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Registered number: 05359427












ICENI PROJECTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

 

ICENI PROJECTS LIMITED

CONTENTS



Page
Company information
 
1
Strategic report
 
2 - 3
Directors' report
 
4 - 5
Directors' responsibilities statement
 
6
Independent auditor's report
 
7 - 10
Profit and loss account
 
11
Balance sheet
 
12
Statement of changes in equity
 
13
Statement of cash flows
 
14
Notes to the financial statements
 
15 - 29


 

ICENI PROJECTS LIMITED
 
COMPANY INFORMATION


Directors
I C Anderson 
C Burbridge 
A Gale 
F Peters 




Registered number
05359427



Registered office
44 Da Vinci House
Saffron Hill

London

EC1N 8FH




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

ICENI PROJECTS LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

Introduction
 
The directors present their strategic report on the company for the year ended 30 April 2023. 

Business review
 
Iceni Projects Limited is a leading property consultancy, with a range of experience in a variety of sectors, including town planning, archaeology, transport, heritage, townscape, engagement, EIA management, master planning, landscape, HIA, and economics. The practice remains independent and provides advice to regional, national and international developers, public sector bodies and landowners throughout the UK from its offices in London, Manchester, Birmingham, Glasgow, and Edinburgh.
The business delivered a strong full year result despite the deterioration in the UK property market in the last five months of the financial year ended April 2023.
As shown in the profit and loss statement on page 11, the Company reported a turnover of £13,385,400 for the year ended 30 April 2023 (2022: £11,979,848) and operating profit of £1,168,387 for the year ended 30 April 2023 (2022:  £959,938). This excellent result included investment across the business over the last 12 months in line with its strategic aims, which included its IT infrastructure, expanding capacity in the business to respond to work from other sectors including renewable energy, industrial and logistics, and balancing profit against the wider social, environmental, and economic priorities.  
The balance sheet on page 12 of the financial statements shows the Company’s financial position at the year end. On the 20th of April 2023, Iceni acquired a shareholding in Urban Intelligence, an early-stage business focussed on the digitisation of the planning system.  Net assets of the Company are £5,482,759 for the year ended 30 April 2023 (2022: £4,893,191). The balance sheet remains debt free. Cash flow has been robust throughout the year and liquidity strong.
The adopted three-year plan remains focussed on three strategic aims: Digital, Diversity, Relevance. These aims are supported by investment in the Company’s IT infrastructure and digitalisation of the services we offer, bringing forward new talent via internal advancement and targeted external recruitment, and adapting service offerings to reflect changes in the marketplace. The Company has made good progress initiating a programme to explore the potential of machine learning and advanced data science techniques in the delivery of its services.
The Company strives to create a working environment where people enjoy working, give their best and deliver successful outcomes. The Company has an agile and flexible working policy in order to provide employees with as much flexibility as possible to deliver work commitments in a manner which suits clients, employees and the business. 
The Company received Special Mention in December 2023 for the Rhema Dapaah Award, through the BAME Planners Network, recognising the business as an organisation which has demonstrated outstanding commitment in initiating and implementing EDI practices in the workplace.
The ESG committee is committed to minimising our consumption of natural resources and reducing the volume of waste associated with our office-based activities. The Company is net Carbon Neutral since 2020. In its consultancy role, the business recognises that the sustainability agenda is a central issue for the planning system. Iceni is mindful that sustainability sees to balancing economic, environmental, and social objectives without compromising the needs of future generations; the Sustainable Development Scorecard is one way in which Iceni strives to achieve this.
Trading has remained busy since the year end and the Company expects continued stable growth.

Page 2

 

ICENI PROJECTS LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Principal risks and uncertainties
 
The management of the business and the execution of the Company’s strategy are subject to a number of risks. The key business risks and uncertainties affecting the Company are considered to relate to the following:

Geo-political and economic changes
Property development by its nature carries a relatively high level of risk given the vulnerability to both political and economic events. Consultants operating in the sector are therefore indirectly exposed to the same risks and uncertainties faced by clients. Higher inflation and higher interest rates may well have a measurable impact on the UK property market. Management carefully monitors trading conditions to be able to respond to changes in market conditions, including mitigating risks by developing new areas of expertise and expanding into sectors where our services support clients. A strong balance sheet and high cash reserves enable us to monitor any economic changes calmly and take a medium-term view in the event of future shocks.

Recruitment and retention of staff 
There is a risk that recruitment will take longer than anticipated, impacting the Company’s ability to meet revenue targets. Management has chief amongst its suite of strategies, its People Strategy, which calls out the business priority to retain and improve current staff, as well as be the employer of choice for employees. This includes being an inclusive and diverse workplace, offering flexible working, learning and development opportunities leading to career progression, fair pay, and benefits as a reward for performance. This extends to social responsibilities such as climate change and business ethics. The Company’s culture is not to pursue profits at all costs, preferring instead to balance against our wider social, environmental, and economic priorities and to continue to invest to improve the business in the long term. 

Financial key performance indicators
 
The Company uses a range of standard financial performance indicators, including 
• Staff productivity levels, including average revenue per consultant;
• Order book;
• Gross and operating profit margins; and
• Debt management, average debtor days and ageing of debt
Non-financial performance indications include staff turnover, carbon footprint and client retention.
In 2022/2023 the business continues to meet its key performance targets. The operations Group and the Board constantly monitor the Company's trading results to ensure that the Company can meet its future obligations as they fall due and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.


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



I C Anderson
Director

Date: 20 February 2024

Page 3

 

ICENI PROJECTS LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

Results and dividends

The profit for the year, after taxation, amounted to £900,514 (2022 - £750,298).

A dividend of £277,645 (2022: £750,000) was declared and paid in the financial year.

Directors

The directors who served during the year were:

I C Anderson 
C Burbridge 
A Gale 
F Peters 

Principal risks and uncertainties

The Company’s operations expose it to a variety of financial risks that include the effects of changes in credit risk and liquidity risk.  The Company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Company.
The responsibility of monitoring financial risk management rests with the board of directors.  The policies set by the board of directors are implemented by the finance team.
Price risk
The Company is exposed to price risk mainly in respect of changes in salary levels driven by inflationary expectations and the supply and demand of skills.
Credit risk
The Company has implemented policies that require appropriate credit checks on potential customers before contracts are entered into.  The board monitors concentration of credit risk on a regular basis to ensure the loss of any one client would not have a material impact on the Company.
Liquidity and cash flow risk
The Company actively reviews cash flow forecasts to ensure the Company has sufficient available funds for operations.

Matters covered in the Strategic Report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

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

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 4

 

ICENI PROJECTS LIMITED

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

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





I C Anderson
Director

Date: 20 February 2024

Page 5

 

ICENI PROJECTS LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

The directors are responsible for preparing the strategic report, the directors' report 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 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 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

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

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6

 

ICENI PROJECTS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ICENI PROJECTS LIMITED
 FOR THE YEAR ENDED 30 APRIL 2023

Opinion


We have audited the financial statements of Iceni Projects Limited (the 'Company') for the year ended 30 April 2023, which comprise the profit and loss account, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual reportOur 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.


Page 7

 

ICENI PROJECTS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ICENI PROJECTS LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 6, 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 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 directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 

ICENI PROJECTS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ICENI PROJECTS LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


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

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the 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.
 
To address the risk of fraud through management bias and override of controls, we:
 
performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HM Revenue and Customs.
 
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
 
Page 9

 

ICENI PROJECTS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ICENI PROJECTS LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 auditor's report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's 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.





Russell Tenzer (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

20 February 2024
Page 10

 

ICENI PROJECTS LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
Note
£
£

  

Turnover
 4 
13,385,400
11,979,848

Cost of sales
  
(390,714)
(454,004)

Gross profit
  
12,994,686
11,525,844

Administrative expenses
  
(11,970,942)
(10,601,707)

Other operating income
 5 
29,805
30,473

Operating profit
 6 
1,053,549
954,610

Interest receivable and similar income
 9 
99,274
5,328

Profit before tax
  
1,152,823
959,938

Tax on profit
 10 
(252,309)
(209,640)

Profit for the financial year
  
900,514
750,298

There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly, no statement of other comprehensive income has been presented.

Page 11


 
REGISTERED NUMBER:05359427
ICENI PROJECTS LIMITED

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
350,888
264,753

Investments
 13 
300,096
-

  
650,984
264,753

Current assets
  

Debtors: amounts falling due after more than one year
 14 
345,699
250,000

Debtors: amounts falling due within one year
 14 
3,702,378
4,134,351

Cash at bank and in hand
 15 
3,798,758
3,121,798

  
7,846,835
7,506,149

Creditors: amounts falling due within one year
 16 
(2,778,680)
(2,853,104)

Net current assets
  
 
 
5,068,155
 
 
4,653,045

Total assets less current liabilities
  
5,719,139
4,917,798

Provisions for liabilities
  

Deferred tax
 17 
-
(24,607)

Other provisions
 18 
(203,079)
-

  
 
 
(203,079)
 
 
(24,607)

Net assets
  
5,516,060
4,893,191


Capital and reserves
  

Called up share capital 
 19 
160
160

Share premium account
 20 
423,892
423,892

Profit and loss account
 20 
5,092,008
4,469,139

  
5,516,060
4,893,191


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




I C Anderson
Director

Date: 20 February 2024

The notes on pages 15 to 29 form part of these financial statements.

Page 12

 

ICENI PROJECTS LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 May 2021
145
269,946
4,468,841
4,738,932


Comprehensive income for the year

Profit for the financial year
-
-
750,298
750,298


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(750,000)
(750,000)

Shares issued during the year
15
153,946
-
153,961



At 1 May 2022
160
423,892
4,469,139
4,893,191


Comprehensive income for the year

Profit for the financial year
-
-
900,514
900,514

Dividends: Equity capital
-
-
(277,645)
(277,645)


At 30 April 2023
160
423,892
5,092,008
5,516,060


The notes on pages 15 to 29 form part of these financial statements.

Page 13

 

ICENI PROJECTS LIMITED

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
900,514
750,298

Adjustments for:

Depreciation of tangible assets
167,740
167,152

Loss on disposal of tangible assets
-
201

Interest received
(99,274)
(5,328)

Taxation charge
252,309
209,640

Decrease/(increase) in debtors
344,937
(1,434,725)

(Decrease)/increase in creditors
(140,055)
784,689

Increase in provisions
70,000
-

Corporation tax (paid)
(219,948)
(214,835)

Net cash generated from operating activities

1,276,223
257,092


Cash flows from investing activities

Purchase of tangible fixed assets
(120,796)
(45,647)

Purchase of fixed asset investments
(300,096)
-

Interest received
99,274
5,328

Net cash from investing activities

(321,618)
(40,319)

Cash flows from financing activities

Issue of ordinary shares
-
153,961

Dividends paid
(277,645)
(750,000)

Net cash used in financing activities
(277,645)
(596,039)

Net increase/(decrease) in cash and cash equivalents
676,960
(379,266)

Cash and cash equivalents at beginning of year
3,121,798
3,501,064

Cash and cash equivalents at the end of year
3,798,758
3,121,798


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,798,758
3,121,798

3,798,758
3,121,798


The notes on pages 15 to 29 form part of these financial statements.

Page 14

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Iceni Projects Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 44 Da Vinci house, Saffron Hill, London, EC1N 8FH.
The financial statements are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

  
2.2

Exemption from preparing consolidated financial statements

The company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are immaterial and can be excluded from consolidation by section 405 of the Companies Act 2006.

 
2.3

Going concern

After marking enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at lease twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 
 
Page 15

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.4

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 profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Turnover comprises of consideration receivable for planning and development consultancy services including any disbursements incurred and recharged to customers.

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

Rendering of services

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

 
2.6

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 16

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.7

Interest income

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

 
2.8

Pensions

Defined contribution pension plan

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

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

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

Page 17

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

  
2.10

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.11

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20%
Plant and machinery
-
25%
Fixtures and fittings
-
25%
Computer equipment
-
25%

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company 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 profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 18

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.13

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 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 Company's cash management.

Page 19

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

  
2.14

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Page 20

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


  
2.15

Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Dividends

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

  
2.19

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Page 21

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, which are described in note 2, the following judgements and key estimates have been made by the directors:
Impairment of trade debtors
The company reviews trade receivable balances for impairment and this is performed on a regular basis. Those balances which are considered to be recoverable remain in receivables and those which are not, are impaired and the impairment loss is recorded in the income statement. In making this judgement, the company evaluates, among other factors, the duration and the financial health of and short-term business outlook for the trade receivables, including factors such as industry and sector performance.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Fees receivable
13,385,400
11,979,848


All turnover arose within the United Kingdom.

The whole of the turnover is attributable to consideration receivable for planning and development consultancy services including any disbursements incurred and recharged to customers. 


5.


Other operating income

2023
2022
£
£

Net rents receivable
29,805
30,473



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
167,740
167,152

Exchange differences
-
287

Other operating lease rentals
331,316
326,144

Auditor's remuneration
32,500
30,500

Page 22

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
8,099,909
7,248,953

Social security costs
1,013,220
897,114

Cost of defined contribution scheme
598,212
526,651

9,711,341
8,672,718


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


        2023
        2022
            No.
            No.







Directors
4
4



Area directors
31
26



Consultants
70
64



Support
20
17

125
111


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
733,633
707,546

Company contributions to defined contribution pension schemes
41,625
50,399

775,258
757,945


During the year retirement benefits were accruing to 3 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £235,301 (2022 - £213,949).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £10,000).


9.


Interest receivable

2023
2022
£
£


Other interest receivable
99,274
5,328

Page 23

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
285,579
257,777


285,579
257,777


Total current tax
285,579
257,777

Deferred tax


Origination and reversal of timing differences
(33,270)
(48,137)

Total deferred tax
(33,270)
(48,137)


Tax on profit
252,309
209,640

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - the same as) the standard rate of corporation tax in the UK of 19.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,152,823
959,938


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.5% (2022 - 19%)
224,722
182,388

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
33,290
27,207

Capital allowances for year in excess of depreciation
563
17,701

Loan to participators
27,004
30,481

Short-term timing difference leading to an increase (decrease) in taxation
(33,270)
(48,137)

Total tax charge for the year
252,309
209,640


Factors that may affect future tax charges

From 1 April 2023 the corporation tax rate increased to 25% for companies with profits of over £250,000. Deferred taxes at the balance sheet date have been measured using these enacted rates and reflected in these financial statements.

Page 24

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

11.


Dividends

2023
2022
£
£


Dividends paid
277,645
750,000


12.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost 


At 1 May 2022
492,760
17,906
81,696
348,125
940,487


Additions
141,982
-
3,877
108,016
253,875


Disposals
-
(14,506)
(4,650)
(136,712)
(155,868)



At 30 April 2023

634,742
3,400
80,923
319,429
1,038,494



Depreciation


At 1 May 2022
311,954
17,480
71,479
274,821
675,734


Charge for the year
94,774
425
11,830
60,711
167,740


Disposals
-
(14,506)
(4,650)
(136,712)
(155,868)



At 30 April 2023

406,728
3,399
78,659
198,820
687,606



Net book value



At 30 April 2023
228,014
1
2,264
120,609
350,888



At 30 April 2022
180,806
426
10,217
73,304
264,753




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
228,014
180,806

228,014
180,806


Page 25

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

13.


Fixed asset investments





Investments in associates

£



Cost or valuation


Additions
300,096



At 30 April 2023
300,096





14.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
345,699
250,000


2023
2022
£
£

Due within one year

Trade debtors
2,044,930
2,479,607

Other debtors
224,737
314,825

Prepayments and accrued income
1,424,048
1,339,919

Deferred taxation
8,663
-

3,702,378
4,134,351



15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,798,758
3,121,798


Page 26

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
310,014
314,130

Corporation tax
169,292
136,931

Other taxation and social security
807,433
770,789

Other creditors
276,978
301,550

Accruals and deferred income
1,214,963
1,329,704

2,778,680
2,853,104



17.


Deferred taxation




2023


£






At beginning of year
(24,607)


Charged to profit or loss
33,270



At end of year
8,663

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
8,663
(24,607)


18.


Provisions




Legal provision
Dilapidation provision
Total

£
£
£





Charged to profit or loss
70,000
133,079
203,079



At 30 April 2023
70,000
133,079
203,079

Page 27

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



159,891 (2022 - 159,890) Ordinary A shares of £0.001 each
160
160

There is a single class of ordinary shares. The Ordinary A shares are irredeemable and have full rights in the company with regard to voting, dividend and capital contribution. 



20.


Reserves

Share premium account

The share premium reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. 

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. 


21.


Capital commitments


At 30 April 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
158,806
-

158,806
-


22.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £598,212 (2022 - £526,651). Contributions totalling £119,516 (2022 - £146,457) were payable to the fund at the balance sheet date and are included in creditors.

Page 28

 

ICENI PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

23.


Commitments under operating leases

At 30 April 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
286,687
292,604

Later than 1 year and not later than 5 years
1,068,187
1,071,702

Later than 5 years
1,422,952
1,689,756

2,777,826
3,054,062


24.


Related party transactions

The company has taken advantage of the exemption contained in FRS102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
During the year, the company traded with entities under common control. Included within trade debtors is a total balance of £18,349 (2022: £58,307) due from the entities under common control. Included within other debtors is a total balance of £1 (2022: £60,000) due from the entities under common control. Included within trade creditors is a balance of £Nil (2022: £2,700) due to an entity under common control. Turnover includes a total amount of £439,017 (2022: £691,532) and other income includes £33,161 (2022: £27,190) receivable from entities under common control. Cost of sales includes a total amount of £14,280 (2022: £49,026) payable to an entity under common control. Administrative expenses includes a total amount of £59,999 (2022: £nil) payable to an entity under common control.  
Total remuneration in respect of the key management personnel relates solely to the directors' remuneration which is set out in note 8. Included within other debtors is a total balance of £1,127 (2022: £Nil) due from the director's of the company.


25.


Controlling party

The ultimate controlling parties are I and J Anderson

 
Page 29