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REGISTERED NUMBER: 09960914 (England and Wales)















Fields Holdings Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2022






Fields Holdings Limited (Registered number: 09960914)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 6

Consolidated Balance Sheet 7

Company Balance Sheet 8

Consolidated Statement of Changes in Equity 9

Company Statement of Changes in Equity 10

Consolidated Cash Flow Statement 11

Notes to the Consolidated Cash Flow Statement 12

Notes to the Consolidated Financial Statements 13


Fields Holdings Limited

Company Information
for the Year Ended 31 December 2022







Directors: J Latchem-Smith
K J Powell
C J S H Wallis





Registered office: 21 Oldfield Road Old Field Road
Pencoed
Bridgend
Mid Glamorgan
CF35 5LJ





Registered number: 09960914 (England and Wales)





Auditors: Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Fields Holdings Limited (Registered number: 09960914)

Group Strategic Report
for the Year Ended 31 December 2022

The directors present their strategic report of the company and the group for the year ended 31 December 2022.

The company is an investment holding company and its subsidiary undertakings operate in a range of industries including, computer forensics, online legal services, and law practices.

Review of business
The results of the group during 2022, show a profit on ordinary activities before tax of £332,391(2022: £653,775). The shareholders' funds of the group total £4,199,760 (2022: £4,030,527).

The performance of the group during 2022 produced encouraging results, these are expected to continue throughout 2023.

Strategy
The group's success is dependent on the quality of the service it provides, along with its continued development of marketing strategies and investment in its systems.

The group will consolidate its position and concentrate its efforts on achieving maximum growth in its existing market segments. We aim to improve efficiency in all areas of our operations through cost reduction, more disciplined advertising, and more effective service management.

Key performance indicators
Financial key performance indicators are as follows;
2022 2021
£ £
Turnover 7,264,127 6,831,079
GP% 58 58

Principal risks and uncertainties
The key business risks and uncertainties affecting the group are considered to relate to financial risks that include the effects of changes in market prices, credit risk, and exchange rate risk.

Future Developments
The risks to the UK economic growth remain significant and future prospects may be influenced by developments in the Eurozone, and ongoing war in Ukraine.

Interest rates are predicted to remain at higher levels in the short to medium term as the UK deals with its high levels of inflation. We are also expecting volatility in the currency markets.

On behalf of the board:





K J Powell - Director


22 November 2023

Fields Holdings Limited (Registered number: 09960914)

Report of the Directors
for the Year Ended 31 December 2022

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022.

Dividends
The total distribution of dividends for the year ended 31 December 2022 will be £ 162,940 .

Directors
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

J Latchem-Smith
K J Powell
C J S H Wallis

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Auditors
The auditors, Haines Watts Wales LLP, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





K J Powell - Director


22 November 2023

Report of the Independent Auditors to the Members of
Fields Holdings Limited

Opinion
We have audited the financial statements of Fields Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2022 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Fields Holdings Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial
statements of the company. These are reviewed internally with the audit team including relevant industry experience
and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, UK GAAP (FRS 102) and relevant tax legislation.

Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities,
including fraud and adjust our testing accordingly. Our audit procedures include:

- Discussing with Directors and management which areas of the business they believe to be more susceptible to
fraud, and whether they have any knowledge or suspicion of fraudulent activities.
- Discussing with Directors and management the legal and regulatory obligations of the business and whether they
have any knowledge or suspicion of non-compliance.
- Obtaining an understanding of the key controls put in place by the company to address risks identified,
assessing the effectiveness of those and discussing how these are maintained and monitored internally.
- Assessing the risk of management override and review and testing of journal entries made into the accounting
system.
- Challenging assumptions and judgements made by the company in relation to the significant accounting
estimates employed in the preparation of the financial statements.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional
misrepresentation,

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Victoria Carter (Senior Statutory Auditor)
for and on behalf of Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

23 November 2023

Fields Holdings Limited (Registered number: 09960914)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 31 December 2022

2022 2021
Notes £    £   

Turnover 3 7,264,127 6,831,079

Cost of sales (3,050,933 ) (2,849,520 )
Gross profit 4,213,194 3,981,559

Administrative expenses (3,595,424 ) (3,433,230 )
617,770 548,329

Other operating income 4 - 24,936
Operating profit 617,770 573,265

Exceptional items 6 (164,734 ) -
453,036 573,265


Interest payable and similar expenses 7 (14,073 ) (11,943 )
Profit before taxation 8 438,963 561,322

Tax on profit 10 (106,572 ) 92,453
Profit for the financial year 332,391 653,775

Other comprehensive income - -
Total comprehensive income for the year 332,391 653,775

Profit attributable to:
Owners of the parent 336,517 653,775
Non-controlling interests (4,126 ) -
332,391 653,775

Total comprehensive income attributable to:
Owners of the parent 336,517 653,775
Non-controlling interests (4,126 ) -
332,391 653,775

Fields Holdings Limited (Registered number: 09960914)

Consolidated Balance Sheet
31 December 2022

2022 2021
Notes £    £   
Fixed assets
Intangible assets 13 1,316,861 1,057,746
Tangible assets 14 205,547 173,247
Investments 15 - -
Investment property 16 1,132,154 1,050,000
2,654,562 2,280,993

Current assets
Debtors 17 438,971 1,486,513
Cash at bank and in hand 2,529,221 2,304,464
2,968,192 3,790,977
Creditors
Amounts falling due within one year 18 (884,241 ) (1,516,250 )
Net current assets 2,083,951 2,274,727
Total assets less current liabilities 4,738,513 4,555,720

Creditors
Amounts falling due after more than one
year

19

(494,648

)

(482,128

)

Provisions for liabilities 21 (44,105 ) (43,283 )
Net assets 4,199,760 4,030,309

Capital and reserves
Called up share capital 22 1,000 1,000
Retained earnings 23 4,202,886 4,029,309
Shareholders' funds 4,203,886 4,030,309

Non-controlling interests 24 (4,126 ) -
Total equity 4,199,760 4,030,309

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:





K J Powell - Director


Fields Holdings Limited (Registered number: 09960914)

Company Balance Sheet
31 December 2022

2022 2021
Notes £    £   
Fixed assets
Intangible assets 13 - -
Tangible assets 14 - -
Investments 15 5,025,000 5,025,000
Investment property 16 - -
5,025,000 5,025,000

Current assets
Debtors 17 1,798 1,798

Creditors
Amounts falling due within one year 18 (4,042,253 ) (4,042,253 )
Net current liabilities (4,040,455 ) (4,040,455 )
Total assets less current liabilities 984,545 984,545

Capital and reserves
Called up share capital 22 1,000 1,000
Retained earnings 983,545 983,545
Shareholders' funds 984,545 984,545

Company's profit for the financial year - -

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:





K J Powell - Director


Fields Holdings Limited (Registered number: 09960914)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2022

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 January 2021 1,000 3,477,534 3,478,534 - 3,478,534

Changes in equity
Dividends - (102,000 ) (102,000 ) - (102,000 )
Total comprehensive income - 653,775 653,775 - 653,775
Balance at 31 December 2021 1,000 4,029,309 4,030,309 - 4,030,309

Changes in equity
Dividends - (162,940 ) (162,940 ) - (162,940 )
Total comprehensive income - 336,517 336,517 (4,126 ) 332,391
Balance at 31 December 2022 1,000 4,202,886 4,203,886 (4,126 ) 4,199,760

Fields Holdings Limited (Registered number: 09960914)

Company Statement of Changes in Equity
for the Year Ended 31 December 2022

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2021 1,000 983,545 984,545

Changes in equity
Balance at 31 December 2021 1,000 983,545 984,545

Changes in equity
Balance at 31 December 2022 1,000 983,545 984,545

Fields Holdings Limited (Registered number: 09960914)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,350,172 318,428
Interest paid (14,073 ) (11,943 )
Tax paid 7,788 (92,449 )
Net cash from operating activities 1,343,887 214,036

Cash flows from investing activities
Purchase of intangible fixed assets (723,765 ) -
Purchase of tangible fixed assets (89,071 ) (80,207 )
Purchase of investment property (82,154 ) -
Sale of tangible fixed assets - 510,000
Net cash from investing activities (894,990 ) 429,793

Cash flows from financing activities
Capital repayments in year (10,643 ) (44,749 )
Amount withdrawn by directors (50,557 ) -
Equity dividends paid (137,200 ) (102,000 )
Dividends paid to minority interests (25,740 ) -
Net cash from financing activities (224,140 ) (146,749 )

Increase in cash and cash equivalents 224,757 497,080
Cash and cash equivalents at beginning
of year

2

2,304,464

1,807,384

Cash and cash equivalents at end of year 2 2,529,221 2,304,464

Fields Holdings Limited (Registered number: 09960914)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2022

1. Reconciliation of profit before taxation to cash generated from operations
2022 2021
£    £   
Profit before taxation 438,963 561,322
Depreciation charges 294,079 311,346
Loss on revaluation of fixed assets - 60
- 9,490
Finance costs 14,073 11,943
747,115 894,161
Decrease/(increase) in trade and other debtors 1,057,939 (915,886 )
(Decrease)/increase in trade and other creditors (454,882 ) 340,153
Cash generated from operations 1,350,172 318,428

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,529,221 2,304,464
Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 2,304,464 1,807,384


3. Analysis of changes in net funds

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank and in hand 2,304,464 224,757 2,529,221
2,304,464 224,757 2,529,221
Debt
Debts falling due within 1 year (44,749 ) 23,163 (21,586 )
Debts falling due after 1 year (482,128 ) (12,520 ) (494,648 )
(526,877 ) 10,643 (516,234 )
Total 1,777,587 235,400 2,012,987

Fields Holdings Limited (Registered number: 09960914)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2022

1. Statutory information

Fields Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The directors have assessed whether there are any material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are aufrorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the future, and conclude that the group has adequate resources to to continue in operational existence for the foreseeable future.

The group and company therefore continues to adopt the going concern basis in preparing its financial statements.

The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 33.7.

Basis of consolidation
The financial statements consolidate the financial statements of Fields Holdings Limited and its Subsidiaries and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Investment property
Investment properties are initially recognised at cost and subsequently carried at fair value, determined annually by the Directors', based on their assessment of the property's condition and value. Changes in fair values are recognised in the profit and loss account. See the note to the SOFP for the value of investment properties.

Impairment of debtors
The group 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Fields Holdings Limited (Registered number: 09960914)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

2. Accounting policies - continued

Goodwill
Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other years if events or changes in circumstances indicate that the carrying value may not be recoverable.

Goodwill is being amortised over its estimated useful life of 10 years. The goodwill purchased in 2022 is being amortised over its useful economic life of 10 years, apportioned evenly from the acquisition date.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% straight line and 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost and 25% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Fields Holdings Limited (Registered number: 09960914)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

2. Accounting policies - continued

Business combinations
Business combinations are accounted for using the purchase method as at the acquisition date, which is the date on which control is transferred to the company.

At acquisition date, the company recognises goodwill as;
-the fair value of the consideration (excluding contingent consideration) transferred;plus
-estimated amount of contingent consideration(see below):plus
-the fair value of the equity instrument issued: plus
-directly attributable transaction costs;less
-the net recognised amount (generally fair value) of he identifiable assets acquired and liabilities and contingent liabilities assumed.

When the excess is negative, this is recognised and separately disclosed on the face of the balance sheet as negative goodwill. Consideration which is contingent on future events is recognised based on the estimated amount if the contingent consideration is probable and can be measured reliably. Any subsequent changes to the amount are treated as an adjustment to the cost of the acquisition.

3. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2022 2021
£    £   
United Kingdom 4,707,238 4,284,246
Overseas 2,556,889 2,546,833
7,264,127 6,831,079

4. Other operating income
2022 2021
£    £   
Government grants - 24,936

5. Employees and directors
2022 2021
£    £   
Wages and salaries 1,078,653 1,607,010
Social security costs 131,274 95,495
Other pension costs 16,380 8,950
1,226,307 1,711,455

The average number of employees during the year was as follows:
2022 2021

Administrative 54 60
Management staff 3 3
57 63

2022 2021
£    £   
Directors' remuneration 109,200 24,288

The key management of the group are considered to be the directors.

Fields Holdings Limited (Registered number: 09960914)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

6. Exceptional items
2022 2021
£    £   
Exceptional items (164,734 ) -

During the year £164,734 has been written off in relation to bought forward share holdings.

7. Interest payable and similar expenses
2022 2021
£    £   
Bank loan interest 13,539 11,943
Interest payable 534 -
14,073 11,943

8. Profit before taxation

The profit is stated after charging/(crediting):

2022 2021
£    £   
Depreciation - owned assets 56,771 44,241
Goodwill amortisation 237,307 -
Foreign exchange differences 6,130 (3,743 )

9. Auditors' remuneration
2022 2021
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

17,000

16,550
Other non- audit services 2,900 2,950

10. Taxation

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 106,572 (92,453 )
Tax on profit 106,572 (92,453 )

Fields Holdings Limited (Registered number: 09960914)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

10. Taxation - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit before tax 438,963 561,322
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2021 - 19 %)

83,403

106,651

Effects of:
Expenses not deductible for tax purposes 2,738 5,248
Capital allowances in excess of depreciation (10,486 ) (10,478 )
Research and development - (121,591 )
Overseas tax legislation - (3,327 )
Deferred tax - (45,243 )
Fair value adjustment - (24,607 )
Overseas tax - 894
Pre-acquisition trade 30,917 -
Total tax charge/(credit) 106,572 (92,453 )

11. Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


12. Dividends
2022 2021
£    £   
Ordinary shares of £1 each
Interim 162,940 102,000

13. Intangible fixed assets

Group
Development
Goodwill costs Totals
£    £    £   
Cost
At 1 January 2022 2,644,366 20,000 2,664,366
Additions 723,765 - 723,765
Impairments (227,343 ) - (227,343 )
At 31 December 2022 3,140,788 20,000 3,160,788
Amortisation
At 1 January 2022 1,586,620 20,000 1,606,620
Amortisation for year 237,307 - 237,307
At 31 December 2022 1,823,927 20,000 1,843,927
Net book value
At 31 December 2022 1,316,861 - 1,316,861
At 31 December 2021 1,057,746 - 1,057,746

Fields Holdings Limited (Registered number: 09960914)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

14. Tangible fixed assets

Group
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 January 2022 19,136 87,929 535,061 642,126
Additions 32,830 - 56,241 89,071
At 31 December 2022 51,966 87,929 591,302 731,197
Depreciation
At 1 January 2022 15,822 19,656 433,401 468,879
Charge for year 7,508 4,870 44,393 56,771
At 31 December 2022 23,330 24,526 477,794 525,650
Net book value
At 31 December 2022 28,636 63,403 113,508 205,547
At 31 December 2021 3,314 68,273 101,660 173,247

15. Fixed asset investments

Company
Shares in
group
undertaking
£   
Cost
At 1 January 2022
and 31 December 2022 5,025,000
Net book value
At 31 December 2022 5,025,000
At 31 December 2021 5,025,000


Details of the investments in which the parent company has an interest of 20% or more are as follows;

Subsidiary Class of share Percentage held %
Fields Group Limited Ordinary 99.9
Fields Associates Limited Ordinary 99.9
Fields Asset Management Limited (dormant) Ordinary 99.9
Quickie Divorce Limited Ordinary 99.9
UK Digital Solutions Limited Ordinary 99.9
Fields Analytic Co., Ltd Ordinary 99.9
Endeavour Law Limited - aquired 1 August 2022 Ordinary 75

Fields Holdings Limited (Registered number: 09960914)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

16. Investment property

Group
Total
£   
Fair value
At 1 January 2022 1,050,000
Additions 82,154
At 31 December 2022 1,132,154
Net book value
At 31 December 2022 1,132,154
At 31 December 2021 1,050,000

The investment properties brought forward were valued on 1 April 2022 by Lambert Smith Hampton, a Member of the Royal Institute of Chartered Surveyors. The market value was £1,050,000, the Directors assess this to be the fair value at the year end. Additions in the year are at market value as assessed by the Directors at the year end.

17. Debtors: amounts falling due within one year

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade debtors 16,904 83,174 - -
Amounts owed by participating interests - 188,725 - -
Other debtors 345,249 1,119,043 1,798 1,798
Directors' current accounts 11,297 - - -
Prepayments 65,521 95,571 - -
438,971 1,486,513 1,798 1,798

18. Creditors: amounts falling due within one year

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans and overdrafts (see note 20) 21,586 44,749 - -
Trade creditors 243,111 188,067 - -
Amounts owed to group undertakings - - 4,020,717 4,020,717
Tax 142,087 28,548 - -
Social security and other taxes 219,665 259,396 21,536 21,536
Other creditors 88,251 167,049 - -
Directors' current accounts - 39,260 - -
Accrued expenses 169,541 789,181 - -
884,241 1,516,250 4,042,253 4,042,253

19. Creditors: amounts falling due after more than one year

Group
2022 2021
£    £   
Bank loans (see note 20) 494,648 482,128

Fields Holdings Limited (Registered number: 09960914)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

20. Loans

An analysis of the maturity of loans is given below:

Group
2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank loans 21,586 44,749
Amounts falling due between two and five years:
Bank loans - 2-5 years 494,648 482,128

21. Provisions for liabilities

Group
2022 2021
£    £   
Deferred tax 44,105 43,283

Group
Deferred
tax
£   
Balance at 1 January 2022 43,283
Acquired through subsidiary 822
Balance at 31 December 2022 44,105

22. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 1,000 1,000

23. Reserves

Group
Retained
earnings
£   

At 1 January 2022 4,029,309
Profit for the year 336,517
Dividends (162,940 )
At 31 December 2022 4,202,886


24. Non-controlling interests

Losses relating to Minority Interest in Endeavour Law Limited during the year were £4,126.

During the year dividends of £25,740 were paid to the minority interest.

As at 31 December 2022 net assets in relation to Minority Interests were £32,567.