Company registration number 13809752 (England and Wales)
MIPARENT HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
LB GROUP
1 Vicarage Lane
Stratford
London
England
E15 4HF
MIPARENT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr A Sage
(Appointed 20 December 2021)
Mr C Ross-Roberts
(Appointed 20 December 2021)
Company number
13809752
Registered office
Woods End
Hill Farm Lane
Chalfont St. Giles
HP8 4NT
Auditor
LB Group Limited (Stratford)
1 Vicarage Lane
Stratford
London
England
E15 4HF
Bankers
Triple Point Advancr Leasing PLC
1 King William Street, London, EC4N 7AF
Lendnet LLP
1 King William Street, London, England, EC4N 7AF
Allica Bank
92 Ann Street, Belfast, BT1 3HH
MIPARENT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 35
MIPARENT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the Period ended 31 March 2023.

Review of the business

The principal activity of the Group is to provide pre-primary education.

The registered office for the parent company is Woods End, Hill Farm Lane, Chalfont St. Giles, England, HP8 4NT, for all other subsidiary companies the registered office is 1 Vicarage Lane, Stratford, London, England, E15 4HF.

Principal risks and uncertainties

Regulatory compliance: as with all Early Years settings, our nurseries are registered with and regulated by Ofsted, where compliance to their framework is paramount. We have internal control procedures to ensure compliance with the regulations and we have an independent annual inspection of each nursery's practice to ensure that the relevant regulations are adhered to, and we have regular internal and independent inspections of each nursery’s practice to ensure that regulations are adhered to and that the highest standards are maintained

 

 

Debt Management: the group utilises accounting software to generate invoices and monitor account receivables and has implemented robust credit control systems to allow continual monitoring of balances, allowing necessary proactive action to be taken when debts remain unpaid.

Liquidity: the group prepares monthly and quarterly management accounts to monitor cash flow, debt service cover and other financial performance on an ongoing basis.

The group has sufficient resources available, and the directors have prepared forecasts for the next 12 months. The forecast indicates that this will continue to be the case, with cashflows sufficient for the group to meet its banking covenants and commitments as they fall due.

Pricing: the group makes every effort to balance fee increases with commercial pressures in a competitive marketplace, to ensure that the group continues to deliver a high-quality and good value service.

The group continues to focus on delivering high-quality environments to deliver the best possible outcomes for the children in our care, which in turn supports growth in revenue and occupancy. Management has a rolling investment programme for improving and upgrading its settings as well as ensuring compliance with regulatory requirements.

 

Development and performance

The turnover for the period covered by this strategic report and financial statements was £7.19m.

 

The loss for the period of £4.7m. The gross profit was £2.7m and the gross profit margin was 37.5%. The management aims to scale the business in future years and expects profitability for all future periods.

 

It is further noted that the group operates, after adjustments for goodwill amortisation, impairment, depreciation, non-recurring expenditure (as shown in note 4 to the financial statements) and interest a profit of £.75m in the period, that continue to reflect the strength in the business from the previous periods under the new ownership.

Key performance indicators

The company's key financial performance indicators during the period were as follows:

 

2023

£'000

 

Turnover                                 £7,191    

Normalised trading EBITDA (including impairment)            £749

    

Group Capacity (Nursery)                     965 places

Average Group Occupancy for the period                56%

 

MIPARENT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -

On behalf of the board

Mr A Sage
Director
19 January 2024
MIPARENT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -

The directors present their annual report and financial statements for the Period ended 31 March 2023.

Principal activities

The company was incorporated on 20 December 2021, and on 4 February 2022 MiParent Holdings Limited purchased 100% of shares within MiChild Holdings Limited.

 

The principal activity of the company is that of a holding company of subsidiary companies. The principal activities of the Group include:

 

Results and dividends

The results for the Period are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the Period and up to the date of signature of the financial statements were as follows:

Mr A Sage
(Appointed 20 December 2021)
Mr C Ross-Roberts
(Appointed 20 December 2021)
Auditor

LB Group Limited (Stratford) were appointed as auditors to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor
On behalf of the board
Mr A Sage
Director
19 January 2024
MIPARENT HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2023
- 4 -

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MIPARENT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MIPARENT HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Miparent Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the Period ended 31 March 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 group and parent company 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 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 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 report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

MIPARENT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MIPARENT HOLDINGS LIMITED
- 6 -
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 their 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

MIPARENT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MIPARENT HOLDINGS LIMITED
- 7 -

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 extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

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 directors and other management and the inspection of regulatory and legal correspondence, if any.

 

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MIPARENT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MIPARENT HOLDINGS LIMITED
- 8 -

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 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.

Richard Lane (Senior Statutory Auditor)
For and on behalf of LB Group Limited (Stratford)
19 January 2024
Chartered Accountants
Statutory Auditor
1 Vicarage Lane
Stratford
London
England
E15 4HF
MIPARENT HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2023
- 9 -
Period
ended
31 March
2023
Notes
£
Turnover
3
7,190,619
Cost of sales
(4,492,299)
Gross profit
2,698,320
Administrative expenses
(2,148,260)
Impairment losses
(3,747,398)
Amortisation
(639,010)
Operating loss
4
(3,836,348)
Interest receivable and similar income
7
62
Interest payable and similar expenses
8
(870,228)
Loss before taxation
(4,706,514)
Tax on loss
9
7,563
Loss for the financial Period
(4,698,951)
(Loss)/profit for the financial Period is all attributable to the owners of the parent company.
MIPARENT HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2023
- 10 -
Period
ended
31 March
2023
£
Loss for the Period
(4,698,951)
Other comprehensive income
-
Total comprehensive income for the Period
(4,698,951)
Total comprehensive income for the Period is all attributable to the owners of the parent company.
MIPARENT HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 11 -
2023
Notes
£
£
Fixed assets
Purchased goodwill
11
2,364,565
Goodwill on acquisition
11
1,537,149
Total intangible assets
3,901,714
Tangible assets
12
4,361,403
8,263,117
Current assets
Debtors
15
364,793
Cash at bank and in hand
106,866
471,659
Creditors: amounts falling due within one year
16
(1,726,357)
Net current liabilities
(1,254,698)
Total assets less current liabilities
7,008,419
Creditors: amounts falling due after more than one year
17
(11,677,494)
Provisions for liabilities
Deferred tax liability
20
29,676
(29,676)
Net liabilities
(4,698,751)
Capital and reserves
Called up share capital
22
200
Profit and loss reserves
(4,698,951)
Total equity
(4,698,751)
The financial statements were approved by the board of directors and authorised for issue on 19 January 2024 and are signed on its behalf by:
19 January 2024
Mr A Sage
Director
Company registration number 13809752 (England and Wales)
MIPARENT HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 12 -
2023
Notes
£
£
Fixed assets
Investments
13
50,000
Current assets
Debtors
15
160,744
Cash at bank and in hand
201
160,945
Creditors: amounts falling due within one year
16
(12,763)
Net current assets
148,182
Total assets less current liabilities
198,182
Creditors: amounts falling due after more than one year
17
(251,080)
Net liabilities
(52,898)
Capital and reserves
Called up share capital
22
200
Profit and loss reserves
(53,098)
Total equity
(52,898)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £53,098.

These 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 19 January 2024 and are signed on its behalf by:
19 January 2024
Mr A Sage
Director
Company registration number 13809752 (England and Wales)
MIPARENT HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 31 March 2023:
Loss and total comprehensive income
-
(4,698,951)
(4,698,951)
Issue of share capital
22
200
-
200
Balance at 31 March 2023
200
(4,698,951)
(4,698,751)
MIPARENT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 31 March 2023:
Profit and total comprehensive income
-
(53,098)
(53,098)
Issue of share capital
22
200
-
200
Balance at 31 March 2023
200
(53,098)
(52,898)
MIPARENT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2023
- 15 -
2023
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
1,219,301
Interest paid
(870,228)
Income taxes refunded
32,978
Net cash inflow/(outflow) from operating activities
382,051
Investing activities
Purchase of tangible fixed assets
(152,269)
Proceeds from disposal of tangible fixed assets
488,346
Loans received from directors
280,000
Amounts repaid to directors
(28,920)
Interest received
62
Working capital deficit acquired on acquisition
(1,813,381)
Net cash used in investing activities
(1,226,162)
Financing activities
Proceeds from issue of shares
200
Proceeds from new bank loans
2,000,000
Repayment of bank loans
(1,049,223)
Net cash generated from/(used in) financing activities
950,977
Net increase in cash and cash equivalents
106,866
Cash and cash equivalents at beginning of Period
-
Cash and cash equivalents at end of Period
106,866
MIPARENT HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2023
- 16 -
2023
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(1,079)
Investing activities
Acquisition of subsidiaries
(50,000)
Loans received from directors
280,000
Amounts repaid to directors
(28,920)
Net cash generated from/(used in) investing activities
201,080
Financing activities
Proceeds from issue of shares
200
Working capital into group
(200,000)
Net cash used in financing activities
(199,800)
Net increase in cash and cash equivalents
201
Cash and cash equivalents at beginning of Period
-
Cash and cash equivalents at end of Period
201
MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 17 -
1
Accounting policies
Company information

Miparent Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Woods End, Hill Farm Lane, Chalfont St. Giles, HP8 4NT.

 

The group consists of Miparent Holdings Limited and all of its subsidiaries.

1.1
Reporting period

The financial statements herein cover the period from 4 February 2022 to 31 March 2023. It is important to note that future comparisons may exhibit variances, given the extended nature of this reporting period.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

 

This company is a qualifying entity for the purposes of FRS102, being a member of of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Miparent Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

 

As a Consolidated Statement of Comprehensive Income is published, a separate Statement of Comprehensive Income for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the the parent and group has adequate resources to continue in operational existence for the foreseeable future.

 

During the period the group of entities restructured its financial and operational position in order to increase efficiencies within the business. This was noted by a change in the ultimate parent company and the ultimate controlling parties. At the same time the directors provided support to the structure that will not be called in at the detriment of the business. During and after the period, as part of the financial restructure the company has operated within the banking covenants set by its primary lenders and continue to have a strong relationship with the lenders. Furthermore, during the period the group has sought to repay capital to the lenders by a strong policy of selling assets that are superfluous to the core operational structure of the business.

 

As the group has continued to operate in the period it has seen a strong growth in the occupancy and revenue rates of its core pre-primary educational offering which has allowed it to provide growth and solidity in its geographical area of the UK.

 

It is further noted by the directors that the group operates, after adjustments for goodwill amortisation, impairment, depreciation, non-recurring expenditure (as shown in note 4 to the financial statements) and interest a profit of £.75m in the period, that continue to reflect the strength in the business from the previous periods under the new ownership.

 

As such, the group continues to have the ongoing support from the primary group lenders in providing ongoing financial support. Thus the directors continue to adopt the going concern basis in preparing these financial statements.

 

Smart Start Oldham Limited

The company ceased to trade on 31 March 2022 and on that date all trade assets and liabilities were transferred to a fellow group company, Rosebuds Childcare Limited. Thus the directors adopted a basis other than going concern in the preparation of these financial statements.

 

Domalo ltd

Following group restructure the company ceased to trade on 31 March 2022. On that date all trade, assets and liabilities, except for the Company properties were transferred to a fellow group company, Network Nurseries Limited. The residual, non-transferrable company properties were partly disposed of in the year, with the remaining ones to be sold subsequent to the year end. Thus the directors adopted a basis other than going concern in the preparation of these financial statements.

MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
1.6
Turnover

Group

There is no turnover recognised at the parent level due to holding status.

 

Pre-primary Education

Nursery and associated income is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account discounts, and settlement discounts.

 

Income is recognised in the period to which it relates with consideration made for accrued and deferred income where applicable based on inflows of money.

 

Cost centre and intermediate holding company

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

 

Property company for pre-primary education

Turnover represents amounts receivable for rental investment income.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Goodwill on acquistion
10 years straight line
1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 20 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Leasehold land and buildings
Over the term of the lease
Plant and equipment
5 years straight line
Fixtures and fittings
5 years straight line
Computers
5 years straight line
Motor vehicles
5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.10
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 21 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 23 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 24 -
2
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

 

Bad Debt Provision

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, managements considered factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

 

Impairment of investments

The Company makes an estimate of the recoverable value of group loans. When assessing the impairment of group loans management considers whether there is objective evidence of impairment including:

 

Useful economic live of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economics lives and residual values of the assets. The useful economic lives and residual values are re-assessed

annually. They are amended when necessary to reflect current estimates, based on technological

advancement future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the fixtures and fittings, computer, freehold land and buildings and leasehold improvements, and note 12 for the useful economic lives for each class of assets.

 

Impairment of goodwill

The company tests annually whether goodwill have suffered any impairment in accordance with the accounting policy stated. The recoverable amounts have been determined based on value-in-use calculations.

 

3
Turnover and other revenue
2023
£
Turnover analysed by class of business
Pre-primary education
7,190,619
2023
£
Turnover analysed by geographical market
UK
7,190,619
MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
3
Turnover and other revenue
(Continued)
- 25 -
2023
£
Other revenue
Interest income
62
4
Operating loss
2023
£
Operating loss for the period is stated after charging/(crediting):
Exchange losses
214
Depreciation of owned tangible fixed assets
220,766
Profit on disposal of tangible fixed assets
(338,351)
Amortisation of intangible assets
639,010
Impairment of intangible assets
3,747,398
Non-recurring expenditure
312,000
Operating lease charges
51,666

Non-recurring expenditure includes costs in relation to the restructuring of the group at the point of acquisition, and costs in relation to properties held by the group subject to future sale.

5
Auditor's remuneration
2023
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
35,500
Audit of the financial statements of the company's subsidiaries
23,525
59,025
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the Period was:

Group
Company
2023
2023
Number
Number
200
2
MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
6
Employees
(Continued)
- 26 -

Their aggregate remuneration comprised:

Group
Company
2023
2023
£
£
Wages and salaries
4,217,939
-
0
Social security costs
156,313
-
Pension costs
73,938
-
0
4,448,190
-
0
7
Interest receivable and similar income
2023
£
Interest income
Interest on bank deposits
62
2023
Investment income includes the following:
£
Interest on financial assets not measured at fair value through profit or loss
62
8
Interest payable and similar expenses
2023
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
870,228
9
Taxation
2023
£
Current tax
UK corporation tax on profits for the current period
5,131
Adjustments in respect of prior periods
(15,844)
UK income tax
(702)
Total current tax
(11,415)
Deferred tax
Origination and reversal of timing differences
3,852
Total tax credit
(7,563)
MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
9
Taxation
(Continued)
- 27 -

The actual (credit)/charge for the Period can be reconciled to the expected credit for the Period based on the profit or loss and the standard rate of tax as follows:

2023
£
Loss before taxation
(4,706,514)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00%
(894,238)
Tax effect of expenses that are not deductible in determining taxable profit
486,233
Unutilised tax losses carried forward
400,442
Taxation credit
(7,563)

The UK rate of corporation tax increased to 25% from 19% on the 1 April 2023.

10
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
Notes
£
In respect of:
Goodwill
11
36,968
Intangible assets
11
3,710,430
Recognised in:
Administrative expenses
3,747,398

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 28 -
11
Intangible fixed assets
Group
Purchased goodwill
Goodwill on acquistion
Total
£
£
£
Cost
On acquistion of group - 4 February 2022
3,182,513
6,399,929
9,582,442
Amortisation and impairment
On acquistion of group - 4 February 2022
459,000
835,320
1,294,320
Amortisation charged for the Period
321,980
317,030
639,010
Impairment losses
36,968
3,710,430
3,747,398
At 31 March 2023
817,948
4,862,780
5,680,728
Carrying amount
At 31 March 2023
2,364,565
1,537,149
3,901,714
The company had no intangible fixed assets at 31 March 2023.

More information on impairment movements in the Period is given in note 10.

MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 29 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
On acquisition of group - 4 February 2022
4,486,184
30,211
84,215
254,169
69,517
31,039
4,955,335
Additions
39,561
24,517
16,524
50,687
20,980
-
0
152,269
Disposals
(211,139)
-
0
(693)
-
0
(4,149)
-
0
(215,981)
At 31 March 2023
4,314,606
54,728
100,046
304,856
86,348
31,039
4,891,623
Depreciation and impairment
On acquisition of group - 4 February 2022
234,896
-
0
33,642
76,449
20,463
9,990
375,440
Depreciation charged in the Period
91,194
9,040
22,177
64,311
26,318
7,726
220,766
Eliminated in respect of disposals
(65,370)
-
0
(270)
-
0
(346)
-
0
(65,986)
At 31 March 2023
260,720
9,040
55,549
140,760
46,435
17,716
530,220
Carrying amount
At 31 March 2023
4,053,886
45,688
44,497
164,096
39,913
13,323
4,361,403
The company had no tangible fixed assets at 31 March 2023.
MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 30 -
13
Fixed asset investments
Group
Company
2023
2023
Notes
£
£
Investments in subsidiaries
14
-
0
50,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 20 December 2021
-
Additions
50,000
At 31 March 2023
50,000
Carrying amount
At 31 March 2023
50,000
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Hazeledge Ltd
United Kingdom
Ordinary
-
100.00
MiChild Blackpool Limited
United Kingdom
Ordinary
-
100.00
MiChild Limited
United Kingdom
Ordinary
-
100.00
MiChild MidCo Limited
United Kingdom
Ordinary
-
100.00
MiChild PropCo Limited
United Kingdom
Ordinary
-
100.00
Sunbeams Atherton Limited
United Kingdom
Ordinary
-
100.00
Network Nurseries Limited
United Kingdom
Ordinary
-
100.00
Rosebuds Childcare Limited
United Kingdom
Ordinary
-
100.00
MiChild Propco 2 Limited
United Kingdom
Ordinary
-
100.00
Smart Start Oldham Limited
United Kingdom
Ordinary
-
100.00
Domalo Ltd
United Kingdom
Ordinary
-
100.00
MiChild Holdings Limited
United Kingdom
Ordinary
100.00
-
MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 31 -
15
Debtors
Group
Company
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
197,242
-
0
Corporation tax recoverable
4,261
-
0
Amounts owed by group undertakings
-
159,741
Other debtors
14,378
-
0
Prepayments and accrued income
148,912
1,003
364,793
160,744

Amounts owed by group undertakings are interest-free and payable on demand.

16
Creditors: amounts falling due within one year
Group
Company
2023
2023
Notes
£
£
Bank loans
18
528,999
-
0
Preference shares
18
50,000
-
0
Trade creditors
284,103
-
0
Other taxation and social security
48,252
-
Other creditors
316,482
-
0
Accruals and deferred income
498,521
12,763
1,726,357
12,763
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2023
Notes
£
£
Bank loans and overdrafts
18
11,346,414
-
0
Preference shares
18
80,000
-
0
Other creditors
251,080
251,080
11,677,494
251,080
MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 32 -
18
Loans and overdrafts
Group
Company
2023
2023
£
£
Bank loans
11,875,413
-
0
Preference shares
130,000
-
0
12,005,413
-
Payable within one year
578,999
-
0
Payable after one year
11,426,414
-
0

 

See note 19 for additional details on securities, charges, and guarantees.

19
Securities and Charges

MiParent Holdings Limited

The group's borrowings are secured by way of fixed and floating charges over all of its trade and assets and the trade and assets of all subsidaries. This borrowing is with Triple Point Advancr Leasing PLC, and Lendnet LLP.

 

Hazeledge Limited and MiChild Limited

The companies listed above have entered into a cross-guarantee that secures the bank loan in the immediate parent company over all the trade and assets of both the company and its immediate parent with AIB Group (UK) P.L.C.

 

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group, and movements thereon:

Liabilities
2023
Group
£
Accelerated capital allowances
29,676

 

MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 33 -
21
Retirement benefit schemes
2023
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
73,938

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
200
200

On 21 December 2021, 200 ordinary shares were issued at par value.

23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2023
£
£
Within one year
30,107
-
Between two and five years
38,957
-
In over five years
38,877
-
107,941
-
24
Directors' transactions

As at the balance sheet date, the company owed the directors £251,080. This balance is included in amounts due after one year.

 

During the period Mespilus Holdings Limited, a company in which one of the directors of MiParent Holdings Limited, invoiced the MiParent group £39,000 for consultancy services.

 

 

 

MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 34 -
25
Controlling party

The ultimate controlling party is Mr A Sage and Mr C Ross-Roberts by way of their shareholding in the company.

The ultimate holding company is MiParent Holdings Limited , a company incorporated in England and Wales whose registered office is Woods End, Hill Farm Lane, Chalfont St. Giles, England, HP8 4NT.

 

MiParent Holdings Limited is the smallest and largest group of undertakings to consolidate these financial statements.

 

26
Cash generated from/(absorbed by) group operations
2023
£
Loss for the Period after tax
(4,698,951)
Adjustments for:
Taxation credited
(7,563)
Finance costs
870,228
Investment income
(62)
Gain on disposal of tangible fixed assets
(338,351)
Amortisation and impairment of intangible assets
4,386,408
Depreciation and impairment of tangible fixed assets
220,766
Movements in working capital:
Increase in debtors
(360,532)
Increase in creditors
1,147,358
Cash generated from/(absorbed by) operations
1,219,301
27
Cash absorbed by operations - company
2023
£
Loss for the Period after tax
(53,098)
Movements in working capital:
Increase in debtors
(1,003)
Increase in creditors
53,022
Cash absorbed by operations
(1,079)
MIPARENT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 35 -
28
Analysis of changes in net debt - group
20 December 2021
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
-
106,866
106,866
Borrowings excluding overdrafts
-
(12,005,413)
(12,005,413)
-
(11,898,547)
(11,898,547)
29
Analysis of changes in net funds - company
20 December 2021
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
-
201
201
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