Company registration number 06534192 (England and Wales)
TEKNE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
TEKNE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Martin Noble
Edward Sevestre
Phillip Mansbridge
Secretary
Edward Sevestre
Company number
06534192
Registered office
10 Witney Road
Nuffield Industrial Estate
Poole
Dorset
BH17 0GH
Auditor
Hill Osborne Ltd
Tower House
Parkstone Road
Poole
Dorset
BH15 2JH
TEKNE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
TEKNE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
The group turnover and cost of sales decreased during the year, resulting in a decrease in gross profit margin. due to general market conditions. With an increase in overheads, the profit position has decreased, but the group still remains in a strong position to win good quality work, and the prospects for the current year remain encouraging.
The group's balance sheet and cash balance also remained healthy at the year end date.
The first half of the year ending 30 September 2025 saw a return to profitability with profit margins in line with the year ended 30 September 2023.
Principal risks and uncertainties
The management of the business and the execution of the group's strategies are subject to a number of risks,
The key business risks and uncertainties affecting the group are considered to relate to competition, provision of credit to customers and employee retention.
Competitive pressure in the UK isa continuing risk for the group, which could result in it losing sales to its key competitors. The group manages this risk by providing high quality workmanship and quality products to its customers and minimising the number of customer queries and complaints.
The group has benefited during the year from a well motivated and effective workforce. The risk of poor employee retention is mitigated by employing on-going in-house training and formal apprenticeships for new employees joining the industry,
The group does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures. In our opinion, this risk is not material to the group.
Key performance indicators
The group's performance is monitored using the following Key Performance Indicators (KPIs):
- Individual project costs are compared with the original budget to identify quickly any project which is likely to over-run. The directors will then review the project and take appropriate action to minimise cost over-runs,
- The group's cash-flow is closely monitored to identify future funding requirements to ensure adequate resources will be available.
- The group's directors also ensure potential new projects are profitable by producing accurate estimates of costs as part of the tendering process.
Edward Sevestre
Director
27 June 2025
TEKNE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the parent company is that of a holding company.
The principal activity of the subsidiary company is that of shopfitting and specialised joinery. There have been no major changes to the company's principal activity in the year under review. The directors are not aware, at the date of this report, of any likely major changes in the company's activities in the next year.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £144,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Martin Noble
Edward Sevestre
Phillip Mansbridge
Future developments
The subsidiary company's strategy to ensure the continuation of its high level of performance focuses on supplying high quality products and maintaining strong relationships with customers.
Auditor
Hill Osborne Ltd were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
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.
On behalf of the board
Edward Sevestre
Director
27 June 2025
TEKNE HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
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.
TEKNE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TEKNE HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of Tekne Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 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 30 September 2024 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
TEKNE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEKNE HOLDINGS LIMITED
- 5 -
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 identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept 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' 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Our procedures to respond to the risks identified included the following:
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations described as having a direct effect on the financial statements;
enquiry of management around actual and potential litigation and claims;
reviewing minutes of meetings of those charged with governance.
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments and assessed whether judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business.
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.
TEKNE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEKNE HOLDINGS LIMITED
- 6 -
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.
Lucia Ball (Senior Statutory Auditor)
For and on behalf of Hill Osborne Ltd, Statutory Auditor
Chartered Accountants
Tower House
Parkstone Road
Poole
Dorset
BH15 2JH
27 June 2025
TEKNE HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
11,228,197
16,528,197
Cost of sales
(9,464,737)
(13,838,964)
Gross profit
1,763,460
2,689,233
Administrative expenses
(2,445,055)
(1,760,697)
Other operating income
-
41,456
Operating (loss)/profit
4
(681,595)
969,992
Interest receivable and similar income
7
13,952
21,094
Interest payable and similar expenses
8
(37,268)
(35,355)
(Loss)/profit before taxation
(704,911)
955,731
Tax on (loss)/profit
9
131,892
(246,406)
(Loss)/profit for the financial year
(573,019)
709,325
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
TEKNE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
£
£
(Loss)/profit for the year
(573,019)
709,325
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
Total comprehensive income for the year
(573,019)
709,325
Total comprehensive income for the year is all attributable to the owners of the parent company.
TEKNE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
329,082
423,104
Total intangible assets
329,082
423,104
Tangible assets
12
1,515,219
1,407,676
1,844,301
1,830,780
Current assets
Stocks
15
197,801
75,752
Debtors
16
3,275,010
1,958,643
Cash at bank and in hand
1,046,848
2,595,460
4,519,659
4,629,855
Creditors: amounts falling due within one year
17
(3,548,094)
(2,910,619)
Net current assets
971,565
1,719,236
Total assets less current liabilities
2,815,866
3,550,016
Creditors: amounts falling due after more than one year
18
(561,485)
(581,113)
Provisions for liabilities
Deferred tax liability
21
66,082
63,585
(66,082)
(63,585)
Net assets
2,188,299
2,905,318
Capital and reserves
Called up share capital
23
9
9
Profit and loss reserves
2,188,290
2,905,309
Total equity
2,188,299
2,905,318
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 27 June 2025 and are signed on its behalf by:
27 June 2025
Edward Sevestre
Director
Company registration number 06534192 (England and Wales)
TEKNE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
3,029,070
3,029,070
3,029,070
3,029,070
Current assets
-
-
Creditors: amounts falling due within one year
17
(506,011)
(506,011)
Net current liabilities
(506,011)
(506,011)
Net assets
2,523,059
2,523,059
Capital and reserves
Called up share capital
23
9
9
Profit and loss reserves
2,523,050
2,523,050
Total equity
2,523,059
2,523,059
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £144,000 (2023 - £384,000 profit).
The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
27 June 2025
Edward Sevestre
Director
Company registration number 06534192 (England and Wales)
TEKNE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
9
2,579,984
2,579,993
Year ended 30 September 2023:
Profit and total comprehensive income
-
709,325
709,325
Dividends
10
-
(384,000)
(384,000)
Balance at 30 September 2023
9
2,905,309
2,905,318
Year ended 30 September 2024:
Loss and total comprehensive income
-
(573,019)
(573,019)
Dividends
10
-
(144,000)
(144,000)
Balance at 30 September 2024
9
2,188,290
2,188,299
TEKNE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
9
2,523,050
2,523,059
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
384,000
384,000
Dividends
10
-
(384,000)
(384,000)
Balance at 30 September 2023
9
2,523,050
2,523,059
Year ended 30 September 2024:
Profit and total comprehensive income
-
144,000
144,000
Dividends
10
-
(144,000)
(144,000)
Balance at 30 September 2024
9
2,523,050
2,523,059
TEKNE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(844,866)
402,068
Interest paid
(37,268)
(35,355)
Income taxes paid
(261,374)
(337,127)
Net cash (outflow)/inflow from operating activities
(1,143,508)
29,586
Investing activities
Purchase of tangible fixed assets
(270,838)
(27,565)
Proceeds from disposal of tangible fixed assets
7,000
1,501
Repayment of loans
-
(35,809)
Interest received
13,952
21,094
Net cash used in investing activities
(249,886)
(40,779)
Financing activities
Repayment of bank loans
(108,966)
(108,056)
New finance leases
127,604
-
Payment of finance leases obligations
(29,856)
(7,904)
Dividends paid to equity shareholders
(144,000)
(384,000)
Net cash used in financing activities
(155,218)
(499,960)
Net decrease in cash and cash equivalents
(1,548,612)
(511,153)
Cash and cash equivalents at beginning of year
2,595,460
3,106,613
Cash and cash equivalents at end of year
1,046,848
2,595,460
TEKNE HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
144,000
384,000
Net cash generated from investing activities
144,000
384,000
Financing activities
Dividends paid to equity shareholders
(144,000)
(384,000)
Net cash used in financing activities
(144,000)
(384,000)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information
Tekne Holdings Limited (“the company”) is a private company limited by shares and Wales. incorporated in England The registered office is 10 whitney Way, Nuffield Industrial Estate, Poole, Dorset, BH17 0GH.
The group consists of Tekne Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Tekne 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 30 September 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 group.
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.
1.3
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.
1.4
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 any discounts.
Revenue from contracts for the provision of services id 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 costs and materials, as a proportion of total costs. Where the outcome cannot be estimated, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Contract values are subject to revisions as the contract progresses to completion. Revisions in profit estimates are recognised in the period in which the facts giving rise to the revision become known.
Should there be an insufficient basis to estimate the progress towards completion, turnover is recognised when the project is complete or when the company receives final acceptance from the customer.
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.5
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 20 years.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
2% straight line
Plant and equipment
25% reducing balance/10% straight line basis
Motor vehicles
25% reducing balance
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.
1.7
Fixed asset investments
Equity investments 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.
In 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.
1.8
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.
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
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.
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.
1.10
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
Amounts recoverable on construction contracts, which are included within debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts.
Costs associated with construction contracts are included in stock to the extent that they cannot be matched with contract work accounted for as turnover. Construction contract balances included in stock are stated at cost, after provision has been made for any foreseeable losses and deduction of applicable payments on account. Excess progress payments are included in creditors as payments on account.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.11
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.
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.12
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 method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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.
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
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.
1.14
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.
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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 tax authority.
1.15
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leased asset are consumed.
1.18
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue and profit recognition
The Group’s long term construction contracts policy is set out in note 1.10. This policy is central to the way in which the Group values the work it has carried out at each reporting date and the estimation of the percentage completion of the contract. This requires forecasts to be made of the outcome of long term construction contracts and requires assessments and judgements to be made on the recovery of pre-contract costs, variations in scope, claim recoveries, expected contract costs to complete and the progression of contract programmes. The Group has appropriate control procedures in place to ensure estimates are calculated on a consistent basis.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales income from contracts
11,228,197
16,528,197
2024
2023
£
£
Other revenue
Interest income
13,952
21,094
Grants received
-
41,456
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses
9,052
-
Government grants
-
(41,456)
Fees payable to the group's auditor for the audit of the group's financial statements
3,750
3,750
Depreciation of owned tangible fixed assets
127,999
109,395
Depreciation of tangible fixed assets held under finance leases
31,901
3,005
Profit on disposal of tangible fixed assets
(3,605)
(656)
Amortisation of intangible assets
94,022
94,022
Operating lease charges
161,184
179,233
5
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
18
18
-
-
58
64
-
-
Total
76
82
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,723,006
3,211,702
Social security costs
303,010
340,737
-
-
Pension costs
50,745
127,932
3,287,172
3,874,294
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
93,502
90,891
Company pension contributions to defined contribution schemes
1,321
61,321
94,823
152,212
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,952
21,094
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
13,952
21,094
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
34,701
34,023
Other finance costs:
Interest on finance leases and hire purchase contracts
1,992
1,332
Other interest
575
-
Total finance costs
37,268
35,355
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
263,040
Adjustments in respect of prior periods
(134,389)
Total current tax
(134,389)
263,040
Deferred tax
Origination and reversal of timing differences
2,497
(16,634)
Total tax (credit)/charge
(131,892)
246,406
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Taxation
(Continued)
- 24 -
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(704,911)
955,731
Expected tax charge based on the standard rate of corporation tax in the UK of 0% (2023: 23.07%)
-
220,487
Tax effect of expenses that are not deductible in determining taxable profit
25,823
Permanent capital allowances in excess of depreciation
2,497
(4,961)
Amortisation on assets not qualifying for tax allowances
21,691
Under/(over) provided in prior years
(134,389)
(16,634)
Taxation (credit)/charge
(131,892)
246,406
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
144,000
384,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
1,880,445
Amortisation and impairment
At 1 October 2023
1,457,341
Amortisation charged for the year
94,022
At 30 September 2024
1,551,363
Carrying amount
At 30 September 2024
329,082
At 30 September 2023
423,104
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
12
Tangible fixed assets
Group
Freehold buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
1,176,331
1,081,243
266,477
2,524,051
Additions
143,234
127,604
270,838
Disposals
(45,932)
(45,932)
At 30 September 2024
1,176,331
1,224,477
348,149
2,748,957
Depreciation and impairment
At 1 October 2023
70,027
815,256
231,092
1,116,375
Depreciation charged in the year
10,000
110,002
39,898
159,900
Eliminated in respect of disposals
(42,537)
(42,537)
At 30 September 2024
80,027
925,258
228,453
1,233,738
Carrying amount
At 30 September 2024
1,096,304
299,219
119,696
1,515,219
At 30 September 2023
1,106,304
265,987
35,385
1,407,676
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
95,703
9,014
Freehold land and buildings with a cost of £1,176,331 (2023: £1,176,331) have been pledged to secure borrowings of the group.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
3,029,070
3,029,070
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
3,029,070
Carrying amount
At 30 September 2024
3,029,070
At 30 September 2023
3,029,070
14
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Tekne Shopfitting Limited
10 Witney Road, Nuffield Industrial Estate, Poole, Dorset, BH17 0GH
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
17,000
17,000
-
-
Work in progress
180,801
58,752
-
-
197,801
75,752
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,807,387
246,559
Gross amounts owed by contract customers
736,263
1,116,295
Corporation tax recoverable
243,921
109,532
Other debtors
374,802
374,802
Prepayments and accrued income
112,637
111,455
3,275,010
1,958,643
-
-
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
109,000
107,696
Obligations under finance leases
20
15,936
8,830
Trade creditors
948,558
709,703
Gross amounts owed to contract customers
751,355
240,558
Amounts owed to group undertakings
(1)
506,011
506,011
Corporation tax payable
261,374
Other taxation and social security
678,846
337,375
-
-
Other creditors
14,634
14,637
Accruals and deferred income
1,029,765
1,230,447
3,548,094
2,910,619
506,011
506,011
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
470,843
581,113
Obligations under finance leases
20
90,642
561,485
581,113
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
199,472
248,281
-
-
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
579,843
688,809
Payable within one year
109,000
107,696
Payable after one year
470,843
581,113
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
19
Loans and overdrafts
(Continued)
- 28 -
Bank loans of £434,843 (2023: £483,809) are secured by first legal charge over the freehold property of the company, fixed and floating charges over the undertakings and assets of the company. These bank loans are repayable in 2031. One loan has a floating interest rate based upon prevailing bank base rate plus 2.3% and the other loan has a fixed rate of interest at 2.3%. There are no performance covenants included in the loan agreements.
The CBIL bank loan of £145,000 (2023: £205,000) are guaranteed by the UK Government under BBLS.
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
15,936
8,830
In two to five years
90,642
106,578
8,830
-
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21
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
66,082
63,585
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
63,585
-
Charge to profit or loss
2,497
-
Liability at 30 September 2024
66,082
-
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,745
127,932
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.
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of 10p each
67
67
7
7
ordinary B shares of 1p each
160
160
2
2
227
227
9
9
Both the ordinary shares and the ordinary 'B’ shares carry full voting, dividend and capital distribution
24
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
157,842
157,842
-
-
Between two and five years
265,953
423,795
-
-
423,795
581,637
-
-
25
Related party transactions
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Services supplied by
Services supplied to
2024
2023
2024
2023
£
£
£
£
Group
Key management personnel
-
17,750
-
-
Other related parties
85,000
85,000
129,178
108,468
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
25
Related party transactions
(Continued)
- 30 -
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
129,178
108,468
26
Directors' transactions
Description
% Rate
Opening balance
Closing balance
£
£
Loan
-
330,793
330,793
330,793
330,793
Description
% Rate
Opening balance
Closing balance
£
£
Loan
-
35,000
35,000
35,000
35,000
27
Cash (absorbed by)/generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(573,019)
709,325
Adjustments for:
Taxation (credited)/charged
(131,892)
246,406
Finance costs
37,268
35,355
Investment income
(13,952)
(21,094)
Gain on disposal of tangible fixed assets
(3,605)
(656)
Amortisation and impairment of intangible assets
94,022
94,022
Depreciation and impairment of tangible fixed assets
159,900
112,400
Movements in working capital:
(Increase)/decrease in stocks
(122,049)
312,147
(Increase)/decrease in debtors
(1,181,978)
1,968,860
Increase/(decrease) in creditors
890,439
(3,054,696)
Cash (absorbed by)/generated from operations
(844,866)
402,069
TEKNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
28
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
144,000
384,000
Adjustments for:
Investment income
(144,000)
(384,000)
Cash absorbed by operations
-
-
29
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
2,595,460
(1,548,612)
1,046,848
Borrowings excluding overdrafts
(688,809)
108,966
(579,843)
Obligations under finance leases
(8,830)
(97,748)
(106,578)
1,897,821
(1,537,394)
360,427
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Martin NoblePhillip MansbridgePhillip MansbridgeEdward 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