Thomas Sinden (Holdings) Limited - Limited company accounts 23.2
Thomas Sinden (Holdings) Limited - Limited company accounts 23.2
| REGISTERED NUMBER: 13028751 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Audited Consolidated Financial Statements for the Year Ended 31 March 2023 |
| for |
| Thomas Sinden (Holdings) Limited |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 March 2023 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 7 |
| Consolidated Statement of Profit or Loss | 10 |
| Consolidated Statement of Profit or Loss and Other Comprehensive Income |
11 |
| Consolidated Statement of Financial Position | 12 |
| Company Statement of Financial Position | 14 |
| Consolidated Statement of Changes in Equity | 15 |
| Company Statement of Changes in Equity | 16 |
| Consolidated Statement of Cash Flows | 17 |
| Notes to the Consolidated Statement of Cash Flows | 18 |
| Notes to the Consolidated Financial Statements | 19 |
| Thomas Sinden (Holdings) Limited |
| Company Information |
| for the Year Ended 31 March 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 12 Conqueror Court |
| Sittingbourne |
| Kent |
| ME10 5BH |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Group Strategic Report |
| for the Year Ended 31 March 2023 |
| The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
| REVIEW OF BUSINESS |
| The detailed results and financial position of the Company are as set out in the financial statements below. |
| Market challenges have persisted throughout the year as a result of Brexit and Covid legacy, outbreak of war in Ukraine, and high inflation, all of which has contributed to a climate of uncertainty and continued delay in projects progressing from bid stage to contract. As was the case last year, this has resulted in contracts being delayed, but not cancelled, with frequent requests from clients for updated pricing on expired tenders, and periods of 12 to 18 months between tender and final contract award becoming the norm. |
| These market conditions resulted in turnover for the year to March 2023 lower than initial expectations but at a level similar to that of the prior year. |
| Throughout the challenging trading conditions of the past 3-4 years gross margins have remained consistently strong. The Board have adopted a strategy to accept a reduced net profit whilst turnover recovers to enable the business to retain the considerable trusted expertise recruited mostly through recommendation and referral over the past few years, acknowledging that if we lost these skills from the business they would be difficult to regain. We have also continued to invest in and develop our information technology and management systems to streamline all aspects of our business and will continue to do so to support our growth plans to remove inefficient manual processes and allow our staff to focus on value adding activities. |
| This strategy means that we are well placed to service the upturn in work when it comes. 2023/24 is expected to generate a small increase in sales, but we are pleased to note that we currently have the strongest forward order book the business has ever seen for future years. Based on the forward order book the Board forecast a modest improvement in net profit for 2023/24 with a substantial increase in 2024/25 as a result of sales rebounding, which will dilute our fixed overhead. Our existing management team have capability to take turnover to £75m without increasing overhead. |
| Our existing strong relationships are being rewarded with negotiated opportunities on a number of projects where clients have concluded that a single stage procurement route will not necessarily provide value for money, and where they want to select a construction partner they know they can rely on. This is in addition to a significant volume of projects where we have been working collaboratively with clients under Pre-Construction Services Agreements to develop work scope and detailed pricing prior to entering into a full contract. |
| The volume of good quality tender opportunities has held up well throughout the year, and we continue to be selective on what works we choose to bid, favouring those where we can establish or maintain mutually beneficial long-term relationships. |
| Our cash position remains strong, and we continue to pay our supply chain promptly, frequently paying before the due date. We recognize the importance of this to ensure that we maintain excellent relationships with our supply chain partners, who are key to our ability to deliver schemes meeting customer time, cost and quality objectives. We are members of the Prompt Payment Code which independently audits our payment performance. |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Group Strategic Report |
| for the Year Ended 31 March 2023 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Principal Risks to our business are categorised as follows, together with brief details of the mitigation measures we employ against each risk: |
| - maintaining high levels of health and safety of our staff and subcontractors, mitigated through investment in training, our health and safety team, and maintaining industry leading processes |
| - uncertainty in the economic climate, including inflation and interest rates, mitigated through inclusion of risk allowances within contract prices |
| - continued supply of profitable work opportunities, mitigated through diversity of sectors in which we operate and sizes of project which we undertake |
| - capacity within the supply chain, mitigated through maintaining excellent relationships with our preferred suppliers, and ensuring we pay on time, so that we are their preferred client |
| - retention and recruitment of high calibre technical staff, mitigated by providing competitive remuneration and opportunities for training and development to provide job satisfaction |
| - client and subcontractor financial stability given the economic climate, mitigated through regular monitoring of financial metrics and putting in place financial security measures where possible, such as cross company guarantees and escrows |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Group Strategic Report |
| for the Year Ended 31 March 2023 |
| CORPORATE SOCIAL RESPONSIBILITY |
| Thomas Sinden recognises the responsibilities it has in reducing the impact we have on the environment through our operations and the opportunities we have to engage with Local Communities, promote Equality and Diversity, deliver real training and development initiatives and promote a safe working environment for our own workforce and other stakeholders on the projects we work on. |
| We promote Safety, Health, Environment and Quality through our company ethos and reinforced by our management systems which are ISO45001, ISO14001 and ISO9001 accredited. |
| The Directors have put in place a strategy for the business to achieve Net Zero by 2040, with targets and initiatives in place to monitor and reduce our carbon emissions from now until that goal is met. |
| Staff engagement, equality, diversity, training and development are all core values within our business, and these are reinforced through individual Personal Development Plans, regular reviews, an open-door policy to line managers and reinforced through our Investors in People Gold Accreditation. |
| We actively engage with the communities with whom we work, being involved in local employment, training and apprenticeship schemes, interaction with community groups, businesses and schools, using local suppliers wherever possible and ensuring that we work with our clients to deliver sustainable buildings and leaving a positive legacy. |
| We are members of the 5% Club, which exists to promote the aim of employers reaching a target of 5% of their workforce being in apprenticeships, on graduate or formal training programmes or employed as sponsored students. |
| Throughout the year we have exceeded the 5% target, and our membership status has been upgraded from gold to platinum in recognition of our industry leading performance in this area. We remain committed to continued investment in developing the next generation of construction professionals. |
| We support a number of charities through staff and site organised events and ensure that all of our operations and activities are carried out in a considerate, sustainable and ethical manner. |
| ON BEHALF OF THE BOARD: |
| 21 December 2023 |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Report of the Directors |
| for the Year Ended 31 March 2023 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
| PRINCIPAL ACTIVITY |
| Thomas Sinden is a main contractor specialising in new build, refurbishment, conversion and fit-out projects across London and the South-East of England, predominantly across the following sectors: |
| - Residential (both private and social) |
| - Education |
| - Heritage |
| - Healthcare |
| - Commercial |
| - Community |
| We have established a reputation for delivering high quality projects for clients with a strong track record of working with local authorities, housing associations, charities, and private sector clients. |
| We have developed strong teams, both internally and in partnership with our supply chain, to work collaboratively to deliver customer focused solutions and quality driven projects under both traditional and design & build contract arrangements. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 March 2023. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group 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 UK-adopted international accounting standards. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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. |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Report of the Directors |
| for the Year Ended 31 March 2023 |
| AUDITORS |
| The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Thomas Sinden (Holdings) Limited |
| Opinion |
| We have audited the financial statements of Thomas Sinden (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Profit or Loss, the Consolidated Statement of Profit or Loss and Other Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 International Financial Reporting Standards (IFRSs) as adopted by the UK. |
| In our opinion: |
| - | the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2023 and of the group's profit for the year then ended; |
| - | the group financial statements have been properly prepared in accordance with IFRSs as adopted by the UK; |
| - | the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the UK and as applied in accordance with the provisions of the Companies Act 2006; and |
| - | the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the 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 inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the 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. |
| Report of the Independent Auditors to the Members of |
| Thomas Sinden (Holdings) Limited |
| 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. |
| Report of the Independent Auditors to the Members of |
| Thomas Sinden (Holdings) Limited |
| 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: |
| 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 the company of not complying with such laws and regulations, including fraud, where non-compliance could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. In relation to the industry, this included health and safety and employment legislation. |
| The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified as follows: |
| - Review of the control environment |
| - Meeting key personal responsible for specific functions relating to laws and regulations |
| - Review of legal fees incurred |
| - Agreeing the financial statement disclosures to underlying supporting documentation |
| - Reviewing the key accounting policies and estimates |
| To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness and evaluated the business rationale of significant transactions outside of the normal course of business. |
| Because of the inherent limitations of an audit there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion and misrepresentation. |
| 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 |
| 12 Conqueror Court |
| Sittingbourne |
| Kent |
| ME10 5BH |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Consolidated Statement of Profit or Loss |
| for the Year Ended 31 March 2023 |
| Period |
| 23.2.21 |
| Year Ended | to |
| 31.3.23 | 31.3.22 |
| as restated |
| Notes | £ | £ |
| CONTINUING OPERATIONS |
| Revenue | 3 | 33,002,423 | 34,944,295 |
| Cost of sales | (28,838,907 | ) | (30,735,601 | ) |
| GROSS PROFIT | 4,163,516 | 4,208,694 |
| Other operating income | 44,327 | 381,161 |
| Administrative expenses | (3,764,248 | ) | (4,262,003 | ) |
| Other operating expenses | - | (8,333 | ) |
| OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS |
443,595 |
319,519 |
| Exceptional items | - | 79,019 |
| OPERATING PROFIT | 443,595 | 398,538 |
| Finance costs | 5 | (210,808 | ) | (176,893 | ) |
| Finance income | 5 | 182,781 | 108,304 |
| PROFIT BEFORE INCOME TAX | 6 | 415,568 | 329,949 |
| Income tax | 7 | 493,230 | 39,995 |
| PROFIT FOR THE YEAR | 908,798 | 369,944 |
| Profit attributable to: |
| Owners of the parent | 908,798 | 369,944 |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Consolidated Statement of Profit or Loss and Other Comprehensive Income |
| for the Year Ended 31 March 2023 |
| Period |
| 23.2.21 |
| Year Ended | to |
| 31.3.23 | 31.3.22 |
| as restated |
| £ | £ |
| PROFIT FOR THE YEAR | 908,798 | 369,944 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
908,798 |
369,944 |
| Total comprehensive income attributable to: |
| Owners of the parent | 908,798 | 369,944 |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Consolidated Statement of Financial Position |
| 31 March 2023 |
| 2023 | 2022 |
| as restated |
| Notes | £ | £ |
| ASSETS |
| NON-CURRENT ASSETS |
| Goodwill | 10 | 6,880,033 | 6,880,033 |
| Owned |
| Intangible assets | 11 | 180,613 | - |
| Property, plant and equipment | 12 | 159,122 | 157,991 |
| Right-of-use |
| Property, plant and equipment | 12, 21 | 499,584 | 627,137 |
| Investments | 13 | - | - |
| Loans and other financial assets | 14 | 350,000 | 350,000 |
| Trade and other receivables | 15 | 2,912,307 | 2,795,236 |
| Tax receivable | 701,095 | 661,077 |
| Deferred tax | 22 | 490,400 | 14,000 |
| 12,173,154 | 11,485,474 |
| CURRENT ASSETS |
| Trade and other receivables | 15 | 4,554,761 | 6,210,492 |
| Tax receivable | 143,650 | 381,543 |
| Cash and cash equivalents | 16 | 6,675,709 | 8,297,188 |
| 11,374,120 | 14,889,223 |
| TOTAL ASSETS | 23,547,274 | 26,374,697 |
| EQUITY |
| SHAREHOLDERS' EQUITY |
| Called up share capital | 17 | 7,457,161 | 12,158 |
| Share premium | 18 | 1,203,543 | 1,203,543 |
| Retained earnings | 18 | 1,278,742 | 369,944 |
| TOTAL EQUITY | 9,939,446 | 1,585,645 |
| LIABILITIES |
| NON-CURRENT LIABILITIES |
| Financial liabilities - borrowings |
| Interest bearing loans and borrowings | 20 | 2,884,890 | 11,099,513 |
| CURRENT LIABILITIES |
| Trade and other payables | 19 | 9,836,239 | 12,510,906 |
| Financial liabilities - borrowings |
| Interest bearing loans and borrowings | 20 | 846,680 | 922,078 |
| Tax payable | 40,019 | 256,555 |
| 10,722,938 | 13,689,539 |
| TOTAL LIABILITIES | 13,607,828 | 24,789,052 |
| TOTAL EQUITY AND LIABILITIES | 23,547,274 | 26,374,697 |
| The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2023 and were signed on its behalf by: |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Consolidated Statement of Financial Position - continued |
| 31 March 2023 |
| G Sinden - Director |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Company Statement of Financial Position |
| 31 March 2023 |
| 2023 | 2022 |
| as restated |
| Notes | £ | £ |
| ASSETS |
| NON-CURRENT ASSETS |
| Goodwill | 10 |
| Owned |
| Intangible assets | 11 |
| Property, plant and equipment | 12 |
| Right-of-use |
| Investments | 13 | 16,102,349 | 16,102,349 |
| Loans and other financial assets | 14 |
| CURRENT ASSETS |
| Trade and other receivables | 15 |
| Cash and cash equivalents | 16 |
| TOTAL ASSETS |
| EQUITY |
| SHAREHOLDERS' EQUITY |
| Called up share capital | 17 |
| Share premium | 18 |
| Retained earnings | 18 | ( |
) | ( |
) |
| TOTAL EQUITY |
| LIABILITIES |
| NON-CURRENT LIABILITIES |
| Financial liabilities - borrowings |
| Interest bearing loans and borrowings | 20 |
| CURRENT LIABILITIES |
| Trade and other payables | 19 |
| TOTAL LIABILITIES |
| TOTAL EQUITY AND LIABILITIES |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 March 2023 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 23 February 2021 | 1 | - | - | 1 |
| Changes in equity |
| Issue of share capital | 12,157 | - | 1,203,543 | 1,215,700 |
| Total comprehensive income | - | 369,944 | - | 369,944 |
| Balance at 31 March 2022 | 12,158 | 369,944 | 1,203,543 | 1,585,645 |
| Changes in equity |
| Issue of share capital | 7,445,003 | - | - | 7,445,003 |
| Total comprehensive income | - | 908,798 | - | 908,798 |
| Balance at 31 March 2023 | 7,457,161 | 1,278,742 | 1,203,543 | 9,939,446 |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 March 2023 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 23 February 2021 |
| Changes in equity |
| Issue of share capital | - |
| Total comprehensive income | - | ( |
) | - | ( |
) |
| Balance at 31 March 2022 | ( |
) |
| Changes in equity |
| Issue of share capital | - |
| Total comprehensive income | - | ( |
) | - | ( |
) |
| Balance at 31 March 2023 | ( |
) |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Consolidated Statement of Cash Flows |
| for the Year Ended 31 March 2023 |
| Period |
| 23.2.21 |
| Year Ended | to |
| 31.3.23 | 31.3.22 |
| as restated |
| £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | (307,255 | ) | 7,569,491 |
| Interest paid | (174,585 | ) | (143,926 | ) |
| Lease interest paid | (36,223 | ) | (32,967 | ) |
| Tax paid | (1,831 | ) | (775,900 | ) |
| Net cash from operating activities | (519,894 | ) | 6,616,698 |
| Cash flows from investing activities |
| Purchase of goodwill | - | (6,880,033 | ) |
| Purchase of intangible fixed assets | (188,791 | ) | - |
| Purchase of tangible fixed assets | (45,302 | ) | (203,814 | ) |
| Purchase of fixed asset investments | - | (350,000 | ) |
| Interest received | 182,781 | 108,304 |
| Net cash from investing activities | (51,312 | ) | (7,325,543 | ) |
| Cash flows from financing activities |
| New loans in year | - | 4,010,164 |
| Loan repayments in year | (723,841 | ) | (72,315 | ) |
| Preference share issue | - | 7,445,003 |
| Payment of lease liabilities | (121,176 | ) | (126,581 | ) |
| Amount withdrawn by directors | (1,505 | ) | (211,045 | ) |
| Ordinary share issue | - | 1,215,700 |
| Movement on related party balances | (203,751 | ) | (3,254,893 | ) |
| Net cash from financing activities | (1,050,273 | ) | 9,006,033 |
| (Decrease)/increase in cash and cash equivalents | (1,621,479 | ) | 8,297,188 |
| Cash and cash equivalents at beginning of year |
2 |
8,297,188 |
- |
| Cash and cash equivalents at end of year | 2 | 6,675,709 | 8,297,188 |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Year Ended 31 March 2023 |
| 1. | RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS |
| Period |
| 23.2.21 |
| Year Ended | to |
| 31.3.23 | 31.3.22 |
| as restated |
| £ | £ |
| Profit before income tax | 415,568 | 329,949 |
| Depreciation charges | 179,902 | 180,566 |
| Loss on disposal of fixed assets | - | 3,440 |
| Finance costs | 210,808 | 176,893 |
| Finance income | (182,781 | ) | (108,304 | ) |
| 623,497 | 582,544 |
| Decrease/(increase) in trade and other receivables | 1,743,915 | (5,539,787 | ) |
| (Decrease)/increase in trade and other payables | (2,674,667 | ) | 12,526,734 |
| Cash generated from operations | (307,255 | ) | 7,569,491 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 March 2023 |
| 31.3.23 | 1.4.22 |
| £ | £ |
| Cash and cash equivalents | 6,675,709 | 8,297,188 |
| Period ended 31 March 2022 |
| 31.3.22 | 23.2.21 |
| as restated |
| £ | £ |
| Cash and cash equivalents | 8,297,188 | - |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 March 2023 |
| 1. | STATUTORY INFORMATION |
| Thomas Sinden (Holdings) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The company is the holding company of a group. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparation |
| The company has taken advantage of the exemption in section 408 of the Companies Act 2006 from presenting its individual profit and loss account. |
| Basis of consolidation |
| The group financial statements consolidate the financial statements of Thomas Sinden (Holdings) Limited and its subsidiary undertakings for the year ended 31 March 2023. |
| The comparatives are for the period 23 February 2021 to 31 March 2022. |
| Critical accounting judgements and key sources of estimation uncertainty |
| The material judgements and estimations used in the preparation of the financial statements relate to the stage of completion and expected profit margins on long term contracts which may impact the carrying value of amounts recoverable on contracts at the balance sheet date. |
| The group has entered into a long term lease with a third-party landlord thereby creating a right of use asset and corresponding lease liability. The hypothetical rate of interest that the group would have to have pay to borrow the necessary funds to purchase an asset similar to that which is being leased has been estimated at the rate the group's bankers would charge, having regard to the credit worthiness of the group. |
| Revenue recognition |
| Other than investment income the group derives its revenue from its activity as a multi-sector contractor within the construction industry. |
| The revenue shown in the statement of profit or loss and other comprehensive income represents amounts invoiced during the year, exclusive of VAT, plus the value of ongoing services for long term contracts, recognised by reference to the stage of completion. |
| Cash and cash equivalents |
| Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value. |
| Goodwill |
| Goodwill was acquired when the company purchased the entire share capital of Thomas Sinden Limited on 23 February 2021 and is capitalised as an intangible asset. |
| At each reporting date, goodwill is reviewed to determine whether there is any indication the asset has suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount is estimated and compared with the carrying amount and if lower, an impairment loss is recognised in the profit and loss account. |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Software development - 5 years straight line |
| At each reporting date, intangible assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to estimated recoverable amount and an impairment loss is recognised immediately in the statement of profit or loss and other comprehensive income. |
| Property, plant and equipment |
| Property, plant and equipment are initially measured at cost. After initial recognition, property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
| Improvements to property - 10% on cost |
| Plant, machinery, fixtures and fittings - 15% on reducing balance |
| Motor vehicles - 25% on reducing balance |
| Computer equipment - 3 years straight line |
| Right of use assets - Over the remaining term of the lease |
| At each reporting date, fixed assets are reviewed to determine whether there is any indication those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in the profit and loss account. |
| Financial instruments |
| The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
| Taxation |
| Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the year end date. |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the year end date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Leases |
| Leases are recognised as finance leases, other than leases of low value assets or those with a term of 12 months or less. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract. |
| Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term. |
| Employee benefit costs |
| The group operates a defined contribution pension scheme. Contributions are charged to the statement of profit or loss and other comprehensive income during the period in which they become payable. |
| Fixed asset investments |
| Fixed asset investments represent capital invested in a related LLP which is shown at historic cost. In addition, the individual company accounts also include the investment in its wholly owned subsidiaries which are also shown at historic cost. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. |
| Creditors |
| Short term creditors are measured at transaction price. |
| Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method. |
| 3. | REVENUE |
| Segmental reporting |
| The revenue and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of revenue by class of business is given below: |
| 2023 | 2022 |
| £ | £ |
| Sales of residential properties | - | 902,328 |
| Construction projects | 33,002,423 | 34,041,967 |
| 33,002,423 | 34,944,295 |
| Revenue from contracts with customers |
| The revenue shown above represents:- |
| 1. The fair value of the consideration received or receivable for properties sold or being sold under contract. |
| 2. Amounts invoiced during the year, exclusive of VAT, plus the value of ongoing services for long term contracts, recognised by reference to the stage of completion. |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 4. | EMPLOYEES AND DIRECTORS |
| Period |
| 23.2.21 |
| Year Ended | to |
| 31.3.23 | 31.3.22 |
| as restated |
| £ | £ |
| Wages and salaries | 6,666,688 | 6,338,873 |
| Social security costs | 708,877 | 626,808 |
| Other pension costs | 224,137 | 273,737 |
| 7,599,702 | 7,239,418 |
| The average number of employees during the year was as follows: |
| Period |
| 23.2.21 |
| Year Ended | to |
| 31.3.23 | 31.3.22 |
| as restated |
| Directors | 3 | 3 |
| Office staff | 70 | 63 |
| Site management and operatives | 27 | 25 |
| Period |
| 23.2.21 |
| Year Ended | to |
| 31.3.23 | 31.3.22 |
| as restated |
| £ | £ |
| Directors' remuneration | 419,320 | 447,221 |
| Directors' pension contributions to money purchase schemes | 68,542 | 113,794 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 3 | 3 |
| Information regarding the highest paid director is as follows: |
| Period |
| 23.2.21 |
| Year Ended | to |
| 31.3.23 | 31.3.22 |
| as restated |
| £ | £ |
| Emoluments etc | 152,750 | 161,226 |
| Pension contributions to money purchase schemes | 1,321 | 1,431 |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 5. | NET FINANCE COSTS |
| Period |
| 23.2.21 |
| Year Ended | to |
| 31.3.23 | 31.3.22 |
| as restated |
| £ | £ |
| Finance income: |
| Other interest | - | 11 |
| Interest receivable | 182,781 | 108,293 |
| 182,781 | 108,304 |
| Finance costs: |
| Bank charges and interest | 10 | 359 |
| Bank loan interest | 174,575 | 143,567 |
| Hire purchase interest | 15,799 | 6,149 |
| Leasing | 20,424 | 26,818 |
| 210,808 | 176,893 |
| Net finance costs | 28,027 | 68,589 |
| 6. | PROFIT BEFORE INCOME TAX |
| The profit before income tax is stated after charging: |
| Period |
| 23.2.21 |
| Year Ended | to |
| 31.3.23 | 31.3.22 |
| as restated |
| £ | £ |
| Cost of inventories recognised as expense | 28,838,907 | 30,735,601 |
| Depreciation - owned assets | 44,171 | 42,383 |
| Depreciation - assets on finance leases | 127,553 | 138,183 |
| Loss on disposal of fixed assets | - | 3,440 |
| Software development amortisation | 8,178 | - |
| Auditors' remuneration | 41,325 | 41,249 |
| Auditors' remuneration for non audit work | 26,975 | 44,595 |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 7. | INCOME TAX |
| Analysis of tax income |
| Period |
| 23.2.21 |
| Year Ended | to |
| 31.3.23 | 31.3.22 |
| as restated |
| £ | £ |
| Current tax: |
| Tax | - | 17,516 |
| Prior year adjustment | (16,830 | ) | (54,344 | ) |
| Total current tax | (16,830 | ) | (36,828 | ) |
| Deferred tax | (476,400 | ) | (3,167 | ) |
| Total tax income in consolidated statement of profit or loss | (493,230 | ) | (39,995 | ) |
| Factors affecting the tax expense |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| Period |
| 23.2.21 |
| Year Ended | to |
| 31.3.23 | 31.3.22 |
| as restated |
| £ | £ |
| Profit before income tax | 415,568 | 329,949 |
| Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
78,958 |
62,690 |
| Effects of: |
| Expenses not deductible for tax | 8,810 | 16,486 |
| Capital allowances in excess of depreciation | (46,067 | ) | - |
| Depreciation in excess of capital allowances | - | 3,947 |
| Utilisation of tax losses | (42,003 | ) | (67,356 | ) |
| Current year tax loss carried forward | 302 | 1,748 |
| Adjustment to tax charge in respect of previous | (16,830 | ) | (54,343 | ) |
| Movement on deferred tax | (476,400 | ) | (3,167 | ) |
| Tax income | (493,230 | ) | (39,995 | ) |
| Current tax is recognised for the amount of corporation tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
| The deferred tax asset comprises timing differences in respect of the rate of depreciation being different to the rate of capital allowances claimed of £16,000 and unused tax losses of £474,400 calculated at the future tax of 25% as enacted. This asset is expected to be utilised within the foreseeable future. |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 8. | LOSS OF PARENT COMPANY |
| 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. The parent company's loss for the financial year was £(13) (2022 - £(13)). |
| 9. | PRIOR YEAR ADJUSTMENT |
| The financial statements for the year ended 31 March 2022 have been restated to reclassify the long term investment in Thomas Sinden Estates LLP, of which the group is a member, as a non current trade and other receivables. |
| 10. | GOODWILL |
| Group |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 | 6,880,033 |
| NET BOOK VALUE |
| At 31 March 2023 | 6,880,033 |
| At 31 March 2022 | 6,880,033 |
| 11. | INTANGIBLE ASSETS |
| Group |
| Software |
| development |
| £ |
| COST |
| Additions | 188,791 |
| At 31 March 2023 | 188,791 |
| AMORTISATION |
| Amortisation for year | 8,178 |
| At 31 March 2023 | 8,178 |
| NET BOOK VALUE |
| At 31 March 2023 | 180,613 |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 12. | PROPERTY, PLANT AND EQUIPMENT |
| Group |
| Improvements |
| to |
| Right of | leasehold | Plant and | Motor |
| use asset | property | machinery | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2022 | 765,320 | 114,670 | 35,958 | 48,871 | 964,819 |
| Additions | - | 13,268 | 32,034 | - | 45,302 |
| At 31 March 2023 | 765,320 | 127,938 | 67,992 | 48,871 | 1,010,121 |
| DEPRECIATION |
| At 1 April 2022 | 138,183 | 11,467 | 17,373 | 12,668 | 179,691 |
| Charge for year | 127,553 | 12,941 | 22,263 | 8,967 | 171,724 |
| At 31 March 2023 | 265,736 | 24,408 | 39,636 | 21,635 | 351,415 |
| NET BOOK VALUE |
| At 31 March 2023 | 499,584 | 103,530 | 28,356 | 27,236 | 658,706 |
| At 31 March 2022 | 627,137 | 103,203 | 18,585 | 36,203 | 785,128 |
| 13. | INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 | 16,102,349 |
| NET BOOK VALUE |
| At 31 March 2023 | 16,102,349 |
| At 31 March 2022 | 16,102,349 |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: 137-145 Church Road, Harold Wood, Romford, Essex, RM3 0SH |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2023 | 2022 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year/period |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 13. | INVESTMENTS - continued |
| Company |
| Registered office: 137-145 Church Road, Harold Wood, Romford, Essex, RM3 0SH |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2023 | 2022 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| (Loss)/profit for the year/period | ( |
) |
| Registered office: 137-145 Church Road, Harold Wood, Romford, Essex, RM3 0SH |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2023 | 2022 |
| £ | £ |
| Aggregate capital and reserves |
| Loss for the year/period | ( |
) | ( |
) |
| Registered office: 137-145 Church Road, Harold Wood, Romford, Essex, RM3 0SH |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2023 | 2022 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year/period |
| 14. | LOANS AND OTHER FINANCIAL ASSETS |
| 2023 | 2022 |
| as restated |
| £ | £ |
| Capital invested in related LLP | 350,000 | 350,000 |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 15. | TRADE AND OTHER RECEIVABLES |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| as restated | as restated |
| £ | £ | £ | £ |
| Current: |
| Trade debtors | 3,046,848 | 3,961,604 |
| Amounts recoverable on contracts | 658,645 | 1,030,004 | - | - |
| Amounts owed by related parties | 546,338 | 459,658 |
| Other debtors | 90,379 | 548,180 | - | - |
| Directors' current accounts | 212,551 | 211,046 | 60,800 | 60,800 |
| 4,554,761 | 6,210,492 |
| Non-current: |
| Amounts owed by related parties | 2,912,307 | 2,795,236 |
| Aggregate amounts | 7,467,068 | 9,005,728 |
| 16. | CASH AND CASH EQUIVALENTS |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| as restated | as restated |
| £ | £ | £ | £ |
| Bank accounts | 6,675,709 | 8,297,188 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| 10,450 | Ordinary shares | £1 | 10,450 | 10,450 |
1,100 |
Ordinary B shares |
£1 |
1,100 |
1,100 |
| 608 | Ordinary C shares | £1 | 608 | 608 |
| 12,158 | 12,158 |
| 7,445,003 | Preference shares | 7,445,003 | - |
| 7,457,161 | 12,158 |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 18. | RESERVES |
| Group |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 April 2022 | 369,944 | 1,203,543 | 1,573,487 |
| Profit for the year | 908,798 | 908,798 |
| At 31 March 2023 | 1,278,742 | 1,203,543 | 2,482,285 |
| Company |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 April 2022 | ( |
) | 1,203,530 |
| Deficit for the year | ( |
) | ( |
) |
| At 31 March 2023 | ( |
) | 1,203,517 |
| 19. | TRADE AND OTHER PAYABLES |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| as restated | as restated |
| £ | £ | £ | £ |
| Current: |
| Trade creditors | 3,107,914 | 4,948,181 |
| Amounts owed to group undertakings | - | - |
| Social security and other taxes | 211,698 | 168,561 |
| Other creditors | 226,207 | 452,333 |
| Construction cost accruals | 5,736,707 | 5,738,112 | - | - |
| VAT | 553,713 | 1,203,719 | - | - |
| 9,836,239 | 12,510,906 |
| 20. | FINANCIAL LIABILITIES - BORROWINGS |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| as restated | as restated |
| £ | £ | £ | £ |
| Current: |
| Bank loans | 721,194 | 800,902 |
| Leases (see note 21) | 125,486 | 121,176 | - | - |
| 846,680 | 922,078 |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 20. | FINANCIAL LIABILITIES - BORROWINGS - continued |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| as restated | as restated |
| £ | £ | £ | £ |
| Non-current: |
| Bank loans | 2,492,813 | 3,136,947 |
| Preference shares | - | 7,445,003 |
| Leases (see note 21) | 392,077 | 517,563 | - | - |
| 2,884,890 | 11,099,513 |
| Terms and debt repayment schedule |
| Group |
| 1 year or |
| less | 1-2 years | 2-5 years | Totals |
| £ | £ | £ | £ |
| Bank loans | 721,194 | 721,194 | 1,771,619 | 3,214,007 |
| Leases | 125,486 | 129,949 | 262,128 | 517,563 |
| 846,680 | 851,143 | 2,033,747 | 3,731,570 |
| On 23 February 2021, the company issued 7,445,003 redeemable preference shares. The shares are redeemable at the company's discretion, but they entitled the holders of such shares to a cumulative dividend thereby creating a contractual obligation on the company. No dividend has been paid to date and the shareholders have formally waived their entitlement to any unpaid dividend. Subsequent to the balance sheet date, the company's Articles of Association have been amended to remove all rights to a cumulative dividend and so this class of share has been reclassified as equity in these financial statements. |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 21. | LEASING |
| Group |
| Right-of-use assets |
| Property, plant and equipment |
| 2023 | 2022 |
| as restated |
| £ | £ |
| COST |
| At 1 April 2022 | 765,320 | - |
| Additions | - | 765,320 |
| 765,320 | 765,320 |
| DEPRECIATION |
| At 1 April 2022 | 138,183 | - |
| Charge for year | 127,553 | 138,183 |
| 265,736 | 138,183 |
| NET BOOK VALUE | 499,584 | 627,137 |
| Group |
| Lease liabilities |
| Minimum lease payments fall due as follows: |
| 2023 | 2022 |
| as restated |
| £ | £ |
| Gross obligations repayable: |
| Within one year | 141,600 | 141,600 |
| Between one and five years | 413,000 | 554,600 |
| 554,600 | 696,200 |
| Finance charges repayable: |
| Within one year | 16,114 | 20,424 |
| Between one and five years | 20,923 | 37,037 |
| 37,037 | 57,461 |
| Net obligations repayable: |
| Within one year | 125,486 | 121,176 |
| Between one and five years | 392,077 | 517,563 |
| 517,563 | 638,739 |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 22. | DEFERRED TAX |
| Group |
| 2023 | 2022 |
| as restated |
| £ | £ |
| Balance at 1 April | (14,000 | ) | - |
| Balance brought forward | - | (12,000 | ) |
| Credit in the year | (476,400 | ) | (2,000 | ) |
| Balance at 31 March | (490,400 | ) | (14,000 | ) |
| 23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the year ended 31 March 2023 and the period ended 31 March 2022: |
| 2023 | 2022 |
| as restated |
| £ | £ |
| G Sinden |
| Balance outstanding at start of year | - | - |
| Amounts advanced | - | 1,171,235 |
| Amounts repaid | - | (1,171,235 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | - |
| S T McMahon |
| Balance outstanding at start of year | 150,247 | - |
| Amounts advanced | 1,505 | 150,247 |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 151,752 | 150,247 |
| S J Wood |
| Balance outstanding at start of year | 60,800 | - |
| Amounts advanced | - | 60,800 |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 60,800 | 60,800 |
| The loan to S McMahon has been made by the company's subsidiary Thomas Sinden Limited over a number of years. As the previous accounting period is the first for which there is a requirement to prepare group accounts, the loans have been shown above as being made in the period ended 31 March 2022. |
| There were no terms attached to the loans and interest was charged at the official rate. |
| Thomas Sinden (Holdings) Limited (Registered number: 13028751) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 24. | RELATED PARTY DISCLOSURES |
| The company's subsidiaries comprise:- |
| Thomas Sinden Limited |
| Thomas Sinden Developments Limited |
| TS Joinery Solutions Limited |
| TS Civil Engineering Limited |
| There were no material transactions between the company and any of its subsidiaries during the year. |
| At the balance sheet date the company Thomas Sinden Limited £7,504,521 (2022: £7,502,458). |
| Thomas Sinden Limited is a member of Thomas Sinden Estates LLP. During the year the group has paid rent of £141,600 (2022: £141,600) in respect of its trading premises. At the balance sheet date the group was owed £3,458,643 (2022: £3,254,892). Interest has been charged on the non current amount receivable of £163,745 (2022: £80,074). In addition the group had a capital investment in the LLP of £350,000 (2022: £350,000). |
| KEY MANAGEMENT PERSONNEL |
| During the year, a total of key management personnel compensation of £419,320 (2022: £424,600) was paid. |
| 25. | ULTIMATE CONTROLLING PARTY |
| The group's ultimate controlling party is G Sinden. |