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Registered number: 03501521









FINDERS GENEALOGISTS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
FINDERS GENEALOGISTS LIMITED
 
 
COMPANY INFORMATION


Director
D Curran 




Company secretary
A Nielsen



Registered number
03501521



Registered office
Ground Floor
6-8 Vestry Street

London

N1 7RE




Independent auditors
Barnes Roffe LLP
Chartered Accountants

Leytonstone House

3 Hanbury Drive

Leytonstone

London

E11 1GA





 
FINDERS GENEALOGISTS LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Director's report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 28


 
FINDERS GENEALOGISTS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

Introduction
 
The company's principal activity during the year was that of genealogists services.

Business review
 
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business.
We consider our key financial performance indicators to be turnover, gross margin, net profits, net funds and net assets. Turnover, gross margin and net profits provide a good measure of the performance of the company, whilst net funds and net assets demonstrate the financial strength of the company.
During the year, turnover has increased by 15.3%, gross profit margin has increased to 45.8% from 35.6% in the prior year. Net profits before tax have also increased to £1,384,267 
(2022 - £379,395). The increases have been driven by increased market share and staff investment. The director is satisfied with the results for the year.
Our business performance will continue to be driven by our strategy to achieve improved performance. This will be achieved through:
• Maintaining our market leading customer service position
• Continuing to innovate and invest in technology led operations
• Maintaining an experienced and high performing management team
The financial position of the company continues to be strong at the year end with a healthy cash balance, while net assets remain in excess of £4,917k.

Principal risks and uncertainties
 
The management of the business is subject to a number of risks. The key business risks and uncertainties areconsidered to relate to the current economic climate and competition from other contractors.
The global economy continues to be uncertain. As a result of market changes the company has been actively seeking to expand its customer base which the director believes will only stand to strengthen the business going forward.

Financial key performance indicators
 
The company's operations expose it to a variety of financial risks that include price risk, credit risk, liquidity risk and interest rate risk. The company has in place a risk management program that seeks to limit adverse effects on the financial performance of the company.

Credit risk

The Company's principal financial assets are cash at bank and trade debtors. The Company's credit risk is primarily attributable to its trade debtors which is managed very closely through the use of tight credit control procedures, however certain of the risk and rewards of trade debtors remain with the company. The amounts presented in the balance sheet are net of impairment and expected credit loss provision

Page 1

 
FINDERS GENEALOGISTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Liquidity risk
 
The cash balance at the year end was £2,330,894 which provides the company with adequate working capital. The directors recognise the importance of funding and liquidity under the current economic climate and will continue to monitor the company's financial resources to ensure that the company is able to support its activities and future growth.


This report was approved by the board on 28 September 2023 and signed on its behalf.



D Curran
Director

Page 2

 
FINDERS GENEALOGISTS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The director presents his report and the financial statements for the year ended 31 January 2023.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,055,690 (2022 - £379,395).

During the year dividends of £165,000 (2022 - £165,000) were declared. 

Director

The director who served during the year was:

D Curran 

Future developments

Looking ahead, the company's business environment is expected to remain challenging but promising. The director considers that the company's strong financial position should provide a platform which is conducive to capitalising on both current and future opportunities.

Page 3

 
FINDERS GENEALOGISTS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

Subsequent to the year end, a group reorganisation took place resulting in Finders International Holdings Limited no longer being the company’s ultimate parent company. Finders Genealogists Holdings Limited is now considered to be the company’s ultimate parent undertaking.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 September 2023 and signed on its behalf.
 





D Curran
Director

Page 4

 
FINDERS GENEALOGISTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS GENEALOGISTS LIMITED
 

Opinion


We have audited the financial statements of Finders Genealogists Limited (the 'Company') for the year ended 31 January 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 January 2023 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
FINDERS GENEALOGISTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS GENEALOGISTS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The director is responsible for the other information contained within the Annual Report.  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. 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 course of 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.


Opinion 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 Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's 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 Director's responsibilities statement set out on page 3, the director is 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 director determines is 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 director is responsible for assessing the 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
FINDERS GENEALOGISTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS GENEALOGISTS LIMITED (CONTINUED)


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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussions with directors, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows - Companies Act 2006. FRS 102, Employment legislation and Tax legislation.
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.
• Laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 
• Considering the internal controls in place to mitigate risks of fraud and non- compliance with laws and regulations.
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions
• Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.
 
Page 7

 
FINDERS GENEALOGISTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS GENEALOGISTS LIMITED (CONTINUED)




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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Adam Dodds (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
Leytonstone
London
E11 1GA

28 September 2023
Page 8

 
FINDERS GENEALOGISTS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
                                                                                                                     Note
£
£

  

Turnover
 4 
8,620,415
7,474,416

Cost of sales
  
(4,675,773)
(4,816,131)

Gross profit
  
3,944,642
2,658,285

Administrative expenses
  
(2,560,381)
(2,376,825)

Operating profit
 5 
1,384,261
281,460

Income from fixed assets investments
  
-
90,598

Interest receivable and similar income
 11 
6
294

Profit before tax
  
1,384,267
372,352

Tax on profit
 12 
(328,577)
7,043

Profit for the financial year
  
1,055,690
379,395

Other comprehensive income for the year
  

Revaluation of intangible fixed assets
  
(2,208)
(96,852)

Other comprehensive income for the year
  
(2,208)
(96,852)

Total comprehensive income for the year
  
1,053,482
282,543

The notes on pages 12 to 28 form part of these financial statements.

Page 9

 
FINDERS GENEALOGISTS LIMITED
REGISTERED NUMBER: 03501521

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
                                                                        Note
£
£

Fixed assets
  

Intangible assets
 14 
547,539
552,870

Tangible assets
 15 
88,272
101,730

Investments
 16 
85
85

  
635,896
654,685

Current assets
  

Debtors: amounts falling due within one year
 17 
3,315,127
3,330,793

Cash at bank and in hand
 18 
2,330,894
1,226,070

  
5,646,021
4,556,863

Creditors: amounts falling due within one year
 19 
(1,344,719)
(1,162,832)

Net current assets
  
 
 
4,301,302
 
 
3,394,031

Total assets less current liabilities
  
4,937,198
4,048,716

Provisions for liabilities
  

Deferred tax
 21 
(19,201)
(19,201)

  
 
 
(19,201)
 
 
(19,201)

Net assets
  
4,917,997
4,029,515


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account
 23 
4,917,897
4,029,415

  
4,917,997
4,029,515


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 September 2023.




D Curran
Director

The notes on pages 12 to 28 form part of these financial statements.

Page 10

 
FINDERS GENEALOGISTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2021
100
3,911,872
3,911,972



Profit for the year
-
379,395
379,395

Revaluation of intangible fixed assets
-
(96,852)
(96,852)

Dividends: Equity capital
-
(165,000)
(165,000)



At 1 February 2022
100
4,029,415
4,029,515



Profit for the year
-
1,055,690
1,055,690

Revaluation of intangible fixed assets
-
(2,208)
(2,208)

Dividends: Equity capital
-
(165,000)
(165,000)


At 31 January 2023
100
4,917,897
4,917,997


The notes on pages 12 to 28 form part of these financial statements.

Page 11

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Finders Genealogists Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 6-8 Vestry Street, London, N1 7RE. 
The principal activity of the company is that of genealogist services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Finders International Holdings Limited  as at 31 January 2023 and these financial statements may be obtained from Companies House.

Page 12

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 13

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 14

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity’s accounting policies
No significant judgments have had to be made by management in preparing these financial statements.
Critical accounting estimates and assumptions.
(i) Long-term contracts
Profit on contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. 
(ii) Useful economic lives of tangible assets and intangible assets
The annual depreciation charge for tangible assets and intangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of the property plant and equipment, note 13 for the carring amount of intangible fixed assets, note 2.4 and note 2.5 for the useful economic lives for each class of assets.
(iii) Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 16 for the net carrying amountof the debtors


4.


Turnover

The whole of the turnover is attributable to the principal activites of the business.
An analysis of turnover by geographical area is not given as, in the opinion of the directors, such disclosure would be seriously prejudical to the interest of the company

Page 17

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation on tangible fixed assets
40,229
40,747

Amortisation on intangible fixed assets
54,543
41,147

Defined contribution pension costs
91,364
139,915

Exchange differences
(888)
9,575

Other operating lease rentals
221,373
203,544


6.


Research and development expenditure

Research and development expenditure charged as an expense during the year was made up as follows:


2023
2022
£
£

Staff costs and consumables


Wages and salaries, social security costs and pension costs
61,314
61,314

Light and heat
593
593

61,907
61,907

2023 research and development expenditure is an estimate based on the previous year.


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
4,000
3,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 18

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

8.


Employees

Staff costs, including director's remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,090,103
2,789,472

Social security costs
335,071
285,491

Cost of defined contribution scheme
91,364
139,915

3,516,538
3,214,878


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
90
85


9.


Director's remuneration

2023
2022
£
£

Director's emoluments
9,054
8,833



10.


Income from investments

2023
2022
£
£

Income from disposal of intangibles
-
90,598







11.


Interest receivable

2023
2022
£
£


Other interest receivable
6
294

6
294

Page 19

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
286,587
-

Adjustments in respect of previous periods
41,990
(4,238)


328,577
(4,238)


Total current tax
328,577
(4,238)

Deferred tax


Origination and reversal of timing differences
-
(2,805)

Total deferred tax
-
(2,805)


Tax on profit
328,577
(7,043)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,384,267
372,352


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
263,011
70,747

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
35,607
19,391

Capital allowances for year in excess of depreciation
(4,762)
(2,677)

Adjustments to tax charge in respect of prior periods
41,990
(4,238)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(62,362)

Group relief
(7,269)
(27,904)

Total tax charge for the year
328,577
(7,043)

Page 20

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
12.Taxation (continued)


Factors that may affect future tax charges

In the UK Budget on 3 March 2021, it was announced that legislation will be introduced in Finance Bill 2021 to increase the main rate of UK corporation tax from 19% to 25%, effective 1 April 2023. This was substantively enacted in May 2021 and its effects have beeen reflected in these financial statements and deferred tax has been measured at a rate of 25%.


13.


Dividends

2023
2022
£
£


Dividends
165,000
165,000

Page 21

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

14.


Intangible assets




Cryptocurrency
Domains
Website and software development
Total

£
£
£
£



Cost


At 1 February 2022
412,165
30,000
294,115
736,280


Additions
-
-
73,920
73,920


Disposals
-
(22,500)
-
(22,500)


Revaluation surplus
(2,208)
-
-
(2,208)



At 31 January 2023

409,957
7,500
368,035
785,492



Amortisation


At 1 February 2022
-
-
183,410
183,410


Charge for the year on owned assets
-
-
54,543
54,543



At 31 January 2023

-
-
237,953
237,953



Net book value



At 31 January 2023
409,957
7,500
130,082
547,539



At 31 January 2022
412,165
30,000
110,705
552,870



Page 22

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

15.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 February 2022
145,905
130,336
276,241


Additions
5,545
21,226
26,771



At 31 January 2023

151,450
151,562
303,012



Depreciation


At 1 February 2022
117,361
57,150
174,511


Charge for the year on owned assets
7,251
32,978
40,229



At 31 January 2023

124,612
90,128
214,740



Net book value



At 31 January 2023
26,838
61,434
88,272



At 31 January 2022
28,544
73,186
101,730


16.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2022
85



At 31 January 2023
85




Page 23

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Finders International Probate Genealogists (Ireland) Limited
Dublin
Ordinary
100%
Heir Hunters Association Limited
UK
Ordinary
100%

Page 24

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

17.


Debtors

2023
2022
£
£


Trade debtors
998,984
997,530

Amounts owed by group undertakings
2,007,374
1,725,530

Other debtors
3,080
34,012

Prepayments and accrued income
95,770
39,274

Amounts recoverable on long-term contracts
209,919
534,447

3,315,127
3,330,793



18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,330,894
1,226,070

2,330,894
1,226,070



19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
85,301
152,570

Corporation tax
286,924
-

Other taxation and social security
323,762
379,691

Other creditors
364,162
269,716

Accruals and deferred income
284,570
360,855

1,344,719
1,162,832


Page 25

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

20.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
409,957
412,165




Financial assets measured at fair value through profit or loss comprise of crypto currency investments.


21.


Deferred taxation




2023
2022


£

£






At beginning of year
19,201
22,006


Charged to profit or loss
-
(2,805)



At end of year
19,201
19,201

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
19,201
19,201

19,201
19,201


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 26

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

23.


Reserves

Profit and loss account

The profit and loss account consists of distributable reserves and non-distributable reserves. The distributable reserves represent cumulative historical profits and losses net of dividends and the repayment of capital. The non-distributable reserve of £87,323 (2022 - £89,531) is used to record increases in the fair value of intangible fixed assets and increases to the extent that such increase relates to an increase on the same asset.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £91,364 (2022 - £139,915). Contributions totalling £15,729 (2022 - £51,796) were payable to the fund at the balance sheet date and are included in creditors. 


25.


Commitments under operating leases

At 31 January 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
28,026
39,869

Later than 1 year and not later than 5 years
17,119
42,171

45,145
82,040


26.


Related party transactions

The company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A from disclosing transactions with key management and from disclosing other related party transactions as they are with other companies that are wholly owned within the group. 


27.


Post balance sheet events

Subsequent to the year end, a group reorganisation took place resulting in Finders International Holdings Limited no longer being the company’s ultimate parent company. Finders Genealogists Holdings Limited is now considered to be the company’s ultimate parent undertaking.

Page 27

 
FINDERS GENEALOGISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

28.


Controlling party

At the year end, the ultimate parent company is Finders International Holdings Limited. The company is included in the consolidated accounts prepared by Finders International Holdings Limited, and copies of those accounts can be obtained from the Companies House. Subsequent to the year end, a group reorganisation took place resulting in Finders International Holdings Limited no longer being the company’s ultimate parent company. Finders Genealogists Holdings Limited is now considered to be the company’s ultimate parent undertaking.
D W Curran is considered to be the ultimate controlling party.

 
Page 28