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Registered number: 11693485









FINDERS INTERNATIONAL HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
D W Curran 




Registered number
11693485



Registered office
6-8 Vestry Street

London

N1 7RE




Independent auditors
Barnes Roffe LLP
Chartered Accountants 
Statutory Auditor

Leytonstone House

3 Hanbury Drive

Leytonstone

London

E11 1GA





 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Director's report
 
3 - 4
Independent auditors' report
 
5 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Consolidated analysis of net debt
 
17
Notes to the financial statements
 
18 - 40


 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

Introduction
 
The principal activity of Finders International Holdings Ltd continued to be that of a holding company.
The principal activity of Finders Genealogists Ltd, DSResearchers Ltd and Finders International Probate Genealogists (Ireland) Ltd continued to be that of genealogists services.
The principal activity of Finders International Property Ltd continued to be that of rental of commercial properties.
The principal activity of Finders International Estate Agents Ltd is that of estate agents.
Heir Hunters Association Ltd and Heir Hunters Researchers Ltd were dormant companies in the previous and current financial years.

Business review
 
The director aims 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. The review is consistent with the size and non-complex nature of the business.
The director considers the 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 group, whilst net funds and net assets demonstrate the financial strength of the group.
During the year, turnover has increased by 19.70%, gross profit margin has increased to 47.0% from 36.5% in the prior year. Net profits before tax have also increased to £1,471,014 
(2022 - £593,329). 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 £8.3m

Principal risks and uncertainties
 
The management of the business is subject to a number of risks. The key business risks and uncertainties are considered to relate to the current economic climate and competition.
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 group's operations expose it to a variety of financial risks that include price risk, credit risk, liquidity risk and interest rate risk. The group has in place a risk management program that seeks to limit adverse effects on the financial performance of the group.

Page 1

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 

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

Credit and liquidity risks
 
The group has limited exposure to credit risk by virtue of its client base. The cash balance at the year-end was £3.1m (2022 - £1.87m) which provides the group with adequate working capital. The director recognises the importance of funding and liquidity under the current economic climate and will continue to monitor the group's financial resources to ensure that the group is able to support its activities and future growth.
Interest rate and cash flow risk
The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances, which attract interest at the prevailing market rate. Interest bearing liabilities include bank loans which attract interest at fixed rates.


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



D W Curran
Director

Page 2

 
FINDERS INTERNATIONAL HOLDINGS 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 Group strategic report, the Director's report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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 £1,084,007 (2022 - £464,650).

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

Director

The director who served during the year was:

D W Curran 

Disclosure of information to auditors

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

 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 and the Group's auditors are aware of that information.

Page 3

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

Post balance sheet events

Subsequent to the year end, a group reorganisation took place resulting in the group being split into two separate groups. Finders Genealogists Limited, Finders International Probate (Genealogists) Ireland Ltd, DSResearchers Limited, Heir Hunters Researchers Limited, and Heir Hunters Association Limited are now 100% owned by Finders Genealogists Holdings Limited. Finders International Holdings, Finders International Property Limited, and Finders International Estate Agents Limited are now 100% owned by Finders Holdings Limited. The controlling party has remained the same.

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 W Curran
Director

Page 4

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS INTERNATIONAL HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Finders International Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2023, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company 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 Group's and of the parent Company's affairs as at 31 January 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 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 Group's or 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS INTERNATIONAL HOLDINGS 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 Group 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 Group 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 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 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 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

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


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 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS INTERNATIONAL HOLDINGS 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 Group 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.


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.


Page 8

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


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 9

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2021
                                                                                                                      Note
£
£

  

Turnover
 3 
9,653,637
8,065,110

Cost of sales
  
(5,118,125)
(5,123,073)

Gross profit
  
4,535,512
2,942,037

Administrative expenses
  
(2,832,725)
(2,537,816)

Operating profit
 4 
1,702,787
404,221

Income from fixed assets investments
  
877
94,989

Revaluation of investments and profit/(loss) on disposal
  
(151,882)
148,923

Interest receivable and similar income
 9 
12,918
1,193

Interest payable and similar expenses
 10 
(93,686)
(55,997)

Profit before taxation
  
1,471,014
593,329

Tax on profit
 11 
(387,007)
(128,679)

Profit for the financial year
  
1,084,007
464,650

  

Currency translation differences
  
(12,516)
32,398

Revaluation of intangible fixed assets
  
(16,168)
(96,852)

Other comprehensive income for the year
  
(28,684)
(64,454)

Total comprehensive income for the year
  
1,055,323
400,196

Profit for the year attributable to:
  

Owners of the parent Company
  
1,084,007
464,650

  
1,084,007
464,650

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,055,323
400,196

  
1,055,323
400,196

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 18 to 40 form part of these financial statements.

Page 10

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
REGISTERED NUMBER: 11693485

CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
                                                                   Note
£
£

Fixed assets
  

Intangible assets
 14 
779,093
552,870

Tangible assets
 15 
5,585,394
5,597,458

Investments
 16 
734,534
884,460

  
7,099,021
7,034,788

Current assets
  

Debtors: amounts falling due within one year
 17 
2,482,399
2,433,971

Cash at bank and in hand
 18 
3,104,873
1,870,075

  
5,587,272
4,304,046

Creditors: amounts falling due within one year
 19 
(1,797,135)
(1,299,507)

Net current assets
  
 
 
3,790,137
 
 
3,004,539

Total assets less current liabilities
  
10,889,158
10,039,327

Creditors: amounts falling due after more than one year
 20 
(2,425,840)
(2,467,021)

Provisions for liabilities
  

Deferred taxation
 22 
(143,708)
(143,019)

  
 
 
(143,708)
 
 
(143,019)

Net assets
  
8,319,610
7,429,287


Capital and reserves
  

Called up share capital 
 23 
3
3

Profit and loss account
 24 
8,319,607
7,429,284

  
8,319,610
7,429,287


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



D W Curran
Director

The notes on pages 18 to 40 form part of these financial statements.

Page 11

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
REGISTERED NUMBER: 11693485

COMPANY BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
                                                                        Note
£
£

Fixed assets
  

Intangible assets
 14 
87,554
-

Investments
 16 
734,537
884,463

Current assets
  

Debtors: amounts falling due within one year
 17 
2,433,320
2,369,113

Cash at bank and in hand
 18 
454,165
472,568

  
2,887,485
2,841,681

Creditors: amounts falling due within one year
 19 
(405,791)
(75,185)

Net current assets
  
 
 
2,481,694
 
 
2,766,496

Total assets less current liabilities
  
3,303,785
3,650,959

  

Provisions for liabilities
  

Deferred taxation
 22 
(84,690)
(85,044)

  
 
 
(84,690)
 
 
(85,044)

Net assets
  
3,219,095
3,565,915


Capital and reserves
  

Called up share capital 
 23 
3
3

Profit and loss account brought forward
  
3,565,912
3,520,119

Loss/(profit) for the year
  
(167,860)
210,793

Other changes in the profit and loss account

  

(178,960)
(165,000)

Profit and loss account carried forward
  
3,219,092
3,565,912

  
3,219,095
3,565,915


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


D W Curran
Director

The notes on pages 18 to 40 form part of these financial statements.

Page 12

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 

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


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 February 2021
3
7,194,088
7,194,091
7,194,091



Profit for the year
-
464,650
464,650
464,650

Currency translation differences
-
32,398
32,398
32,398

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

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



At 1 February 2022
3
7,429,284
7,429,287
7,429,287



Profit for the year
-
1,084,007
1,084,007
1,084,007

Currency translation differences
-
(12,516)
(12,516)
(12,516)

Revaluation of intangible fixed assets
-
(16,168)
(16,168)
(16,168)

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


At 31 January 2023
3
8,319,607
8,319,610
8,319,610


The notes on pages 18 to 40 form part of these financial statements.

Page 13

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 

COMPANY 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
3
3,520,119
3,520,122



Profit for the year
-
210,793
210,793

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



At 1 February 2022
3
3,565,912
3,565,915



Loss for the year
-
(167,860)
(167,860)

Revaluation of intangible fixed assets
-
(13,960)
(13,960)

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


At 31 January 2023
3
3,219,092
3,219,095


The notes on pages 18 to 40 form part of these financial statements.

Page 14

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,084,007
464,650

Adjustments for:

Amortisation of intangible assets
90,543
41,147

Depreciation of tangible assets
40,286
40,747

Interest paid
93,686
55,997

Interest received and income from investments
(13,795)
(96,182)

Taxation charge
387,007
128,679

(Increase) in debtors
(48,428)
(519,979)

Increase in creditors
269,527
273,239

Net fair value losses/(gains) recognised in P&L
103,820
(146,290)

Corporation tax (paid)
(134,631)
(198,058)

Loss/(profit) on disposal of listed investments
48,062
(2,633)

Foreign Exchange
(5,031)
32,398

Net cash generated from operating activities

1,915,053
73,715


Cash flows from investing activities

Purchase of intangible fixed assets
(109,351)
(198,927)

Sale of intangible assets
22,500
48,555

Purchase of tangible fixed assets
(33,471)
(33,435)

Purchase of listed investments
(178,058)
(25,016)

Sale of listed investments
176,102
201,513

Interest received
12,918
1,193

Income from investments
-
90,598

Dividends received
877
4,391

Purchase of subsidiary company
(664,449)
-

Cash acquired on acquisition of subsidiary
454,993
-

Net cash from investing activities

(317,939)
88,872
Page 15

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(103,630)
(88,001)

Dividends paid
(165,000)
(165,000)

Interest paid
(93,686)
(55,997)

Net cash used in financing activities
(362,316)
(308,998)

Net increase/(decrease) in cash and cash equivalents
1,234,798
(146,411)

Cash and cash equivalents at beginning of year
1,870,075
2,016,486

Cash and cash equivalents at the end of year
3,104,873
1,870,075


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,104,873
1,870,075

3,104,873
1,870,075


The notes on pages 18 to 40 form part of these financial statements.

Page 16

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2023





At 1 February 2022
Cash flows
Acquisition and disposal of subsidiaries
At 31 January 2023
£

£

£

£

Cash at bank and in hand

1,870,075

1,444,344

(209,546)

3,104,873

Debt due after 1 year

(2,467,021)

41,181

-

(2,425,840)

Debt due within 1 year

(132,199)

62,449

-

(69,750)


(729,145)
1,547,974
(209,546)
609,283

The notes on pages 18 to 40 form part of these financial statements.

Page 17

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

1.


General information

Finders International Holdings 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.

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 Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
Where consideration for a subsidiary is an exchange of shares and only limited resources leave the group, merger accounting has been used as permitted under FRS102 "Acquisition and Mergers". Accordingly, the financial information for the current and prior periods has been presented as if Finders International Holdings Ltd has always been the parent company of the group.

Page 18

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

2.Accounting policies (continued)

 
2.3

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group 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.

Page 19

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

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

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

 
2.6

Interest income

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

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 20

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

2.Accounting policies (continued)

 
2.10

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

  
2.11

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.

 
2.12

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.

Page 21

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

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

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:

Freehold property
-
Not depreciated
Fixtures and fittings
-
25%
reducing balance
Office 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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less 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.

 
2.14

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.

 
2.15

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

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.

Page 22

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

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group 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 Group 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

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
Page 23

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)


If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.19

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 24

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

3.


Turnover

The whole of the turnover is attributable to the group's principal activity.


4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Amortisation
90,543
41,147

Depreciation
40,286
40,747

Exchange differences
(46,203)
29,417

Other operating lease rentals
45,253
28,544


5.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
12,000
7,500

Fees payable to the Company's auditors in respect of:

All non-audit services not included above
251,534
66,255

Page 25

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

6.


Employees

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


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
3,520,767
3,120,401
-
-

Social security costs
385,572
320,993
-
-

Cost of defined contribution scheme
102,783
142,070
-
-

4,009,122
3,583,464
-
-




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


        2023
        2022
            No.
            No.







Employees
109
94

Page 26

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

7.


Director's remuneration

2023
2022
£
£

Director's emoluments
9,205
12,756



8.


Income from investments

2023
2022
£
£

Profit on disposal of intangible asset
-
90,598


Income from current asset investments
877
4,391





9.


Interest receivable and similar income

2023
2022
£
£


Other interest
12,918
1,193


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest
93,686
55,997

Page 27

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

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
339,728
58,572

Adjustments in respect of previous periods
46,368
(13,295)


386,096
45,277


Total current tax
386,096
45,277

Deferred tax


Origination and reversal of timing differences
911
83,402

Total deferred tax
911
83,402


Taxation on profit on ordinary activities
387,007
128,679

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
1,471,014
593,329


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
279,493
112,733

Effects of:


Non-tax deductible amortisation of goodwill and impairment
6,839
(11,508)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
34,944
19,549

Capital allowances for year in excess of depreciation
(363)
82,727

Fair value movements
19,726
(27,807)

Adjustments to tax charge in respect of prior periods
46,368
(13,295)

Research and development
-
(52,548)

Book profit on chargeable assets
-
18,828

Total tax charge for the year
387,007
128,679

Page 28

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
11.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%.


12.


Dividends

2023
2022
£
£


Dividends paid on equity capital
165,000
165,000


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The loss after tax of the parent Company for the year was £167,860 (2022 - profit £210,793).

Page 29

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

14.


Intangible assets

Group





Cryptocurrency
Domains
Website and software development
Goodwill
Total

£
£
£
£
£



Cost


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


Additions
101,514
-
73,920
180,000
355,434


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


Revaluation surplus
(16,168)
-
-
-
(16,168)



At 31 January 2023

497,511
7,500
368,035
180,000
1,053,046



Amortisation


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


Charge for the year on owned assets
-
-
54,543
36,000
90,543



At 31 January 2023

-
-
237,953
36,000
273,953



Net book value



At 31 January 2023
497,511
7,500
130,082
144,000
779,093



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

The company held no intangible fixed assets.



Page 30

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
           14.Intangible assets (continued)

Company




Cryptocurrency

£



Cost


Additions
101,514


Revaluation surplus
(13,960)



At 31 January 2023

87,554






Net book value



At 31 January 2023
87,554



At 31 January 2022
-

Page 31

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

15.


Tangible fixed assets

Group






Freehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 February 2022
5,495,728
145,905
130,336
5,771,969


Additions
-
12,245
21,226
33,471



At 31 January 2023

5,495,728
158,150
151,562
5,805,440



Depreciation


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


Charge for the year on owned assets
-
12,557
32,978
45,535



At 31 January 2023

-
129,918
90,128
220,046



Net book value



At 31 January 2023
5,495,728
28,232
61,434
5,585,394



At 31 January 2022
5,495,728
28,544
73,186
5,597,458




16.


Fixed asset investments

Group





Listed investments

£



Cost or valuation


At 1 February 2022
884,460


Additions
178,058


Disposals
(224,164)


Revaluations
(103,820)



At 31 January 2023
734,534




Page 32

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Company





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 February 2022
3
884,460
884,463


Additions
774,449
178,058
952,507


Disposals
-
(224,164)
(224,164)


Revaluations
-
(103,820)
(103,820)



At 31 January 2023
774,452
734,534
1,508,986



Impairment


Charge for the period
774,449
-
774,449



At 31 January 2023

774,449
-
774,449


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Finders Genealogists Limited
United Kingdom
Ordinary
100%
Finders International Property Limited
United Kingdom
Ordinary
100%
Finders International Probate Genealogists (Ireland) Limited*
Ireland
Ordinary
100%
Heir Hunters Association Limited*
United Kingdom
Ordinary
100%
Heir Hunters Researchers Limited*
United Kingdom
Ordinary
100%
Finders International Estate Agents Limited
United Kingdom
Ordinary
100%
DSResearchers Limited
United Kingdom
Ordinary
100%

* Indirect subsidiary 

Page 33

 
FINDERS INTERNATIONAL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 January 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Finders Genealogists Limited
4,917,897
1,055,690

Finders International Property Limited
383,902
52,485

Finders International Probate Genealogists (Ireland) Limited*
(566,987)
(1,021)

Heir Hunters Association Limited*
-
-

Heir Hunters Researchers Limited*
1
-

Finders International Estate Agents Limited
304,235
173,953

DSResearchers Limited
(8,594)
(36,167)

Page 34

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

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,779,591
1,573,914
-
-

Amounts owed by group undertakings
-
-
2,187,287
2,187,287

Other debtors
331,690
263,779
246,033
181,826

Prepayments and accrued income
146,902
47,366
-
-

Amounts recoverable on long term contracts
224,216
548,912
-
-

2,482,399
2,433,971
2,433,320
2,369,113



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,104,873
1,870,075
454,165
472,568



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
69,750
132,199
-
-

Trade creditors
103,371
162,317
-
-

Amounts owed to group undertakings
-
-
295,791
57,227

Corporation tax
340,065
49,515
-
17,958

Other taxation and social security
391,359
385,078
-
-

Other creditors
479,767
279,531
110,000
-

Accruals and deferred income
412,823
290,867
-
-

1,797,135
1,299,507
405,791
75,185


Page 35

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

20.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
2,425,840
2,467,021


The group has a mortgage with Barclays Bank Plc secured by way of a fixed charge over the property known as 6-8 Vestry Street, London, N1 7RE.


21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
69,750
132,199

Amounts falling due 1-2 years

Bank loans
74,031
147,612

Amounts falling due 2-5 years

Bank loans
2,351,809
2,319,409


2,495,590
2,599,220


Page 36

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

22.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
143,019
59,617


Charged to profit or loss
689
83,402



At end of year
143,708
143,019

Company


2023
2022


£

£






At beginning of year
85,044
-


Charged to profit or loss
(354)
85,044



At end of year
84,690
85,044

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
59,018
57,975
-
-

Deferred tax on investment portfolio held at market value
84,690
85,044
84,690
85,044

143,708
143,019
84,690
85,044


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3 (2022 - 3) Ordinary shares of £1.00 each
3
3


Page 37

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

24.


Reserves

Foreign exchange reserve

The foreign exchange reserve consists of cumulative foreign exchange movements in respect of retranslation of foreign subsidiary's results.

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 £272,259 (2022 - £376,079) is used to record increases in the fair value of intangible fixed assets and fixed asset investments and increases to the extent that such increase relates to an increase on the same asset.


25.
 

Business combinations

On the 20 June 2022 the group acquired a 100% shareholding in DSResearchers Limited.

Acquisition of DSResearchers Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value adjustments
Fair value
£
£
£

Current Assets

Debtors
155,964
5,458
161,422

Cash at bank and in hand
454,993
-
454,993

Total Assets
610,957
5,458
616,415

Creditors

Due within one year
(21,966)
-
(21,966)

Total Identifiable net assets
588,991
5,458
594,449


Goodwill
180,000

Total purchase consideration
774,449

Consideration

£


Cash
664,449

Deferred consideration
110,000

Total purchase consideration
774,449

Page 38

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

25.Business combinations (continued)

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
664,449

664,449

Less: Cash and cash equivalents acquired
(454,993)

Net cash outflow on acquisition
209,456

The goodwill arising on acquisition is attributable to the brand value and customer lists. 

The results of DSResearchers Limited since acquisition are as follows:

Current period since acquisition
£

Turnover
63,813

(Loss) for the period since acquisition
(3,136)


26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £103,231 (2022 - £142,070). Contributions totalling £16,807 (2022 - £51,796) were payable to the fund at the balance sheet date and are included in creditors.


27.


Commitments under operating leases

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


Group
Group
2023
2022
£
£

Not later than 1 year
35,226
39,869

Later than 1 year and not later than 5 years
41,719
42,171

76,945
82,040

The company had no commitments under non-cancellable operating leases.

Page 39

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

28.


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. 
During the year the director had an interest in dividends declared of £165,000 
(2022 - £165,000). At the year end the company and group was owed £184,353 from the director (2022 - £176,774 Group, 2022 - £Nil Company).


29.


Controlling party

The Group considers Mr D W Curran to be the ultimate controlling party.
Subsequent to the year end, a group reorganisation took place resulting in the group being split into two separate groups. Finders Genealogists Limited, Finders International Probate (Genealogists) Ireland Ltd,  DSResearchers Limited, Heir Hunters Researchers Limited, and Heir Hunters Association Limited are now 100% owned by Finders Genealogists Holdings Limited. Finders International Holdings, Finders International Property Limited, and Finders International Estate Agents Limited are now 100% owned by Finders Holdings Limited. The controlling party has remained the same.

 
Page 40