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Registration number: 06849170

Therser Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2024

 

Therser Holdings Limited

Contents

Company Information

1

Group Strategic Report

2 to 3

Group Directors Report

4

Statement of Director's Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 33

 

Therser Holdings Limited

Company Information

Director

Mr SJ Beaumont

Company secretary

Miss J Hunt

Registered office

Walley Street Building Walley Street
Burslem
Stoke On Trent
ST6 2AH

Auditors

Alextra Audit Limited
Chartered Certified Accountants & Registered Auditors
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Therser Holdings Limited

Group Strategic Report for the Year Ended 31 March 2024

The director presents his strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the group is that of building and maintenance of kilns.

Fair review of the business

The results on page 10 shows that turnover has decreased from £12,107,709 to £7,621,283, gross profit has decreased from £8,492,094 to £4,179,295 and profit before tax has decreased from £5,949,865 to a loss of £2,749,443.

The directors believe that the loss is as a result of one off adjustments and are in line with directors expectations. Post year end the group became part of the Drayton Beaumont Group. The directors feel that this will allow the group to consolidate its position and provide access to new markets and opportunities.

The directors are constantly analysing the group's activities and reviewing the profitability of new and existing contracts as well as the prevailing market conditions and the opportunities and risks facing the group.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Gross profit margin

%

54.84

70.14

Debtors days

Days

49.00

24.00

Current ratio

3.24

3.18

Principal risks and uncertainties

We have identified the key risks faced by the group to be market risk, financial risk and credit risk.

To minimise market risk, we regularly review the markets and contracts that the group is involved in, and the costs which are incurred, in delivering these works.

We seek to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

The group's policy throughout the year has been to maintain liquid funds at the bank and avoid incurring overdraft interest whilst also funding the repayment of finance lease obligations.

To achieve short term flexibility, the group operates hire purchase facilities, which means that it is exposed to interest rate risk. To minimise the group's exposure to interest rate fluctuations on its borrowings, it is the policy to minimise the borrowings on floating rates of interest.

The principal credit risk arises from the group's trade debtors.

In order to manage credit risk, the directors set credit limits for its customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

During 2023/24, credit risk exposure was spread over a large number of customers.

 

Therser Holdings Limited

Group Strategic Report for the Year Ended 31 March 2024

Future developments

Looking to the future, the directors want to maintain appropriate investment levels in the company to ensure continued growth as well as maintaining and securing the group's position in the market. The directors closely monitor the market place to ensure that the company can deliver the best products at the best prices.

Approved and authorised by the director on 28 March 2025
 

.........................................
Mr SJ Beaumont
Director

 

Therser Holdings Limited

Group Directors Report for the Year Ended 31 March 2024

The director presents his report and the for the year ended 31 March 2024.

Director of the group

The director who held office during the year was as follows:

Mr SJ Beaumont

Information included in the Strategic Report

Future developments and principal risks and uncertainties are disclosed in the strategic report.

Important non adjusting events after the financial period

On 29 October 2024 Drayton Beaumont Group Limited acquired 100% of the share capital of the company.

Disclosure of information to the auditor

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Approved and authorised by the director on 28 March 2025
 

.........................................
Mr SJ Beaumont
Director

 

Therser Holdings Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Therser Holdings Limited

Independent Auditor's Report to the Members of Therser Holdings Limited

Opinion

We have audited the financial statements of Therser Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

 

Therser Holdings Limited

Independent Auditor's Report to the Members of Therser Holdings Limited

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Group Strategic Report and Group Directors Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Group Strategic Report and Group 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report and the Group Directors Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Therser Holdings Limited

Independent Auditor's Report to the Members of Therser Holdings Limited

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

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 to identify those laws and regulations applicable to the company through discussions with the directors and to assess the content of compliance with them through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquires 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 the risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify unusual or unexpected relationships or transactions and assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias.

There are inherent limitations in our audit procedures described above. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusions.

We make enquiries of those charged with governance, review and test internal controls and accounting assertions, both individually and substantively, on a sample basis, and consider any breaches of laws and regulations, including litigation or claims.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors report.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

 

Therser Holdings Limited

Independent Auditor's Report to the Members of Therser Holdings Limited

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.

......................................
Matthew Geoffrey Price FCCA (Senior Statutory Auditor)
For and on behalf of Alextra Audit Limited, Statutory Auditor

7-9 Macon Court
Crewe
Cheshire
CW1 6EA

28 March 2025

 

Therser Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

7,621,283

12,107,709

Cost of sales

 

(3,441,988)

(3,615,615)

Gross profit

 

4,179,295

8,492,094

Administrative expenses

 

(7,163,820)

(2,590,050)

Other operating income

4

4,586

30,917

Operating (loss)/profit

6

(2,979,939)

5,932,961

Other interest receivable and similar income

7

300,357

13,658

Interest payable and similar expenses

8

(69,861)

3,246

   

230,496

16,904

(Loss)/profit before tax

 

(2,749,443)

5,949,865

Tax on (loss)/profit

13

(98,859)

(898,276)

(Loss)/profit for the financial year

 

(2,848,302)

5,051,589

Profit/(loss) attributable to:

 

Owners of the company

 

(2,869,964)

4,950,586

Minority interests

 

21,662

101,003

 

(2,848,302)

5,051,589

The group has no recognised gains or losses for the year other than the results above.

 

Therser Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

(Loss)/profit for the year

(2,848,302)

5,051,589

Total comprehensive income for the year

(2,848,302)

5,051,589

Total comprehensive income attributable to:

Owners of the company

(2,869,964)

4,950,586

Minority interests

21,662

101,003

(2,848,302)

5,051,589

 

Therser Holdings Limited

(Registration number: 06849170)
Consolidated Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

14

531,409

386,468

Investments

15

-

169,340

 

531,409

555,808

Current assets

 

Stocks

16

74,333

45,380

Debtors

17

3,872,782

4,139,742

Cash at bank and in hand

 

6,252,586

10,193,610

 

10,199,701

14,378,732

Creditors: Amounts falling due within one year

19

(3,144,247)

(4,510,321)

Net current assets

 

7,055,454

9,868,411

Total assets less current liabilities

 

7,586,863

10,424,219

Creditors: Amounts falling due after more than one year

19

(78,657)

(62,336)

Provisions for liabilities

(72,199)

(41,574)

Net assets

 

7,436,007

10,320,309

Capital and reserves

 

Called up share capital

22

1

1

Capital redemption reserve

1

1

Retained earnings

7,252,420

10,158,384

Equity attributable to owners of the company

 

7,252,422

10,158,386

Minority interests

 

183,585

161,923

Shareholders' funds

 

7,436,007

10,320,309

Approved and authorised by the director on 28 March 2025
 

.........................................
Mr SJ Beaumont
Director

 

Therser Holdings Limited

(Registration number: 06849170)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

14

120,000

-

Investments

15

10

169,350

 

120,010

169,350

Current assets

 

Debtors

17

1,361,748

1,886,759

Cash at bank and in hand

 

4,193,814

5,126,923

 

5,555,562

7,013,682

Creditors: Amounts falling due within one year

19

(1,040,606)

(7,239)

Net current assets

 

4,514,956

7,006,443

Net assets

 

4,634,966

7,175,793

Capital and reserves

 

Called up share capital

22

1

1

Retained earnings

4,634,965

7,175,792

Shareholders' funds

 

4,634,966

7,175,793

The company made a loss after tax for the financial year of £2,504,827 (2023 - profit of £4,715,054).

Approved and authorised by the director on 28 March 2025
 

.........................................
Mr SJ Beaumont
Director

 

Therser Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2024
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 April 2022

1

1

5,243,798

5,243,800

60,920

5,304,720

Profit for the year

-

-

4,950,586

4,950,586

101,003

5,051,589

Dividends

-

-

(36,000)

(36,000)

-

(36,000)

At 31 March 2023

1

1

10,158,384

10,158,386

161,923

10,320,309

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 April 2023

1

1

10,158,384

10,158,386

161,923

10,320,309

(Loss)/profit for the year

-

-

(2,869,964)

(2,869,964)

21,662

(2,848,302)

Dividends

-

-

(36,000)

(36,000)

-

(36,000)

At 31 March 2024

1

1

7,252,420

7,252,422

183,585

7,436,007

 

Therser Holdings Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

1

2,496,738

2,496,739

Profit for the year

-

4,715,054

4,715,054

Dividends

-

(36,000)

(36,000)

At 31 March 2023

1

7,175,792

7,175,793

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

1

7,175,792

7,175,793

Loss for the year

-

(2,504,827)

(2,504,827)

Dividends

-

(36,000)

(36,000)

At 31 March 2024

1

4,634,965

4,634,966

 

Therser Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

(Loss)/profit for the year

 

(2,848,302)

5,051,589

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

123,529

75,097

Profit on disposal of tangible assets

5

-

(760)

Finance income

7

(300,357)

(13,658)

Finance costs

8

64,152

2,663

Corporation tax expense

13

98,859

898,276

Impairment loss (reversal) on intangible assets

 

706,430

-

 

(2,155,689)

6,013,207

Working capital adjustments

 

(Increase)/decrease in stocks

16

(28,953)

9,588

Decrease/(increase) in debtors

17

266,960

(1,954,728)

Decrease in creditors

19

(400,929)

(6,276,978)

Cash generated from operations

 

(2,318,611)

(2,208,911)

Income taxes paid

13

(1,042,144)

(255,589)

Net cash flow from operating activities

 

(3,360,755)

(2,464,500)

Cash flows from investing activities

 

Interest received

300,357

13,658

Acquisitions of tangible assets

(218,080)

(79,741)

Proceeds from sale of tangible assets

 

-

1,250

Acquisition of investments in joint ventures and associates

15

(537,090)

-

Net cash flows from investing activities

 

(454,813)

(64,833)

Cash flows from financing activities

 

Interest paid

8

(64,152)

(2,663)

Payments to finance lease creditors

 

(25,304)

(11,896)

Dividends paid

(36,000)

(36,000)

Net cash flows from financing activities

 

(125,456)

(50,559)

Net decrease in cash and cash equivalents

 

(3,941,024)

(2,579,892)

Cash and cash equivalents at 1 April

 

10,193,610

12,773,502

Cash and cash equivalents at 31 March

 

6,252,586

10,193,610

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Walley Street Building Walley Street
Burslem
Stoke On Trent
ST6 2AH
UK

These financial statements were authorised for issue by the director on 28 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling which is the functional currency of the group and rounded to the nearest £.

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Judgements

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

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

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Contract revenue recognition

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contact turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and building

not depreciated

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Improvements to property

25% reducing balance

Other tangible assets

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods and services

7,618,414

12,107,709

Other revenue

2,869

-

7,621,283

12,107,709

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Government grants

4,586

30,917

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Tangible assets

-

760

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Operating (loss)/profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

123,529

75,097

Operating lease expense - plant and machinery

85,774

79,235

Profit on disposal of property, plant and equipment

-

(760)

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

300,357

13,658

8

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

5,776

2,663

Interest expense on other finance liabilities

58,376

-

Foreign exchange gains/(losses)

5,709

(5,909)

69,861

(3,246)

9

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,257,040

1,919,010

Social security costs

243,809

211,731

Other short-term employee benefits

26,186

14,593

Pension costs, defined contribution scheme

55,454

36,184

Other employee expense

20,766

21,476

2,603,255

2,202,994

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

2024
No.

2023
No.

Production

31

26

Administration and support

30

31

61

57

10

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

155,166

142,584

Contributions paid to money purchase schemes

12,642

2,948

167,808

145,532

11

Profit for financial year

As permitted by Section 408 Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.

12

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

3,000

2,500

Audit of the financial statements of subsidiaries of the company pursuant to legislation

8,000

7,500

11,000

10,000

Other fees to auditors

All other non-audit services

25,198

34,355


 

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

13

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

68,234

891,920

Deferred taxation

Arising from origination and reversal of timing differences

30,625

6,356

Tax expense in the income statement

98,859

898,276

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

(Loss)/profit before tax

(2,749,443)

5,949,865

Corporation tax at standard rate

(687,361)

1,130,474

Effect of expense not deductible in determining taxable profit (tax loss)

979,249

3,036

Deferred tax expense relating to changes in tax rates or laws

-

6,356

Tax increase/(decrease) from effect of capital allowances and depreciation

13,129

(11,311)

Marginal rate relief

(119)

-

Tax decrease from effect of adjustment in research and development tax credit

(206,039)

(230,279)

Total tax charge

98,859

898,276

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

14

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Improvements to property
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

109,036

145,453

142,524

51,885

158,723

607,621

Additions

-

13,243

50,390

196,967

7,870

268,470

At 31 March 2024

109,036

158,696

192,914

248,852

166,593

876,091

Depreciation

At 1 April 2023

-

76,046

45,775

-

99,332

221,153

Charge for the year

-

20,677

36,786

49,242

16,824

123,529

At 31 March 2024

-

96,723

82,561

49,242

116,156

344,682

Carrying amount

At 31 March 2024

109,036

61,973

110,353

199,610

50,437

531,409

At 31 March 2023

109,036

69,407

96,749

51,885

59,391

386,468

Included within the net book value of land and buildings above is £109,036 (2023 - £109,036) in respect of freehold land and buildings.
 

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2024
£

2023
£

Motor vehicles

86,509

64,957

     

Company

Land and buildings
£

Total
£

Cost or valuation

Additions

120,000

120,000

At 31 March 2024

120,000

120,000

Depreciation

Carrying amount

At 31 March 2024

120,000

120,000

Included within the net book value of land and buildings above is £120,000 (2023 - £Nil) in respect of freehold land and buildings.
 

15

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Therser (UK) Limited

Walley Street Building
Walley Street
Burslem
Stoke-on-Trent
ST6 2AH

Ordinary B 1p

98%

98%

 

England and Wales

     

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Subsidiary undertakings

Therser (UK) Limited

The principal activity of Therser (UK) Limited is building and maintenance of kilns.

Company

2024
£

2023
£

Investments in subsidiaries

10

10

Investments in associates

-

169,340

10

169,350

Subsidiaries

£

Cost or valuation

At 1 April 2023

10

Provision

Carrying amount

At 31 March 2024

10

At 31 March 2023

10

Associates

£

Cost

At 1 April 2023

169,340

Additions

537,090

Disposals

(706,430)

At 31 March 2024

-

Provision

Carrying amount

At 31 March 2024

-

At 31 March 2023

169,340

16

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other inventories

74,333

45,380

-

-

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

17

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,016,723

786,827

-

-

Amounts owed by related parties

25

161,158

2,222,916

-

1,886,758

Other debtors

 

2,239,697

849,176

1,361,748

1

Prepayments

 

210,161

71,588

-

-

Gross amount due from customers for contract work

 

245,043

209,235

-

-

   

3,872,782

4,139,742

1,361,748

1,886,759

18

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

329

122

-

-

Cash at bank

2,084,722

5,071,460

26,279

4,895

Short-term deposits

4,167,535

5,122,028

4,167,535

5,122,028

6,252,586

10,193,610

4,193,814

5,126,923

19

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

20

29,449

20,684

-

-

Trade creditors

 

463,576

362,183

-

-

Amounts due to related parties

25

-

-

986,601

-

Social security and other taxes

 

177,726

55,376

-

-

Outstanding defined contribution pension costs

 

10,706

6,487

-

-

Other payables

 

20,281

8,334

-

2,400

Accruals

 

111,464

142,984

4,500

4,500

Corporation tax liability

13

119,719

1,093,629

49,505

339

Gross amount due to customers for contract work

 

2,211,326

2,820,644

-

-

 

3,144,247

4,510,321

1,040,606

7,239

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due after one year

 

Loans and borrowings

20

78,657

62,336

-

-

20

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

29,449

20,684

-

-

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

78,657

62,336

-

-

Amounts due under hire purchase contracts are secured by the tangible assets to which they relate.

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £55,454 (2023 - £36,184).

Contributions totalling £10,706 (2023 - £6,487) were payable to the scheme at the end of the year and are included in creditors.

22

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

23

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

92,161

7,413

Later than one year and not later than five years

31,755

287,147

123,916

294,560

The amount of non-cancellable operating lease payments recognised as an expense during the year was £423,773 (2023 - £360,937).

24

Analysis of changes in net funds

Group

At 1 April 2023
£

Financing cash flows
£

New finance leases
£

At 31 March 2024
£

Cash and cash equivalents

Cash

10,193,610

(3,941,024)

-

6,252,586

Borrowings

Lease liabilities

(83,020)

25,304

(50,390)

(108,106)

 

10,110,590

(3,915,720)

(50,390)

6,144,480

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

25

Related party transactions

Group

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mr SJ Beaumont

Loan

(2,400)

1,364,146

1,361,746

       
     

 

The loan is interest free and repayable on demand. This was fully repaid on the 29 October 2024.

Summary of transactions with other related parties

During the year the group traded with companies outside the group which are considered to be related by virtue of the fact that they have common directors and shareholders.

A summary of these transactions are detailed below;

 

Income and receivables from related parties

2024

Other related parties
£

Sale of goods

55,412

2023

Other related parties
£

Sale of goods

33,865

Expenditure with and payables to related parties

2024

Other related parties
£

Purchase of goods

136,701

2023

Other related parties
£

Purchase of goods

87,335

 

Therser Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

2,222,916

2,222,916

Advanced

1,149,769

1,149,769

Repaid

(297,105)

(297,105)

Expenses recognised as bad debt

(2,915,806)

(2,915,806)

At end of period

159,774

159,774

2023

Other related parties
£

Total
£

At start of period

288,688

288,688

Advanced

1,979,228

1,979,228

Repaid

(45,000)

(45,000)

At end of period

2,222,916

2,222,916

The loans are interest free and repayable on demand.

Company

Loans from related parties

2024

Subsidiary
£

Total
£

Advanced

986,601

986,601

At end of period

986,601

986,601

26

Controlling party

The group was controlled during the current and previous period by Mr S J Beaumont by virtue of his shareholding.

Drayton Beaumont Group Limited became the controlling party on 29 October 2024.

27

Non adjusting events after the financial period

On 29 October 2024 Drayton Beaumont Group Limited acquired 100% of the share capital of the company.