Company registration number 00374510 (England and Wales)
H TEMPEST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
H TEMPEST LIMITED
COMPANY INFORMATION
Directors
B H Dodge
T Tempest
B R J Tempest
B Buck
R Tempest
J H Temby
(Appointed 1 January 2024)
J A Maros
(Appointed 1 January 2024)
Secretary
B Buck
Company number
00374510
Registered office
The Colour Laboratory
Lelant
ST IVES
Cornwall
TR26 3HU
Auditor
Old Mill Audit Limited
Leeward House
Fitzroy Road
Exeter Business Park
EXETER
Devon
EX1 3LJ
Bankers
Barclays Bank Plc
20 Lemon Street
TRURO
Cornwall
TR1 2NB
H TEMPEST LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 35
H TEMPEST LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

The main divisions of H Tempest Limited during 2024 were:

 

  1. School Photography including large group photography

  2. Graduation Photography

  3. Graduation Gowning

  4. Year books in education

  5. Cruise Ship photography

 

2024 saw our sales drop in the School Photography market but we did see some further growth from our cruise ship photography business. Overall turnover across the group was £39.5M.

 

One of our KPIs is gross profit which equated to 42%.

 

Profits have reduced from £1.9M in 2023 to £800K in 2024. The drop in turnover within our school photography division can be attributed to a drop in the number of accounts photographed. Increasing the number of Schools we work with remains our focus and there is a great deal of work and resource being applied to this.

 

We continued to try and control costs as much as possible in 2024, however there is still much work to do particularly with our vehicle fleet and transport costs. Employment costs remained fairly steady but will increase significantly this current year due to the increases in employers’ National Insurance contributions. We continue to look at all areas of expenditure to ensure that we are operating as efficiently as possible.

 

Tempest Travel Photography saw a good increase in turnover with more ships using our service although profit margin was reduced due to increases in commission payments. Further growth will be sought from new initiatives and product development.

 

Allyearbooks Limited, our yearbook business, saw a small increase in profit and this is another area of the business where we have plans for expansion within our existing school photography work.

Principal risks and uncertainties

Supplier prices will see some increases in 2025, but we will continue to seek the best value wherever possible to mitigate these increases.

 

The large increase in employer National Insurance contributions from April 2025 will lead to increased employment costs.

 

Increasing the volume of work we undertake across the group remains our primary objective and the structure we now have in place will help with these plans.

 

We continue to look carefully at our products and pricing to ensure we are offering all our customers in every market a relevant and appropriately priced range of photographs. Price remains a key factor particularly within the school photography business.

 

H TEMPEST LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Future development and performance

We continue to invest across the business to ensure that we remain at the forefront of the industry. We have recently undertaken some restructuring that has led to some key changes in how we operate the business. This will allow for more collaboration across the group and ultimately further growth.

 

We have introduced a new service for customers in the school market which enables customization of images which we hope will increase our market share and revenue. We have also strengthened the dedicated school sales team with plans to develop this further into 2025.

 

As part of our restructuring, we have strengthened our focus on IT and software development under one technology department. This will lead to the ability to improve and develop all our systems in a more efficient way.

 

New cameras that were rolled out in 2024 have improved the quality of our image capture and with further enhancements for our customers’ online experience we hope to see an increase in participation.

Key performance indicators

The directors continue to monitor the performance of the company by using a number of key financial performance indicators, including:

 

Section 172 statement

As a family business in the South West of Cornwall we have a heightened awareness of the effects of our business on each of our stakeholders and as such all decisions we make have our stakeholders at heart. Our effect on our environment and where and how we do business is paramount. We understand our duty as directors to promote the success of the company for the benefit of its members as a whole having regard to:

 

1. The interests of our employees

2. Acting fairly as between members of the group

3. Our impact of operations and decisions on the community and the environment

4. Fostering business relations with suppliers, customers, and others

5. Maintaining a reputation for high standards of business conduct

6. Likely consequences of any decision in the long term.

 

H Tempest Ltd is committed to fostering good relationships with everyone we encounter through the course of our business. Our values have been passed down from Horace Tempest who incorporated the company on 16 June 1942. It is often discussed that there is a type of person that H Tempest Ltd attracts. We pride ourselves on the fact that this type of person is honest, hardworking, wants the best for the business and all the other stakeholders and so we naturally look at business as a partnership between everyone involved.

 

Our reputation is something that precedes us, and we are proud as a board to make decisions which will further consolidate and improve our reputation. We work principally as photographers in Schools, Universities and the cruise ship market which means we come into direct contact with many different types of people and so all our decision‐making processes need to factor in these relationships and how it will ultimately affect them.

 

H TEMPEST LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

From our suppliers to anyone we work with, we treat them as a partner, with their success and values aligned with our own. This is borne out by our long‐term relationships. Our relationships with our employees, suppliers and customers tend to be long term with some employees being with us for over 40 years and customers and suppliers who have been with us for decades.

 

The following paragraphs are just to illustrate a few points made above.

 

We continue to provide training and development opportunities for staff throughout the Company to increase skill levels and improve job satisfaction. As an example, in 2024 we introduced training for all staff in diversity, equality and inclusion to help us develop as a business. A real focus on customer care is fundamental at all levels of the business and everyone involved has the responsibility to ensure they do their best to achieve this. Communication and maintaining good working relationships with our suppliers is also important for the smooth running of the entire operation.

 

The impact of business on the environment has never been more important. Therefore we will continue to develop all our products with this in mind and also work with our suppliers to ensure all items we use in the course of our business are environmentally considered.

 

We continue to develop our technology strategy to enhance product choice, ease of ordering for customers, production efficiency and environmental impact.

On behalf of the board

R Tempest
Director
10 July 2025
H TEMPEST LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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

Principal activities

The principal activity of the company and group continued to be that of nationwide portrait and group photographers.

Results and dividends

The results for the year are set out on page 12.

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

Directors

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

B H Dodge
T Tempest
B R J Tempest
B Buck
R Tempest
J H Temby
(Appointed 1 January 2024)
J A Maros
(Appointed 1 January 2024)
Qualifying third party indemnity provisions

The group has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk

The company continually monitors and manages operating risks.

Objectives and policies

The company is exposed to a variety of financial risks which include competitor and market price risk. The policy towards these financial risks is determined by the board, and then adopted and enforced by the management team.

Research and development

The group policy is to invest in product innovation and manufacturing improvement to enable it to retain and enhance its market position. Continuing investment has been made on the IT/Software development department.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group is committed to keeping its employees informed of developments and progress through regular meetings, the use of information bulletins, newsletters, staff forums, instant chat, intranets and our own bespoke mobile apps and companywide software.

H TEMPEST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Business relationships

From our suppliers to anyone we work with, we treat as a partner, with their success and values aligned with our own, this is borne out by our long‐term relationships. Our relationships with our employees, suppliers and customers tend to be long term with some employees being with us for over 40 years and customers and suppliers who have been with us for decades. We like to visit our suppliers and have a policy of paying their accounts within the agreed period of credit. In the majority of cases this is within 28 days.

Auditor

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

Energy and carbon report

This report summarises the UK energy use and associated Co2 emissions for the group under the streamlined Energy & Carbon Reporting (SECR) policy, implemented by The Companies (Director's Report) and Limited Liability Partnership (Energy and Carbon Report) Regulations 2018.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
2,691,629
2,904,728
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
116.37
181.50
- Fuel consumed for owned transport
289.87
288.42
406.24
469.92
Scope 2 - indirect emissions
- Electricity purchased
166.23
163.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
14.68
14.90
Total gross emissions
587.15
647.82
Intensity ratio
Tonnes Co2e per employee
1.07
1.06
Quantification and reporting methodology

Greenhouse gas emissions are reported in gross tonnes CO2e in line with the requirements of large unquoted companies set out in the UK Government’s Environmental Reporting Guidelines (March 2019 version) and use the UK Government GHG (Green House Gas) Conversion Factors for Company Reporting (2024 version 1.1). The operational control approach for the company’s UK activities has been applied and is guided by the GHG Protocol – Corporate Standard (revised edition). Gross calorific values have been applied to conversion of net values of vehicle fuel. Emissions from electricity are location based and report grid supplied electricity (Scope 2 only). Transport emissions relating to owned vehicles (Scope 1) and where employees have used their own vehicle for business purposes (Scope 3) have been combined.

 

H TEMPEST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Intensity measurement

The chosen intensity ratio is gross total emissions in tonnes of CO2e per employee, the recommended ratio for the sector. The decrease in intensity ratio is reflective of a change in vehicle fleet from diesel cars to electric and hybrid vehicles.

Measures taken to improve energy efficiency

H Tempest continues to implement sustainability efforts into operations. These include:

 

eProofing: H Tempest continue to increase use of eProofing. By reducing the need for physical paper proofs, eProofing helps to minimise paper consumption, use of ink, energy usage, and carbon emissions associated with printing and shipping. This aligns with sustainability goals and contributes to a more sustainable and eco-friendly photography business model, continuing to support schools’ sustainability initiatives.

 

Biodiversity: In a protected woodland and garden, we again supported the ‘No Mow May’ initiative to help birds and insects on our grounds thrive, survive, and produce high amounts of pollen for bees. It also increases biodiversity by attracting insects from all around. We have removed varieties of existing species of plants to allow for the planting of new ones. These efforts have continued this year.

 

Waste reduction: Tempest remains committed to reducing waste in all its processes, with systems and procedures in place to monitor our waste streams. Our waste processes are regularly reviewed and, where possible, improvements are continually made to reduce the number and quantity of waste streams. Following last year’s successful reductions through greater segregation and recycling, these improvements have been maintained and developed further this year.

 

Carbon emissions: We have continued to reduce our carbon footprint over the last year by implementing several projects:

 

Lighting upgrade - replacement of lighting units with LED

 

Movement sensors - by eliminating the need to keep lights on, these switches drastically reduce electricity consumption.

Staff engagement programme - introducing switch off campaign i.e. stickers, staff engagement

 

Eco-driving - Implement eco-driving training to promote fuel-efficient driving practices

 

Energy management – installing smart energy readers to monitor energy usage on all sites

 

Transition to electric heating by replacing all remaining gas heating systems - Laboratory site gas heating is now phased out.            

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and risk and business review.

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.

H TEMPEST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
On behalf of the board
R Tempest
Director
10 July 2025
H TEMPEST LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -

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:

 

 

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.

H TEMPEST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF H TEMPEST LIMITED
- 9 -
Opinion

We have audited the financial statements of H. Tempest Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise 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 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:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

H TEMPEST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF H TEMPEST LIMITED
- 10 -
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:

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.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. We also addressed the need for all staff to be DBS checked due to close working with children in the day to day running of the business. This regulation was tested and considered to be met as schools and colleges will not allow anyone without this check to be granted entry on their premises.

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.

H TEMPEST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF H TEMPEST LIMITED
- 11 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Mills MSc BA ACA (Senior Statutory Auditor)
For and on behalf of Old Mill Audit Limited, Statutory Auditor
Leeward House
Fitzroy Road
Exeter Business Park
EXETER
Devon
EX1 3LJ
10 July 2025
H TEMPEST LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
39,220,093
39,297,959
Cost of sales
(22,665,671)
(22,219,905)
Gross profit
16,554,422
17,078,054
Administrative expenses
(16,647,317)
(16,092,771)
Other operating income
20,066
16,664
Operating (loss)/profit
4
(72,829)
1,001,947
Interest receivable and similar income
12
797,087
717,699
Interest payable and similar expenses
8
-
0
(57)
Amounts written off investments
9
-
(1)
Profit before taxation
724,258
1,719,588
Tax on profit
10
(321,200)
(443,114)
Profit for the financial year
403,058
1,276,474
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
H TEMPEST LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
13
5,874,618
5,611,464
5,874,618
5,611,464
Current assets
Stocks
15
1,726,675
1,735,418
Debtors
17
2,496,528
1,769,287
Cash at bank and in hand
22,482,039
23,170,619
26,705,242
26,675,324
Creditors: amounts falling due within one year
18
(5,605,941)
(5,894,827)
Net current assets
21,099,301
20,780,497
Total assets less current liabilities
26,973,919
26,391,961
Provisions for liabilities
Deferred tax liability
19
406,021
227,121
(406,021)
(227,121)
Net assets
26,567,898
26,164,840
Capital and reserves
Called up share capital
21
472,489
472,489
Capital redemption reserve
28,861
28,861
Other reserves
182,500
182,500
Profit and loss reserves
25,884,048
25,480,990
Total equity
26,567,898
26,164,840
The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
10 July 2025
B H Dodge
R Tempest
Director
Director
Company registration number 00374510 (England and Wales)
H TEMPEST LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
5,582,975
5,292,655
Investments
14
850,074
850,074
6,433,049
6,142,729
Current assets
Stocks
15
1,320,493
1,432,600
Debtors
17
3,196,264
2,326,198
Cash at bank and in hand
22,295,006
23,102,881
26,811,763
26,861,679
Creditors: amounts falling due within one year
18
(5,476,773)
(5,526,249)
Net current assets
21,334,990
21,335,430
Total assets less current liabilities
27,768,039
27,478,159
Provisions for liabilities
Deferred tax liability
19
341,909
157,833
(341,909)
(157,833)
Net assets
27,426,130
27,320,326
Capital and reserves
Called up share capital
21
472,489
472,489
Capital redemption reserve
28,861
28,861
Other reserves
182,500
182,500
Profit and loss reserves
26,742,280
26,636,476
Total equity
27,426,130
27,320,326

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 £105,804 (2023 - £980,519 profit).

The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
10 July 2025
B H Dodge
R Tempest
Director
Director
Company registration number 00374510 (England and Wales)
H TEMPEST LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Capital redemption reserve
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
472,489
28,861
182,500
24,204,516
24,888,366
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
1,276,474
1,276,474
Balance at 31 December 2023
472,489
28,861
182,500
25,480,990
26,164,840
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
403,058
403,058
Balance at 31 December 2024
472,489
28,861
182,500
25,884,048
26,567,898
H TEMPEST LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
Share capital
Capital redemption reserve
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
472,489
28,861
182,500
25,655,957
26,339,807
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
980,519
980,519
Balance at 31 December 2023
472,489
28,861
182,500
26,636,476
27,320,326
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
105,804
105,804
Balance at 31 December 2024
472,489
28,861
182,500
26,742,280
27,426,130
H TEMPEST LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
661,527
(278,892)
Interest paid
-
0
(57)
Income taxes paid
(744,622)
(826,087)
Net cash outflow from operating activities
(83,095)
(1,105,036)
Investing activities
Purchase of tangible fixed assets
(1,418,674)
(1,225,968)
Proceeds from disposal of tangible fixed assets
16,102
14,571
Interest received
797,087
716,550
Other income received from investments
-
0
1,149
Net cash used in investing activities
(605,485)
(493,698)
Net decrease in cash and cash equivalents
(688,580)
(1,598,734)
Cash and cash equivalents at beginning of year
23,170,619
24,769,353
Cash and cash equivalents at end of year
22,482,039
23,170,619
H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
1
Accounting policies
Company information

H Tempest Limited (“the parent company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Colour Laboratory, Lelant, ST IVES, Cornwall, TR26 3HU.

 

The group consists of H Tempest 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, modified to include certain financial instruments at fair value. 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 H. Tempest Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the 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 trade discounts, settlement discounts and volume rebates.

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

H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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 5 years.

 

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

1.6
Intangible fixed assets other than goodwill

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

 

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

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

Other intangible assets
Reviewed annually for impairment
1.7
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:

Land and buildings
improvements are depreciated over 50 years
Leasehold property
over 3 years
Plant and machinery
over 3 to 10 years
Computers
over 3 years
Motor vehicles
over 4 years
Websites
over 3 to 5 years

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.

No depreciation is provided on the purchase cost of freehold properties which is a departure from the requirements of the Companies Act 2006. It is the company's policy to maintain freehold buildings in good condition at all times. In the opinion of the directors the residual value of these freehold buildings is not significantly different from the carrying value shown in the financial statements and to depreciate them would not give a true and fair view. If this departure from the Act had not been made, the results for the year would have been reduced by depreciation of £62,000.

H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.8
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.

1.9
Impairment of fixed assets

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

 

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

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

 

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

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

1.10
Stocks

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

 

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

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.

H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
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.

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.

H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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.

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.

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.

H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
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

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
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.

H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 24 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Estimated useful lives

In determining the estimated useful life the company considers the expected usage (capacity or physical output) of the asset, expected physical wear and tear of the asset and expected technical advancements in the industry that could lead to obsolescence of the asset. Each year the company reviews the above to establish if there is any change in expected useful life of tangible assets.

Calculation of residual values of tangible assets

Estimated residual value of tangible assets is reviewed annually with consideration given to any changes in market prices and improvements in technology that would alter demand for such tangible assets.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales
37,565,104
37,584,147
Services
1,654,989
1,713,812
39,220,093
39,297,959
2024
2023
£
£
Turnover analysed by geographical market
UK
33,647,597
34,520,805
Europe
54,384
171,028
Rest of world
5,518,112
4,606,126
39,220,093
39,297,959
2024
2023
£
£
Other revenue
Interest income
797,087
716,550
H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging:
Exchange losses
16,594
24,092
Depreciation of owned tangible fixed assets
1,113,017
1,074,910
Loss on disposal of tangible fixed assets
26,401
68,598
Amortisation of intangible assets
-
61,962
Operating lease charges
2,282,887
1,849,610
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
33,165
29,227
For other services
Taxation compliance services
11,612
5,902
All other non-audit services
19,179
9,798
30,791
15,700
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production staff
479
502
472
497
Sales staff
26
28
26
28
Administrative staff
60
68
60
68
Directors
7
6
7
6
Total
572
604
565
599
H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 26 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
14,358,749
14,468,559
13,827,063
13,959,149
Social security costs
1,453,889
1,503,900
1,400,016
1,452,936
Pension costs
386,684
353,925
375,908
342,514
16,199,322
16,326,384
15,602,987
15,754,599
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,286,295
1,698,201
Company pension contributions to defined contribution schemes
49,130
30,000
1,335,425
1,728,201

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
271,518
851,233
Company pension contributions to defined contribution schemes
10,000
10,000
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
57
9
Amounts written off investments
2024
2023
£
£
Other gains and losses
-
(1)
H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
142,123
289,009
Deferred tax
Origination and reversal of timing differences
179,077
154,105
Total tax charge
321,200
443,114

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

2024
2023
£
£
Profit before taxation
724,258
1,719,588
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
181,065
404,447
Tax effect of expenses that are not deductible in determining taxable profit
23,772
1,026
Permanent capital allowances in excess of depreciation
874
(4,529)
Depreciation on assets not qualifying for tax allowances
114,923
5,281
Amortisation on assets not qualifying for tax allowances
-
0
14,574
Other permanent differences
-
0
186,167
Capital Gains
5,771
-
0
Deferred tax not recognised in prior years
(5,254)
(183,485)
Difference in deferred tax rate movement
-
20,101
Difference in tax rate for group companies
-
(468)
Qualifying donations unutilised
49
-
Taxation charge
321,200
443,114
11
Intangible fixed assets
Group
Goodwill
Other intangible assets
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
2,728,990
7,500
2,736,490
Amortisation and impairment
At 1 January 2024 and 31 December 2024
2,728,990
7,500
2,736,490
H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Intangible fixed assets
(Continued)
- 28 -
Carrying amount
At 31 December 2024
-
0
-
0
-
0
At 31 December 2023
-
0
-
0
-
0
Company
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
1,901,385
Amortisation and impairment
At 1 January 2024 and 31 December 2024
1,901,385
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
12
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
797,087
716,441
Other interest income
-
109
Total interest revenue
797,087
716,550
Income from fixed asset investments
Income from other fixed asset investments
-
0
1,149
Total income
797,087
717,699

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
797,087
716,441
H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
13
Tangible fixed assets
Group
Land and buildings
Leasehold property
Plant and machinery
Computers
Motor vehicles
Websites
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
3,657,710
161,154
12,764,453
159,928
100,826
166,839
17,010,910
Additions
-
0
1,145
1,354,619
61,658
-
0
1,252
1,418,674
Disposals
-
0
-
0
(476,367)
-
0
-
0
-
0
(476,367)
At 31 December 2024
3,657,710
162,299
13,642,705
221,586
100,826
168,091
17,953,217
Depreciation and impairment
At 1 January 2024
1,060,392
138,444
9,918,218
83,188
93,482
105,722
11,399,446
Depreciation charged in the year
6,952
18,027
981,470
72,087
3,672
30,809
1,113,017
Eliminated in respect of disposals
-
0
-
0
(433,864)
-
0
-
0
-
0
(433,864)
At 31 December 2024
1,067,344
156,471
10,465,824
155,275
97,154
136,531
12,078,599
Carrying amount
At 31 December 2024
2,590,366
5,828
3,176,881
66,311
3,672
31,560
5,874,618
At 31 December 2023
2,597,318
22,710
2,846,235
76,740
7,344
61,117
5,611,464
H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
Company
Land and buildings
Leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
3,657,710
161,154
12,451,801
100,826
16,371,491
Additions
-
0
1,145
1,258,199
-
0
1,259,344
Disposals
-
0
-
0
(476,367)
-
0
(476,367)
At 31 December 2024
3,657,710
162,299
13,233,633
100,826
17,154,468
Depreciation and impairment
At 1 January 2024
1,060,392
138,444
9,786,518
93,482
11,078,836
Depreciation charged in the year
6,952
18,027
897,870
3,672
926,521
Eliminated in respect of disposals
-
0
-
0
(433,864)
-
0
(433,864)
At 31 December 2024
1,067,344
156,471
10,250,524
97,154
11,571,493
Carrying amount
At 31 December 2024
2,590,366
5,828
2,983,109
3,672
5,582,975
At 31 December 2023
2,597,318
22,710
2,665,283
7,344
5,292,655

Included within land and buildings are freehold land and buildings with a net book value of £2,328,852 (2023 - £2,328,852) which are not depreciated.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
850,074
850,074
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
850,074
Carrying amount
At 31 December 2024
850,074
At 31 December 2023
850,074
H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,320,493
1,432,600
1,320,493
1,432,600
Finished goods and goods for resale
406,182
302,818
-
0
-
0
1,726,675
1,735,418
1,320,493
1,432,600
16
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Allyearbooks Limited
UK
Year books in education
Ordinary
100.00
Tempest Photography Limited
UK
Dormant
Ordinary
100.00
The Graduation Gowning Company Limited
UK
Dormant
Ordinary
100.00
Jolt Media Limited
UK
Dormant
Ordinary
100.00
Tempest Travel Photography Limited
UK
Cruise ship photography
Ordinary
100.00

Allyearbooks Limited and Tempest Travel Photography Limited are exempt from the requirements of the Companies Act relating to the audit of its accounts by virtue of s479A Companies Act 2006.

 

Tempest Photography Limited, The Graduation Gowning Company Limited and Jolt Media Limited are not consolidated due to them being dormant and not material.

 

All of the above subsidiaries have the same registered address of The Colour Laboratory, Lelant, St. Ives, Cornwall, TR26 3HU.

17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
231,524
390,176
12,777
21,374
Corporation tax recoverable
713,490
110,991
855,613
255,613
Amounts owed by group undertakings
-
-
1,004,488
924,319
Other debtors
339,092
296,691
140,664
163,496
Prepayments and accrued income
1,211,286
970,116
1,182,722
961,396
2,495,392
1,767,974
3,196,264
2,326,198
Deferred tax asset (note 19)
1,136
1,313
-
0
-
0
2,496,528
1,769,287
3,196,264
2,326,198
H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,683,328
2,227,871
1,521,809
1,871,270
Amounts owed to group undertakings
-
0
-
0
126,790
126,020
Other taxation and social security
2,720,252
2,403,486
2,704,980
2,392,394
Other creditors
526,713
860,110
503,716
846,905
Accruals and deferred income
675,648
403,360
619,478
289,660
5,605,941
5,894,827
5,476,773
5,526,249
19
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
506,762
233,100
(1,332)
1,313
Tax losses
(81,531)
-
-
-
Other timing differences
(19,210)
(5,979)
2,468
-
406,021
227,121
1,136
1,313
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
442,554
163,812
-
-
Tax losses
(81,435)
-
-
-
Other timing differences
(19,210)
(5,979)
-
-
341,909
157,833
-
-
H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Deferred taxation
(Continued)
- 33 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
225,808
157,833
Charge to profit or loss
179,077
184,076
Liability at 31 December 2024
404,885
341,909

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
386,684
353,925

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.

 

At 31 December 2024 there were outstanding pension liabilities of £45,204 (2023: £56,969).

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
472,489
472,489
472,489
472,489

The Ordinary Shares confer on the holders the right to receive notice of and to attend, speak, and vote at all general meetings of the company. Shares rank equally for voting purposes. Each share ranks equally for any dividend declared.

Each ordinary share carries equal voting rights and has no right to fixed income.

H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
22
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,671,842
969,652
1,671,842
969,652
Between two and five years
3,150,413
2,330,591
3,150,413
2,330,591
4,822,255
3,300,243
4,822,255
3,300,243
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
2,000,864
2,407,347
Transactions with related parties

The Company has taken advantage of the exemption in FRS 102 33.1A 'Related Party Disclosures' from disclosing transactions with other members of the group.

24
Controlling party

The ultimate controlling parties of the company are the director shareholders who own 53% of the called up share capital.

H TEMPEST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
25
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit after taxation
403,058
1,276,474
Adjustments for:
Taxation charged
321,200
443,114
Finance costs
-
0
57
Investment income
(797,087)
(717,699)
Loss on disposal of tangible fixed assets
26,401
68,598
Amortisation and impairment of intangible assets
-
61,962
Depreciation and impairment of tangible fixed assets
1,113,017
1,074,910
Other gains and losses
-
1
Movements in working capital:
Decrease/(increase) in stocks
8,743
(212,736)
Increase in debtors
(124,919)
(498,943)
Decrease in creditors
(288,886)
(1,774,630)
Cash generated from/(absorbed by) operations
661,527
(278,892)
26
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
23,170,619
(688,580)
22,482,039
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100B H DodgeT TempestB R J TempestR TempestJ H TembyJ A MarosJ A MarosB Buckfalse00374510bus:Consolidated2024-01-012024-12-31003745102024-01-012024-12-3100374510bus:Director12024-01-012024-12-3100374510bus:Director22024-01-012024-12-3100374510bus:Director32024-01-012024-12-3100374510bus:CompanySecretaryDirector12024-01-012024-12-3100374510bus:Director42024-01-012024-12-3100374510bus:Director52024-01-012024-12-3100374510bus:Director62024-01-012024-12-3100374510bus:CompanySecretary12024-01-012024-12-3100374510bus:Director72024-01-012024-12-3100374510bus:RegisteredOffice2024-01-012024-12-3100374510bus:Agent12024-01-012024-12-31003745102024-12-3100374510bus:Consolidated2024-12-3100374510bus:Consolidated2023-01-012023-12-31003745102023-01-012023-12-3100374510bus:Consolidated2023-12-3100374510core:Goodwillbus:Consolidated2024-12-3100374510core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2024-12-3100374510core:Goodwillbus:Consolidated2023-12-3100374510core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-12-3100374510core:Goodwill2024-12-3100374510core:Goodwill2023-12-31003745102023-12-3100374510core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-12-3100374510core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-12-3100374510core:PlantMachinerybus:Consolidated2024-12-3100374510core:ComputerEquipmentbus:Consolidated2024-12-3100374510core:MotorVehiclesbus:Consolidated2024-12-3100374510core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2024-12-3100374510core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3100374510core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-12-3100374510core:PlantMachinerybus:Consolidated2023-12-3100374510core:ComputerEquipmentbus:Consolidated2023-12-3100374510core:MotorVehiclesbus:Consolidated2023-12-3100374510core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-12-3100374510core:LandBuildingscore:OwnedOrFreeholdAssets2024-12-3100374510core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-12-3100374510core:PlantMachinery2024-12-3100374510core:MotorVehicles2024-12-3100374510core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3100374510core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3100374510core:PlantMachinery2023-12-3100374510core:MotorVehicles2023-12-3100374510core:ShareCapitalbus:Consolidated2024-12-3100374510core:ShareCapitalbus:Consolidated2023-12-3100374510core:CapitalRedemptionReservebus:Consolidated2024-12-3100374510core:CapitalRedemptionReservebus:Consolidated2023-12-3100374510core:OtherMiscellaneousReservebus:Consolidated2024-12-3100374510core:OtherMiscellaneousReservebus:Consolidated2023-12-3100374510core:ShareCapital2024-12-3100374510core:ShareCapital2023-12-3100374510core:CapitalRedemptionReserve2024-12-3100374510core:CapitalRedemptionReserve2023-12-3100374510core:OtherMiscellaneousReserve2024-12-3100374510core:OtherMiscellaneousReserve2023-12-3100374510core:RetainedEarningsAccumulatedLosses2024-12-3100374510core:RetainedEarningsAccumulatedLosses2023-12-3100374510core:ShareCapitalbus:Consolidated2022-12-3100374510core:CapitalRedemptionReservebus:Consolidated2022-12-31003745102022-12-3100374510core:ShareCapital2022-12-3100374510core:CapitalRedemptionReserve2022-12-3100374510core:RetainedEarningsAccumulatedLosses2022-12-3100374510bus:Consolidated12024-01-012024-12-3100374510bus:Consolidated12023-01-012023-12-3100374510bus:Consolidated2022-12-3100374510core:Goodwill2024-01-012024-12-3100374510core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3100374510core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-012024-12-3100374510core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-3100374510core:LandBuildingscore:LongLeaseholdAssets2024-01-012024-12-3100374510core:PlantMachinery2024-01-012024-12-3100374510core:ComputerEquipment2024-01-012024-12-3100374510core:MotorVehicles2024-01-012024-12-3100374510core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-01-012024-12-3100374510core:UKTaxbus:Consolidated2024-01-012024-12-3100374510core:UKTaxbus:Consolidated2023-01-012023-12-3100374510bus:Consolidated22024-01-012024-12-3100374510bus:Consolidated22023-01-012023-12-3100374510bus:Consolidated32024-01-012024-12-3100374510bus:Consolidated32023-01-012023-12-3100374510bus:Consolidated42024-01-012024-12-3100374510bus:Consolidated42023-01-012023-12-3100374510core:Goodwillbus:Consolidated2023-12-3100374510core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-12-3100374510bus:Consolidated2023-12-3100374510core:Goodwill2023-12-3100374510core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3100374510core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-12-3100374510core:PlantMachinerybus:Consolidated2023-12-3100374510core:ComputerEquipmentbus:Consolidated2023-12-3100374510core:MotorVehiclesbus:Consolidated2023-12-3100374510core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-12-3100374510core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3100374510core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3100374510core:PlantMachinery2023-12-3100374510core:MotorVehicles2023-12-31003745102023-12-3100374510core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-01-012024-12-3100374510core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-01-012024-12-3100374510core:PlantMachinerybus:Consolidated2024-01-012024-12-3100374510core:ComputerEquipmentbus:Consolidated2024-01-012024-12-3100374510core:MotorVehiclesbus:Consolidated2024-01-012024-12-3100374510core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2024-01-012024-12-3100374510core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-01-012024-12-3100374510core:Subsidiary12024-01-012024-12-3100374510core:Subsidiary22024-01-012024-12-3100374510core:Subsidiary32024-01-012024-12-3100374510core:Subsidiary42024-01-012024-12-3100374510core:Subsidiary52024-01-012024-12-3100374510core:Subsidiary112024-01-012024-12-3100374510core:Subsidiary222024-01-012024-12-3100374510core:Subsidiary332024-01-012024-12-3100374510core:Subsidiary442024-01-012024-12-3100374510core:Subsidiary552024-01-012024-12-3100374510core:CurrentFinancialInstruments2024-12-3100374510core:CurrentFinancialInstruments2023-12-3100374510core:CurrentFinancialInstrumentsbus:Consolidated2024-12-3100374510core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3100374510core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-12-3100374510core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3100374510core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3100374510core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3100374510bus:PrivateLimitedCompanyLtd2024-01-012024-12-3100374510bus:FRS1022024-01-012024-12-3100374510bus:Audited2024-01-012024-12-3100374510bus:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3100374510bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP