REGISTERED NUMBER: 06576728 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 April 2023 |
for |
TECHNOPOLIS GROUP LIMITED |
REGISTERED NUMBER: 06576728 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 April 2023 |
for |
TECHNOPOLIS GROUP LIMITED |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 April 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Consolidated Income Statement | 10 |
Consolidated Statement of 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 | 18 |
TECHNOPOLIS GROUP LIMITED |
Company Information |
for the Year Ended 30 April 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
2 Church Street |
Brighton |
East Sussex |
BN1 1UJ |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Group Strategic Report |
for the Year Ended 30 April 2023 |
REVIEW OF BUSINESS |
Technopolis Group is a specialist research and consulting organisation focusing on public policy relating to research, innovation and economic development and to other critical policy realms including Energy and Environment, Health and Life Sciences, Digital and Education and Skills. We provide policy advice and consulting to clients at international, national and regional levels throughout Europe and internationally. Our clients are predominantly government and inter-governmental organisations or private foundations. |
Technopolis Group Ltd is based in the United Kingdom (UK). It is the holding company for 11 subsidiaries (separate limited companies) based in Austria, Belgium, Colombia, Côte d'Ivoire, France, Germany, the Netherlands, Portugal, Sweden and the UK. The company was founded in 1989 in the UK and has worked internationally from the outset. We work in more than 35 languages and, as our spread of offices suggests, we are committed to working internationally and to bringing an international perspective to bear. Technopolis Group Ltd also owns 26% of OPIX (limited company), a research spin-off from the Athena Research Centre, based in Athens, Greece, developing data science driven solutions for the public sector. |
Technopolis Group has the following leadership structure. The Company Board approves the group strategy as well as decisions with major financial implications and supervises the group management on behalf of the shareholders. Paul Simmonds is Chairman of the Board and its members are: Agis Evrigenis (Managing Partner, Belgium) Geert van der Veen (Managing Partner, Netherlands), Elisabeth Zaparucha (Managing Partner, France) and Rebecca Allinson (Managing Partner, UK). The group management team comprises Matthieu Lacave, Group Managing Partner, and Sam Slota-Newson, Group Operations Director. The Managing Partners of our subsidiaries and the Principal Consultants, responsible for our thematic practices, handle day-to-day operational decisions, to make us as responsive as possible to the needs of our customers. |
A Strategy Committee meets regularly and comprises the Managing Partners, Senior Partners & Partners of the subsidiary companies, the leaders of cross-office thematic consultancy practices and members of the group management team. The group benefits from their individual market experience and accumulated insight into the trends in policy international. The current members of the Strategy Committee are: |
- Rebecca Allinson (Managing Partner, UK) |
- Mikaela Almerud (Managing Partner, Sweden) |
- Erik Arnold (Senior Partner, UK) |
- Florian Berger (Managing Partner, Germany) |
- Gaëtan Coatanroach (Partner, Group Lead for Green Economy) |
- Agis Evrigenis (Managing Partner, Belgium) |
- Augusto Ferreira (Managing Partner, Portugal) |
- Cédric Hananel (Managing Partner, Arctik Sprl) |
- Thomas Heimer (Scientific Director, Germany) |
- Matthieu Lacave (Managing Partner of Technopolis Group Ltd, Managing Partner in France) |
- Zsusza Jávorka (Group Lead for the Higher Education practice) |
- Matthias Ploeg (Managing Partner, Netherlands) |
- Morten Rasmussen (Group Lead for the Digital practice) |
- Cristina Rosemberg (Managing Partner, UK) |
- Monica Salazar (Managing Partner, Colombia) |
- Francie Sadeski (Managing Partner, Ivory Coast) |
- Paul Simmonds (Chairman, Technopolis Group, Managing Partner, UK) |
- Jérôme Treperman (Managing Partner, Germany) |
- Peter Varnai (Partner, Group lead for the Health practice) |
- Geert van der Veen (Managing Partner, Netherlands) |
- Sophie Viscido (Group Lead for EU R&I Practice) |
- Katharina Warta (Managing Partner, Austria) |
- Elisabeth Zaparucha (Managing Partner, France) |
Technopolis Group employed 240 people as of 30th of April, 2023. We appoint staff solely on the basis of ability. 65% of the members of staff are women. Our team of consultants continue to produce outstanding work that is valued by our clients and enhances the group's reputation. An administration team very ably supports the consultancy operation. |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Group Strategic Report |
for the Year Ended 30 April 2023 |
These accounts show that the group turnover was €28,853,806 (2022: €27,729,657). The balance sheet remains strong, with shareholders' funds totalling €9,371,042 (2022: €9,294,823). |
Technopolis Group's strategy is to grow through a combination of innovating within our established policy domains, by broadening the range of client problems on which we work, through geographical diversification and through thematic diversification, addressing ourselves to new and emerging policy questions. For several years, we have therefore been extending beyond our traditional core areas to increase our activity in adjacent consultancy domains, in particular in the areas of health, education, environment, energy and climate, and digitalisation. We are also pursuing new topics within these broad segments, in areas ranging from science communications and the blue economy through development aid. We have expanded our presence outside of Europe, in particular, in Latin America and Africa, and we are continuing to invest in the expansion of these young offices. Our Portuguese subsidiary, which was opened in July 2022, has had a profitable first year and we look forward to its future success in both national and international markets and serving the EC. |
The group has continued to operate and benefit from the more flexible working arrangements introduced following the pandemic in March 2020, albeit teams are gradually coming back to our respective offices to ensure we maximise knowledge exchange and learning to the benefit of both individuals' professional development and the quality of work we deliver to clients. We continue to place the highest priority on the well-being of our colleagues and partners and our HR teams are providing active support in this regard. |
In 2023, we chose to consolidate our past investments across the group in a wide range of data science activities and have created a group-wide Data Science Unit, which will provide a service and research function for the whole company, as we seek to meet and take advantage of the fast-moving technological advances in machine learning and AI. We continue to focus our human resource management effort on retaining existing members of the staff and recruiting the diversity of people and background needed to address our clients' needs. We continue to refine our project managers' skills and provide internal training on key methodologies used in our consultancy practice. The group has an internal Innovation Fund to stimulate bottom-up ideas for new methods and services. We remain optimistic that we are well placed to capitalise on the new opportunities that will arise in our markets and to consider growth opportunities in new markets. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Our principal risks and uncertainties relate to our various markets: Governments continue to tackle the challenge of stimulating economic growth, whilst addressing levels of public debt. In some of our markets, we have observed a material reduction in demand, and in others, increased pressure on fee rates. In others, the pressures have been in the other direction, with substantial growth in demand, creating opportunities for us to develop our consulting solutions faster than our competitors to meet our clients' evolving needs. |
We continue to monitor the performance of the group and its environment. The main foreseeable risks are: |
- Insufficient work to deliver our growth plans. At the date of this report the group has a 12-month positive cash balance. We continue to monitor the market and bid for work. We monitor our cash flow daily and our profitability monthly, so we have a good visibility of any need to increase or reduce capacity. |
- Downward pressure on prices driven by competition and tight finances amongst our clients at the same time as inflation is driving up costs and putting margins under pressure. We are investing in a range of staff-related initiatives to improve overall efficiency, investing in new tools and infrastructure to improve productivity and being more conscious about the sustainability of the work we pursue. |
- Project-level cost overruns that erode margins and place negative downward pressure on our capacity to invest in the future of the business. We operate an enterprise level project management system that makes both management and staff aware of progress against plan. Each of the operating companies reviews its situation monthly so that we identify issues early and can take any action needed in a timely manner. |
- Client dissatisfaction associated with more determined cost management. We work closely with our clients and monitor progress with them as well as running our own internal quality control processes to minimise the risk of client dissatisfaction. In case of the worst eventuality, we have £3m of professional indemnity insurance. |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Group Strategic Report |
for the Year Ended 30 April 2023 |
POLITICAL AND COUNTRY RISK |
The continuing war in Ukraine, high interest rates and a weak global economic outlook remain challenging. The situation looks likely to improve compared with 2022, however, inflationary pressures are still impacting market prices and our costs. Our corporate structure with subsidiaries based in our major markets, working locally and globally, and with common infrastructure helps to spread risk and reduce the impact of events within a single country on the performance of the Group. The Company Board monitors such risks closely. |
The group, notably but not exclusively the French and Ivorian subsidiaries, are working increasingly for EU or International donors operating in fragile and conflict-affected regions to deliver development aid support (e.g. Sahel, Central Africa) which main affect projects' acquisition and implementation. Our teams involved in these projects monitor the associated risks closely. The Group has issued guidelines and protocols for work in these regions, that will be reviewed and strengthened in 2023. |
MARKET PRICE RISK |
Market risks include the possibility that changes in currency exchange rates will impact the value of the group's financial assets, liabilities and cash flows. The greater part of the business, and most of its shareholders, is in the Eurozone. Wherever possible we match currency inflows and outflows to minimise the impact of exchange rate movements. As we seize opportunities outside the Eurozone, the potential impact of this risk has increased and closer monitoring at project level has been introduced to alert the business to issues around currency movements and the need for specific mitigation measures. |
OUTLOOK AND FUTURE DEVELOPMENTS |
We plan to continue to implement business initiatives as part of our strategy to extend beyond our traditional core areas to increase our activity in adjacent consultancy domains. Our communication business is growing in line with our expectations and this year, we expect to accelerate our services to clients seeking advice on the impact of digital technologies and energy and climate transition. We will continue to develop techniques to realise the benefits offered by data science and we are excited to have launched our new, in-house Data Science Unit, which we expect to lead the company in its efforts to take advantage of advances in big data and AI solutions. This will form the backbone of the Group strategic plan for 2030 that is in development currently and will be approved by the Company Board in early 2024. |
Our collaboration with our partners in OPIX has continued throughout the year at a project level. After almost three years of collaboration, the Company Board will later in 2023 appraise its benefits to consider our future options regarding the group's initial investment and ongoing support. |
Throughout 2022/23, we were seeing continued recovery of activity in our consultancy domains in countries whose governments had been faced with periods of austerity and we expanded our geographical coverage by increasing our presence outside of Europe, in Latin America and Africa. We remain confident that we can capitalise on this increased level of activity and the greater geographical distribution and larger, more diverse client base should deepen the Group's resilience to budgetary pressures evident in some countries. |
On behalf of the Company Board, I wish to thank the entire team for their support and contribution to the group's performance over this trading period. |
ON BEHALF OF THE BOARD: |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Report of the Directors |
for the Year Ended 30 April 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2023. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
Ordinary 1p shares | €71.00 | 19th December 2022 |
The total distribution of dividends for the year ended 30 April 2023 was €464,553. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
Information regarding principal risks and uncertainties, along with a detailed review of the business, is included in the Strategic Review on pages 2 & 3. |
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Report of the Directors |
for the Year Ended 30 April 2023 |
AUDITORS |
The auditors, Chambers & Co Accountants LLP, are deemed to be reappointed under section 487 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Technopolis Group Limited |
Opinion |
We have audited the financial statements of Technopolis Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the Consolidated Income Statement, Consolidated Statement of 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 30 April 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the 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 |
Technopolis Group 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. |
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 group and the sectors in which it operates, and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the company law and tax legislation. Our tests included reviews of accounting estimates, agreeing the financial statement disclosures to underlying supporting documentation and enquiries of management. |
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
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. |
Report of the Independent Auditors to the Members of |
Technopolis Group Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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 |
Statutory Auditor |
2 Church Street |
Brighton |
East Sussex |
BN1 1UJ |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Consolidated Income Statement |
for the Year Ended 30 April 2023 |
2023 | 2022 |
Notes | € | € | € | € |
TURNOVER | 3 | 28,853,806 | 27,729,657 |
Cost of sales | 21,092,638 | 20,132,947 |
GROSS PROFIT | 7,761,168 | 7,596,710 |
Administrative expenses | 6,909,596 | 6,932,271 |
851,572 | 664,439 |
Other operating income | 1,100,749 | 1,265,054 |
OPERATING PROFIT | 5 | 1,952,321 | 1,929,493 |
Income from interest in associated undertakings |
3,497 |
1,376 |
Interest receivable and similar income | 1,961 | 264 |
5,458 | 1,640 |
1,957,779 | 1,931,133 |
Interest payable and similar expenses | 6 | 3,700 | 5,397 |
PROFIT BEFORE TAXATION | 1,954,079 | 1,925,736 |
Tax on profit | 7 | 480,370 | 525,648 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,473,709 | 1,400,088 |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Consolidated Statement of Other Comprehensive Income |
for the Year Ended 30 April 2023 |
2023 | 2022 |
Notes | € | € |
PROFIT FOR THE YEAR | 1,473,709 | 1,400,088 |
OTHER COMPREHENSIVE INCOME |
Non-Euro currency revaluation | (204,817 | ) | 121,369 |
Shares repurchased into Treasury Reserve | (728,120 | ) | - |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(932,937 |
) |
121,369 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
540,772 |
1,521,457 |
Total comprehensive income attributable to: |
Owners of the parent | 540,772 | 1,521,457 |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Consolidated Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | € | € | € | € |
FIXED ASSETS |
Intangible assets | 10 | 63,592 | 76,311 |
Tangible assets | 11 | 340,399 | 312,535 |
Investments | 12 |
Interest in associate | 17,873 | 14,376 |
421,864 | 403,222 |
CURRENT ASSETS |
Debtors | 13 | 17,300,145 | 14,405,751 |
Cash at bank | 6,361,251 | 8,289,160 |
23,661,396 | 22,694,911 |
CREDITORS |
Amounts falling due within one year | 14 | 14,638,945 | 13,674,256 |
NET CURRENT ASSETS | 9,022,451 | 9,020,655 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
9,444,315 |
9,423,877 |
PROVISIONS FOR LIABILITIES | 16 | 73,273 | 129,054 |
NET ASSETS | 9,371,042 | 9,294,823 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 76 | 76 |
Share premium | 469,718 | 469,718 |
Capital redemption reserve | 54 | 54 |
Treasury share reserve | (728,120 | ) | - |
Retained earnings | 9,629,314 | 8,824,975 |
SHAREHOLDERS' FUNDS | 9,371,042 | 9,294,823 |
The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2023 and were signed on its behalf by: |
P S Simmonds - Director |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Company Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | € | € | € | € |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Share premium |
Capital redemption reserve |
Treasury share reserve | ( |
) |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 997,479 | 892,635 |
The financial statements were approved by the Board of Directors and authorised for issue on |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 April 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
€ | € | € |
Balance at 1 May 2021 | 75 | 7,892,561 | 469,718 |
Changes in equity |
Issue of share capital | 1 | - | - |
Dividends | - | (589,043 | ) | - |
Total comprehensive income | - | 1,521,457 | - |
Balance at 30 April 2022 | 76 | 8,824,975 | 469,718 |
Changes in equity |
Dividends | - | (464,553 | ) | - |
Total comprehensive income | - | 1,268,892 | - |
Balance at 30 April 2023 | 76 | 9,629,314 | 469,718 |
Capital | Treasury |
redemption | share | Total |
reserve | reserve | equity |
€ | € | € |
Balance at 1 May 2021 | 54 | - | 8,362,408 |
Changes in equity |
Issue of share capital | - | - | 1 |
Dividends | - | - | (589,043 | ) |
Total comprehensive income | - | - | 1,521,457 |
Balance at 30 April 2022 | 54 | - | 9,294,823 |
Changes in equity |
Dividends | - | - | (464,553 | ) |
Total comprehensive income | - | (728,120 | ) | 540,772 |
Balance at 30 April 2023 | 54 | (728,120 | ) | 9,371,042 |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Company Statement of Changes in Equity |
for the Year Ended 30 April 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
€ | € | € |
Balance at 1 May 2021 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 30 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 30 April 2023 |
Capital | Treasury |
redemption | share | Total |
reserve | reserve | equity |
€ | € | € |
Balance at 1 May 2021 |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 30 April 2022 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income | ( |
) |
Balance at 30 April 2023 | ( |
) |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Consolidated Cash Flow Statement |
for the Year Ended 30 April 2023 |
2023 | 2022 |
Notes | € | € |
Cash flows from operating activities |
Cash generated from operations | 1 | 288,158 | 2,375,583 |
Interest paid | (3,700 | ) | (5,397 | ) |
Tax paid | (664,253 | ) | (986,050 | ) |
Net cash from operating activities | (379,795 | ) | 1,384,136 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (177,885 | ) | (165,557 | ) |
Sale of tangible fixed assets | 12,448 | 27,067 |
Interest received | 1,961 | 264 |
Net cash from investing activities | (163,476 | ) | (138,226 | ) |
Cash flows from financing activities |
Amounts introduced by directors | 14,483 | - |
Share issue | - | 1 |
Shares repurchased into Treasury Reserve | (728,120 | ) | - |
Equity dividends paid | (464,553 | ) | (589,043 | ) |
Net cash from financing activities | (1,178,190 | ) | (589,042 | ) |
(Decrease)/increase in cash and cash equivalents | (1,721,461 | ) | 656,868 |
Cash and cash equivalents at beginning of year |
2 |
8,289,160 |
7,570,096 |
Effect of foreign exchange rate changes | (206,448 | ) | 62,196 |
Cash and cash equivalents at end of year |
2 |
6,361,251 |
8,289,160 |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 April 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
€ | € |
Profit before taxation | 1,954,079 | 1,925,736 |
Depreciation charges | 138,073 | 125,854 |
Loss/(profit) on disposal of fixed assets | 8,522 | (6,424 | ) |
Decrease in amt.recoverable on contracts | (345,934 | ) | (1,180,261 | ) |
Decrease in provisions carried forwards | (57,560 | ) | 52,468 |
Impairment losses | - | 37,000 |
Finance costs | 3,700 | 5,397 |
Finance income | (5,458 | ) | (1,640 | ) |
1,695,422 | 958,130 |
Increase in trade and other debtors | (2,132,593 | ) | (1,728,088 | ) |
Increase in trade and other creditors | 725,329 | 3,145,541 |
Cash generated from operations | 288,158 | 2,375,583 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
€ | € |
Cash and cash equivalents | 6,361,251 | 8,289,160 |
Year ended 30 April 2022 |
30.4.22 | 1.5.21 |
€ | € |
Cash and cash equivalents | 8,289,160 | 7,570,096 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.5.22 | Cash flow | At 30.4.23 |
€ | € | € |
Net cash |
Cash at bank | 8,289,160 | (1,927,909 | ) | 6,361,251 |
8,289,160 | (1,927,909 | ) | 6,361,251 |
Total | 8,289,160 | (1,927,909 | ) | 6,361,251 |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 April 2023 |
1. | STATUTORY INFORMATION |
Technopolis Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the exemption from preparing a statement of cashflows, on the basis that it is a qualifying entity and the consolidated statement of cashflows, included in these financial statements, includes the Company's cashflows. |
Basis of consolidation |
The Group's consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings made up to 30 April. |
No individual profit and loss account is prepared for the Company, as provided by Section 408 of the Companies Act 2006 |
Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group's accounting polices when preparing the consolidated financial statements. |
All intra-group transactions, balances, income and expenses are eliminated on consolidation. |
An associate is an entity in which the Group is able to exert a significant influence , but without being able to control its financial and operating policies. Investments in associates are consolidated applying the equity method, which means that the results of operations of associates and any changes in Other Comprehensive Income of the associates are reflected in the consolidated Income Statement and in the Consolidated Statement of Other Comprehensive Income. Losses of an associate in excess of the Group' interest in that associate are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Turnover represents revenue recognised by the group in respect of services supplied, excluding value added tax. |
Revenue is recognised in the accounting period in which the services are rendered. When the outcome of a project can be estimated reliably, the company uses the percentage of completion method based on the actual service performed as a percentage of the total services to be provided. |
Where this revenue exceeds the amount invoiced, the excess is included within debtors as amounts recoverable on contracts. Where the amount invoiced exceeds the revenue recognised the excess is included within creditors as deferred income. |
Where work on a project is assessed as insufficiently complete at the year end for its outcome to be assessed with certainty it is included in turnover at the lower of cost and net realisable value. Cost includes all direct expenditure. |
Business combinations and goodwill |
Business combinations are accounted for by applying the purchase method. |
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. |
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities. |
Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values of the Group's interest in the identifiable net assets, liabilities and contingent liabilities acquired. |
Goodwill is amortised over its expected useful life. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Office equipment | - |
Taxation |
Taxation for the year 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. |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Currency translation |
Functional and presentation currency |
The functional and presentation currency of Technopolis Group Limited is the Euro. |
Transactions and balances |
Non-Euro transactions are translated into the functional currency using the exchange rate on the dates of each transaction. |
At each period end non-euro monetary items are translated using the closing rate. Any non-monetary items measured at historical cost are translated using the exchange rate on the date of the transaction. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account. |
Translation |
The trading results, assets and liabilities of overseas undertakings using other functional currencies are translated at the exchange rates ruling at the period end. Exchange adjustments arising from the retranslation of opening net investments are recognised in "Other comprehensive income". |
Operating leased assets |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group contributes to defined contribution pension schemes. Contributions payable to the pension schemes are charged to the profit and loss account in the period to which they relate. |
Financial instruments |
Financial assets and financial liabilities are recognised on the balance sheet when the entity becomes party to the contractual provisions of the financial instrument. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Basic financial assets, including trade debtors, loans to fellow group companies, cash and bank balances are recognised at transaction price. There are no arrangements in respect of these assets which are considered to constitute a financing arrangement. |
Basic financial liabilities, including trade and other payables, loans from fellow group companies are recognised at transaction price. There are no arrangements in respect of these liabilities which are considered to constitute a financing arrangement. |
Basic financial assets and liabilities are measured subsequently at amortised cost less impairment. |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. |
Provisions |
Provisions are recognised when the group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will required to settle the obligation; and the amount of the obligation can be estimated reliably. |
Critical accounting judgements and estimation uncertainty |
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. |
The following are the critical estimates and judgements that the directors have made in the process of applying the group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
(i) Completeness of projects - Amounts recoverable on contracts |
Where the outcome can be estimated reliably, revenue is recognised by reference to an estimate of the completeness of each project at the balance sheet date. This is measured by an assessment of work performed to the year end as a percentage of an estimate of the total time to be spent on the project. |
Where a project is judged to be insufficiently complete to estimate the outcome with reliability, it is included within revenue at the lower of cost and net realisable value. |
(ii) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets, both of which are re-assessed annually. They are amended where necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
€ | € |
Wages and salaries | 11,805,425 | 11,233,375 |
Social security costs | 2,386,395 | 2,202,864 |
Other pension costs | 658,488 | 870,905 |
14,850,308 | 14,307,144 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Technopolis Group Limited directors | 7 | 7 |
Other directors | 13 | 9 |
Project consultants | 172 | 177 |
Administration | 24 | 20 |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
€ | € |
Directors' remuneration | 1,240,828 | 1,497,387 |
Directors' pension contributions to money purchase schemes | 146,460 | 201,276 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 5 | 5 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
€ | € |
Emoluments etc | 186,571 | 217,193 |
Parent Company |
2023 | 2022 |
€ | € |
Salaries, social security & pension costs | 377,240 | 527,226 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
€ | € |
Other operating leases | 898,011 | 756,280 |
Depreciation - owned assets | 125,355 | 113,135 |
Loss on disposal of fixed assets | 8,522 | 62,808 |
Goodwill amortisation | 12,719 | 12,719 |
Auditors' remuneration | 11,405 | 10,613 |
Auditors' remuneration for non audit work | 38,421 | 36,240 |
Foreign exchange differences | (45,400 | ) | 131,522 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
€ | € |
Bank interest payable | 3,700 | 5,397 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
€ | € |
Current tax: |
Corporation tax | 473,263 | 577,764 |
Deferred tax | 7,107 | (52,116 | ) |
Tax on profit | 480,370 | 525,648 |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
€ | € |
Profit before tax | 1,954,079 | 1,925,736 |
Profit multiplied by the standard rate of corporation tax in the UK of 19.493 % (2022 - 19 %) |
380,909 |
365,890 |
Effects of: |
Expenses not deductible for tax purposes | 37,092 | 35,095 |
Income not taxable for tax purposes | (55,095 | ) | (13,423 | ) |
Capital allowances in excess of depreciation | - | (3,535 | ) |
Depreciation in excess of capital allowances | 2,971 | - |
Adjustments to tax charge in respect of previous periods | 7,744 | (23,328 | ) |
Rate adjustment to weighted average paid by overseas subsidiaries | 69,395 | 145,111 |
Tax losses not carried forwards | 99,148 | - |
Group policy adjustments not included in subsidiary tax returns | 15,716 | 21,511 |
Capital allowances not applicable to disposal of pooled assets | 181 | (1,673 | ) |
Minimum corporation tax charges imposed | 1,750 | - |
Research tax credits | (79,118 | ) | - |
Investment allowances | (323 | ) | - |
Total tax charge | 480,370 | 525,648 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
€ | € | € |
Non-Euro currency revaluation | (204,817 | ) | - | (204,817 | ) |
Shares repurchased into Treasury Reserve | (728,120 | ) | - | (728,120 | ) |
(932,937 | ) | - | (932,937 | ) |
2022 |
Gross | Tax | Net |
€ | € | € |
Non-Euro currency revaluation | 121,369 | - | 121,369 |
8. | 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. |
9. | DIVIDENDS |
2023 | 2022 |
€ | € |
Ordinary shares of 1p each |
Dividends | 464,553 | 589,043 |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
€ |
COST |
At 1 May 2022 |
and 30 April 2023 | 127,187 |
AMORTISATION |
At 1 May 2022 | 50,876 |
Amortisation for year | 12,719 |
At 30 April 2023 | 63,595 |
NET BOOK VALUE |
At 30 April 2023 | 63,592 |
At 30 April 2022 | 76,311 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | and | Motor | Office |
property | fittings | vehicles | equipment | Totals |
€ | € | € | € | € |
COST |
At 1 May 2022 | 58,757 | 150,410 | 13,428 | 609,862 | 832,457 |
Additions | - | 36,032 | - | 141,853 | 177,885 |
Disposals | - | (9,090 | ) | - | (87,068 | ) | (96,158 | ) |
Exchange differences | - | (3,756 | ) | - | (4,424 | ) | (8,180 | ) |
At 30 April 2023 | 58,757 | 173,596 | 13,428 | 660,223 | 906,004 |
DEPRECIATION |
At 1 May 2022 | 23,481 | 61,780 | 9,721 | 424,940 | 519,922 |
Charge for year | 8,737 | 16,379 | 3,707 | 96,532 | 125,355 |
Eliminated on disposal | - | 5,062 | - | (80,250 | ) | (75,188 | ) |
Exchange differences | - | (1,575 | ) | - | (2,909 | ) | (4,484 | ) |
At 30 April 2023 | 32,218 | 81,646 | 13,428 | 438,313 | 565,605 |
NET BOOK VALUE |
At 30 April 2023 | 26,539 | 91,950 | - | 221,910 | 340,399 |
At 30 April 2022 | 35,276 | 88,630 | 3,707 | 184,922 | 312,535 |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
12. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in |
associate |
€ |
COST |
At 1 May 2022 | 14,376 |
Share of profit/(loss) | 3,497 |
At 30 April 2023 | 17,873 |
NET BOOK VALUE |
At 30 April 2023 | 17,873 |
At 30 April 2022 | 14,376 |
Interest in associate |
Opix PC |
The group's share of Opix PC is as follows: |
2023 | 2022 |
€ | € |
Turnover | 69,947 | 45,904 |
Profit before tax | 3,497 | 2,580 |
Taxation | - | - |
Profit after tax | 3,497 | 2,580 |
Share of assets |
Fixed assets | - | - |
Current assets | 78,245 | 17,045 |
Share of liabilities |
Liabilities due within one year | (60,372 | ) | (2,669 | ) |
Liabilities due after one year or more | - | - |
Share of net assets | 17,873 | 14,376 |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
€ | € | € |
COST |
At 1 May 2022 | 576,305 |
Additions | 130,000 |
Impairments | ( |
) | (168,168 | ) |
At 30 April 2023 | 538,137 |
NET BOOK VALUE |
At 30 April 2023 | 538,137 |
At 30 April 2022 | 576,305 |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Investments brought forward and held by the company relating to subsidiary and associate undertakings are stated at cost. |
Details of the undertakings are shown below: |
Name of undertaking |
Country of incorporation |
Proportion of nominal value of issued shares held by group |
Technopolis Limited, 3 Pavilion Buildings, Brighton, BN1 1EE, UK. |
England & Wales |
100% |
Technopolis BV, Spuistraat 283, 1012 VR Amsterdam, Netherlands. |
Netherlands |
100% |
Technopolis Consulting SARL, 60 Boulevard Diderot, 75012 Paris, France. |
France |
100% |
Technopolis Deutschland GmbH, Große Seestraße 26, 60486 Frankfurt am Main,Germany. |
Germany |
100% |
Technopolis Forschungs und Beratungsgesellschaft mbH, Rudolfsplatz 12/11, A-1010, Vienna, Austria. |
Austria |
100% |
Technopolis Consulting Group Sprl, Avenue de Tervuren 188AB-1150 Brussels, Belgium. |
Belgium |
100% |
Faugert & Co Utvärdering AB, Skeppargatan 27, 11452Stockholm, Sweden. |
Sweden |
100% |
Technopolis Group Colombia SAS, Carrera 5 No, 71-45 Oficina 304, Bogotá,Columbia. |
Columbia |
100% |
Arctik Sprl, Avenue de Broqueville, 12, 1150 Brussels. |
Belgium |
100% |
Technopolis Ivory Coast, XL Building Plateau, Abidjan, Ivory Coast. |
Ivory Coast |
100% |
Technopolis Group Portugal, Unipessoal, LdaAv.Da Liberdade, Nr.245 4• A 1250-143 - Lisbon, Portugal |
Portugal |
100% |
Opix PC, 6 Epidavrou Street, 104 44 Athens, Greece. |
Greece |
26% |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Trade debtors | 8,035,398 | 5,850,548 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contracts | 8,192,470 | 7,846,536 |
Other debtors | 334,634 | 310,273 |
Directors' loan accounts | - | 4,288 | - | - |
Tax | 420,155 | - |
VAT | - | - |
Prepayments | 317,488 | 394,106 |
17,300,145 | 14,405,751 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Trade creditors | 1,796,943 | 1,774,105 |
Tax | 240,260 | 11,095 |
Social security and other taxes | 544,177 | 553,522 |
VAT | 480,309 | 413,624 | - | - |
Other creditors | 126,903 | 318,736 |
Directors' loan accounts | 10,195 | - | - | - |
Accrued expenses | 10,610,635 | 9,006,514 |
Deferred income | 829,523 | 1,596,660 |
14,638,945 | 13,674,256 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
€ | € |
Within one year | 512,800 | 562,105 |
Between one and five years | 174,000 | 226,973 |
686,800 | 789,078 |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
16. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
€ | € |
Deferred tax | 12,762 | 10,983 |
Other provisions | 60,511 | 118,071 |
Aggregate amounts | 73,273 | 129,054 |
Group |
Deferred |
tax |
€ |
Balance at 1 May 2022 | 10,983 |
Foreign exchange movement | (441 | ) |
Tax allowances on fixed assets | 3,420 |
Unrealised expenditure | (1,200 | ) |
Balance at 30 April 2023 | 12,762 |
Other provisions represent an amount provided in respect of internal and external repair work to be carried out to the German and UK components' office premises. |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | € | € |
Ordinary | 1p | 76 | 76 |
During the year the company purchased 541 ordinary shares into treasury. It subsequently gifted 45 of these shares to certain employees leaving 496 shares held in treasury at the year end. |
18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the previous year a group company advanced €5,342 to a director on an interest-free basis, the loan has now been repaid. |
19. | RELATED PARTY DISCLOSURES |
Key management personnel of the entity or its parent (in the aggregate) |
2023 | 2022 |
€ | € |
Directorship services (Belgium) purchased from Amec-Con Ltd (registered in Paphos Cyprus) |
186,571 |
217,193 |
During the year, a total of key management personnel compensation of € 1,084,078 (2022 - € 1,253,415 ) was paid. |
Dividends paid to directors and significant shareholders amounted to €206,397 (2022: €345,779) |
TECHNOPOLIS GROUP LIMITED (REGISTERED NUMBER: 06576728) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
20. | ULTIMATE CONTROLLING PARTY |
The company's shares are owned by some of its employees. There is no single ultimate controlling party. |