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REGISTERED NUMBER: 02330115 (England and Wales)















Total Security protection Limited

Group Strategic Report, Directors' Report and

Audited Consolidated Financial Statements for the Year Ended 31 October 2024






Total Security protection Limited (Registered number: 02330115)

Contents of the Consolidated Financial Statements
for the Year Ended 31 October 2024










Page

Company Information 1

Group Strategic Report 2

Directors' Report 4

Independent Auditors' Report 6

Consolidated Statement of Income and Retained Earnings 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


Total Security protection Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: R W Parnell
R A Langdon
M Parnell
W Tew-Cragg
K Parnell
I Bradley
C M Worrall



SECRETARY: R A Langdon



REGISTERED OFFICE: 4 Century Court
Tolpits Lane
Watford
WD18 9RS



REGISTERED NUMBER: 02330115 (England and Wales)



SENIOR STATUTORY AUDITOR: Emma Fraser FCA



INDEPENDENT AUDITORS: Bracey's Accountants (Audit) Limited
Statutory Auditor
Chartered Accountants
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW

Total Security protection Limited (Registered number: 02330115)

Group Strategic Report
for the Year Ended 31 October 2024


Principal activity

The principal activity of the group is installation and maintenance of specialist security and access control systems.

REVIEW OF BUSINESS
2023/24 has been another positive year for TSP group. We have increased our sales turnover as a group and continued to prosper, winning many new projects and onboarded numerous new clients.

Our Board of Directors and leadership team have focussed on developing our people, systems and processes to allow us to continue expanding both in the UK, Europe and beyond.

During this year we have continued to increase our presence in the North of England and Scotland, moving to a larger office in Leeds and building a sales and delivery team to support this region. We have also increased our presence in Ireland and appointed of a new In Country Director.

The sectors we are strongest in (mainly Data Centre's) have continued to expand and we have capitalised on this growing both our delivery and support capabilities for these customers. There appears to be no slowing down of the expansion of the Data Centre sector, with them all predicting strong growth for the next 5 years plus.

Our sales forecast for 2025 onwards is very strong with our sales pipeline predicting 20%+ year on year for the next two years.

For the year ended 31 October 2024, at group level, turnover increased by £11m (43%), our GP margin across the group ended at 38% from 39% last year. The balance sheet value overall grew by £1.2m (25%).

PRINCIPAL RISKS AND UNCERTAINTIES
Our sales turnover is a combination of new project sales, existing customer small works and maintenance contracts.

In the past our major projects were associated to the London construction industry but we have expanded this and in 23/24 our major projects have been across the UK and Europe. We have not lost any major customers during this period and most of our customers are continuing to spend on upgrades and improvements to their systems. Our maintenance contract base continues to grow and gives us a sustainable and recurring revenue stream.

We have very few write-off's due to non-payment during this period. The vast majority of our customers are financially stable and good payers. We have a robust credit checking system and do not accept any new customers where we are unhappy with the credit rating.

Our staff numbers increased during the period, recruiting a number of senior positions to support the increased growth of the business.

Each month we produce a detailed financial report which is shared with the senior management team, this report includes the following;

o Cash in bank
o Cash flow forecast for the next 3 months
o Detailed Profit & Loss
o Profit & Loss forecast for the next 12 months
o Aged debtor profile


Total Security protection Limited (Registered number: 02330115)

Group Strategic Report
for the Year Ended 31 October 2024

FUTURE DEVELOPMENTS
TSP continues to go from strength and strength. Our current services are seen as essential as we are providing security protection to data centres and other key buildings and companies. The service side of our business is continuing to grow and we continue to engage new customers and receive new orders. The situation is very fluid but we are managing our work flow and cash flow carefully, with sufficient cash reserves to see us through short and medium term scenarios. We currently have a very strong order book and our reputation puts us as one of the leading independent companies in our sector.

SIGNED ON BEHALF OF THE BOARD BY::




R W Parnell - Director


26 June 2025

Total Security protection Limited (Registered number: 02330115)

Directors' Report
for the Year Ended 31 October 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 October 2024.

PRINCIPAL ACTIVITY
installation and maintenance of specialist security and access control systems

DIVIDENDS
During the year interim dividend payments were made of £23.0865 per share totalling £704,139 during the year.

FUTURE DEVELOPMENTS
TSP continues to go from strength and strength. Our current services are seen as essential as we are providing security protection to data centres and other key buildings and companies. The service side of our business is continuing to grow and we continue to engage new customers and win long term framework agreements. We have sufficient cash reserves to see us through short and medium term scenarios. We currently have a very strong order book and our reputation puts us as one of the leading independent companies in our sector.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

R W Parnell
R A Langdon
M Parnell
W Tew-Cragg
K Parnell
I Bradley
C M Worrall

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group 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;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Total Security protection Limited (Registered number: 02330115)

Directors' Report
for the Year Ended 31 October 2024


AUDITORS
The auditors, Bracey's Accountants (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED ON BEHALF OF THE BOARD BY::





R W Parnell - Director


26 June 2025

Independent Auditors' Report to the Members of
Total Security protection Limited


Opinion
We have audited the financial statements of Total Security protection Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:
- the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Independent Auditors' Report to the Members of
Total Security protection Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' 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 Auditors' 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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risk of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, our audit procedures performed included, but were not limited to the following: review of the financial statements and disclosures to underlying supporting documentation, obtained an understanding of laws and regulations that affect the company both directly in the financial statements and its operations, undertaking a walk through test of key controls that are in operation, review and enquiries into journal entries processed during the period under review, evaluation and consideration of areas where the potential for management bias exists, enquiries of management and key personnel, performance of analytical review and reviewing the findings of testing, review of costs, documents obtained and engaging in discussions to ensure consistency is evident in the findings documented.

Our work was directed where management applies significant judgement within the financial statements - construction contract recognition. This involves estimating the outcome of a job so as to recognise revenue in line with the stage of completion of that job (with reference to costs incurred), this requires profitability within the job to be estimated reliably and reviewed/updated regularly.

Our audit procedures to address specific risks related to construction contracts included, but were not limited to the following:

- Evaluating the internal controls to prevent and detect fraud and revenue recognition
- Testing the completeness and accuracy of cost estimates and other critical inputs to the percentage of completion calculation
- Reviewing management's assumptions and estimates for bias or inconsistency
- Performing detailed analytical procedures to identify unusual trends or significant variations in related costs and revenue
- Reviewing post year end activity against estimations applied at the year end
- Reviewing the outcome of the prior years projects and the accuracy of estimations applied

Our audit did not identify any instances of fraud or irregularities that materially affect the financial statements. However, due to the inherent estimation risks in long term contracts, there is a risk that future results may differ from management's current estimates. We recommend that management continues to strengthen internal controls and monitor estimation processes to mitigate this inherent risk within construction contract accounting.

There are inherent limitations in the audit procedures described above as irregularities in relation to fraud are by nature difficult to detect as it would likely have occurred through deliberate concealment and could involve collusion and deliberate misrepresentations. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non compliance with laws and regulations.

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

Independent Auditors' Report to the Members of
Total Security protection Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' 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.




Emma Fraser FCA (Senior Statutory Auditor)
for and on behalf of Bracey's Accountants (Audit) Limited
Statutory Auditor
Chartered Accountants
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW

1 July 2025

Total Security protection Limited (Registered number: 02330115)

Consolidated Statement of Income and Retained Earnings
for the Year Ended 31 October 2024

2024 2023
Notes £    £   

TURNOVER 4 36,927,309 25,797,271

Cost of sales 23,013,467 15,683,055
GROSS PROFIT 13,913,842 10,114,216

Administrative expenses 11,382,583 8,580,583
OPERATING PROFIT 6 2,531,259 1,533,633

Interest receivable and similar income 25,733 21,702
2,556,992 1,555,335

Interest payable and similar expenses 8 10,761 -
PROFIT BEFORE TAXATION 2,546,231 1,555,335

Tax on profit 9 642,004 263,608
PROFIT FOR THE FINANCIAL YEAR 1,904,227 1,291,727

Retained earnings at beginning of year 4,698,007 4,099,618

Dividends 11 (704,139 ) (693,339 )

RETAINED EARNINGS FOR THE GROUP
AT END OF YEAR

5,898,095

4,698,006

Profit attributable to:
Owners of the parent 1,904,227 1,291,727

Total Security protection Limited (Registered number: 02330115)

Consolidated Balance Sheet
31 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 12 186,819 149,228
Investments 13 - -
186,819 149,228

CURRENT ASSETS
Stocks 14 224,148 234,699
Debtors 15 11,765,190 7,154,959
Cash at bank and in hand 5,614,058 4,627,418
17,603,396 12,017,076
CREDITORS
Amounts falling due within one year 16 11,823,830 7,404,621
NET CURRENT ASSETS 5,779,566 4,612,455
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,966,385

4,761,683

CREDITORS
Amounts falling due after more than one
year

17

(6,964

)

(11,041

)

PROVISIONS FOR LIABILITIES 20 (30,826 ) (22,136 )
NET ASSETS 5,928,595 4,728,506

CAPITAL AND RESERVES
Called up share capital 21 30,500 30,500
Retained earnings 22 5,898,095 4,698,006
SHAREHOLDERS' FUNDS 5,928,595 4,728,506

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





R W Parnell - Director


Total Security protection Limited (Registered number: 02330115)

Company Balance Sheet
31 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 12 186,363 147,911
Investments 13 838 838
187,201 148,749

CURRENT ASSETS
Stocks 14 224,148 234,699
Debtors 15 10,241,246 7,043,707
Cash at bank and in hand 4,989,467 4,047,947
15,454,861 11,326,353
CREDITORS
Amounts falling due within one year 16 9,950,608 6,555,213
NET CURRENT ASSETS 5,504,253 4,771,140
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,691,454

4,919,889

CREDITORS
Amounts falling due after more than one
year

17

(6,964

)

(11,041

)

PROVISIONS FOR LIABILITIES 20 (30,574 ) (22,136 )
NET ASSETS 5,653,916 4,886,712

CAPITAL AND RESERVES
Called up share capital 21 30,500 30,500
Retained earnings 22 5,623,416 4,856,212
SHAREHOLDERS' FUNDS 5,653,916 4,886,712

Company's profit for the financial year 1,471,343 1,408,167

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





R W Parnell - Director


Total Security protection Limited (Registered number: 02330115)

Consolidated Cash Flow Statement
for the Year Ended 31 October 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,333,125 2,238,133
Interest paid (10,761 ) -
Tax paid (574,905 ) (322,085 )
Net cash from operating activities 1,747,459 1,916,048

Cash flows from investing activities
Purchase of tangible fixed assets (77,317 ) (11,902 )
Interest received 25,733 21,702
Net cash from investing activities (51,584 ) 9,800

Cash flows from financing activities
Capital repayments in year (5,096 ) (5,097 )
Equity dividends paid (704,139 ) (693,339 )
Net cash from financing activities (709,235 ) (698,436 )

Increase in cash and cash equivalents 986,640 1,227,412
Cash and cash equivalents at beginning
of year

2

4,627,418

3,400,006

Cash and cash equivalents at end of year 2 5,614,058 4,627,418

Total Security protection Limited (Registered number: 02330115)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 October 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,546,231 1,555,335
Depreciation charges 39,727 36,543
Finance costs 10,761 -
Finance income (25,733 ) (21,702 )
2,570,986 1,570,176
Decrease/(increase) in stocks 10,551 (14,742 )
Increase in trade and other debtors (4,706,148 ) (567,525 )
Increase in trade and other creditors 4,457,736 1,250,224
Cash generated from operations 2,333,125 2,238,133

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 5,614,058 4,627,418
Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 4,627,418 3,400,006


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank and in hand 4,627,418 986,640 5,614,058
4,627,418 986,640 5,614,058
Debt
Finance leases (17,157 ) 5,096 (12,061 )
(17,157 ) 5,096 (12,061 )
Total 4,610,261 991,736 5,601,997

Total Security protection Limited (Registered number: 02330115)

Notes to the Consolidated Financial Statements
for the Year Ended 31 October 2024


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES

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

2. STATUTORY INFORMATION

Total Security protection Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity. Amounts are rounded to the nearest £1.

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.

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

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

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

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

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

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

Investments
Investments comprise amounts held in wholly owned subsidiaries. There is no active market for these investments and therefore they are measured at cost less impairment. Where cost comprises foreign currencies these are converted using the rate at acquisition and are held at the historic converted rate.

Judgement
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company accounts for long term contracts under FRS102, specifically using the percentage of costs incurred to arrive at a contract value - resulting in amounts payable or amounts recoverable on contracts - see revenue policy for more details.

The nature of this involves significant judgement which can change as time progresses. The scale of this work covers large aspects of the financial statements and it is a key estimation area of the business. Management review this monthly taking in to account specific factors in the job to ensure that the long term contracts are accounted for in accordance with FRS102 in all aspects and the estimate applied is reasonable and supported.

Total Security protection Limited (Registered number: 02330115)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024


3. ACCOUNTING POLICIES - continued

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

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

Contract Revenue Recognition
The company deals with long term contracts and in arriving at a value for these contracts the company uses the percentage of completion method with reference to the incurred costs on the job at that date against the total expected costs. This percentage is applied to the contract value and amounts invoiced are deducted from the calculation to arrive at either amounts payable on contracts (recorded in creditors) or amounts recoverable on contracts (recorded in debtors). The client performs these calculations monthly and continually reviews the details of each job when applying the estimate of costs expected, as the job progresses the most up to date knowledge of the job is applied which can vary each month.

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

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

Depreciation

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

Asset ClassDepreciation method and rate
Leasehold Improvements over lease term, 10 years
Plant and Machinery25% reducing balance
Motor vehicle 25% reducing balance
Furniture and Fittings25% reducing balance

Government grants
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using an average cost.

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

Reversals of impairment losses are also recognised in profit or loss.

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

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


Total Security protection Limited (Registered number: 02330115)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred. Research and Development tax credits are calculated in accordance with the prevailing tax statutes and are recognised within the financial statements as an appropriate reduction in the tax charge. Due to the timings and claims made the credit does not always get recorded in the relevant period as it is recorded on a receipt basis of relevant claims.

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

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

Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

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

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

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

Pension costs and other post-retirement benefits
Defined contribution pension obligation.

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

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash.

Total Security protection Limited (Registered number: 02330115)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024


3. ACCOUNTING POLICIES - continued

Trade debtors
Trade debtors are amounts due from customers for goods and services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The provision is written off to the profit and loss account in the relevant period.

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Share based payments

Equity settled share based payments are measured at fair value at the date of grant. The fair value determined at the grant date is expensed on a straight line basis over the vesting period, where material. This is based on the estimate of shares that will eventually vest and their respective conditions. A corresponding adjustment is made to equity where material.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods and services 36,927,309 25,797,271
36,927,309 25,797,271

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 32,332,875 22,303,397
Europe 4,274,720 2,513,121
Rest of the world 319,714 980,753
36,927,309 25,797,271

Total Security protection Limited (Registered number: 02330115)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024


5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 7,654,668 5,930,054
Social security costs 901,696 728,781
Other pension costs 402,014 299,639
8,958,378 6,958,474

The average number of employees during the year was as follows:
2024 2023

Sales, Service and Administration 122 101
Directors 7 7
129 108

The average number of employees by undertakings that were proportionately consolidated during the year was 4 (2023 - 8 ) .

2024 2023
£    £   
Directors' remuneration 1,007,041 1,002,685
Directors' pension contributions to money purchase schemes 185,489 147,088

The number of directors to whom retirement benefits were accruing was as follows:

Defined benefit schemes 6 6

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 261,840 253,664
Pension contributions to money purchase schemes 7,852 7,854

There were a total of 5 Directors' (2023: 4) that received total emoluments (including pension contributions) in excess of £200,000.

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 120,473 114,861
Other operating leases 436,592 290,229
Depreciation - owned assets 39,726 36,542

7. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

31,814

24,896

Total Security protection Limited (Registered number: 02330115)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024


8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest payable 10,761 -

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 621,341 405,590
Over/under provision in py - (130,917 )
Total current tax 621,341 274,673

Deferred tax 20,663 (11,065 )
Tax on profit 642,004 263,608

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,546,231 1,555,335
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

636,558

388,834

Effects of:
Expenses not deductible for tax purposes 15,860 10,244
Capital allowances in excess of depreciation (9,613 ) -
Depreciation in excess of capital allowances - 5,235
Utilisation of tax losses (42,922 ) -
Foreign tax impact 8,349 (10,294 )
Tax increase (decrease) from other short term timing differences 13,109 11,571
UK deferred tax expense (credit) 20,663 (11,065 )
Adjusted to corporation tax charge in previous years from R&D claims - (130,917 )
Total tax charge 642,004 263,608

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Interim 704,139 693,339

Total Security protection Limited (Registered number: 02330115)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024


12. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 November 2023 79,593 432 90,745
Additions - - 77,317
At 31 October 2024 79,593 432 168,062
DEPRECIATION
At 1 November 2023 14,772 117 49,576
Charge for year 7,959 79 20,426
At 31 October 2024 22,731 196 70,002
NET BOOK VALUE
At 31 October 2024 56,862 236 98,060
At 31 October 2023 64,821 315 41,169

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 82,353 2,371 255,494
Additions - - 77,317
At 31 October 2024 82,353 2,371 332,811
DEPRECIATION
At 1 November 2023 40,432 1,369 106,266
Charge for year 10,480 782 39,726
At 31 October 2024 50,912 2,151 145,992
NET BOOK VALUE
At 31 October 2024 31,441 220 186,819
At 31 October 2023 41,921 1,002 149,228

Total Security protection Limited (Registered number: 02330115)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024


12. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2023 79,593 90,745 82,353 252,691
Additions - 77,317 - 77,317
At 31 October 2024 79,593 168,062 82,353 330,008
DEPRECIATION
At 1 November 2023 14,772 49,576 40,432 104,780
Charge for year 7,959 20,426 10,480 38,865
At 31 October 2024 22,731 70,002 50,912 143,645
NET BOOK VALUE
At 31 October 2024 56,862 98,060 31,441 186,363
At 31 October 2023 64,821 41,169 41,921 147,911

Included within motor vehicles are amounts held under finance lease contracts with a net book of £12,378 (2023:£16,504) and depreciation charged of £4,126 (2023: £5,501).

13. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 November 2023
and 31 October 2024 838
NET BOOK VALUE
At 31 October 2024 838
At 31 October 2023 838

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

1. Total Security Protection (Europe) Limited
Registered office: 77 Lower Camden Street, Dublin 2, Ireland
Nature of business: Security installation and maintenance
%
Class of shares: holding
Ordinary 100.00

2. Total Perimeter Protection Ltd
Registered office: 4 Century Court, Tolpits Lane, Watford, England, WD18 9RS
Nature of business: Security installation and maintenance
%
Class of shares: holding
Ordinary 100.00

This company has been provided a subsidiary guarantee under S479 Companies Act 2006, see related party note for more details.

Total Security protection Limited (Registered number: 02330115)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024


13. FIXED ASSET INVESTMENTS - continued

3. Total Security Protection (APAC) Limited
Registered office: Room 747, 7/F, Star House, 3 Salisbury Road, Tsim Sha Tsui,Hong Kong, China
Nature of business: Security installation and maintenance
%
Class of shares: holding
Ordinary 100.00

4. Total Security Protection GmbH
Registered office: Friedrich-Ebert-Anlage 36 60325 Fankfurt am Main
Nature of business: Security installation and maintenance
%
Class of shares: holding
Ordinary 100.00

This company is an intermediate subsidiary, directly owned 100% by Total Security Protection (Europe) Limited.


14. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Finished goods 224,148 234,699 224,148 234,699

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 9,194,662 5,641,503 7,117,813 4,765,631
Provision for bad debts (190,099 ) (2,939 ) (190,099 ) (2,939 )
Amounts owed by group undertakings 47,515 - 1,147,995 1,162,783
Other debtors 178,221 201,550 8,226 -
Owed by/(from) group 1 (47,515 ) 95,918 - -
Amounts recoverable on contrac 2,016,562 972,801 1,625,781 908,794
Deferred tax asset - 11,973 - -
Prepayments 565,844 234,153 531,530 209,438
11,765,190 7,154,959 10,241,246 7,043,707

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 18) 5,097 6,116 5,097 6,116
Trade creditors 4,496,378 3,376,153 4,106,883 2,801,530
Amounts owed to group undertakings - 95,918 47,515 -
Tax 322,234 287,771 219,067 282,125
Social security and other taxes 252,374 202,802 250,343 199,375
VAT 817,082 813,299 749,999 753,997
Other creditors 3,827,658 1,036,187 2,459,860 959,748
Pension contributions unpaid 10,676 34,406 10,967 33,906
Directors' current accounts 34,576 21,337 34,576 21,338
Accrued expenses 895,972 707,486 904,518 673,932
Deferred income 1,161,783 823,146 1,161,783 823,146
11,823,830 7,404,621 9,950,608 6,555,213

Total Security protection Limited (Registered number: 02330115)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024


16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Other creditors include amounts payable on contracts of £3,815,746 (2023: £959,748).

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 18) 6,964 11,041 6,964 11,041

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 5,097 6,116
Between one and five years 6,964 11,041
12,061 17,157

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 5,097 6,116
Between one and five years 6,964 11,041
12,061 17,157

The group commitment of non-cancellable operating leases is the same as the company.

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts 12,061 17,157 12,061 17,157

The National Westminster Bank PLC holds a mortgage debenture dated 11 December 1997. All monies now due or hereafter to become due from the Company to the Bank upon any account whatsoever.

The amounts held under finance leases are secured on the relevant asset held.

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 30,826 22,136 30,574 22,136

Total Security protection Limited (Registered number: 02330115)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024


20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 November 2023 22,136
Charge to Income Statement during year 8,690
Balance at 31 October 2024 30,826

Company
Deferred
tax
£   
Balance at 1 November 2023 22,136
Charge to Income Statement during year 8,438
Balance at 31 October 2024 30,574

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
30,500 Ordinary 1 30,500 30,500

22. RESERVES

Group
Retained
earnings
£   

At 1 November 2023 4,698,007
Profit for the year 1,904,227
Dividends (704,139 )
At 31 October 2024 5,898,095

Company
Retained
earnings
£   

At 1 November 2023 4,856,212
Profit for the year 1,471,343
Dividends (704,139 )
At 31 October 2024 5,623,416


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company owed £34,576 to (2023: £21,338) the Directors. There are no terms for repayment.

Total Security protection Limited (Registered number: 02330115)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024


24. RELATED PARTY TRANSACTIONS

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements of the group.

Company
The amounts disclosed within debtors and creditors of the company represent balances due/owed at the year end by group entities. Amounts that arise under normal trading terms are not charged interest. Loans between group companies attract 5% per annum interest and there are no fixed terms for repayment on these amounts.

PARENT DECLARATION OF GUARANTEE UNDER SECTION 479 COMPANIES ACT 2006

This company has provided a parent company guarantee under S479C of the Companies Act 2006 to guarantee all outstanding liabilities for the period ended 31 October 2024, of its wholly owned subsidiary company, Total Perimeter Protection Ltd (Company no: 13772751). On that basis Total Perimeter Protection Ltd (Company no:13772751) is exempt from audit under S479A of the Companies Act 2006.

Key Management
Key management of the group is considered to be the Directors of the company only, in the current and prior year.

25. ULTIMATE CONTROLLING PARTY

The controlling party is R W Parnell.

26. SHARE-BASED PAYMENT TRANSACTIONS

EMI - Scheme details and movements

The company operates an Approved EMI share option plan. The majority Shareholder and Director has absolute discretion as to the selection of the persons to whom an option is granted by the company. The options are granted with a fixed exercise price and are exercisable in line with the terms set out in the Plan Rules.

Options which have been granted vest in line with the vesting schedule communicated to each option holder at the date of the grant.

Exercise of options will only occur when the exercise conditions have been fulfilled, namely a change in ownership.

No provision is made in the financial statements due to the immaterial cost.

27. PENSION

The group operates a defined pension contribution scheme. The pension cost charge for the year represents contributions payable by the group to the scheme(s) and amounted to £402,014 (2023: £299,639).

Contributions totalling £10,676 (2023: £34,406) were payable to the scheme(s) at the year end and are included within creditors.