Registered number
09337792
Concilium Search Limited
Filleted Accounts
31 December 2022
Concilium Search Limited
Registered number: 09337792
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 5 17,652 24,720
Tangible assets 6 - 5,798
17,652 30,518
Current assets
Debtors 7 5,788,961 3,422,924
Cash at bank and in hand 359,326 316,483
6,148,287 3,739,407
Creditors: amounts falling due within one year 8 (5,153,084) (2,908,464)
Net current assets 995,203 830,943
Total assets less current liabilities 1,012,855 861,461
Creditors: amounts falling due after more than one year 9 (255,816) (227,881)
Provisions for liabilities (2,498) (2,198)
Net assets 754,541 631,382
Capital and reserves
Called up share capital 100 100
Profit and loss account 754,441 631,282
Shareholders' funds 754,541 631,382
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M B Okeke
Director
Approved by the board on 25 September 2023
Concilium Search Limited
Notes to the Accounts
for the period from 28 December 2021 to 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Computer software Over 4 years
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements Over 4 years
Fixtures and fittings Over 3 years
Computers Over 3 years
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
Retirement benefits
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either other debtors or other creditors.
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the appropriate model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
Debt financing
Trade debtors are subject to a financing agreement whereby an advance is received based upon and secured against trade receivables. Where the company has retained significant benefits and risks relating to the factored debts, separate presentation is adopted whereby the gross debts and a corresponding liability, in respect of the advance received, are shown separately on the balance sheet. The interest element of the factor's charges is recognised as it accrues and is included in the profit and loss account within interest payable and similar charges.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 47 49
3 Directors' remuneration 2022 2021
£ £
Remuneration paid to directors 244,900 69,965
244,900 69,965
4 Share-based payment transactions
The company set up an Enterprise Management Incentive Share option plan on 16 June 2017 whereby it grants rights to the equity instruments of Insight Resources Limited, its immediate and ultimate parent company, to its employees. Details of options granted are set out below:
Number of share options Weighted average exercise price
2022
Numbers
2021
Numbers
2022 £ 2021 £
Outstanding at 27 December 2021 and 31 December 2022 9,000 9,000 0.01 0.01
Exercisable at 31 December 2022 - - - -
The options outstanding at 31 December 2022 had an exercise price of £0.01 and a remaining contractual life of 7 years and 6 months.
The options are exercisable at the earlier of a Share Sale, a Trade Sale, a Listing or the ninth anniversary of the Date of Grant. The options lapse after 10 years if not exercised during that time.
A share based payment charge has not been recognised as the amount is not deemed material to these financial statements (2021: £Nil).
5 Intangible fixed assets £
Goodwill:
Cost
At 28 December 2021 52,500
Additions 1,500
At 31 December 2022 54,000
Amortisation
At 28 December 2021 27,780
Provided during the period 8,568
At 31 December 2022 36,348
Net book value
At 31 December 2022 17,652
At 27 December 2021 24,720
Computer software is being written off in equal annual instalments over its estimated economic life of 4 years.
6 Tangible fixed assets
Motor vehicles
£
Cost
At 28 December 2021 124,188
At 31 December 2022 124,188
Depreciation
At 28 December 2021 118,390
Charge for the period 5,798
At 31 December 2022 124,188
Net book value
At 31 December 2022 -
At 27 December 2021 5,798
7 Debtors 2022 2021
£ £
Trade debtors 4,658,487 2,852,911
Other debtors 1,130,474 570,013
5,788,961 3,422,924
8 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 570,346 400,492
Taxation and social security costs 753,736 371,830
Invoice discounting 3,665,149 1,597,947
Other creditors 163,853 538,195
5,153,084 2,908,464
9 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 255,816 227,881
10 Other information
Concilium Search Limited is a private company limited by shares and incorporated in England. Its registered office is:
31 Bury Street
London
England
EC3A 5AR
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