| REGISTERED NUMBER: NI636699 (Northern Ireland) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 1 MAY 2023 TO 31 OCTOBER 2024 |
| FOR |
| TEEMORE HOLDINGS LIMITED |
| REGISTERED NUMBER: NI636699 (Northern Ireland) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 1 MAY 2023 TO 31 OCTOBER 2024 |
| FOR |
| TEEMORE HOLDINGS LIMITED |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 7 |
| Consolidated Income Statement | 10 |
| Consolidated Other Comprehensive Income | 11 |
| Consolidated Balance Sheet | 12 |
| Company Balance Sheet | 13 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 19 |
| TEEMORE HOLDINGS LIMITED |
| COMPANY INFORMATION |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Thomas Samuel Patton |
| AUDITORS: |
| Chartered Accountants and Statutory Auditors |
| 6 East Bridge Street |
| Enniskillen |
| Co. Fermanagh |
| BT74 7BT |
| BANKERS: | Ulster Bank Limited |
| 186 Main Street |
| Lisnaskea |
| Co. Fermanagh |
| BT92 OJF |
| SOLICITORS: |
| Imperial Buildings |
| 38 - 40 Queen Elizabeth Road |
| Enniskillen |
| Co Fermanagh |
| BT74 7BY |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| GROUP STRATEGIC REPORT |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| The directors present their strategic report of the company and group for the period ended 31 October 2024. |
| PRINCIPAL ACTIVITIES |
| The principal activities of the group in the year under review was that of the manufacture and supply of quality livestock equipment. |
| REVIEW OF BUSINESS |
| The directors consider the results for the year and the position of group at the year end to be good and in line with expectations. |
| The profit before taxation or the year is £2,027,622 (2023 £1,275,754). This was achieved on a turnover of £26,547,817 (2023 £16,320,605). Net assets have increased to £9,978,527 (2023 £8,531,157). The directors are pleased with the financial position of the company at the year end. |
| The group's prospects for 2024/2025 remains solid and the directors view the outlook for the group to be satisfactory. |
| The group's key performance indicators are as follows: |
| 2024 | 2023 |
| £ | £ |
| Turnover | £26,547 | £16,320 |
| Gross Profit Margin | 20.48% | 20.42% |
| Operating Profit Margin | 7.94% | 8.50% |
| Shareholders' Equity | £9,978 | £8,531 |
| The group's order book for the remainder of 2024 remains strong. The group's capital investment programme continues to modernise the premises, plant and machinery assets. The directors are confident that the ongoing investments will deliver continued success to the group. |
| SECTION 172(1) STATEMENT |
| The directors recognise their responsibility under Section 172(1) of the Companies Act 2006 to promote the success of the group for the benefit of the members as a whole and in doing so have regard to: |
| a. The likely consequence of any decisions in the long term; |
| b. The interest of the group's employees; |
| c. The need to foster the group's business relationships with suppliers, customers and others; |
| d. The impact of the group's operations on the community and the environment; |
| e. The desirability of the group maintaining a reputation for high standards of business conduct; |
| f. The need to act fairly between members of the group. |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| GROUP STRATEGIC REPORT |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| The key points relating to these factors are considered below in the decision making process. |
| (a) The likely consequence of any decision in the long term |
| The directors are focused on a strategic plan which promotes the long-term viability of the group. This |
| strategy considers the various risks facing the business and concentrates on the long term sustainability of the group. |
| (b) The interest of the group's employees |
| The group regards that a skilled and experienced workforce is one of its most important resources. The |
| health, safety and wellbeing of the group's employees remains a priority. The group is committed to |
| achieving the highest possible standards in health and safety management and strives to make all production |
| facilities, sites and offices safe environments for employees and customers alike. Retention of key staff is critical |
| and there is relatively low turnover of personnel. Their knowledge and experience are vital in the group's |
| ability to serve customer requirements and to meet contractual obligations. |
| (c) The need to foster the group's business relationship with suppliers, customers and others |
| The directors regularly review how the group maintains positive relationships with all of its stakeholders |
| including suppliers, customers and others. Our continued successes have been founded on building strong |
| relationships with customers, working collaboratively with them, anticipating issues they face, providing |
| problem-solving solutions and using our expert capabilities to deliver satisfactory solutions. The group has an |
| extensive and valued supply chain who supply our business with the highest quality of product. Suppliers are |
| treated in a fair and consistent manner which includes prompt payment. |
| (d) The impact of the group's operations on the community and the environment |
| The group recognises its corporate responsibility to carry out its operations whilst minimising environmental |
| impacts. The directors continually aim to comply with all applicable environmental legislation, prevent pollution |
| and reduce waste where possible. The aim of the group is to continue to reduce its carbon footprint and help make a contribution to the government's carbon reduction targets. |
| (e) The desirability of the group maintaining a reputation for high standards of business conduct |
| The directors continue to take the responsibility of ensuring the group remains a good corporate citizen |
| seriously and consider that maintaining its strong reputation for the highest standards of business conduct to be an important priority. Operating in well invested factories and having skilled employees are key to maintaining the highest standards of product development. |
| (f) The need to act fairly between members of the group |
| The group is a family owned business with a goal to ensure the continued success of the group. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Strong and effective risk management is a central strategy in the manner which the directors run the business. |
| The directors consider the principal risks and uncertainties faced by the group which are in the areas of safety, contract management, resourcing, finance and regulations. The livestock equipment sector as a whole is affected by the general economic conditions and product prices. |
| . |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| GROUP STRATEGIC REPORT |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| The directors of the group manage these risks by a process of regular strategic reviews to assess competitor activity, market share allocation and other new developments. |
| Internally the directors further manage these risks by close attention to health and safety, customer service levels and supplier contractual arrangements. |
| In the directors opinion the risks and uncertainties facing the group are adequately addressed and managed. |
| FINANCIAL RISK MANAGEMENT |
| The group's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk, price risk and currency risk. Given the size of the group the financial risk management is not delegated and is controlled by the directors. |
| Credit risk |
| The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The group reassesses credit risk on an ongoing basis. |
| Liquidity risk |
| The group has significant cash resources and uses a policy of advance payments on major contracts to finance working capital commitments. Liquidity risk is adequately addressed and managed sufficiently |
| Price risk |
| The group is exposed to commodity price risk as a result of its operations. However given the size of the group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature. |
| Currency risk |
| The group is exposed to some currency risk and thus considers this on a regular basis. |
| The group remains committed to strong financial controls, cash management and prudent accounting policies. |
| GOING CONCERN |
| The group's activities, together with factors likely to affect its future development, performance and position are continuously reviewed by the directors. Review of cash flow, liquidity position and borrowing facilities leads the directors to believe that the group is well place to manage its business risks successfully despite any current economic uncertainties. |
| The group meets its day to day working capital requirements through its current cash levels. The directors are confident that the group has adequate resources to meet its normal business requirements for the foreseeable future, a period of at least 12 months from the date of signing the financial statements and therefore have continued to adopt the going concern basis when preparing the financial statements. |
| ON BEHALF OF THE BOARD: |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| REPORT OF THE DIRECTORS |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| The directors present their report with the financial statements of the company and the group for the period 1 May 2023 to 31 October 2024. |
| DIVIDENDS |
| The total distribution of dividends for the period ended 31 October 2024 was £120,000 (2023 - £120,000). |
| EVENTS SINCE THE END OF THE PERIOD |
| Information relating to events since the end of the period is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - select suitable accounting policies and then apply them consistently; |
| - make judgements and accounting estimates that are reasonable and prudent; |
| - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements |
| - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's transactions and disclose with reasonable accuracy at any time the financial position of 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 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| REPORT OF THE DIRECTORS |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| AUDITORS |
| The auditors, Patton Rainey Stenson Limited, have indicated their willingness to continue in office and a resolution will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| This report was approved by the Board of Directors on 19 June 2025 |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| TEEMORE HOLDINGS LIMITED |
| Opinion |
| We have audited the financial statements of Teemore Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 October 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, 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 period 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 Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| TEEMORE HOLDINGS LIMITED |
| 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors 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 Report of the Directors. |
| 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. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities , outlined above , to detect material misstatements in respect of irregularities , including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting for estimates including estimates relating to revenue recognition. Audit procedures performed by the engagement team included: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| TEEMORE HOLDINGS LIMITED |
| - Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |
| - Evaluation of the effectiveness of management's controls designed to prevent and detect irregularities; |
| - Identification and testing of significant manual journal entries; and |
| - Testing of assumptions and judgements made by management in making significant accounting estimates. |
| There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 |
| 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 Report of the Auditors. |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Chartered Accountants and Statutory Auditors |
| 6 East Bridge Street |
| Enniskillen |
| Co. Fermanagh |
| BT74 7BT |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| CONSOLIDATED INCOME STATEMENT |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| Period |
| 1.5.23 |
| to | Year Ended |
| 31.10.24 | 30.4.23 |
| Notes | £ | £ |
| TURNOVER | 3 | 26,547,817 | 16,320,605 |
| Cost of sales | 21,110,464 | 12,988,583 |
| GROSS PROFIT | 5,437,353 | 3,332,022 |
| Administrative expenses | 3,362,862 | 2,044,393 |
| 2,074,491 | 1,287,629 |
| Other operating income | 33,978 | 99,012 |
| OPERATING PROFIT | 6 | 2,108,469 | 1,386,641 |
| Interest receivable and similar income | 36,908 | 3,293 |
| 2,145,377 | 1,389,934 |
| Interest payable and similar expenses | 7 | 117,755 | 114,180 |
| PROFIT BEFORE TAXATION | 2,027,622 | 1,275,754 |
| Tax on profit | 8 | 460,252 | 250,048 |
| PROFIT FOR THE FINANCIAL PERIOD |
| Profit attributable to: |
| Owners of the parent | 1,567,370 | 1,025,706 |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| Period |
| 1.5.23 |
| to | Year Ended |
| 31.10.24 | 30.4.23 |
| Notes | £ | £ |
| PROFIT FOR THE PERIOD | 1,567,370 | 1,025,706 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
1,567,370 |
1,025,706 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,567,370 | 1,025,706 |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| CONSOLIDATED BALANCE SHEET |
| 31 OCTOBER 2024 |
| 31.10.24 | 30.4.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | 13,530 | - |
| Tangible assets | 12 | 3,122,200 | 2,490,260 |
| Investments | 13 | - | - |
| 3,135,730 | 2,490,260 |
| CURRENT ASSETS |
| Stocks | 14 | 3,692,848 | 5,557,879 |
| Debtors | 15 | 4,171,568 | 2,255,886 |
| Cash at bank | 2,961,987 | 1,234,071 |
| 10,826,403 | 9,047,836 |
| CREDITORS |
| Amounts falling due within one year | 16 | 3,395,166 | 2,189,429 |
| NET CURRENT ASSETS | 7,431,237 | 6,858,407 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
10,566,967 |
9,348,667 |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
(400,669 |
) |
(606,101 |
) |
| PROVISIONS FOR LIABILITIES | 21 | (187,771 | ) | (211,409 | ) |
| NET ASSETS | 9,978,527 | 8,531,157 |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 100 | 100 |
| Retained earnings | 23 | 9,978,427 | 8,531,057 |
| SHAREHOLDERS' FUNDS | 9,978,527 | 8,531,157 |
| The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2025 and were signed on its behalf by: |
| Mr C Wilson - Director |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| COMPANY BALANCE SHEET |
| 31 OCTOBER 2024 |
| 31.10.24 | 30.4.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 120,000 | 120,000 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 May 2022 | 100 | 7,625,351 | 7,625,451 |
| Changes in equity |
| Dividends | - | (120,000 | ) | (120,000 | ) |
| Total comprehensive income | - | 1,025,706 | 1,025,706 |
| Balance at 30 April 2023 | 100 | 8,531,057 | 8,531,157 |
| Changes in equity |
| Dividends | - | (120,000 | ) | (120,000 | ) |
| Total comprehensive income | - | 1,567,370 | 1,567,370 |
| Balance at 31 October 2024 | 100 | 9,978,427 | 9,978,527 |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 May 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 April 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 October 2024 |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| CONSOLIDATED CASH FLOW STATEMENT |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| Period |
| 1.5.23 |
| to | Year Ended |
| 31.10.24 | 30.4.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 3,396,721 | 1,649,138 |
| Interest paid | (114,956 | ) | (104,577 | ) |
| Interest element of hire purchase payments paid |
(2,799 |
) |
(9,603 |
) |
| Tax paid | (119,549 | ) | (170,998 | ) |
| Net cash from operating activities | 3,159,417 | 1,363,960 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (13,530 | ) | - |
| Purchase of tangible fixed assets | (1,035,427 | ) | (836,775 | ) |
| Sale of tangible fixed assets | - | 5,000 |
| Interest received | 36,908 | 3,293 |
| Net cash from investing activities | (1,012,049 | ) | (828,482 | ) |
| Cash flows from financing activities |
| New loans in year | - | 280,000 |
| Loan repayments in year | (188,448 | ) | (616,415 | ) |
| Capital repayments in year | (111,541 | ) | 53,497 |
| Amount introduced by directors | 537 | 9,252 |
| Amount withdrawn by directors | - | (191 | ) |
| Equity dividends paid | (120,000 | ) | (120,000 | ) |
| Net cash from financing activities | (419,452 | ) | (393,857 | ) |
| Increase in cash and cash equivalents | 1,727,916 | 141,621 |
| Cash and cash equivalents at beginning of period |
2 |
1,234,071 |
1,092,450 |
| Cash and cash equivalents at end of period |
2 |
2,961,987 |
1,234,071 |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| Period |
| 1.5.23 |
| to | Year Ended |
| 31.10.24 | 30.4.23 |
| £ | £ |
| Profit before taxation | 2,027,622 | 1,275,754 |
| Depreciation charges | 403,486 | 274,955 |
| Profit on disposal of fixed assets | - | (5,000 | ) |
| Finance costs | 117,755 | 114,180 |
| Finance income | (36,908 | ) | (3,293 | ) |
| 2,511,955 | 1,656,596 |
| Decrease/(increase) in stocks | 1,865,031 | (780,873 | ) |
| (Increase)/decrease in trade and other debtors | (1,915,682 | ) | 541,401 |
| Increase in trade and other creditors | 935,417 | 232,014 |
| Cash generated from operations | 3,396,721 | 1,649,138 |
| 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: |
| Period ended 31 October 2024 |
| 31.10.24 | 1.5.23 |
| £ | £ |
| Cash and cash equivalents | 2,961,987 | 1,234,071 |
| Year ended 30 April 2023 |
| 30.4.23 | 1.5.22 |
| £ | £ |
| Cash and cash equivalents | 1,234,071 | 1,092,450 |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.5.23 | Cash flow | At 31.10.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 1,234,071 | 1,727,916 | 2,961,987 |
| 1,234,071 | 1,727,916 | 2,961,987 |
| Debt |
| Finance leases | (210,388 | ) | 111,541 | (98,847 | ) |
| Debts falling due within 1 year | (171,896 | ) | 29,511 | (142,385 | ) |
| Debts falling due after 1 year | (531,740 | ) | 158,938 | (372,802 | ) |
| (914,024 | ) | 299,990 | (614,034 | ) |
| Total | 320,047 | 2,027,906 | 2,347,953 |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 1. | STATUTORY INFORMATION |
| Teemore Holdings Limited is a |
| 2. | 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 on the going concern basis under the historical cost convention in accordance with the Companies Act 2006 and applicable accounting standards. |
| The principal accounting policies, which have been applied consistently throughout the year, are set out below: |
| Going Concern |
| The group's activities, together with factors likely to affect its future development, performance and position are continuously reviewed by the directors. Review of cash flow, liquidity position and borrowing facilities leads the directors to to believe that the group is well placed to manage its business risks successfully despite any current economic uncertainties. |
| The group meets its day to day working capital requirements through its current cash levels. The directors are confident that the group has adequate resources to meet its normal business requirements for the foreseeable future, for at least 12 months from the date of signing the financial statements. and therefore they continue to adopt the going concern basis when preparing the financial statements. |
| Basis of consolidation |
| The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertaking. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. |
| Revenue recognition |
| Revenue is recognised to the extent that the group obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. |
| Sale of goods |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer, usually on dispatch of the goods, the amounts of revenue can be measured reliably, it is probable that future economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. |
| (i) Depreciation and residual values |
| Depreciation is calculated, using the stated method, to allocate the depreciable amount to their residual values over the expected useful economic lives of the assets concerned. The principal annual rates used are as follows: |
| Leasehold Improvements | - 10% Straight line |
| Plant and machinery | - 20% on reducing balance |
| Fixtures and fittings | - 25% on reducing balance |
| Motor vehicles | - 25% on reducing balance |
| Computer equipment | - 20% on reducing balance |
| The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
| (ii) Subsequent additions and major components |
| Subsequent costs, including major inspections , are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the group and the cost can be measured reliably. |
| The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life. |
| Repairs, maintenance and minor inspection costs are expensed as incurred. |
| (iii) Derecognition |
| Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the income statement and included in cost of sales. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost includes all direct expenditure and an appropriate proportion of production overheads based on a normal level of activity. |
| Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal. |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| 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 period 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 to the income statement in the year in which it is incurred. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in independently administered funds. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Cash and cash equivalents |
| Cash consists of cash on hand and demand deposits with banks. There are no cash equivalents included in the financial statements. |
| Dividends |
| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the directors. |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Government grants |
| Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. |
| Government grants are recognised using the accrual model and the performance model. |
| Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 are recognised in income in the period in which it becomes receivable. |
| Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred , it is recognised as deferred income and not deducted from the carrying amount of the asset. |
| Under the performance model where the grant does not impose specified future performance -related conditions on the recipient , it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance -related conditions on the recipient , it is recognise in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. |
| Foreign currencies |
| Transactions denominated in foreign currencies are translated at the exchange rate at the date of the transactions. All assets and liabilities denominated in foreign currencies are translated at the rate ruling at the balance sheet date or the exchange rate of a related foreign exchange contract where appropriate. The resulting gain or loss is dealt with in the income statement. |
| Judgements in applying accounting policies and key sources of estimation uncertainty |
| When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the company that have the most significant effect on the financial statements. |
| Valuation of stocks |
| As described previously stocks are valued at the lower of cost and net realisable value after making allowance for obsolete and slow moving items on an item by item basis. This valuation exercise was completed by the directors. Costs was based on the purchases price including all costs in bringing the goods to their present location and condition. Net realisable value is based on the directors' judgements of the future selling price less any further costs expected to be incurred in completion of the finished product and in the sale and distribution of the product. The directors will use their knowledge of the products, the market place and costs of conversion, sale and distribution to make an informed judgement as to the net realisable value of each product. |
| Allowance for impairment of trade debtors |
| The group estimates the allowance for doubtful trade debtors and contract balances based on assessment of specific accounts where the company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship. |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Useful lives of depreciable assets |
| The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined , and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted. |
| Provision for liabilities |
| Provisions are recognised when the group has a present legal or constructive obligation as result of past events; it is probable that an outflow of resources will be required to settle the obligation: and the amount of the obligation can be estimated reliably. |
| Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. |
| Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost. |
| Share Capital |
| Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
| Contingent Liabilities |
| Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the group's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote. |
| Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefit is probable. |
| Related party transactions |
| The group discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions on the group financial statements. |
| 3. | TURNOVER |
| The turnover relates to the group's principal activities which are carried on mainly in the United Kingdom and Republic of Ireland. |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| Period |
| 1.5.23 |
| to | Year Ended |
| 31.10.24 | 30.4.23 |
| £ | £ |
| Wages and salaries | 2,514,238 | 1,505,769 |
| Social security costs | 244,320 | 145,055 |
| Other pension costs | 178,194 | 112,729 |
| 2,936,752 | 1,763,553 |
| The average number of employees during the period was as follows: |
| Period |
| 1.5.23 |
| to | Year Ended |
| 31.10.24 | 30.4.23 |
| Sales | 10 | 14 |
| Administration | 11 | 10 |
| Transport and construction | 23 | 33 |
| Production | 17 | - |
| The average number of employees by undertakings that were proportionately consolidated during the period was 59 (2023 - 57 ) . |
| 5. | DIRECTORS' EMOLUMENTS |
| Directors' remuneration |
| 31.10.24 | 30.04.23 |
| £ | £ |
| Directors' emoluments | 99,556 | 64,753 |
| Company contributions to defined contribution pension scheme | 128,500 | 85,000 |
| 228,056 | 149,753 |
| During the year retirement benefits were accruing to two directors (2023- 2) in respect of a defined contribution pension scheme. |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| Period |
| 1.5.23 |
| to | Year Ended |
| 31.10.24 | 30.4.23 |
| £ | £ |
| Other operating leases | 100,254 | 65,166 |
| Depreciation - owned assets | 278,420 | 186,810 |
| Depreciation - assets on hire purchase contracts | 125,067 | 88,145 |
| Profit on disposal of fixed assets | - | (5,000 | ) |
| Auditors' remuneration | 5,000 | 4,500 |
| Auditors' remuneration for non audit work | 6,000 | 5,450 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| Period |
| 1.5.23 |
| to | Year Ended |
| 31.10.24 | 30.4.23 |
| £ | £ |
| Bank interest and charges | 41,630 | 80,617 |
| Bank loan interest | 73,326 | 23,960 |
| Hire purchase | 2,799 | 9,603 |
| 117,755 | 114,180 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the period was as follows: |
| Period |
| 1.5.23 |
| to | Year Ended |
| 31.10.24 | 30.4.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | 539,952 | 175,611 |
| Corporation tax refund | (70,534 | ) | (45,391 | ) |
| Prior year tax adjustment | - | 28,093 |
| Total current tax | 469,418 | 158,313 |
| Deferred tax | (9,166 | ) | 91,735 |
| Tax on profit | 460,252 | 250,048 |
| UK corporation tax was charged at 19.60 %) in 2023. |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| Period |
| 1.5.23 |
| to | Year Ended |
| 31.10.24 | 30.4.23 |
| £ | £ |
| Profit before tax | 2,027,622 | 1,275,754 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19.493 %) |
506,906 |
248,683 |
| Effects of: |
| Expenses not deductible for tax purposes | 306 | 1,404 |
| Capital allowances in excess of depreciation | - | (74,476 | ) |
| Depreciation in excess of capital allowances | 32,591 | - |
| Deferred Tax | (23,638 | ) | 91,735 |
| Prior year adjustment | (55,913 | ) | (17,298 | ) |
| Total tax charge | 460,252 | 250,048 |
| 9. | 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. |
| 10. | DIVIDENDS |
| Period |
| 1.5.23 |
| to | Year Ended |
| 31.10.24 | 30.4.23 |
| £ | £ |
| Ordinary shares of £1 each |
| Final | 120,000 | 120,000 |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Patents |
| and |
| Goodwill | licences | Totals |
| £ | £ | £ |
| COST |
| At 1 May 2023 | 290,000 | - | 290,000 |
| Additions | - | 13,530 | 13,530 |
| At 31 October 2024 | 290,000 | 13,530 | 303,530 |
| AMORTISATION |
| At 1 May 2023 |
| and 31 October 2024 | 290,000 | - | 290,000 |
| NET BOOK VALUE |
| At 31 October 2024 | - | 13,530 | 13,530 |
| At 30 April 2023 | - | - | - |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Land & | Leasehold | Plant and |
| Property | Improvements | machinery |
| £ | £ | £ |
| COST |
| At 1 May 2023 | 1,538,345 | 67,842 | 1,732,381 |
| Additions | 770,570 | - | 230,542 |
| At 31 October 2024 | 2,308,915 | 67,842 | 1,962,923 |
| DEPRECIATION |
| At 1 May 2023 | - | 57,901 | 1,227,984 |
| Charge for period | - | 9,941 | 219,426 |
| At 31 October 2024 | - | 67,842 | 1,447,410 |
| NET BOOK VALUE |
| At 31 October 2024 | 2,308,915 | - | 515,513 |
| At 30 April 2023 | 1,538,345 | 9,941 | 504,397 |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 May 2023 | 121,290 | 926,927 | 108,331 | 4,495,116 |
| Additions | 34,315 | - | - | 1,035,427 |
| At 31 October 2024 | 155,605 | 926,927 | 108,331 | 5,530,543 |
| DEPRECIATION |
| At 1 May 2023 | 92,117 | 556,377 | 70,477 | 2,004,856 |
| Charge for period | 23,808 | 138,956 | 11,356 | 403,487 |
| At 31 October 2024 | 115,925 | 695,333 | 81,833 | 2,408,343 |
| NET BOOK VALUE |
| At 31 October 2024 | 39,680 | 231,594 | 26,498 | 3,122,200 |
| At 30 April 2023 | 29,173 | 370,550 | 37,854 | 2,490,260 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 May 2023 | 247,464 | 258,071 | 505,535 |
| Transfer to ownership | (158,864 | ) | (32,571 | ) | (191,435 | ) |
| Reclassification/transfer | - | 107,000 | 107,000 |
| At 31 October 2024 | 88,600 | 332,500 | 421,100 |
| DEPRECIATION |
| At 1 May 2023 | 138,703 | 75,205 | 213,908 |
| Charge for period | 17,011 | 108,056 | 125,067 |
| Transfer to ownership | (106,807 | ) | (18,830 | ) | (125,637 | ) |
| Reclassification/transfer | - | 26,750 | 26,750 |
| At 31 October 2024 | 48,907 | 191,181 | 240,088 |
| NET BOOK VALUE |
| At 31 October 2024 | 39,693 | 141,319 | 181,012 |
| At 30 April 2023 | 108,761 | 182,866 | 291,627 |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 13. | FIXED ASSET INVESTMENTS |
| Company |
| Investment |
| in |
| subsidiary |
| companies |
| £ |
| COST |
| At 1 May 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 30 April 2023 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Knockaraven, Teemore, Enniskillen, Co Fermanagh BT92 9BL |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Knockaraven, Teemore, Enniskillen, Co Fermanagh BT92 9BL |
| Nature of business: |
| % |
| Class of shares: | holding |
| 14. | STOCKS |
| Group |
| 31.10.24 | 30.4.23 |
| £ | £ |
| Stocks | 3,692,848 | 5,557,879 |
| There are no material differences between the replacement cost of stock and the balance sheet value. |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| 31.10.24 | 30.4.23 |
| £ | £ |
| Trade debtors | 3,700,240 | 2,064,561 |
| Prepayments and accrued income | 471,328 | 191,325 |
| 4,171,568 | 2,255,886 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.10.24 | 30.4.23 | 31.10.24 | 30.4.23 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 18) | 142,385 | 171,896 |
| Hire purchase contracts (see note 19) | 70,980 | 136,027 |
| Trade creditors | 1,206,885 | 850,474 |
| Tax | 539,952 | 175,611 |
| Social security and other taxes | 39,795 | 40,028 |
| VAT | 791,665 | 310,097 | - | - |
| Directors' current accounts | 10,165 | 9,628 | 100 | 100 |
| Accruals and deferred income | 593,339 | 495,668 |
| 3,395,166 | 2,189,429 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 31.10.24 | 30.4.23 |
| £ | £ |
| Bank loans (see note 18) | 372,802 | 531,740 |
| Hire purchase contracts (see note 19) | 27,867 | 74,361 |
| 400,669 | 606,101 |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 31.10.24 | 30.4.23 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 142,385 | 171,896 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 126,995 | 234,031 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 175,074 | 198,020 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 70,733 | 99,689 |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31.10.24 | 30.4.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 70,980 | 136,027 |
| Between one and five years | 27,867 | 74,361 |
| 98,847 | 210,388 |
| 20. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 31.10.24 | 30.4.23 |
| £ | £ |
| Hire purchase contracts | 98,847 | 210,388 |
| The bank overdraft and loan are secured by an all monies debenture giving a fixed and floating charge over the certain assets held within the group. |
| Amounts due under hire purchase contracts are secured by the assets to which the agreements relate. |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 21. | PROVISIONS FOR LIABILITIES |
| Group |
| 31.10.24 | 30.4.23 |
| £ | £ |
| Deferred tax | 187,771 | 211,409 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 May 2023 | 211,409 |
| Provided during period | (23,638 | ) |
| Balance at 31 October 2024 | 187,771 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.10.24 | 30.4.23 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 23. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 May 2023 | 8,531,057 |
| Profit for the period | 1,567,370 |
| Dividends | (120,000 | ) |
| At 31 October 2024 | 9,978,427 |
| Company |
| Retained |
| earnings |
| £ |
| Profit for the period |
| Dividends | ( |
) |
| At 31 October 2024 |
| TEEMORE HOLDINGS LIMITED (REGISTERED NUMBER: NI636699) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 OCTOBER 2024 |
| 24. | PENSION COMMITMENTS |
| The group operates a defined contribution pension scheme for the benefit of directors and staff. The assets of the scheme are held separately from those of the group in independently administered funds. The total pension cost for the group for the year was £178,194 (2023 - 99,273). There was a liability outstanding at the year end of £8,432 (2023 - £7,206). |
| 25. | CONTINGENT LIABILITIES |
| The directors confirm that neither the group nor the company had any contingent liabilities at the year end (2023 £Nil). |
| 26. | CAPITAL COMMITMENTS |
| The group had no capital commitments which were contracted for at the period end (2023 £582,000) |
| 27. | RELATED PARTY DISCLOSURES |
| The group has taken advantage of the exemptions given in paragraph 33.1A of FRS102 Related Party Transactions. This exemption permits non-disclosure of related party transaction where 100% of the voting rights of the subsidiary company are controlled within the group. |
| Included in creditors at the year end are amounts owing to the directors of £10,165 (2023: £9,628). |
| 28. | POST BALANCE SHEET EVENTS |
| There have been no significant events affecting the group nor company since the year end. |
| 29. | ULTIMATE CONTROLLING PARTY |
| Teemore Holdings Limited, which is incorporated in Northern Ireland is under the ultimate control of Mr C Wilson. |
| 30. | MOVEMENT IN SHAREHOLDERS' FUNDS |
| Teemore Holdings Limited has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own profit and loss account. The profit for the financial year of the parent company was £120,000 (2023 £120,000). |