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Techumbre Limited

Annual Report and Consolidated Financial Statements
Year Ended 30 June 2024

Registration number: 09635862

 

Techumbre Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Statement of Income and Retained Earnings

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 33

 

Techumbre Limited

Company Information

Directors

L A Hardware

A K Smith

N J Stephens

C J Philips

J O Rayner

Auditors

PKF Francis Clark
Statutory Auditor
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

Registered office

Unit 7 Cranmere Court
Lustleigh Close
Matford Business Park
Exeter
EX2 8PW

Solicitors

Ashfords LLP
Ashford House
Grenadier Road
Exeter
EX1 3LH

Bankers

National Westminster Bank plc
359 High Street
Exeter
EX4 3DL

 

Techumbre Limited

Strategic Report

Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the group is that of a holding company. The principal activity of the group is that of roofing and cladding services.

Fair review of the business

The directors are very pleased with the group's performance in the year in light of the general economic circumstances. Turnover increased by 13.5% to £19,247,236 (2023 - £16,960,656), gross profit increased to £5,121,481 (2023 - £3,956,000), a gross margin of 26.61% (2023 - 23.32%). The net current assets of the group are £1,729,700 (2023 - £2,118,158) and cash balances remain healthy at £2,374,388 (2023 - £1,885,513).

At the year end the group had substantial secured orders and work in progress to complete with further significant opportunities for contracts in negotiations to commence in early 2025.

Principal risks and uncertainties

The impacts of the uncertain economic future are the biggest risk to our business including potential depressed economic climate, inflationary pressures, material supply shortages and general competition. The group addresses these risks by building on its reputation for delivering first rate service to meet the demands of the industry, whilst using exceptional supply chain relationships, built up over the past 30 years with leading market suppliers.
In response to the industry labour shortage, the group has developed its very own apprenticeship scheme in Roofing & Cladding – the first of its kind in the area. The group works alongside a local training centre to deliver a level 2 apprenticeship with 18 students currently undertaking the course. The scheme is designed to train and develop candidates into qualified Roofing & Cladding operatives, to ensure there is future labour resource for the years ahead.
In response to the economic uncertainty, the Directors have taken steps to reduce costs. The group has sufficient liquidity, with a strong order book, that allows the Directors to have a reasonable expectation that the group has the resources to continue for the foreseeable future.

The Directors have reviewed the risks and uncertainties and conclude that there are no material uncertainties and therefore the going concern basis of preparation is appropriate.

Approved by the Board on 19 December 2024 and signed on its behalf by:

.........................................
L A Hardware
Director

.........................................
A K Smith
Director

 
     
 

Techumbre Limited

Directors' Report

Year Ended 30 June 2024

The directors present their report and the for the year ended 30 June 2024.

Directors of the group

The directors who held office during the year were as follows:

P S Wood (ceased 1 January 2024)

A J Bassett (ceased 1 January 2024)

L A Hardware

A K Smith

N J Stephens

C J Philips

J O Rayner

Financial instruments

Objectives and policies

The group's activities expose it to a number of financial risks including price risk, material supply risk, credit risk, cash flow risk and liquidity risk. The group's approach to these risks is shown below.

The group's principal financial instruments comprise trade debtors, bank balances, a CBILS loan, loan notes and trade creditors.

 

Techumbre Limited

Directors' Report

Year Ended 30 June 2024

Price risk, material supply risk, credit risk, liquidity risk and cash flow risk

Price risk
The group is exposed to sub contractor and supplier price risk. The group manages its exposure to these risks well by engaging in ongoing negotiations with sub contactors and suppliers over prices, including agreeing rebate schemes, payment discounts and set price agreements. The group looks to fix prices where possible to reduce exposure to price fluctuations on contracts.

Material supply risk
The group is exposed to material supply risk, with a worldwide shortage of raw materials. The group manages its exposure to this risk well by encouraging main contractors to place orders earlier and utilising the group’s ability to place reservation bulk orders with key suppliers, ensuring the raw material is then secured at a fixed price. The group has developed long standing relationships with its key suppliers, and would be confident in agreeing delayed payments or payment plans should there come a time that this be necessary.

Credit risk
The group's principal financial assets are bank balances and cash, trade debtors and other receivables. The group's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful receivables. In addition the group has a credit risk insurance policy which provides extensive cover in the event of customer insolvency.

Liquidity risk
The group's approach to managing liquidity in respect of bank balances is by successfully maintaining a balance between the continuity of funding and flexibility through the use of built up cash reserves

Cash flow risk
The group's activities expose it primarily to the financial risk of recovering amounts due on contracts. The group manages this risk well by reviewing contract progress monthly and agreeing with customers the stage of completion and amounts due.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 19 December 2024 and signed on its behalf by:

.........................................
L A Hardware
Director

.........................................
A K Smith
Director

 
     
 

Techumbre Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

select suitable accounting policies and 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 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 them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Techumbre Limited

Independent Auditor's Report to the Members of Techumbre Limited

Opinion

We have audited the financial statements of Techumbre Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Income and Retained Earnings, 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 30 June 2024 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 company'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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information 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.

 

Techumbre Limited

Independent Auditor's Report to the Members of Techumbre Limited

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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 Strategic Report and the 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 directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

 

Techumbre Limited

Independent Auditor's Report to the Members of Techumbre Limited

Based on our understanding of the company and industry, we identified that the principal risks of
non-compliance with laws and regulations as relating to breaches around health and safety
regulations and breaches of The General Data Protection Regulation (“GDPR”). We also considered
those laws and regulations that have a direct impact on the preparation of the financial statements
such as The Companies Act 2006, and relevant tax legislation. We considered the extent to which
non-compliance with these laws and regulations may have a material effect on the financial
statements.

We also evaluated management’s incentives and opportunities for fraudulent manipulation of the
financial statements and determined that the principal risks were related to the overstatement of profit,
either through overstating revenue, understating expenditure or management bias in accounting
estimates.

Based on this understanding we designed our audit procedures to identify irregularities. Our
procedures involved the following:

• Enquiries to members of Senior Management, regarding their knowledge of any non-compliance or
potential non-compliance with laws and regulations that could affect the financial statements;

• Review of any health and safety incidents which have been reported under The Reporting of
Injuries, Diseases and Dangerous Occurrences Regulations 2013 (“RIDDOR”) during the period;

• Review of the company and group’s controls in relation to GDPR and enquiries to Senior Management as to the occurrence and outcome of any reportable breaches;

• Challenging assumptions and judgements made by management in its significant accounting
estimates including the recognition of revenue and costs, in particular around the year end date;

• Auditing the risk of management override of controls, including through testing journal entries and
other adjustments for appropriateness, and evaluating the business rationale of significant
transactions outside the normal course of business; and

• Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

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

 

Techumbre Limited

Independent Auditor's Report to the Members of Techumbre 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.

......................................
Tom Beable FCA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

19 December 2024

 

Techumbre Limited

Consolidated Statement of Income and Retained Earnings for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

19,247,236

16,960,656

Cost of sales

 

(14,125,755)

(13,004,656)

Gross profit

 

5,121,481

3,956,000

Administrative expenses

 

(4,532,321)

(3,133,534)

Other operating income

4

76,821

9,849

Operating profit

5

665,981

832,315

Other interest receivable and similar income

14,784

4,687

Interest payable and similar charges

9

(45,671)

(35,497)

Profit before tax

 

635,094

801,505

Taxation

10

(231,073)

(59,073)

Profit for the financial year

 

404,021

742,432

Profit/(loss) attributable to:

 

Owners of the company

 

404,021

742,432

Retained earnings brought forward

 

2,343,115

2,020,683

Dividends paid

 

(910,000)

(420,000)

Retained earnings carried forward

 

1,837,136

2,343,115

 

Techumbre Limited

Consolidated Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

11

406,741

644,060

Tangible assets

12

316,347

375,344

 

723,088

1,019,404

Current assets

 

Stocks

14

25,651

25,782

Debtors

15

4,176,126

5,545,446

Investments

16

640,327

-

Cash at bank and in hand

 

1,734,061

1,885,513

 

6,576,165

7,456,741

Creditors: Amounts falling due within one year

18

(4,846,465)

(5,338,583)

Net current assets

 

1,729,700

2,118,158

Total assets less current liabilities

 

2,452,788

3,137,562

Creditors: Amounts falling due after more than one year

18

(288,704)

(467,499)

Provisions for liabilities

21

(326,648)

(326,648)

Net assets

 

1,837,436

2,343,415

Capital and reserves

 

Called up share capital

23

300

300

Profit and loss account

1,837,136

2,343,115

Equity attributable to owners of the company

 

1,837,436

2,343,415

Shareholders' funds

 

1,837,436

2,343,415

Approved and authorised by the Board on 19 December 2024 and signed on its behalf by:
 

.........................................
L A Hardware
Director

Company Registration Number: 09635862

 

Techumbre Limited

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

13

3,267,534

3,267,534

Current assets

 

Debtors

15

-

565,167

Investments

321,287

-

Cash at bank and in hand

 

330,472

573,062

 

651,759

1,138,229

Creditors: Amounts falling due within one year

18

(1,161,418)

(1,268,905)

Net current liabilities

 

(509,659)

(130,676)

Net assets

 

2,757,875

3,136,858

Capital and reserves

 

Called up share capital

23

300

300

Profit and loss account

2,757,575

3,136,558

Shareholders' funds

 

2,757,875

3,136,858

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £531,017 (2023 - profit of £611,019).

Approved and authorised by the Board on 19 December 2024 and signed on its behalf by:
 

.........................................
L A Hardware
Director

Company Registration Number: 09635862

 

Techumbre Limited

Consolidated Statement of Changes in Equity

Year Ended 30 June 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2023

300

2,343,115

2,343,415

Profit for the year

-

404,021

404,021

Dividends

-

(910,000)

(910,000)

At 30 June 2024

300

1,837,136

1,837,436


 

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2022

300

2,020,683

2,020,983

Profit for the year

-

742,432

742,432

Dividends

-

(420,000)

(420,000)

At 30 June 2023

300

2,343,115

2,343,415

 

Techumbre Limited

Statement of Changes in Equity

Year Ended 30 June 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2023

300

3,136,558

3,136,858

Profit for the year

-

531,017

531,017

Dividends

-

(910,000)

(910,000)

At 30 June 2024

300

2,757,575

2,757,875


 

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2022

300

2,945,539

2,945,839

Profit for the year

-

611,019

611,019

Dividends

-

(420,000)

(420,000)

At 30 June 2023

300

3,136,558

3,136,858

 

Techumbre Limited

Consolidated Statement of Cash Flows

Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

404,021

742,432

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

398,402

416,695

Profit on disposal of tangible assets

(28,262)

(13,586)

Finance income

(14,784)

(4,687)

Finance costs

9

45,671

35,497

Income tax expense

10

231,073

59,073

 

1,036,121

1,235,424

Working capital adjustments

 

Decrease in stocks

14

131

7,373

Decrease/(increase) in trade debtors

15

1,379,320

(2,163,657)

(Decrease)/increase in trade creditors

18

(400,866)

1,478,737

Cash generated from operations

 

2,014,706

557,877

Income taxes paid

10

(175,728)

(90,129)

Net cash flow from operating activities

 

1,838,978

467,748

Cash flows from investing activities

 

Interest received

14,784

4,687

Acquisitions of tangible assets

(110,053)

(25,699)

Proceeds from sale of tangible assets

 

70,810

23,958

Acquisition of intangible assets

11

(700)

(2,875)

Net cash flows from investing activities

 

(25,159)

71

Cash flows from financing activities

 

Interest paid

9

(33,529)

(21,697)

Repayment of bank borrowing

 

(120,000)

(120,000)

Repayment of other borrowing

 

(107,487)

(360,960)

Payments to finance lease creditors

 

(153,928)

(166,421)

Dividends paid

(910,000)

(420,000)

Net cash flows from financing activities

 

(1,324,944)

(1,089,078)

Net increase/(decrease) in cash and cash equivalents

 

488,875

(621,259)

Cash and cash equivalents at 1 July

 

1,885,513

2,506,772

Cash and cash equivalents at 30 June

 

2,374,388

1,885,513

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 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 and principal place of business is:
Unit 7 Cranmere Court
Lustleigh Close
Matford Business Park
Exeter
EX2 8PW

These financial statements were authorised for issue by the Board on 19 December 2024.

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.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The functional currency of Techumbre Limited is considered to be pounds sterling because this is the currency of the primary economic environment in which the group operates.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2022.

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.

As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. Its individual profit for the financial year can be found in the company Statement of Changes in Equity.

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

Going concern

The directors have considered the impact of the uncertain potential economic climate on the business. This impact includes delays to ongoing projects and commencement of future projects. The group remains profitable since the year end, has a strong cash position and a pipeline of opportunities. The directors have considered expected future cash flows and determined that the group can trade within available resources. Taking all available information into account the board of directors have assessed the ability of the group to continue as a going concern and conclude there are no material uncertainties with regard to the going concern status of the group. The directors therefore consider the going concern assumption is appropriate in preparing the financial statements.

Key sources of estimation uncertainty

Recognition of profit on long term contracts
Profit on long term contracts is taken as work is carried out if the final outcome can be assessed with reasonable certainty. This requires an accurate assessment of the stage of completion of each contract, as well as the estimated costs to complete each contract. The carrying amount is £1,521,532 (2023 - £2,889,763).

Remedial provisions
Estimated additional costs on each long term contract are provided for where it is known that remedial work is required. The carrying amount is £276,646 (2023 - £276,646).

Revenue recognition

Turnover represents applications made during the course of contracts and amounts invoiced on completion of a contract, net of value added tax. In addition, an estimate is made of the profit earned under contract but not billed or applied for at the year end, and this is included in turnover. Where applications have manifestly been made in excess of profits earned, given the level of completion of a contract, an adjustment is made to turnover.

Government grants

Government grants in respect of the Coronavirus Job Retention Scheme are recognised in the month to which the associated expense relates.

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 corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

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

Fixtures and fittings

15% straight line

Motor vehicles

25% straight line

Computer equipment

20% straight line

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Computer software intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 10 years

Computer software

20% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Provisions

As part of the group's contractual obligations it is required to carry out necessary remedial work on completed projects at the group's own cost. A provision is made for the costs that will be incurred on remedial work and this provision is based on the group's historic trends in carrying out such work. Details in the movement in this provision are shown in Note 21 of these financial statements.

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

Leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorted of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract.

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.

Financial instruments

Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the group's obligations are discharged, expire or are cancelled.

The group holds the following financial instruments:

• Cash held on long term deposits;
• Bank loans;
• Short term trade and other debtors and creditors;
• Short term intra group debtors and creditors; and
• Loan notes.

Except for bank loans and loan notes, such financial instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently measured at amortised cost using the effective interest method.

Non-interest bearing loan notes are initially measured at transaction price and discounted over the repayment period using a suitable discount rate.

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

3

Revenue

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

2024
£

2023
£

Income from contracts

19,241,294

16,956,393

Other revenue

5,942

4,263

19,247,236

16,960,656

4

Other operating income

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

2024
£

2023
£

Grants and subsidies receivable

76,821

9,849

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

160,383

178,676

Amortisation expense

238,019

238,019

Research and development cost

-

5,250

Profit on disposal of property, plant and equipment

(28,262)

(13,586)

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

6

Staff costs

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

2024
£

2023
£

Wages and salaries

2,241,075

1,662,819

Social security costs

202,533

173,200

Pension costs, defined contribution scheme

776,764

34,014

3,220,372

1,870,033

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

2024
No.

2023
No.

Directors

7

7

Administrative

18

24

Site managers

11

8

Site labour

21

12

57

51

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

758,761

481,992

Contributions paid to money purchase schemes

621,000

8,400

1,379,761

490,392

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

7

1

In respect of the highest paid director:

2024
£

2023
£

Remuneration

145,421

82,229

Company contributions to money purchase pension schemes

117,000

-

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

8

Auditor's remuneration

2024
£

2023
£

Audit of these financial statements

4,750

4,750

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

21,900

22,800

26,650

27,550


 

9

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under hire purchase contracts

12,142

13,800

Interest expense on other finance liabilities

33,529

21,697

45,671

35,497

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

10

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

268,217

225,000

UK corporation tax adjustment to prior periods

(27,144)

(144,927)

241,073

80,073

Deferred taxation

Arising from origination and reversal of timing differences

(10,000)

(21,000)

Tax expense in the income statement

231,073

59,073

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 20.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

635,094

801,505

Corporation tax at standard rate

158,774

164,309

Decrease in current tax from adjustment for prior periods

(26,889)

(144,927)

Tax decrease from effect of capital allowances and depreciation

(25)

(1,852)

Tax increase from other short-term timing differences

127

309

Effect of expense not deductible in determining taxable profit

99,086

44,581

Deferred tax credit relating to changes in tax rates or laws

-

(3,347)

Total tax charge

231,073

59,073

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

47,000

-

47,000

-

2023

Asset
£

Liability
£

Accelerated capital allowances

37,000

-

37,000

-

11

Intangible assets

Group

Goodwill
 £

Computer software
 £

Total
£

Cost or valuation

At 1 July 2023

2,292,442

36,928

2,329,370

Additions

-

700

700

At 30 June 2024

2,292,442

37,628

2,330,070

Amortisation

At 1 July 2023

1,656,628

28,682

1,685,310

Amortisation charge

231,203

6,816

238,019

At 30 June 2024

1,887,831

35,498

1,923,329

Carrying amount

At 30 June 2024

404,611

2,130

406,741

At 30 June 2023

635,814

8,246

644,060

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

12

Tangible assets

Group

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

274,506

737,163

1,011,669

Additions

-

143,934

143,934

Disposals

(546)

(179,449)

(179,995)

At 30 June 2024

273,960

701,648

975,608

Depreciation

At 1 July 2023

269,098

367,227

636,325

Charge for the year

4,862

155,521

160,383

Eliminated on disposal

-

(137,447)

(137,447)

At 30 June 2024

273,960

385,301

659,261

Carrying amount

At 30 June 2024

-

316,347

316,347

At 30 June 2023

5,408

369,936

375,344

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

224,165

368,936

   
 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

13

Investments

Company

Investment in subsidiary
£

Cost

At 1 July 2023

3,267,534

At 30 June 2024

3,267,534

Carrying amount

At 30 June 2024

3,267,534

At 30 June 2023

3,267,534

Details of undertakings

Details of the investments in which the company 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

Progressive Systems Limited

Unit 7 Cranmere Court
Lustleigh Close
Matford Business Park
Marsh Barton Trading Estate
Exeter
EX2 8PW

Ordinary

100%

100%

         

Subsidiary undertakings

Progressive Systems Limited

The principal activity of Progressive Systems Limited is roofing services.

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Stocks

25,651

25,782

-

-

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

15

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,784,593

1,425,139

-

-

Amounts recoverable on contracts

 

1,521,532

2,889,763

-

-

Other debtors

 

538,080

973,516

-

565,167

Prepayments

 

284,921

220,028

-

-

Deferred tax assets

10

47,000

37,000

-

-

   

4,176,126

5,545,446

-

565,167

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

Details of non-current trade and other debtors

Group

£294,709 (2023 - £391,007) of trade debtors is classified as non current. £198,192 (2023 - £nil) of other debtors relate to Director loans which is classified as non current.

16

Current asset investments

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash held on long term deposit

640,327

-

321,287

-

17

Analysis of changes in net debt

Group

At 1 July 2023
£

Financing cash flows
£

New finance leases
£

At 30 June 2024
£

Cash and cash equivalents

Cash

1,885,513

(151,452)

-

1,734,061

Cash held on long term deposit

-

640,327

-

640,327

1,885,513

488,875

-

2,374,388

Borrowings

Long term borrowings

(450,000)

120,000

-

(330,000)

Lease liabilities

(280,658)

143,140

(35,235)

(172,753)

Other borrowings

(107,487)

107,487

-

-

(838,145)

370,627

(35,235)

(502,753)

 

1,047,368

859,502

(35,235)

1,871,635

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

18

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

19

214,049

370,646

-

107,487

Payments on account

 

593,806

356,128

-

-

Trade creditors

 

2,602,653

3,830,823

-

-

Amounts due to group undertakings

26

-

-

1,161,418

1,161,418

Corporation tax

10

146,289

80,944

-

-

Social security and other taxes

 

54,430

125,184

-

-

Other creditors

 

509,094

272,958

-

-

Accrued expenses

 

726,144

301,900

-

-

 

4,846,465

5,338,583

1,161,418

1,268,905

Due after one year

 

Loans and borrowings

19

288,704

467,499

-

-

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

Hire purchase contracts are secured against the assets to which they relate.

The group's bankers hold an unscheduled mortgage debenture dated 3 February 1999 incorporating a fixed and floating charge over all of the current and future assets of the group and includes a right of set-off.

19

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

210,000

330,000

-

-

Hire purchase contracts

78,704

137,499

-

-

288,704

467,499

-

-

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

120,000

120,000

-

-

Hire purchase contracts

94,049

143,159

-

-

Other borrowings

-

107,487

-

107,487

214,049

370,646

-

107,487

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

20

Obligations under leases and hire purchase contracts

Group

Hire purchase contracts

The total of future minimum payments is as follows:

2024
£

2023
£

Not later than one year

94,053

143,159

Later than one year and not later than five years

78,704

137,499

172,757

280,658

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

59,489

67,833

Later than one year and not later than five years

230,028

230,000

Later than five years

26,035

83,535

315,552

381,368

The amount of non-cancellable operating lease payments recognised as an expense during the year was £106,525 (2023 - £112,152).

21

Provisions

Group

Dilapidation provisions
£

Remedial work provisions
£

Total
£

At 1 July 2023

50,002

276,646

326,648

At 30 June 2024

50,002

276,646

326,648

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

22

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 £776,764 (2023 - £34,014).

23

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

200

200

200

200

Ordinary B of £1 each

100

100

100

100

 

300

300

300

300

Rights, preferences and restrictions
The Ordinary A shares have full voting rights. The Ordinary B shares have no voting rights. The two share classes rank pari passu in respect of dividends and distributions.

24

Financial guarantee contracts

Company

The company has guaranteed the CBILS loan of its subsidiary, Progressive Systems Limited

The amount of the financial guarantee contract is £330,000.

25

Non adjusting events after the financial period

On 9th August 2024 100 Ordinary A shares belonging to Andy Bassett and 100 Ordinary A shares belonging to Paul Wood were bought back by Techumbre Limited.

 

Techumbre Limited

Notes to the Financial Statements

Year Ended 30 June 2024

26

Related party transactions

Group

Income and receivables from related parties

2024

Entities under common control
£

Receipt of services

507,643

Amounts receivable from related parties

134,966

2023

Entities under common control
£

Receipt of services

284,550

Amounts receivable from related parties

17,133

Expenditure with and payables to related parties

2024

Entities under common control
£

Purchase of goods

106,889

2023

Entities under common control
£

Purchase of goods

47,335