Company registration number 11424356 (England and Wales)
ACCELERATE GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
ACCELERATE GROUP LIMITED
CONTENTS
Page
Chairman's report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 13
ACCELERATE GROUP LIMITED
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The chairman presents his report on the financial statements for the year ended 30 June 2023.
The company has invested in boosting its sales and demand generation team to take best advantage of the current huge opportunity in the market, and the continued level of interest in, and demand for, the company’s product and services – in spite of the uncertainty continuing in the wider economic environment.
Annual recurring revenue (the annual value of contracts that are at least 12 months long) grew to £1.903m at 30 June 2023 (2022: £1.33m) and in the quarter since year end has grown further to nearly £2.5m. Given the continued strong demand and high level of new business pipeline opportunities that the company has, that figure is expected to show further significant growth in the year to June 2024.
The company also continues to maintain a very high renewal rate from its existing customers. Of the contracts that were due for renewal during the financial year, 97% by value renewed. The directors believe that this demonstrates clients’ high levels of confidence in the quality of the company’s product and services and the value that they provide.
The profit & loss account on page 4 is presented in accordance with the formats permitted by the Companies Act. However the overheads shown there include significant non-cash and non-trading costs. For clarity, the directors therefore present here a further split of the profit and loss account highlighting these items:
2023
2022
2021
£
£
£
Turnover
1,777,472
1,246,743
1,009,008
Cost of sales
(709,921)
(692,946)
(801,554)
Gross profit
1,067,551
553,797
207,453
Trading overheads
(997,990)
(736,973)
(821,808)
Depreciation and other amounts written off tangible and intangible fixed assets
(489,580)
(571,374)
(478,091)
Profit or (loss) on foreign exchange
42,261
(134,615)
98,935
Other operating income
1,500
35,103
240,054
Operating loss
(376,258)
(854,063)
(753,457)
The profit or loss on foreign exchange primarily relates to translational differences on non-trading balances. The other operating income in the years to June 2021 and June 2022 related to the Coronavirus Job Retention Scheme.
As a result of the growth in annual recurring revenue, the very strong new business pipeline and the continuing high renewal rate, the directors remain confident that there is a strong and growing market for the company’s products and services. The company is therefore expected to achieve bottom line profitability in the next financial year.
This report was approved by the board and signed on its behalf by:
..............................
M Smith
Director
Date: .............................................
ACCELERATE GROUP LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
752,497
843,002
Tangible assets
5
4,218
3,414
756,715
846,416
Current assets
Debtors
6
583,371
321,192
Cash at bank and in hand
5,428
29,859
588,799
351,051
Creditors: amounts falling due within one year
7
(2,037,305)
(1,626,196)
Net current liabilities
(1,448,506)
(1,275,145)
Total assets less current liabilities
(691,791)
(428,729)
Creditors: amounts falling due after more than one year
8
(2,108,266)
(2,380,240)
Net liabilities
(2,800,057)
(2,808,969)
Capital and reserves
Called up share capital
9
475
415
Share premium account
806,743
463,892
Capital redemption reserve
25
25
Profit and loss reserves
(3,607,300)
(3,273,301)
Total equity
(2,800,057)
(2,808,969)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ACCELERATE GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 13 October 2023 and are signed on its behalf by:
M Smith
Director
Company registration number 11424356 (England and Wales)
ACCELERATE GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2021
415
463,892
25
(2,456,840)
(1,992,508)
Year ended 30 June 2022:
Loss and total comprehensive income
-
-
-
(816,461)
(816,461)
Balance at 30 June 2022
415
463,892
25
(3,273,301)
(2,808,969)
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
-
(333,999)
(333,999)
Issue of share capital
9
60
342,851
-
-
342,911
Balance at 30 June 2023
475
806,743
25
(3,607,300)
(2,800,057)
ACCELERATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
1
Accounting policies
Company information
Accelerate Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lawrence House, 45 High Street, Egham, Surrey, TW20 9DP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
ACCELERATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademarks
5 years straight line
Customer base
3 years straight line
Software development
3 years straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
3 years straight line
Office equipment
4 years straight line
Computer equipment
3 years straight line
Motor vehicles
2 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ACCELERATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 7 -
1.9
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 in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ACCELERATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 8 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ACCELERATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 9 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
23
16
ACCELERATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
4
Intangible fixed assets
Trademarks
Customer base
Software development
Total
£
£
£
£
Cost
At 1 July 2022
381,105
388,774
1,784,503
2,554,382
Additions
396,095
396,095
At 30 June 2023
381,105
388,774
2,180,598
2,950,477
Amortisation and impairment
At 1 July 2022
298,532
388,774
1,024,074
1,711,380
Amortisation charged for the year
76,221
410,379
486,600
At 30 June 2023
374,753
388,774
1,434,453
2,197,980
Carrying amount
At 30 June 2023
6,352
746,145
752,497
At 30 June 2022
82,573
760,429
843,002
5
Tangible fixed assets
Leasehold improvements
Office equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
45,560
5,788
6,579
57,927
Additions
33
3,750
3,783
At 30 June 2023
45,560
5,788
6,612
3,750
61,710
Depreciation and impairment
At 1 July 2022
45,560
4,589
4,364
54,513
Depreciation charged in the year
905
824
1,250
2,979
At 30 June 2023
45,560
5,494
5,188
1,250
57,492
Carrying amount
At 30 June 2023
294
1,424
2,500
4,218
At 30 June 2022
1,199
2,215
3,414
ACCELERATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
357,615
172,846
Corporation tax recoverable
98,976
91,845
Other debtors
9,883
1,900
Prepayments and accrued income
115,797
53,251
582,271
319,842
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
1,100
1,350
Total debtors
583,371
321,192
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
86,208
90,470
Other borrowings
94,428
22,999
Trade creditors
489,335
480,666
Taxation and social security
250,696
180,000
Other creditors
477,537
457,893
Accruals and deferred income
639,101
394,168
2,037,305
1,626,196
Included within creditors falling due within one year is a bank overdraft balance of £80,594 (2022 : £85,000) which is secured by fixed and floating charges over the assets of the company.
Included within other creditors is a loan of £384,050 (2022: £384,050) from a connected party. The loan has no formal repayment terms and under FRS102 must therefore be treated as repayable on demand. However, the connected party has confirmed that the loan was provided on a long term loan basis and there is no intention to request repayment until the company is in a position to do so.
ACCELERATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
37,836
42,920
Other borrowings
757,391
880,529
Taxation and social security
682,420
776,165
Other creditors
630,619
680,626
2,108,266
2,380,240
Amounts included above which fall due after five years are as follows:
Payable by instalments
681,403
710,374
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
-
415
-
415
Ordinary shares of 1p each
475
-
475
-
475
415
475
415
On 13 January 2023, the company sub-divided its £1 Ordinary shares into £0.01 Ordinary shares.
On 17 April 2023, 5998 Ordinary £0.01 shares were issued at a premium for which the company received £350,820.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
15,542
61,955
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
ACCELERATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
11
Related party transactions
(Continued)
- 13 -
Shareholder loans provided
2023
2022
£
£
Key management personnel
(50,008)
187,783
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Key management personnel
630,618
680,627
The directors have provided the company with loans which are interest free.
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