Company registration number 07201458 (England and Wales)
TWINKL LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
TWINKL LTD
COMPANY INFORMATION
Directors
J W Seaton
D W Angrave
Company number
07201458
Registered office
Wards Exchange
197 Ecclesall Road
Sheffield
S11 8HW
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
TWINKL LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 27
TWINKL LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Introduction
Twinkl's mission is to help those who teach. It achieves this through the provision of teaching and learning resources supported by global marketing and digital distribution. Twinkl's strong financial performance for the year ended 30 April 2024 is a continuation of the business characteristics that have supported its long-term success and growth, including:
continuous investment into high quality content and resources, made by teachers for teachers. The resources are curriculum-aligned, cover multiple subjects, teaching levels, types and formats, while also catering to different abilities within the classroom;
Review of the business
The financial KPIs used by the directors to assess the performance of the business are:
Twinkl generated revenue of £78,604,068 during the year ended 30 April 2024, an increase of 18% against the prior year. Growth was primarily driven by new customers subscribing for Twinkl’s services following ongoing investment into global content and marketing initiatives.
Revenue from the United Kingdom increased by £4,407,994 to £45,262,318, an 11% increase year-on-year. Oceania delivered revenue growth from £11,465,427 to £13,659,564 (19%), with strong performance in Australia. Revenue from the Rest of the World increased from £8,884,446 to £12,585,517 (42%).
Adjusted EBITDA increased to £33,607,846, up from £28,791,436 in the prior year. Adjusted EBITDA margin remained stable at 43%, consistent with the prior year’s margin of 43%. This was achieved despite the high inflationary environment, reflecting Twinkl’s disciplined cost management and focus on operational efficiency.
Operating Profit decreased by £5,709,295 to £23,811,361 primarily driven by exceptional costs of £8,175,544 in the year, following the impairment of an intercompany loan.
The balance sheet shows net assets of £33,686,119 at 30 April 2024, an increase of 111% against the prior year, and cash of £40,337,345, an increase of 139% against the prior year. The strengthening of the balance sheet reflects the positive trading momentum mentioned above and Twinkl’s capital efficient and subscription income operating model.
Business Development
On 27 July 2023, the Company acquired Educake Ltd, an award-winning EdTech organisation. Educake, founded in 2011 and based in Oxford, provides online homework, revision resources and assessment tools for various subjects at KS2, KS3 and GCSE levels. The acquisition will provide existing customers with an enhanced range of resources and services and opportunities for both Twinkl and Educake to drive new customer growth.
TWINKL LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Principal risks and uncertainties
The principal risks and uncertainties facing Twinkl are:
change in competitive behaviour and the threat of new entrants including AI powered tools. Twinkl operates with an agile business model and proposition, creating in-demand resources and technology for its customers. Twinkl holds a strong and established market position, enabling it to mitigate the potential impact of new competitors entering the market; and
the risk of catastrophic IT and website failure, which would halt or slow down new content production or delivery or prohibit customers from accessing the website or making payment. Twinkl manages this risk through on-going investment into IT infrastructure, security and personnel and deploying robust back-up procedures.
Outlook
The positive performance in the financial year, ongoing investment into people, technology and content, acquisition of complementary businesses and clear global demand from educators for third party resources provides a solid foundation for future growth.
The company remains focused on delivering sustainable revenue and profit growth while maintaining operational efficiency.
S172 Statement
Twinkl Ltd: Stakeholder Engagement
Twinkl Ltd has a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders. This statement addresses the ways in which we carry out this responsibility.
Promoting the company’s success for its members
Twinkl Ltd was formed in 2010. We are proud of the ways in which the company has provided employment, training and growth for the global teaching community and our team.
We make strategic decisions based on long-term objectives whilst remaining flexible to immediate priorities. This has meant significant investment into our team, resources and buildings to ensure that we can provide high quality and highly relevant content and services, and can quickly react to external events, from changes in the curriculum, to the COVID-19 pandemic and global conflicts.
TWINKL LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Engaging with stakeholders
Our key stakeholders, and the ways in which we engage with them, are as follows:
Our team - we believe our long-term success is predicated on the commitment and contribution of our team. We promote a culture of collaboration and engage with our team through newsletters, ‘all-hands’ meetings, leadership updates and team surveys.
We provide training and support to our team, to ensure they have the necessary skills to perform their roles effectively. We promote flexible working practices, including remote and hybrid working, and we also aim to be a responsible employer in our approach to the pay and benefits our team receive.
Our customers and suppliers - we invest heavily in resources and processes to offer customers the best quality service with the minimum turnaround time.
We work with a range of suppliers and recognise the importance of these to our operational performance and ability to achieve our long-term goals. We are committed to working with suppliers who share our values and we seek to maintain strong and mutually beneficial relationships with them.
Our community - everything we do supports the global teaching community and we are committed to transforming people's lives through education. All Twinkl resources are teacher-made and can be used by anyone, anywhere, making learning accessible to all.
Our planet - The company recycles all its office paper and toners, uses only Forest Stewardship Council® certified paper for printing, and office power is wholly supplied from renewable sources.
J W Seaton
Director
30 January 2025
TWINKL LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company continued to be that of providing educators across the world with high quality, trusted teaching and learning resources.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £nil (2023: £14,319,541). The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows
J W Seaton
D W Angrave
Research and development
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' report. It has done so in respect of future developments and research & development.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Auditor
The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
As the company has consumed more than 40,000 kWh of energy in this reporting period, it is required to report on its emissions, energy consumption and energy efficiency activities.
TWINKL LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
27,334
28,139
- Electricity purchased
133,609
197,101
160,943
225,240
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
5.00
5.15
- Fuel consumed for owned transport
-
-
5.00
5.15
Scope 2 - indirect emissions
- Electricity purchased
27.66
40.81
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
1.67
4.93
Total gross emissions
34.33
50.89
Intensity ratio
Total gross emissions in metric tonnes CO2e per employee
0.03
0.04
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, to accurately measure how the emissions grow in line with the employee numbers.
Measures taken to improve energy efficiency
In 2020 Twinkl installed a total of 148 solar panels on the roof of its headquarters. It is estimated that the solar panels are expected to save over 350 tonnes of CO2 in 20 years. Due to the COVID-19 pandemic, homeworking has become far more prevalent than in previous years. This has had a direct impact on the Total gross CO 2e per employee as less office space was in use. Twinkl has also stopped reduced the rental space under contract in FY24, which has reduced the purchased electricity usage further.
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 company and of the profit or loss of the company for that period.
TWINKL LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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.
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 company’s auditor 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 company’s auditor is aware of that information.
On behalf of the board
J W Seaton
Director
30 January 2025
TWINKL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TWINKL LTD
- 7 -
Opinion
We have audited the financial statements of Twinkl Ltd (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 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.
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:
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.
TWINKL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TWINKL LTD (CONTINUED)
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 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 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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;
we assessed the extent of compliance with the laws and regulations considered above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
TWINKL LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TWINKL LTD (CONTINUED)
- 9 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risks of fraud through management bias and override controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
discussions with senior management regarding relevant regulations and reviewing the company’s legal and professional fees.
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.
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.
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.
Lisa Leighton (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
2 Rutland Park
Sheffield
S10 2PD
30 January 2025
TWINKL LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
78,604,068
66,634,494
Cost of sales
(25,117,635)
(23,468,329)
Gross profit
53,486,433
43,166,165
Administrative expenses
(19,923,013)
(14,390,179)
Other operating income
44,426
15,450
Adjusted EBITDA
33,607,846
28,791,436
Share based payments
24
(1,512,784)
-
EBITDA
32,095,062
28,791,436
Depreciation
(95,788)
(110,161)
Amortisation
(12,369)
(12,396)
Exceptional items
4
(8,175,544)
851,750
Operating profit
5
23,811,361
29,520,656
Interest receivable and similar income
9
984,919
198,158
Interest payable and similar expenses
10
(45,403)
-
Profit before taxation
24,750,877
29,718,814
Tax on profit
11
(8,547,491)
(5,370,837)
Profit for the financial year
16,203,386
24,347,977
The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.
TWINKL LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 11 -
30 April 2024
26 April 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
14
26,510
38,879
Tangible assets
15
86,918
161,663
Investments
16
7,874,856
7,988,284
200,542
Current assets
Stocks
18
120,830
121,462
Debtors
19
15,709,402
23,720,120
Cash at bank and in hand
40,337,345
16,872,574
56,167,577
40,714,156
Creditors: amounts falling due within one year
20
(29,591,111)
(23,870,393)
Net current assets
26,576,466
16,843,763
Total assets less current liabilities
34,564,750
17,044,305
Creditors: amounts falling due after more than one year
21
(875,631)
(1,050,356)
Provisions for liabilities
Deferred tax liability
22
3,000
24,000
(3,000)
(24,000)
Net assets
33,686,119
15,969,949
Capital and reserves
Called up share capital
25
1,000
1,000
Share based payment reserve
1,512,784
Profit and loss reserves
32,172,335
15,968,949
Total equity
33,686,119
15,969,949
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
J W Seaton
Director
Company registration number 07201458 (England and Wales)
TWINKL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Share based payment reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
1,000
5,940,513
5,941,513
Year ended 26 April 2023:
Profit and total comprehensive income
-
-
24,347,977
24,347,977
Dividends
12
-
-
(14,319,541)
(14,319,541)
Balance at 26 April 2023
1,000
15,968,949
15,969,949
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
16,203,386
16,203,386
Share based payment expense
-
1,512,784
-
1,512,784
Balance at 30 April 2024
1,000
1,512,784
32,172,335
33,686,119
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
1
Accounting policies
Company information
Twinkl Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Wards Exchange, 197 Ecclesall Road, Sheffield, S11 8HW.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of Wild Peak Holdings Limited. The consolidated financial statements are available from Companies House.
1.2
Going concern
Atruet the time of approving the financial statements, 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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
Revenue received is in the form of subscriptions and is recognised evenly over the life of the subscription
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred.
1.5
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.
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:
Other intangible assets
10 years
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.6
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:
Land and buildings Leasehold
25% straight line
Fixtures & fittings
15% reducing balance/25% straight line
Office equipment
25% straight line
Motor vehicles
20% straight line
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 credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the company 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.
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.
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.
1.9
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.10
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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.
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 company 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 company after deducting all of its liabilities.
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities
Basic financial liabilities, including creditors 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
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 company’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.
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Share-based payments
Where the Group has entered into arrangements that are equity-settled share-based payments with certain employees, these are measured at fair value at the date of grant, which is then recognised in the profit and loss account over the expected time to vest, based on the Group's best estimate. Fair value is measured by use of an appropriate model. The charge is adjusted at each balance sheet date to reflect the actual number of shares expected to vest based on non-market performance conditions such as service and employment service conditions where appropriate. The movement in cumulative charges since the previous balance sheet is recognised in the profit and loss account, with a corresponding entry in equity.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.18
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.
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 requires the use of management judgement which inherently leads to a degree of estimation uncertainty. These judgements and estimations are based on management’s knowledge of the amount, events or actions, and the actual outcomes may differ from these estimates.
The recoverability of loans made to certain group companies is determined by the performance of the underlying assets those loans have been used for. In the case of loans made for the purpose of supporting investment activities, management closely monitors the investment portfolio and receives up to date financial information which together with other information, informs the portfolio valuation process. As far as possible this process is driven from external information but inherently due to the nature of the portfolio, management are required to monitor impairment and the ultimate recoverability of the group loans which requires judgement.
The key estimate within the financial statements is the valuation of the fixed asset investments. Performance in the underlying investment is assessed to determine if any impairment is required.
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
UK
45,262,318
40,854,324
Rest of Europe
7,096,669
5,430,297
Oceania
13,659,564
11,465,427
Rest of the world
12,585,517
8,884,446
78,604,068
66,634,494
2024
2023
£
£
Other revenue
Interest income
984,919
198,158
Grants received
44,426
-
4
Exceptional items
2024
2023
£
£
Refund of output VAT
-
851,750
Impairment of inter group loan
(8,175,544)
-
(8,175,544)
851,750
The exceptional expense in 2024 is due to the impairment of an intercompany loan.
The exceptional income in 2023 relates to a VAT repayment in respect of prior years due to the company following a decision made by HMRC in relation to the treatment of output VAT on certain goods and services.
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
107,467
60,464
Research and development income
(162,707)
-
Government grants
(44,426)
-
Depreciation of owned tangible fixed assets
95,788
110,161
Amortisation of intangible assets
12,369
12,369
Share-based payments
1,512,784
-
Operating lease charges
382,072
412,378
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the company
25,940
15,500
For other services
Other taxation services
3,500
2,500
All other non-audit services
2,500
3,500
5,000
7
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Cost of Sales
666
768
Administration
462
418
Total
1,128
1,186
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
27,646,218
24,802,494
Social security costs
2,240,238
2,086,507
Pension costs
926,844
608,295
30,813,300
27,497,296
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
97,142
29,183
Company pension contributions to defined contribution schemes
122,422
440
219,564
29,623
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
928,771
184,767
Other interest income
56,148
13,391
Total income
984,919
198,158
10
Interest payable and similar expenses
2024
2023
£
£
Other interest
45,403
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
8,556,590
5,811,678
Adjustments in respect of prior periods
11,901
(678,268)
Total current tax
8,568,491
5,133,410
Deferred tax
Origination and reversal of timing differences
(21,000)
(17,149)
Changes in tax rates
(3,351)
Adjustment in respect of prior periods
257,927
Total deferred tax
(21,000)
237,427
Total tax charge
8,547,491
5,370,837
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Taxation
(Continued)
- 22 -
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
24,750,877
29,718,814
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
6,187,719
5,792,197
Tax effect of expenses that are not deductible in determining taxable profit
2,422,282
1,072
Tax effect of income not taxable in determining taxable profit
3,436
Group relief
(64,809)
Research and development tax credit
(40,677)
Other permanent differences
(1,775)
Under/(over) provided in prior years
30,914
(420,341)
Adjustment to tax charge in respect to previous periods
11,901
(3,531)
Movement in deferred tax not recognised
161
(221)
Taxation charge for the year
8,547,491
5,370,837
12
Dividends
2024
2023
£
£
Interim paid
14,319,541
13
Reclassification of expenses
During the year, the company reviewed the classification of certain expenses to better reflect their nature and relationship to the company’s operations. As a result, payment processing fees and certain subcontractor costs, have been reclassified between cost of sales and administrative expenses. This change has increased cost of sales by £393,535 in the current year.
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
14
Intangible fixed assets
Other intangible assets
£
Cost
At 27 April 2023 and 30 April 2024
123,687
Amortisation and impairment
At 27 April 2023
84,808
Amortisation charged for the year
12,369
At 30 April 2024
97,177
Carrying amount
At 30 April 2024
26,510
At 26 April 2023
38,879
More information on impairment movements in the year is given in note .
15
Tangible fixed assets
Land and buildings Leasehold
Fixtures & fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 27 April 2023
295,833
243,892
348,348
88,289
976,362
Additions
21,043
21,043
At 30 April 2024
295,833
243,892
369,391
88,289
997,405
Depreciation and impairment
At 27 April 2023
250,027
236,153
281,662
46,857
814,699
Depreciation charged in the year
43,589
7,636
26,905
17,658
95,788
At 30 April 2024
293,616
243,789
308,567
64,515
910,487
Carrying amount
At 30 April 2024
2,217
103
60,824
23,774
86,918
At 26 April 2023
45,806
7,739
66,686
41,432
161,663
16
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
17
7,874,856
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
16
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 27 April 2023
-
Additions
7,874,856
At 30 April 2024
7,874,856
Carrying amount
At 30 April 2024
7,874,856
At 26 April 2023
-
17
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Educake Limited
England
Ordinary
100.00
Elevate Supply Limited
England
Ordinary
100.00
18
Stocks
2024
2023
£
£
Finished goods and goods for resale
120,830
121,462
19
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,130,245
872,215
Corporation tax recoverable
2,088,148
891,168
Amounts owed by group undertakings
11,831,032
19,117,355
Other debtors
151,649
2,387,024
Prepayments and accrued income
508,328
452,358
15,709,402
23,720,120
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
20
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,253,259
694,758
Taxation and social security
1,120,482
813,223
Other creditors and deferred income
25,953,503
21,573,564
Accruals
1,263,867
788,848
29,591,111
23,870,393
21
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
875,631
1,050,356
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
3,000
24,000
2024
Movements in the year:
£
Liability at 27 April 2023
24,000
Credit to profit or loss
(21,000)
Liability at 30 April 2024
3,000
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
926,844
608,295
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
24
Share-based payment transactions
Liabilities and expenses
On 21 February 2023 the indirect parent company, Star Pupil Topco Limited, issued 969,000 C ordinary shares to certain employees. These shares are treated as equity-settled share based payments. The Monte Carlo option pricing model has been used to determine the fair value at grant date, in conjunction with a third party valuation specialist.
An expense has been recognised within the Twinkl Limited company financial statements. During the year this expense was £1,512,784 (2023: nil).
There was a second issue of 206,310 C ordinary shares post year end. No share based payment has been recognised in respect to this.
Inputs for the 21 February 2023 issue were as follows:
Expected volatility
45.53%
Expected life
5 years
Risk free rate
3.556%
25
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
375
375
375
375
Ordinary B shares of £1 each
350
350
350
350
Ordinary C shares of £1 each
275
275
275
275
1,000
1,000
1,000
1,000
26
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
222,600
249,296
Between two and five years
608,643
831,243
831,243
1,080,539
27
Events after the reporting date
In November 2024, Twinkl Limited purchased 100% of the share capital of Natterhub Limited.
TWINKL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
28
Related party transactions
Wild Peak Property Management Limited (previously Twinkl Property Management Limited) is a company under common control. Purchases of £104,567 (2023: £174,596) were made from Wild Peak Property Management Limited by the company during the year. Sales of £100 (2023: £371) were made from the company to Wild Peak Property Management Limited during the year. At the year end, £40 was due to Wild Peak Property Management Limited (2023: £3,371). The balance is shown in other creditors due within one year.
Wild Peak Property Limited (previously Twinkl Property Limited) is a company under common control. Purchases of £345,093 (2023: £367,487) were made from Wild Peak Property Limited by the company during the year. Sales of £1,052 (2023: £66) were made from the company to Wild Peak Property Limited during the year. At the year end, £1,080 was owed to Wild Peak Property Limited (2023: £2,061). The balance is shown in other creditors due within one year.
Twinkl Hive Services Limited is a company under common control. Recharges of £29,527 (2023: £15,450) were made from the company to Twinkl Hive Services Limited during the year, Purchases of £2,600 (2023: £nil) were made from Twinkl Hive Services Limited by the company during the year. At the year end, £6,064 was due from Twinkl Hive Services Limited (2023: £5,258). The balance is shown in other debtors due within one year.
29
Ultimate controlling party
The ultimate parent undertaking and controlling party is Wild Peak Holdings Ltd, which prepares group financial statements. The registered office of Wild Peak Holdings Ltd is Wards Exchange, Ecclesall Road, Sheffield, England, S11 8HW.
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