Company registration number 11739441 (England and Wales)
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
COMPANY INFORMATION
Directors
Mr J M Carlyon
Mrs E J Carlyon
Mr J J Carlyon
Mr T A Carlyon
Company number
11739441
Registered office
Foxtail House
Foxtail Road
Ransomes Europark
Ipswich
Suffolk
United Kingdom
IP3 9RX
Auditor
Benee Consulting Limited
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
Accountant
Oldfield Advisory LLP
1120 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
England
CV5 6UB
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 35
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activities

The principal activity of the group continued to be that of supplying specialist safety and compliance products and services to the food and beverage industry.

Review of the business

Business environment

The main sector the group operates in is the food and beverage sector. Customers rely on a secure and efficient supply chain and the group has a long established and stable supply chain with key suppliers across the UK and Europe.

There have been no specific negative impacts on the supply chain during the financial year and the group is continually working with its suppliers to ensure this remains the case in the short, medium and long term.

The group's three-year plan for growth focuses upon excelling in delivering solutions to customers utilising its product range, by region, across the UK and Europe. The business monitors targets against the three-year plan ensuring that it identifies key detractors to enable it to manage any risks and uncertainties that have the potential to affect the achievement of its targets.

Strategy

As part of a family-controlled group, the directors have strong values and hold themselves to the highest standards. This is reflected in the group's values which include: care, competence and focus.

The success and longevity of the business is built upon revenue growth, profit growth, sustainable cash flow and debtor management. To ensure the continued success of the business, management regularly evaluate and monitor KPIs and take appropriate remedial actions.

During the year ended 31 December 2023 the group's parent undertaking invested in new premises, which have now been fitted out and provide state-of-the-art production and warehouse facilities to support the continuing demands of the group. The new premises have been operational since September 2024, with the sale of the old premises also being completed in September 2024. The directors consider this an investment in meeting the demands of both existing and future customers whilst supporting staff in continuing to fulfil the volume, and high standards of quality, that customers expect.

Principal risks and uncertainties

Risk acceptance and risk management is continually monitored by means of a framework of policies, procedures and internal controls. All such policies and procedures are overseen by the board of directors and senior management and are constantly under review to comply with statutory regulations and best practice.

The principal risks to the business are inflation and supply chain uncertainty due to global unrest. The group continues to monitor inflation and the effect this has on the cost of incoming goods and overhead costs. The group concentrates the bulk of their sourcing of products and materials from the UK and Europe to minimise supply chain challenges.

Since the outbreak of war in Ukraine, in February 2022, the group has carried out a regular review of its supply chain and client base to assess and manage impacts on various stakeholder groups. The group has identified no significant exposure to Ukraine or Russia through its operations but will continue to monitor escalating energy prices and the potential for further impact on supply chain costs more generally.

In the wider macro environment shortages of resources, and skilled staff at all levels, is constraining all sectors of industry. Resource planning and talent reviews ensure the group can build the pipeline of talent it needs to meet its business requirements. A robust talent acquisition process, with line managers trained to make the best hiring decisions and on boarding processes, ensures new starters are integrated into the business effectively.

KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

Policies and procedures

Senior management are responsible for the Integrated Management System which they are committed to reviewing monthly ensuring that particular focus is given to driving continuing improvements to achieve scalable processes for future growth.

In the food sector, standards are high, markets are demanding and the margin for error is non-existent. The group’s rigorous commitment to compliance and continuous improvement is underpinned by external accreditation including UKAS, ISO 9001 and an ongoing BRCGS partnership.

The groups approach to managing liquidity and credit risk are provided in the financial instrument section of the directors report.

Development and performance

As anticipated by the directors, sales for 2024 were stronger than in 2023 and grew by 16.2%. The gross profit margin and operating profit percentages have remained consistent in 2024 when compared to 2023.

The directors are confident that the group's three year plan has enabled the business to retain a strong financial position and together with the dedication of its staff, new premises, and an accountable leadership team, will successfully deliver the group's objectives for 2025.

Key performance indicators

The directors were pleased to report a group operating profit of 36.1% for the year (202 3 – 29.5%), which continues a track record of strong performance.

At the year end the group had shareholders funds of £14,123,724 (202 3 - £11,713,393). The directors believe the group's position to be satisfactory, especially as the group's current assets exceed its current liabilities by £8,657,119 (202 3 - £6,929,676), resulting in a strong current ratio, at the end of the year, of 3.91 (202 3 - 2.75).

Other performance indicators

Client satisfaction is a key non-financial indicator. NPI (net promotor indicator) feedback is formally requested from clients, usually upon delivery of goods. The company also solicits feedback from its employees to help drive initiatives in staff training and performance.

Future developments

The group continues to focus on enhancing the customer experience and maintaining market-leading service levels. This commitment underpins long-term sustainable success and supports the ongoing growth initiatives.

The group remains firmly aligned with their unique value proposition - delivering high-quality products and services that support compliance within the food sector. There is significant growth potential within this market, and the business is well-positioned to capitalise on emerging opportunities.

A key strategic priority is supplier risk mitigation to ensure the group doesn't become reliant on a small number of suppliers. The group continues to invest in product development conformance, undertaking research and development into both new and existing products and their application methodologies. In addition to this the group is committed to continuing to build on its strong management team to help sustain future growth.

On behalf of the board

Mr T A Carlyon
Director
19 June 2025
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £2,628,678. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J M Carlyon
Mrs E J Carlyon
Mr J J Carlyon
Mr T A Carlyon
Financial instruments

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

Details of future developments are given in the Strategic Report.

Auditor

The auditor, Benee Consulting Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mr T A Carlyon
Director
19 June 2025
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and 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 then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
- 6 -
Opinion

We have audited the financial statements of Klipspringer Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 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 and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

- certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 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 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.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
- 8 -

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of
  journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 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.

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.

Sarah Flint BSc FCA
Senior Statutory Auditor
For and on behalf of Benee Consulting Limited
19 June 2025
Statutory Auditor
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
16,704,705
14,376,092
Cost of sales
(7,857,666)
(6,848,988)
Gross profit
8,847,039
7,527,104
Administrative expenses
(2,811,451)
(3,282,402)
Operating profit
4
6,035,588
4,244,702
Interest receivable and similar income
7
156,189
147,823
Profit before taxation
6,191,777
4,392,525
Tax on profit
8
(1,477,769)
(1,042,167)
Profit for the financial year
21
4,714,008
3,350,358
Profit for the financial year is all attributable to the owners of the parent company.
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
4,714,008
3,350,358
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
4,714,008
3,350,358
Total comprehensive income for the year is all attributable to the owners of the parent company.
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
22,752
19,414
Tangible assets
11
6,070,632
4,851,868
6,093,384
4,871,282
Current assets
Stocks
14
1,794,849
1,601,564
Debtors
15
5,506,771
3,027,653
Cash at bank and in hand
4,335,285
6,260,994
11,636,905
10,890,211
Creditors: amounts falling due within one year
16
(2,979,786)
(3,960,535)
Net current assets
8,657,119
6,929,676
Total assets less current liabilities
14,750,503
11,800,958
Provisions for liabilities
Deferred tax liability
18
626,779
87,565
(626,779)
(87,565)
Net assets
14,123,724
11,713,393
Capital and reserves
Called up share capital
20
1,426,003
1,101,002
Capital redemption reserve
21
900,000
900,000
Profit and loss reserves
21
11,797,721
9,712,391
Total equity
14,123,724
11,713,393

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
19 June 2025
Mr T A Carlyon
Director
Company registration number 11739441 (England and Wales)
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
200,000
250,000
Tangible assets
11
5,325,299
5,147,754
Investments
12
1,101,000
1,101,000
6,626,299
6,498,754
Current assets
Debtors
15
2,745,093
454,137
Cash at bank and in hand
3,242,766
4,611,064
5,987,859
5,065,201
Creditors: amounts falling due within one year
16
(2,878,659)
(3,743,499)
Net current assets
3,109,200
1,321,702
Total assets less current liabilities
9,735,499
7,820,456
Provisions for liabilities
Deferred tax liability
18
497,099
-
0
(497,099)
-
Net assets
9,238,400
7,820,456
Capital and reserves
Called up share capital
20
1,426,003
1,101,002
Profit and loss reserves
21
7,812,397
6,719,454
Total equity
9,238,400
7,820,456

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £3,721,621 (2023 - £795,904 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
19 June 2025
Mr T A Carlyon
Director
Company registration number 11739441 (England and Wales)
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1,101,000
900,000
8,641,493
10,642,493
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
3,350,358
3,350,358
Issue of share capital
20
2
-
-
2
Dividends
9
-
-
(2,279,460)
(2,279,460)
Balance at 31 December 2023
1,101,002
900,000
9,712,391
11,713,393
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
4,714,008
4,714,008
Issue of share capital
20
325,001
-
-
325,001
Dividends
9
-
-
(2,628,678)
(2,628,678)
Balance at 31 December 2024
1,426,003
900,000
11,797,721
14,123,724
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1,101,000
8,203,010
9,304,010
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
795,904
795,904
Issue of share capital
20
2
-
2
Dividends
9
-
(2,279,460)
(2,279,460)
Balance at 31 December 2023
1,101,002
6,719,454
7,820,456
Year ended 31 December 2024:
Profit and total comprehensive income
-
3,721,621
3,721,621
Issue of share capital
20
325,001
-
325,001
Dividends
9
-
(2,628,678)
(2,628,678)
Balance at 31 December 2024
1,426,003
7,812,397
9,238,400
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
4,224,653
3,600,813
Income taxes paid
(1,260,351)
(896,896)
Net cash inflow from operating activities
2,964,302
2,703,917
Investing activities
Purchase of intangible assets
(5,550)
(20,730)
Purchase of tangible fixed assets
(2,207,719)
(4,180,017)
Proceeds from disposal of tangible fixed assets
2,023,050
51,583
Loans made
(2,052,304)
-
Interest received
156,189
147,823
Net cash used in investing activities
(2,086,334)
(4,001,341)
Financing activities
Proceeds from issue of shares
325,001
2
Repayment of borrowings
(500,000)
1,499,900
Dividends paid to equity shareholders
(2,628,678)
(2,279,460)
Net cash used in financing activities
(2,803,677)
(779,558)
Net decrease in cash and cash equivalents
(1,925,709)
(2,076,982)
Cash and cash equivalents at beginning of year
6,260,994
8,337,976
Cash and cash equivalents at end of year
4,335,285
6,260,994
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(376,295)
1,471,736
Income taxes paid
(191,685)
(112,478)
Net cash (outflow)/inflow from operating activities
(567,980)
1,359,258
Investing activities
Purchase of tangible fixed assets
(1,836,304)
(3,624,578)
Proceeds from disposal of tangible fixed assets
1,993,550
-
0
Loans made
(2,052,304)
-
0
Interest received
148,417
139,093
Dividends received
3,750,000
600,000
Net cash generated from/(used in) investing activities
2,003,359
(2,885,485)
Financing activities
Proceeds from issue of shares
325,001
2
Repayment of borrowings
(500,000)
1,499,900
Dividends paid to equity shareholders
(2,628,678)
(2,279,460)
Net cash used in financing activities
(2,803,677)
(779,558)
Net decrease in cash and cash equivalents
(1,368,298)
(2,305,785)
Cash and cash equivalents at beginning of year
4,611,064
6,916,849
Cash and cash equivalents at end of year
3,242,766
4,611,064
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information

Klipspringer Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Foxtail House, Foxtail Road, Ransomes Europark, Ipswich, Suffolk, United Kingdom, IP3 9RX.

The group consists of Klipspringer Holdings Limited and all of its subsidiaries.

The principal activity of the group continued to be that of supplying specialist safety and compliance products and services to the food and beverage industry.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Klipspringer Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software licences
Straight line over 10 years
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Property improvements
10% on cost
Equipment and moulds
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
33.3% on cost
Motor vehicles
25% reducing balance or period of lease

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Stock is measured on a weighted average cost basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recogn ised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or inv estment strategy.

KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same t ax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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 the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Food safety and compliance products
15,352,430
13,286,544
Lab services
1,352,275
1,089,548
16,704,705
14,376,092
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,358,585
13,348,984
Ireland
732,335
583,323
European Union
283,511
212,612
Rest of the World
330,274
231,173
16,704,705
14,376,092
2024
2023
£
£
Other revenue
Interest income
156,189
147,823
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(2,523)
(4,764)
Fees payable to the group's auditor for the audit of the group's financial statements
1,500
1,500
Depreciation of owned tangible fixed assets
314,158
185,397
Profit on disposal of tangible fixed assets
(1,348,253)
(14,599)
Amortisation of intangible assets
2,212
1,316
Operating lease charges
6,075
1,476
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,500
1,500
Audit of the financial statements of the company's subsidiaries
14,400
12,500
15,900
14,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
67
58
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,804,539
2,365,165
-
0
-
0
Social security costs
282,809
240,298
-
-
Pension costs
158,226
148,285
-
0
-
0
3,245,574
2,753,748
-
0
-
0
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
156,051
145,929
Other interest income
138
1,894
Total income
156,189
147,823
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
156,051
145,929
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
938,555
971,367
Adjustments in respect of prior periods
-
0
(322)
Total current tax
938,555
971,045
Deferred tax
Origination and reversal of timing differences
539,214
71,122
Total tax charge
1,477,769
1,042,167

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
6,191,777
4,392,525
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
1,547,944
1,032,243
Tax effect of expenses that are not deductible in determining taxable profit
79,771
66,323
Gains not taxable
(334,457)
-
0
Permanent capital allowances in excess of depreciation
(276,455)
(69,868)
Under/(over) provided in prior years
-
0
(183)
Tax relief in respect of gift aid
(78,248)
(57,470)
Deferred tax adjustment
539,214
71,122
Taxation charge
1,477,769
1,042,167
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 27 -

The total deferred tax liability is £626,779 and d eferred tax of £93,750 is expected to reverse in the next year as accelerated capital allowances reduce (see note 18).

Factors that may affect future tax charges

The group has claimed accelerated capital allowances in excess of the related depreciation charges, resulting in lower taxable profits in 2024 and prior periods. As capital allowances are expected to be less than depreciation in 2025 and future years, taxable profits will increase accordingly, potentially leading to higher corporation tax charges.

9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
2,628,678
2,279,460
10
Intangible fixed assets
Group
Goodwill
Software licences
Total
£
£
£
Cost
At 1 January 2024
1,750,001
20,730
1,770,731
Additions
-
0
5,550
5,550
At 31 December 2024
1,750,001
26,280
1,776,281
Amortisation and impairment
At 1 January 2024
1,750,001
1,316
1,751,317
Amortisation charged for the year
-
0
2,212
2,212
At 31 December 2024
1,750,001
3,528
1,753,529
Carrying amount
At 31 December 2024
-
0
22,752
22,752
At 31 December 2023
-
0
19,414
19,414
Company
Patents & licences
£
Cost
At 1 January 2024 and 31 December 2024
500,000
Amortisation and impairment
At 1 January 2024
250,000
Amortisation charged for the year
50,000
At 31 December 2024
300,000
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Intangible fixed assets
(Continued)
- 28 -
Carrying amount
At 31 December 2024
200,000
At 31 December 2023
250,000
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
11
Tangible fixed assets
Group
Freehold land and buildings
Property improvements
Equipment and moulds
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
4,476,310
195,543
619,319
111,283
230,579
315,463
5,948,497
Additions
-
0
1,655,759
9,400
432,008
18,822
91,730
2,207,719
Disposals
(855,882)
(195,543)
-
0
(75,984)
-
0
(17,575)
(1,144,984)
At 31 December 2024
3,620,428
1,655,759
628,719
467,307
249,401
389,618
7,011,232
Depreciation and impairment
At 1 January 2024
204,504
194,893
294,927
82,969
206,058
113,278
1,096,629
Depreciation charged in the year
56,849
55,571
82,077
46,770
16,685
56,206
314,158
Eliminated in respect of disposals
(200,157)
(195,272)
-
0
(59,037)
-
0
(15,721)
(470,187)
At 31 December 2024
61,196
55,192
377,004
70,702
222,743
153,763
940,600
Carrying amount
At 31 December 2024
3,559,232
1,600,567
251,715
396,605
26,658
235,855
6,070,632
At 31 December 2023
4,271,806
650
324,392
28,314
24,521
202,185
4,851,868
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
Company
Freehold land and buildings
Property improvements
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2024
5,224,578
-
0
-
0
5,224,578
Additions
-
0
1,655,759
180,545
1,836,304
Disposals
(1,604,150)
-
0
-
0
(1,604,150)
At 31 December 2024
3,620,428
1,655,759
180,545
5,456,732
Depreciation and impairment
At 1 January 2024
76,824
-
0
-
0
76,824
Depreciation charged in the year
63,286
55,192
15,045
133,523
Eliminated in respect of disposals
(78,914)
-
0
-
0
(78,914)
At 31 December 2024
61,196
55,192
15,045
131,433
Carrying amount
At 31 December 2024
3,559,232
1,600,567
165,500
5,325,299
At 31 December 2023
5,147,754
-
0
-
0
5,147,754
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,101,000
1,101,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1,101,000
Carrying amount
At 31 December 2024
1,101,000
At 31 December 2023
1,101,000
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Klipspringer Limited
Foxtail House Foxtail Road, Ransomes Europark, Ipswich, United Kingdom, IP3 9RX
Ordinary & Preference
100.00
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,794,849
1,601,564
-
0
-
0

The differences between purchase and replacement cost are not material.

15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,620,475
2,487,128
-
0
-
0
Corporation tax recoverable
334,493
103,421
334,493
103,421
Other debtors
2,405,222
393,687
2,358,736
347,132
Prepayments and accrued income
146,581
43,417
51,864
3,584
5,506,771
3,027,653
2,745,093
454,137

Other debtors includes loans to related parties totalling £2,358,736 (2023 - £312,414). Further information is provided in the related party note (note 23).

16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
17
999,900
1,499,900
999,900
1,499,900
Trade creditors
384,756
376,557
3,476
1,116
Amounts owed to group undertakings
-
0
-
0
1,346,446
1,259,440
Corporation tax payable
524,169
614,893
231,072
191,685
Other taxation and social security
629,295
545,170
21,459
-
Other creditors
275,206
775,177
265,445
774,109
Accruals and deferred income
166,460
148,838
10,861
17,249
2,979,786
3,960,535
2,878,659
3,743,499
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Loans from related parties
999,900
1,499,900
999,900
1,499,900
Payable within one year
999,900
1,499,900
999,900
1,499,900
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Loans and overdrafts
(Continued)
- 32 -

Borrowings include unsecured interest free loans of £999,900 (2023 - £1,499,900) from non-group companies controlled by directors of the company. There are no formal repayment terms.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
380,717
87,565
Capital disposal - rollover relief claim
246,062
-
626,779
87,565
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
251,037
-
Capital disposal - rollover relief claim
246,062
-
497,099
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
87,565
-
Charge to profit or loss
539,214
497,099
Liability at 31 December 2024
626,779
497,099

The net deferred tax liability expected to reverse in 2025 is £93,750. This relates to the reversal of timing differences related to capital allowances.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
158,226
148,285

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,003
1,002
1,003
1,002
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
1,425,000
1,100,000
1,425,000
1,100,000
Preference shares classified as equity
1,425,000
1,100,000
Total equity share capital
1,426,003
1,101,002

The company has multiple classes of ordinary shares which carry no right to fixed income. Additionally, the company has in issue 1,425,000 preference shares of £1 each, classified as equity. The holders of the preference shares have a right to request a redemption, but the company has an unconditional right to reject any such request if it sees fit.

The company issued one £1 ordinary shares at nominal value, and 325,000 £1 preference shares at nominal value, during the year ended 31 December 2024.

21
Reserves
Capital redemption reserve

The capital redemption reserve represents amounts transferred from the profit and loss reserve following the redemption of the company's own shares.

Profit and loss reserves

The profit and loss reserve represents the cumulative retained profits generated since incorporation less distributions.

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
6,942
-
-
-
Between two and five years
8,677
-
-
-
15,619
-
-
-
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
23
Related party transactions

Other debtors due within one year includes interest free loans to directors and their close family members totalling £991,089 (2023 - £312,414). The loans have been made on an interest free basis and are repayable on demand.

Also included in other debtors due within one year is an interest free loan of £1,367,646 (2023 - £Nil) to a non-group company controlled by directors of the company. There are no formal repayment terms.

Included in other creditors due within one year are interest free loans of £999,900 (2023 - £1,499,900) from non-group companies controlled by directors of the company. There are no formal repayment terms.

Other creditors due within one year includes loans from the directors, and their close family members, totalling £265,446 (2023 - £774,109). The loans have been made on an interest free basis and are repayable on demand.

24
Controlling party

The ultimate controlling party is the board of directors of Klipspringer Holdings Limited.

25
Cash generated from group operations
2024
2023
£
£
Profit after taxation
4,714,008
3,350,358
Adjustments for:
Taxation charged
1,477,769
1,042,167
Investment income
(156,189)
(147,823)
Gain on disposal of tangible fixed assets
(1,348,253)
(14,599)
Amortisation and impairment of intangible assets
2,212
1,316
Depreciation and impairment of tangible fixed assets
314,158
185,397
Movements in working capital:
Increase in stocks
(193,285)
(91,620)
Increase in debtors
(195,742)
(537,869)
Decrease in creditors
(390,025)
(186,514)
Cash generated from operations
4,224,653
3,600,813
KLIPSPRINGER HOLDINGS LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
26
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit after taxation
3,721,621
795,904
Adjustments for:
Taxation charged
497,099
88,125
Investment income
(3,898,417)
(739,093)
Gain on disposal of tangible fixed assets
(468,314)
-
Amortisation and impairment of intangible assets
50,000
50,000
Depreciation and impairment of tangible fixed assets
133,523
34,184
Movements in working capital:
(Increase)/decrease in debtors
(7,580)
292,958
(Decrease)/increase in creditors
(404,227)
949,658
Cash (absorbed by)/generated from operations
(376,295)
1,471,736
27
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
6,260,994
(1,925,709)
4,335,285
Borrowings excluding overdrafts
(1,499,900)
500,000
(999,900)
4,761,094
(1,425,709)
3,335,385
28
Analysis of changes in net funds - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
4,611,064
(1,368,298)
3,242,766
Borrowings excluding overdrafts
(1,499,900)
500,000
(999,900)
3,111,164
(868,298)
2,242,866
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