of the business The 2023/24 financial year has proved to be major year of change for the group. It has seen the business make significant steps in pursuing its long term strategy, developing for the future and continuing to grow in a number of ways. Firstly in September 2023 we successfully completed the acquisition of Radshape Sheet Metal Ltd and created the Beakbane Precision Limited unit, adding to both our capability with stainless fabrication and precision machining, as well as extending our customer base going forward. Secondly, we continued to respond and deliver against strong demand, especially in the first half of the year. There was some fall-off in demand at all customers in the second half of the year which appears to be a general market adjustment, with evidence of some destocking, lower end-customer demand and reduced market confidence. Secondly, we continued to respond and deliver against strong demand, especially in the first half of the year. There was some fall-off in demand at all customers in the second half of the year which appears to be a general market adjustment, with evidence of some destocking, lower end-customer demand and reduced market confidence. Despite this softening of the market we continued to grow organically by over 9.8% and total sales improved to £10.2m in the year. Overall this has delivered a profit after interest and tax of £944k. Finally, in line with our long term strategic plan to develop our manufacturing capability, we have continued with the investment plans through the year. In our most challenging decision we made the commitment to relocate all our Kidderminster manufacturing activity into a single site. This move provides benefits in efficiency and creates space for future growth. It's a significant undertaking and we exit the year with it in progress and on schedule to be completed by Q4 2024. In parallel we have also completed the cyclical replacement program for all our steel fabrication capability with the installation of new combination laser-punch and 2 further press brakes. The balance sheet as presented on page 11 of the financial statements shows the company's financial position has strengthened again through the year. This is despite the pension liability increasing to £1,052k, which continues to demonstrate the turbulent nature of the FRS102 calculation as it is impacted by both investment values and bond yields. Despite the size of the pension scheme liability we remain committed to its resolution in the long term and continue to work with the Pension Trustees to to to ensure it is supported appropriately. Future developments We fully expect that the next year will be dominated by the strength of demand from the market and any continued uncertainty in the general economy. Monitoring order intake and responding to demand fluctuations in both directions will be a key success factor. Internally the business remains focussed around its key work on integration of the Beakbane Precision business and completing the relocation of manufacturing at Kidderminster, both of which will lead to improved output and efficiency to across the business. In addition we will also look to grow and develop the Flexible and related product sales, both through incremental business development and product range growth. We will continue to pursue all avenues to increase margin, achieve sales stability, and manufacturing efficiency to bring this about, ensuring Beakbane remains strong and sustainable into the future.
Key financial performance indicators The groups key financial performance indicators are turnover and profit before tax. Principal risks and uncertainties The market for our products remains highly competitive and over longer periods open to impact of the global economic capital equipment investment cycle. The company seeks to manage the risk of losing customers to key competitors by the continued strengthening of customer relationships, and retaining competitive advantage of its delivered product. After considering uncertainties resulting from the current economic environment, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For those reasons, we continue to adopt the going concern basis in preparing the annual report and financial statements.
This report was approved by the board of directors on 30 January 2025 and signed on behalf of the board by:
K Murphy
Director
Registered office:
James House
Yew Tree Way
Golborne
Warrington
WA3 3JD
TMO Capital Investments Limited
Directors' Report
Year ended 30 April 2024
The directors present their report and the financial statements of the group for the year ended 30 April 2024 .
Directors
The directors who served the company during the year were as follows:
G Young
K Murphy
Dividends
The directors do not recommend the payment of a dividend.
Future developments
Details regarding future developments are disclosed in the strategic report.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 the company and 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 judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 30 January 2025 and signed on behalf of the board by:
K Murphy
Director
Registered office:
James House
Yew Tree Way
Golborne
Warrington
WA3 3JD
TMO Capital Investments Limited
Independent Auditor's Report to the Members of TMO Capital Investments Limited
Year ended 30 April 2024
Opinion
We have audited the financial statements of TMO Capital Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the consolidated statement of 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 the related notes, 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 FRS 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's 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; - 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 auditor's 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 or 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 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: - 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 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 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.
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 have reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We have audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We have also made enquiries of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Hannah Justice FCA FCCA
(Senior Statutory Auditor)
For and on behalf of
BSN Associates Limited
Chartered accountants & statutory auditor
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
30 January 2025
TMO Capital Investments Limited
Consolidated Statement of Comprehensive Income
Year ended 30 April 2024
2024
2023
Note
£
£
Turnover
4
11,101,969
9,365,966
Cost of sales
8,901,252
7,568,102
-------------
------------
Gross profit
2,200,717
1,797,864
Distribution costs
199,579
235,903
Administrative expenses
1,195,845
1,103,247
Other operating income
5
120,868
26,137
------------
------------
Operating profit
6
926,161
484,851
Other interest receivable and similar income
9
2,961
356
Interest payable and similar expenses
10
120,374
118,541
------------
------------
Profit before taxation
808,748
366,666
Tax on profit
11
( 116,988)
2,188
---------
---------
Profit for the financial year
925,736
364,478
---------
---------
Remeasurement of the net defined benefit plan
( 44,000)
772,000
Tax relating to components of other comprehensive income
13,000
( 204,500)
--------
---------
Other comprehensive income for the year
( 31,000)
567,500
---------
---------
Total comprehensive income for the year
894,736
931,978
---------
---------
Profit for the financial year attributable to:
The owners of the parent company
536,927
211,397
Non-controlling interests
388,809
153,081
---------
---------
925,736
364,478
---------
---------
Total comprehensive income for the year attributable to:
The owners of the parent company
518,947
540,547
Non-controlling interests
375,789
391,431
---------
---------
894,736
931,978
---------
---------
All the activities of the group are from continuing operations.
TMO Capital Investments Limited
Consolidated Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Negative goodwill
12
( 761,471)
( 962,206)
Tangible assets
13
4,344,413
2,798,399
------------
------------
3,582,942
1,836,193
Current assets
Stocks
15
1,299,776
1,398,085
Debtors
16
1,597,456
1,441,928
Cash at bank and in hand
918,362
749,151
------------
------------
3,815,594
3,589,164
Creditors: amounts falling due within one year
17
2,889,476
2,339,012
------------
------------
Net current assets
926,118
1,250,152
------------
------------
Total assets less current liabilities
4,509,060
3,086,345
Creditors: amounts falling due after more than one year
18
1,416,097
800,593
Provisions
20
( 389,525)
( 250,000)
------------
------------
Net assets excluding defined benefit pension plan liability
3,482,488
2,535,752
Defined benefit pension plan liability
22
( 1,052,000)
( 1,000,000)
------------
------------
Net assets including defined benefit pension plan liability
2,430,488
1,535,752
------------
------------
Capital and reserves
Called up share capital
25
30
30
Profit and loss account
26
1,390,191
871,244
------------
---------
Equity attributable to the owners of the parent company
1,390,221
871,274
Non-controlling interests
1,040,267
664,478
------------
------------
2,430,488
1,535,752
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
TMO Capital Investments Limited
Consolidated Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
K Murphy
Director
Company registration number: 12889913
TMO Capital Investments Limited
Company Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Investments
14
75
75
Current assets
Debtors
16
74,471
50,035
Cash at bank and in hand
122
201,217
--------
---------
74,593
251,252
Creditors: amounts falling due within one year
17
26,637
233,217
--------
---------
Net current assets
47,956
18,035
--------
--------
Total assets less current liabilities
48,031
18,110
--------
--------
Net assets
48,031
18,110
--------
--------
Capital and reserves
Called up share capital
25
30
30
Profit and loss account
26
48,001
18,080
--------
--------
Shareholders funds
48,031
18,110
--------
--------
The profit for the financial year of the parent company was £ 29,921 (2023: £ 9,309 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
K Murphy
Director
Company registration number: 12889913
TMO Capital Investments Limited
Consolidated Statement of Changes in Equity
Year ended 30 April 2024
Called up share capital
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
At 1 May 2022
30
330,697
330,727
273,047
603,774
Profit for the year
211,397
211,397
153,081
364,478
Other comprehensive income for the year:
Remeasurement of the net defined benefit plan
22
447,760
447,760
324,240
772,000
Tax relating to components of other comprehensive income
11
( 118,610)
( 118,610)
( 85,890)
( 204,500)
----
---------
---------
---------
---------
Total comprehensive income for the year
540,547
540,547
391,431
931,978
At 30 April 2023
30
871,244
871,274
664,478
1,535,752
Profit for the year
536,927
536,927
388,809
925,736
Other comprehensive income for the year:
Remeasurement of the net defined benefit plan
22
( 25,520)
( 25,520)
( 18,480)
( 44,000)
Tax relating to components of other comprehensive income
11
7,540
7,540
5,460
13,000
----
---------
---------
---------
------------
Total comprehensive income for the year
518,947
518,947
375,789
894,736
----
------------
------------
------------
------------
At 30 April 2024
30
1,390,191
1,390,221
1,040,267
2,430,488
----
------------
------------
------------
------------
TMO Capital Investments Limited
Company Statement of Changes in Equity
Year ended 30 April 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 May 2022
30
8,771
8,801
Profit for the year
9,309
9,309
----
-------
-------
Total comprehensive income for the year
9,309
9,309
At 30 April 2023
30
18,080
18,110
Profit for the year
29,921
29,921
----
--------
--------
Total comprehensive income for the year
29,921
29,921
----
--------
--------
At 30 April 2024
30
48,001
48,031
----
--------
--------
TMO Capital Investments Limited
Consolidated Statement of Cash Flows
Year ended 30 April 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
925,736
364,478
Adjustments for:
Depreciation of tangible assets
294,610
254,279
Amortisation of intangible assets
( 106,276)
( 114,322)
Government grant income
(16,155)
(20,770)
Other interest receivable and similar income
( 2,961)
( 356)
Interest payable and similar expenses
120,374
118,541
Gains on disposal of tangible assets
( 257,319)
( 26,000)
Defined benefit pension plan employer contributions
( 146,000)
( 100,000)
Tax on profit
( 116,988)
2,188
Net finance costs in respect of defined benefit scheme
48,000
54,000
Defined benefit expenses
106,000
Changes in:
Stocks
98,309
( 229,252)
Trade and other debtors
( 155,528)
( 153,153)
Trade and other creditors
195,318
90,188
---------
---------
Cash generated from operations
987,120
239,821
Interest paid
( 120,374)
( 118,541)
Interest received
2,961
356
Tax paid
( 2,718)
( 1,527)
---------
---------
Net cash from operating activities
866,989
120,109
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 1,983,838)
( 176,425)
Proceeds from sale of tangible assets
400,533
26,000
Purchase of intangible assets
( 94,459)
------------
---------
Net cash used in investing activities
( 1,677,764)
( 150,425)
------------
---------
Cash flows from financing activities
Proceeds from borrowings
72,427
Repayments of borrowings
( 159,896)
( 146,278)
Government grant income
16,155
20,770
Payments of finance lease liabilities
( 182,437)
( 146,755)
Proceeds from asset refinancing
1,233,737
231,236
------------
---------
Net cash from/(used in) financing activities
979,986
( 41,027)
------------
---------
Net increase/(decrease) in cash and cash equivalents
169,211
( 71,343)
Cash and cash equivalents at beginning of year
749,151
820,494
---------
---------
Cash and cash equivalents at end of year
918,362
749,151
---------
---------
TMO Capital Investments Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is James House, Yew Tree Way, Golborne, Warrington, WA3 3JD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: - No cash flow statement has been presented for the company. - Disclosures in respect of financial instruments have not been presented.
Consolidation
The financial statements consolidate the financial statements of TMO Capital Investments Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
2% straight line
Plant and machinery
-
10%-20% straight line
Fixtures and fittings
-
20%-50% straight line
Motor vehicles
-
25% straight line
IT Equipment
-
10%-20% straight line
Tooling
-
33 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined benefit plans
The company recognises a defined net benefit pension asset or liability in the statement of financial position as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan. Changes in the net defined benefit asset or liability arising from employee service are recognised in profit or loss as a current service cost where it relates to services in the current period and as a past service cost where it relates to services in prior periods. Costs relating to plan introductions, benefit changes, curtailments and settlements are recognised in profit or loss in the period in which they occur. Net interest is determined by multiplying the net defined benefit liability by the discount rate, both as determined at the start of the reporting period, taking account of any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. Net interest is recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Foreign currency transactions
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Research and development expenditure
Research expenditure is written off in the period in which it is incurred.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
11,101,969
9,352,069
Rendering of services
13,897
-------------
------------
11,101,969
9,365,966
-------------
------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
6,812,903
5,939,199
Overseas
4,289,066
3,426,767
-------------
------------
11,101,969
9,365,966
-------------
------------
5. Other operating income
2024
2023
£
£
Government grant income
16,155
20,770
Other operating income
104,713
5,367
---------
--------
120,868
26,137
---------
--------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
( 106,276)
( 114,322)
Depreciation of tangible assets
294,610
254,279
Gains on disposal of tangible assets
( 257,319)
( 26,000)
Impairment of trade debtors
(9,522)
6,691
Operating lease rentals
82,640
Defined contributions plan expense
105,042
94,945
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
12,915
12,460
--------
--------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
2,000
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
127
98
Administrative staff
12
12
Management staff
2
2
Sales staff
1
1
----
----
142
113
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
4,072,605
3,161,841
Social security costs
363,694
311,087
Other pension costs
129,652
94,726
------------
------------
4,565,951
3,567,654
------------
------------
9. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
2,961
356
-------
----
10. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
5,632
Interest on obligations under finance leases and hire purchase contracts
66,674
64,523
Net finance costs in respect of defined benefit pension plans
48,000
54,000
Other interest payable and similar charges
68
18
---------
---------
120,374
118,541
---------
---------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
9,537
2,188
Deferred tax:
Origination and reversal of timing differences
( 126,525)
---------
-------
Tax on profit
( 116,988)
2,188
---------
-------
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £ (7,540)
(2023: £ 118,610 ).
Reconciliation of tax (income)/expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
808,748
366,666
---------
---------
Profit on ordinary activities by rate of tax
170,935
69,667
Effect of expenses not deductible for tax purposes
( 28,174)
( 29,558)
Effect of capital allowances and depreciation
10,984
( 8,382)
Unused tax losses
( 193,127)
Defined benefit scheme timing differences
(27,740)
Property disposal
(44,033)
Effect of super deduction
(6,317)
Impact of research and development
(5,833)
(23,222)
---------
---------
Tax on profit
( 116,988)
2,188
---------
---------
12. Intangible assets
Group
Goodwill
£
Cost
At 1 May 2023
( 1,143,216)
Additions
94,459
------------
At 30 April 2024
( 1,048,757)
------------
Amortisation
At 1 May 2023
( 181,010)
Charge for the year
( 106,276)
------------
At 30 April 2024
( 287,286)
------------
Carrying amount
At 30 April 2024
( 761,471)
------------
At 30 April 2023
( 962,206)
------------
The company has no intangible assets.
13. Tangible assets
Group
Long leasehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Tooling & hand tools
Total
£
£
£
£
£
£
Cost
At 1 May 2023
2,748,925
3,040,316
1,210,155
7,930
28,007
7,035,333
Additions
302,310
1,600,479
71,561
9,488
1,983,838
Disposals
( 231,526)
( 569,738)
( 12,352)
( 2,168)
( 815,784)
------------
------------
------------
-------
--------
------------
At 30 Apr 2024
2,819,709
4,071,057
1,269,364
7,930
35,327
8,203,387
------------
------------
------------
-------
--------
------------
Depreciation
At 1 May 2023
1,114,215
2,085,340
1,020,204
6,444
10,731
4,236,934
Charge for the year
52,786
151,019
78,411
1,486
10,908
294,610
Disposals
( 103,245)
( 558,338)
( 10,024)
( 963)
( 672,570)
------------
------------
------------
-------
--------
------------
At 30 Apr 2024
1,063,756
1,678,021
1,088,591
7,930
20,676
3,858,974
------------
------------
------------
-------
--------
------------
Carrying amount
At 30 Apr 2024
1,755,953
2,393,036
180,773
14,651
4,344,413
------------
------------
------------
-------
--------
------------
At 30 Apr 2023
1,634,710
954,976
189,951
1,486
17,276
2,798,399
------------
------------
------------
-------
--------
------------
The company has no tangible assets.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Plant and machinery
£
At 30 April 2024
1,610,552
------------
At 30 April 2023
750,063
------------
14. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
75
----
Impairment
At 1 May 2023 and 30 April 2024
----
Carrying amount
At 1 May 2023 and 30 April 2024
75
----
At 30 April 2023
75
----
Corpcapital own 75% of the issued share capital in Southwill Holdings Limited, which owns 77.3% of the issued share capital in Beakbane Limited. Beakbane owns 100% of the issued share capital in Beakbane Precision Limited. All companies are registered in England and Wales under the Companies Act 2006.
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Southwill Holdings Limited
Ordinary
75
Beakbane Limited
Ordinary
57.98
Beakbane Precision Limited
Ordinary
57.98
15. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
822,667
808,156
Work in progress
197,699
221,024
Finished goods and goods for resale
279,410
368,905
------------
------------
----
----
1,299,776
1,398,085
------------
------------
----
----
16. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
1,108,684
1,262,908
Amounts owed by group undertakings
49,925
49,925
Prepayments and accrued income
234,517
178,525
Other debtors
254,255
495
24,546
110
------------
------------
--------
--------
1,597,456
1,441,928
74,471
50,035
------------
------------
--------
--------
17. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
271,455
247,999
Trade creditors
1,406,791
1,198,651
Accruals and deferred income
514,165
495,600
17,100
227,500
Corporation tax
9,537
2,718
9,537
2,718
Social security and other taxes
115,659
117,063
2,999
Obligations under finance leases and hire purchase contracts
464,614
154,946
Other creditors
107,255
122,035
------------
------------
--------
---------
2,889,476
2,339,012
26,637
233,217
------------
------------
--------
---------
Bank loans are repayable by 2024 and are secured over the leasehold property to which it relates. Interest is charged at a rate of 2.14% above the base rate. Hire purchase and finance lease liabilities are secured over the specific assets that they finance.
18. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
108,393
219,318
Obligations under finance leases and hire purchase contracts
1,239,897
498,265
Other creditors
67,807
83,010
------------
---------
----
----
1,416,097
800,593
------------
---------
----
----
Bank loans are repayable by 2024 and are secured over the leasehold property to which it relates. Interest is charged at a rate of 2.14% above the base rate. Hire purchase and finance lease liabilities are secured over the specific assets that they finance.
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
464,614
154,946
Later than 1 year and not later than 5 years
1,239,897
498,265
------------
---------
----
----
1,704,511
653,211
------------
---------
----
----
20. Provisions
Group
Deferred tax (note 21)
£
At 1 May 2023
( 250,000)
Additions
( 139,525)
---------
At 30 April 2024
( 389,525)
---------
The company does not have any provisions.
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 20)
( 389,525)
( 250,000)
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
581,430
( 277,096)
Unused tax losses
( 644,384)
219,278
Provisions
( 63,571)
57,818
Pension plan obligations
( 263,000)
( 250,000)
---------
---------
----
----
(389,525)
(250,000)
---------
---------
----
----
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 129,652 (2023: £ 94,726 ).
Defined benefit plans
The Beakbane pension scheme is a UK-based defined benefit scheme, providing benefits at retirement and on death in service. A full actuarial valuation of the defined benefit scheme was carried out at 5 April 2016 and updated at 30 April 2024 by a qualified independent actuary on an FRS102 basis. The present value of the defined benefit obligation, the related service cost and the past service cost were measured using the projected unit credit method. The scheme was closed to future accruals on 6 April 2010 and at that time all active members became deferred. Their pension will now be broadly linked to inflation, rather than salary increases and this resulted in a reduction in the liabillities.
The statement of financial position net defined benefit liability is determined as follows:
2024
2023
£
£
Present value of defined benefit obligations
( 8,172,000)
( 8,299,000)
Fair value of plan assets
7,120,000
7,299,000
------------
------------
( 1,052,000)
( 1,000,000)
------------
------------
Changes in the present value of the defined benefit obligations are as follows:
2024
£
At 1 May 2023
8,299,000
Interest expense
391,000
Benefits paid
(522,000)
Remeasurements:
Actuarial gains and losses
4,000
------------
At 30 April 2024
8,172,000
------------
Changes in the fair value of plan assets are as follows:
2024
£
At 1 May 2023
7,299,000
Benefits paid
( 522,000)
Contributions by employer
146,000
Transfer in
(105,000)
Remeasurements:
Actuarial gains and losses
( 41,000)
Return on plan assets, excluding amount included in interest income
343,000
------------
At 30 April 2024
7,120,000
------------
The total costs for the year in relation to defined benefit plans are as follows:
2024
2023
£
£
Recognised in profit or loss:
Net interest income
( 48,000)
( 54,000)
--------
--------
Recognised in other comprehensive income:
Experience gains and losses on liabilities
(160,000)
(21,000)
Changes in assumptions
157,000
2,054,000
Remeasurement of the liability:
Return on plan assets, excluding amounts included in net interest
(41,000)
(1,261,000)
---------
------------
(44,000)
772,000
---------
------------
The company's best estimate of the contributions expected to be paid in the year beginning on 1 May 2024 is £155,000. This is based on the schedule of contributions to be made by the entity to fund the deficit in the defined benefit plan.
The fair value of the major categories of plan assets are as follows:
2024
2023
£
£
Equity instruments
3,636,000
3,251,000
Property
97,000
125,000
Cash and cash equivalents
181,000
96,000
Bonds
1,985,000
2,530,000
Insured pensions
740,000
793,000
Alternatives
481,000
504,000
------------
------------
7,120,000
7,299,000
------------
------------
Overall expected rate of return on plan assets is based upon historic returns of the investment performance adjusted to reflect expectation of future long term returns. The overall expected rate of return on plan assets is consistent with the discount rate.
The return on plan assets are as follows:
2024
2023
£
£
Return on assets of benefit plan
302
( 1,000)
----
-------
The principal actuarial assumptions as at the statement of financial position date were:
2024
2023
%
%
Discount rate
5.12
4.86
Inflation RPI - 20 years
3.41
3.20
Inflation CPI - 20 years
2.71
2.50
-----
-----
The mortality assumptions for the current and prior years follows the table known as S3PMA year of birth tables, with probabilities of death increased by 5% at each age, with CMI 2021 longevity improvement projections and a 0.5% long term rate of improvement. Using these tables the average and assumed expectation of life for a member currently aged 65 is as follows: Male: 21.2 years (2023: 21.2 years) Female: 23.5 years (2023: 23.5 years) The average expectation of life for a member aged 65 in 20 years' time is as follows: Male: 21.6 years (2023: 21.6 years) Female: 24.1 years (2023: 24.1 years)
23. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
16,155
20,770
--------
--------
----
----
24. Financial instruments
Finanical assets measured at cost compromise cash at bank and trade and other debtors. Financial liabilities measured at amortised cost compromise bank loans and overdrafts, trade creditors, obligations under finance leases and hire purchase contracts and other creditors.
25. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
30
30
30
30
----
----
----
----
26. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses, net of dividends paid and other adjustments.
27. Analysis of changes in net debt
At 1 May 2023
Cash flows
At 30 Apr 2024
£
£
£
Cash at bank and in hand
749,151
169,211
918,362
Debt due within one year
(402,945)
(333,124)
(736,069)
Debt due after one year
(717,583)
(630,707)
(1,348,290)
---------
---------
------------
( 371,377)
( 794,620)
( 1,165,997)
---------
---------
------------
TMO Capital Investments Limited
Notes to the Financial Statements (continued)
Year ended 30 April 2024
28. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
194,439
29,644
Later than 1 year and not later than 5 years
1,068,777
66,394
Later than 5 years
4,945,619
1,338,952
------------
------------
----
----
6,208,835
1,434,990
------------
------------
----
----
29. Related party transactions
Company
During the year, management charges were paid to entities in which the shareholders are also shareholders totalling £Nil (2023 - £60,000).
30. Controlling party
There is no one ultimate controlling party.