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COMPANY REGISTRATION NUMBER: 02525681
Golledge Electronics Limited
Financial Statements
For the year ended
30 July 2024
Golledge Electronics Limited
Financial Statements
Year ended 30 July 2024
Contents
Page
Officers and professional advisers
1
Directors' report
2
Directors' responsibilities statement
4
Independent auditor's report to the member
5
Statement of income and retained earnings
10
Statement of financial position
11
Notes to the financial statements
12
Golledge Electronics Limited
Officers and Professional Advisers
The board of directors
J P Golledge (Resigned 10 January 2024)
D A Croft
G Mitchell (Resigned 9 April 2024)
M G Negus (Resigned 8 January 2024)
J Drake (Appointed 8 January 2024)
P Duffill (Appointed 8 May 2024)
Registered office
Bull Pen
Egal Park, Iiminster
Somerset
TA19 9DQ
Auditor
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
Golledge Electronics Limited
Directors' Report
Year ended 30 July 2024
The directors present their report and the financial statements of the company for the year ended 30 July 2024 .
Principal activities
The principal activity of the company during the year was the supply of frequency control products.
Directors
The directors who served the company during the year were as follows:
D A Croft
J Drake
(Appointed 8 January 2024)
P Duffill
(Appointed 8 May 2024)
J P Golledge
(Resigned 10 January 2024)
G Mitchell
(Resigned 9 April 2024)
M G Negus
(Resigned 8 January 2024)
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 April 2025 and signed on behalf of the board by:
J Drake
Director
Registered office:
Bull Pen
Egal Park, Iiminster
Somerset
TA19 9DQ
Golledge Electronics Limited
Directors' Responsibilities Statement
Year ended 30 July 2024
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Golledge Electronics Limited
Independent Auditor's Report to the Member of Golledge Electronics Limited
Year ended 30 July 2024
Opinion
We have audited the financial statements of Golledge Electronics Limited (the 'company') for the year ended 30 July 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 July 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation. - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 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 collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's member, 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 member 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Day
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
28 April 2025
Golledge Electronics Limited
Statement of Income and Retained Earnings
Year ended 30 July 2024
2024
2023
(restated)
Note
£
£
Turnover
4
6,193,356
8,675,426
Cost of sales
3,752,684
5,408,382
-------------
-------------
Gross profit
2,440,672
3,267,044
Distribution costs
84,325
140,703
Administrative expenses
1,554,849
1,743,291
-------------
-------------
Operating profit
5
801,498
1,383,050
Other interest receivable and similar income
9
724
408
Interest payable and similar expenses
10
43,708
-------------
-------------
Profit before taxation
758,514
1,383,458
Tax on profit
11
( 16,381)
332,896
----------
-------------
Profit for the financial year and total comprehensive income
774,895
1,050,562
----------
-------------
Retained earnings at the start of the year
3,583,748
2,533,186
-------------
-------------
Retained earnings at the end of the year
4,358,643
3,583,748
-------------
-------------
All the activities of the company are from continuing operations.
Golledge Electronics Limited
Statement of Financial Position
30 July 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Tangible assets
13
54,181
61,047
Current assets
Stocks
14
445,554
686,975
Debtors
15
5,207,854
4,275,030
Cash at bank and in hand
100,308
93,229
-------------
-------------
5,753,716
5,055,234
Creditors: amounts falling due within one year
16
1,265,325
1,344,889
-------------
-------------
Net current assets
4,488,391
3,710,345
-------------
-------------
Total assets less current liabilities
4,542,572
3,771,392
Provisions
17
93,929
97,644
-------------
-------------
Net assets
4,448,643
3,673,748
-------------
-------------
Capital and reserves
Called up share capital
21
90,000
90,000
Profit and loss account
22
4,358,643
3,583,748
-------------
-------------
Shareholder funds
4,448,643
3,673,748
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 25 April 2025 , and are signed on behalf of the board by:
J Drake
Director
Company registration number: 02525681
Golledge Electronics Limited
Notes to the Financial Statements
Year ended 30 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bull Pen, Egal Park, Iiminster, Somerset, TA19 9DQ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
In considering the appropriateness of the going concern basis the directors have reviewed the current trading position of the business, the order book and sales and cashflow forecasts. These all indicate the company has the ability to operate within agreed funding facilities and has adequate resources to continue in operational existence for the foreseeable future. As such the company continues to adopt the going concern basis in preparing its financial statements.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of TechPoint Group Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
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 year in which the estimate is revised where the revision affects any that year, or in the year of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Depreciation charge The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors. Stock provision The company sells products which are subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of the stock and the associated provision required. When calculating the provision, management considers the nature and age of the stock as well as applying assumptions around anticipated saleability of stock. Dilapidation provision A provision for dilapidation costs has been included based on the best estimate of costs to be incurred at the end of the lease to reinstate the condition of the company's leased premises. This has been based on third party surveyor reports and discounting to amortised cost applying an appropriate rate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
50% straight line
Plant and machinery
-
25% straight line
Equipment
-
25 % straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Turnover
Turnover arises from:
2024
2023
(restated)
£
£
Sale of goods
6,193,356
8,675,426
-------------
-------------
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
(restated)
£
£
United Kingdom
1,648,756
2,889,590
Europe
754,906
2,708,401
Rest of the world
3,789,694
3,077,435
-------------
-------------
6,193,356
8,675,426
-------------
-------------
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
(restated)
£
£
Depreciation of tangible assets
23,799
18,018
Loss on disposal of tangible assets
421
Impairment of trade debtors
346
Foreign exchange differences
( 10,974)
( 45,403)
Operating lease costs
68,131
67,678
---------
---------
6. Auditor's remuneration
2024
2023
(restated)
£
£
Fees payable for the audit of the financial statements
9,164
12,750
-------
---------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
17
18
Distribution staff
4
4
----
----
21
22
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
(restated)
£
£
Wages and salaries
1,018,755
1,117,624
Social security costs
115,874
67,127
Other pension costs
48,675
51,639
-------------
-------------
1,183,304
1,236,390
-------------
-------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
(restated)
£
£
Remuneration
42,466
60,000
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
(restated)
No.
No.
Defined contribution plans
1
1
----
----
9. Other interest receivable and similar income
2024
2023
(restated)
£
£
Interest on cash and cash equivalents
724
408
----
----
10. Interest payable and similar expenses
2024
2023
(restated)
£
£
Other interest payable and similar charges
43,708
---------
----
11. Tax on profit
Major components of tax (income)/expense
2024
2023
(restated)
£
£
Current tax:
UK current tax expense
320,206
Adjustments in respect of prior periods
( 12,666)
---------
----------
Total current tax
( 12,666)
320,206
---------
----------
Deferred tax:
Origination and reversal of timing differences
( 3,715)
12,690
---------
----------
Tax on profit
( 16,381)
332,896
---------
----------
Reconciliation of tax (income)/expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 21 %).
2024
2023
(restated)
£
£
Profit on ordinary activities before taxation
758,514
1,383,458
----------
-------------
Profit on ordinary activities by rate of tax
189,629
310,237
Adjustment to tax charge in respect of prior periods
(15,232)
Effect of capital allowances and depreciation
1,179
Utilisation of tax losses
( 146,690)
Other adjustments
208
22,659
Transfer pricing adjustments
(45,475)
----------
-------------
Tax on profit
( 16,381)
332,896
----------
-------------
12. Intangible assets
Website
£
Cost
At 1 August 2023 (as restated) and 30 July 2024
45,171
---------
Amortisation
At 1 August 2023 and 30 July 2024
45,171
---------
Carrying amount
At 30 July 2024
---------
At 31 July 2023
---------
13. Tangible assets
Short leasehold property
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 August 2023 (as restated)
9,429
274,932
62,876
347,237
Additions
16,933
16,933
-------
----------
---------
----------
At 30 July 2024
9,429
274,932
79,809
364,170
-------
----------
---------
----------
Depreciation
At 1 August 2023
4,715
225,210
56,265
286,190
Charge for the year
4,714
13,688
5,397
23,799
-------
----------
---------
----------
At 30 July 2024
9,429
238,898
61,662
309,989
-------
----------
---------
----------
Carrying amount
At 30 July 2024
36,034
18,147
54,181
-------
----------
---------
----------
At 31 July 2023
4,714
49,722
6,611
61,047
-------
----------
---------
----------
14. Stocks
2024
2023
(restated)
£
£
Finished goods and goods for resale
445,554
686,975
----------
----------
15. Debtors
2024
2023
(restated)
£
£
Trade debtors
984,557
1,264,650
Amounts owed by group undertakings
3,935,234
2,994,242
Prepayments and accrued income
23,655
16,138
Corporation tax repayable
264,408
-------------
-------------
5,207,854
4,275,030
-------------
-------------
Included in trade debtors are debts of £984,557 (2023 - £1,264,650) which are subject to a financing facility with Investec Bank Limited.
16. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
468,887
172,548
Trade creditors
547,173
520,048
Accruals and deferred income
138,445
60,372
Corporation tax
482,126
Social security and other taxes
110,820
109,795
-------------
-------------
1,265,325
1,344,889
-------------
-------------
Bank loans relate to invoice factoring which is secured over the trade debtors of the company.
17. Provisions
Deferred tax (note 18)
Dilapidation provision
Total
£
£
£
At 1 August 2023 (as restated)
14,344
83,300
97,644
Charge against provision
( 3,715)
( 3,715)
---------
---------
---------
At 30 July 2024
10,629
83,300
93,929
---------
---------
---------
Within provisions is an amount for dilapidations for leasehold premises which has been calculated at the present value by third party chartered surveyors. The current lease expires in 2027.
18. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
(restated)
£
£
Included in provisions (note 17)
10,629
14,344
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
(restated)
£
£
Accelerated capital allowances
11,613
14,344
Pension plan obligations
( 984)
---------
---------
10,629
14,344
---------
---------
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
19. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 48,675 (2023: £ 51,639 ).
20. Prior period adjustments
Prior period adjustments have been made totalling £93,861 less corporation tax of £17,834 for dilapidation and stock provisions. This has reduced reserves by £76,027 in the comparative period.
21. Called up share capital
Issued, called up and fully paid
2024
2023
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
90,000
90,000
90,000
90,000
---------
---------
---------
---------
22. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
23. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
(restated)
£
£
Not later than 1 year
69,040
51,887
Later than 1 year and not later than 5 years
109,313
----------
---------
178,353
51,887
----------
---------
24. Other financial commitments
The company together with the following fellow group members Pod Bidco Limited, TechPoint Supply Chain Solutions Limited, TechPoint Manufacturing Solutions (Melksham) Limited, TechPoint Fast Track Solutions Limited, Bela Electronic Design Holdings Limited and Gemini Tec Limited have entered a cross guarantee with Investec Bank in respect of a fixed and floating charge over the assets of the companies. At 30 July 2024 the total amount covered by the cross guarantee amounted to £11,667,394 (2023 - - £13,683,644).
25. Related party transactions
The company has taken advantage of the exemption available under FRS102 from reporting transactions with members of the group that are wholly owned.
26. Controlling party
The immediate parent company is considered to be Pod Bidco Limited, a company registered in England and Wales. The ultimate parent company is considered to be Literacy Capital PLC a company incorporated in England and Wales. TechPoint Group Limited is the smallest company in the group that produces group consolidated accounts.