Company registration number 11506032 (England and Wales)
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
COMPANY INFORMATION
Directors
N Key
K Smith-Watson
(Appointed 28 February 2024)
Company number
11506032
Registered office
Lyndean House
43-46 Queens Road
Brighton
BN1 3XB
Auditor
Humphrey & Co Audit Services Ltd
7-9 The Avenue
Eastbourne
East Sussex
BN21 3YA
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The group is a highly specialised, market leading airline industry software provider head-quartered in the UK with a regional office in Australia. The business uniquely enables scheduled airlines and travel companies to communicate with air passengers in a personalised and highly automated way. For over 20 years the business has built a hosted platform and customised workflows to automate airline passenger communications when planned and unplanned disruption occurs, for routine events such as booking confirmations and boarding passes and over 400 other operational processes.

 

The results for the period are shown on pages 8 and 9. Key financial performance indicators for the year were as follows:

 

                 £

Turnover            16,162,554

Group Operating Profit         4,232,100

Profit for the Financial Period     3,336,538

Shareholders’ Funds         6,177,594

 

The group’s consolidated profit is made up of the performance of the company and its subsidiaries. The turnover for the group has increased from £15,182,830 to £16,162,554 in 2023.

Principal risks and uncertainties

The group’s operations expose it to a variety of financial risks that include the effects of liquidity risk, credit risk and currency fluctuation risk. The group has in place procedures that seek to limit the adverse effects of these risks.

Liquidity risk

Liquidity risk is the risk that cash may not be available to pay obligations when due. The risk is managed by the finance team. The directors are satisfied that the group is not subject to significant liquidity risk.

 

Credit risk

The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is reassessed periodically by the finance and commercial teams.

 

Foreign currency risk

The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

 

In addition, the directors are satisfied that the group’s business plan is well placed to successfully manage any risks and uncertainties that may arise.

Future

Following its success in 2023, the business is well positioned to focus on its medium to long term strategy which is to continue to widen its offering in the airline industry and diversify its product portfolio using 15below’s technology.

 

On 28 February 2024 15below formalised its partnership with LDC, a UK based private equity firm of Lloyds Banking Group. LDC’s investment and support will accelerate the group’s five-year growth strategy to include investing in its proprietary technology to support existing and new customers.

15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

N Key
Director
4 April 2024
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of specialising in passenger communications for the travel industry.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £194,679. The directors have not declared a final dividend for the year ended 31 December 2023 (2022: £Nil).

Directors

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

J Clynes
(Resigned 28 February 2024)
R A H Evans
(Resigned 28 February 2024)
N Key
K Smith-Watson
(Appointed 28 February 2024)
Auditor

Humphrey & Co Audit Services Ltd were appointed as auditor 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.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
N Key
Director
4 April 2024
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 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.

15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF 15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
- 5 -
Opinion

We have audited the financial statements of 15below Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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:

15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
- 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.

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

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

We obtained an understanding of the group and the laws and regulations that could reasonably be expected to have a direct effect on the financial statements through discussion with the directors and management and the application of our knowledge and experience. We discussed with management whether there were any known or suspected instances of fraud and/or non-compliance with relevant laws and regulations. We also obtained an understanding of the group's accounting systems and internal controls.

 

We audited the risk of management override of controls, by testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Our other audit procedures included, but were not limited to, carrying out detailed substantive testing of a sample of income and expenditure transactions arising in the year. We agreed wages records to wages costs in the accounts. We tested a sample of balance sheet items such as fixed assets, debtors and creditors. We also reviewed the financial statements and checked disclosures to supporting documentation to assess compliance with applicable law and regulation.

 

Because of the inherent risk of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements as we will be less likely to become aware of instances of non-compliance. The risk is greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
- 7 -

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.

Andrew Robinson (Senior Statutory Auditor)
For and on behalf of Humphrey & Co Audit Services Ltd
9 April 2024
Chartered Accountants
Statutory Auditor
7-9 The Avenue
Eastbourne
East Sussex
BN21 3YA
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
16,162,554
15,182,830
Cost of sales
(7,372,107)
(6,537,443)
Gross profit
8,790,447
8,645,387
Administrative expenses
(4,630,421)
(3,709,038)
Other operating income
72,074
89,622
Operating profit
4
4,232,100
5,025,971
Interest receivable and similar income
8
116,259
8,353
Interest payable and similar expenses
9
(1,154)
(2,789)
Profit before taxation
4,347,205
5,031,535
Tax on profit
10
(1,010,667)
(891,242)
Profit for the financial year
3,336,538
4,140,293
Profit for the financial year is all attributable to the owners of the parent company.
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
3,336,538
4,140,293
Other comprehensive income
Currency translation loss taken to retained earnings
(90,841)
(76,850)
Total comprehensive income for the year
3,245,697
4,063,443
Total comprehensive income for the year is all attributable to the owners of the parent company.
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
103,143
97,718
Current assets
Debtors
15
4,140,638
2,948,853
Cash at bank and in hand
5,757,587
3,573,864
9,898,225
6,522,717
Creditors: amounts falling due within one year
16
(3,804,026)
(3,477,862)
Net current assets
6,094,199
3,044,855
Total assets less current liabilities
6,197,342
3,142,573
Provisions for liabilities
Deferred tax liability
18
19,748
15,997
(19,748)
(15,997)
Net assets
6,177,594
3,126,576
Capital and reserves
Called up share capital
21
1,879
1,879
Share premium account
38,110
38,110
Profit and loss reserves
6,137,605
3,086,587
Total equity
6,177,594
3,126,576

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on
4 April 2024
04 April 2024
and are signed on its behalf by:
N Key
Director
Company registration number 11506032 (England and Wales)
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
504,714
504,714
Current assets
-
-
Creditors: amounts falling due within one year
16
(498,643)
(498,321)
Net current liabilities
(498,643)
(498,321)
Net assets
6,071
6,393
Capital and reserves
Called up share capital
21
1,879
1,879
Profit and loss reserves
4,192
4,514
Total equity
6,071
6,393

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was £194,357 (2022 - £3,158,719 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on
4 April 2024
04 April 2024
and are signed on its behalf by:
N Key
Director
Company registration number 11506032 (England and Wales)
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,879
38,110
2,181,540
2,221,529
Year ended 31 December 2022:
Profit for the year
-
-
4,140,293
4,140,293
Other comprehensive income:
Currency translation differences
-
-
(76,850)
(76,850)
Total comprehensive income
-
-
4,063,443
4,063,443
Dividends
11
-
-
(3,158,396)
(3,158,396)
Balance at 31 December 2022
1,879
38,110
3,086,587
3,126,576
Year ended 31 December 2023:
Profit for the year
-
-
3,336,538
3,336,538
Other comprehensive income:
Currency translation differences
-
-
(90,841)
(90,841)
Total comprehensive income
-
-
3,245,697
3,245,697
Dividends
11
-
-
(194,679)
(194,679)
Balance at 31 December 2023
1,879
38,110
6,137,605
6,177,594
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
1,879
4,191
6,070
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
3,158,719
3,158,719
Dividends
11
-
(3,158,396)
(3,158,396)
Balance at 31 December 2022
1,879
4,514
6,393
Year ended 31 December 2023:
Profit and total comprehensive income
-
194,357
194,357
Dividends
11
-
(194,679)
(194,679)
Balance at 31 December 2023
1,879
4,192
6,071
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
3,573,056
5,020,298
Interest paid
(1,154)
(2,789)
Income taxes paid
(1,119,207)
(917,798)
Net cash inflow from operating activities
2,452,695
4,099,711
Investing activities
Proceeds from disposal of intangibles
70
40
Purchase of tangible fixed assets
(54,488)
(66,226)
Loans advanced
(10,000)
-
Interest received
116,259
8,353
Net cash generated from/(used in) investing activities
51,841
(57,833)
Financing activities
Repayment of borrowings
(35,293)
(86,963)
Dividends paid to equity shareholders
(194,679)
(3,158,396)
Net cash used in financing activities
(229,972)
(3,245,359)
Net increase in cash and cash equivalents
2,274,564
796,519
Cash and cash equivalents at beginning of year
3,573,864
2,854,195
Effect of foreign exchange rates
(90,841)
(76,850)
Cash and cash equivalents at end of year
5,757,587
3,573,864
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(204)
(143)
Interest paid
(322)
(2,789)
Net cash outflow from operating activities
(526)
(2,932)
Investing activities
Dividends received
194,679
3,161,508
Net cash generated from investing activities
194,679
3,161,508
Financing activities
(Increase)/Decrease in borrowings
526
(180)
Dividends paid to equity shareholders
(194,679)
(3,158,396)
Net cash used in financing activities
(194,153)
(3,158,576)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

15below Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Lyndean House, 43-46 Queens Road, Brighton BN1 3XB.

 

The group consists of 15below Holdings Limited and all of its subsidiaries.

1.1
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 group. 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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

The subsidiaries have been consolidated using the merger method and their results have been accounted for as though they have always been owned by the group and comparatives have been shown accordingly.

 

The difference between the nominal value of the shares acquired in the subsidiary and the nominal value of the shares issued to acquire the subsidiary and investment has been credited to a merger reserve.

1.3
Basis of consolidation

The accounts for 15below Australia Pty Ltd have been translated using the following methodology. All profit and loss items are translated at the HM Revenue & Customs (HMRC) average yearly rate and all balance sheet items at the HMRC spot rate at 31 December 2023. The currency difference was posted to the profit and loss account.

 

15below Australia Pty Ltd is registered in Australia and therefore is exempt from the requirements of the Companies Act 2006 to undertake an audit of its accounts.

1.4
Going concern

The directors prepare and monitor cash flow forecasts on an ongoing basis and anticipate that the group will be able to meet its liabilities as they fall due for the foreseeable future and, therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
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.

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:

Leasehold improvements
10% Straight line
Fixtures, fittings and equipment
25% Straight line
Computers
20%/33.33% 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.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares controlled under a contractual arrangement are classified as jointly controlled entities.

15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

1.10
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.

1.11
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 rate 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.

15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.

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 rate method.

15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.

1.12
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.

1.13
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.

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.

15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.14
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.

1.15
Retirement benefits

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

1.16
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.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
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.

Deferred income

Deferred income relates to subscriptions which are invoiced for future periods and project work where invoices have been raised prior to work being completed.

 

The calculation of deferred subscription income is manually generated using information downloaded from the sales system. Deferred project income is calculated based on the stage of completion of the project from information supplied by the project team.

Accrued income

Accrued income arises due to unbilled transactional costs due to be recharged to the client and project work where work has been completed but no invoice has been raised prior to the year end.

 

Accrued transactional income is based on third party invoices received by the company which relate to the current year. Accrued project income is projects completed prior to the year end which have not been invoiced to the client.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales
16,162,554
15,182,830
2023
2022
£
£
Turnover analysed by geographical market
UK
1,092,196
1,445,359
Europe
6,033,887
5,121,543
Rest of the World
9,036,471
8,615,928
16,162,554
15,182,830
2023
2022
£
£
Other revenue
Interest income
116,259
8,353
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
15,581
12,084
Research and development costs
-
11,247
Depreciation of owned tangible fixed assets
48,679
30,910
Profit on disposal of intangible assets
(70)
(40)
Operating lease charges
232,954
233,071
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,060
1,000
Audit of the financial statements of the company's subsidiaries
7,440
7,000
8,500
8,000
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Commercial
10
15
-
-
Corporate
12
10
-
-
Delivery
31
29
-
-
People
1
1
-
-
Product
1
1
-
-
Production services
23
20
-
-
Total
78
76
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,979,770
4,294,642
-
0
-
0
Social security costs
521,472
424,316
-
-
Pension costs
456,984
349,291
-
0
-
0
5,958,226
5,068,249
-
0
-
0
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
11,191
9,675
Company pension contributions to defined contribution schemes
20,736
13,231
31,927
22,906
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
113,094
8,353
Other interest income
3,165
-
Total income
116,259
8,353
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
113,094
8,353
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
322
2,789
Other finance costs:
Other interest
832
-
Total finance costs
1,154
2,789
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,007,683
923,780
Foreign current tax on profits for the current period
11
-
0
Total current tax
1,007,694
923,780
Deferred tax
Origination and reversal of timing differences
2,973
(32,538)
Total tax charge
1,010,667
891,242
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
4,347,205
5,031,535
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,022,447
955,992
Tax effect of expenses that are not deductible in determining taxable profit
52,353
(6,831)
Tax effect of income not taxable in determining taxable profit
(64,842)
(17,014)
Unutilised tax losses carried forward
76
-
0
Permanent capital allowances in excess of depreciation
1,410
(8,367)
Deferred tax adjustment in respect of losses claim deferred
(777)
(32,538)
Taxation charge
1,010,667
891,242
11
Dividends
2023
2022
£
£
Final paid
-
2,974,968
Interim paid
194,679
183,428
194,679
3,158,396
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures, fittings and equipment
Computers
Total
£
£
£
£
Cost
At 1 January 2023
59,495
164,609
443,239
667,343
Additions
-
0
-
0
54,488
54,488
Exchange adjustments
-
0
-
0
(1,335)
(1,335)
At 31 December 2023
59,495
164,609
496,392
720,496
Depreciation and impairment
At 1 January 2023
34,978
161,038
373,609
569,625
Depreciation charged in the year
5,949
1,147
41,583
48,679
Exchange adjustments
-
0
-
0
(951)
(951)
At 31 December 2023
40,927
162,185
414,241
617,353
Carrying amount
At 31 December 2023
18,568
2,424
82,151
103,143
At 31 December 2022
24,517
3,571
69,630
97,718
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
504,714
504,714
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
504,714
Carrying amount
At 31 December 2023
504,714
At 31 December 2022
504,714
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
14
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
15below Ltd
England & Wales
Airline and travel software development and support
Ordinary
100.00
-
15below Australia Pty Ltd
Australia
Software sales and support
Ordinary
-
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Lyndean House, 43-46 Queens Road, Brighton, BN1 3XB
2
Level 1, 478 Albert Street, Melbourne, Victoria, 3002, Australia
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,536,393
2,029,648
-
0
-
0
Other debtors
288,819
198,622
-
0
-
0
Prepayments and accrued income
1,136,074
542,009
-
0
-
0
3,961,286
2,770,279
-
-
Deferred tax asset (note 18)
179,352
178,574
-
0
-
0
4,140,638
2,948,853
-
-
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
17
-
0
35,293
498,643
498,117
Trade creditors
777,824
642,773
-
0
-
0
Corporation tax payable
436,380
547,893
-
0
-
0
Other taxation and social security
205,230
143,968
-
-
Deferred income
19
1,901,950
1,408,196
-
0
-
0
Other creditors
28,501
18,979
-
0
-
0
Accruals and deferred income
454,141
680,760
-
0
204
3,804,026
3,477,862
498,643
498,321
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
17
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Loans from group undertakings
-
0
-
0
498,643
462,824
Other loans including Loan Notes 2023
-
0
35,293
-
0
35,293
-
35,293
498,643
498,117
Payable within one year
-
35,293
498,643
498,117

The bank overdraft is secured by a debenture dated 30 May 2008 in favour of HSBC Bank comprising a fixed and floating charge over all the assets and undertakings of 15below Limited.

The interest bearing unsecured loan notes 2023 were issued on 17 December 2018. The loan notes are repayable by quarterly instalments with the final instalment paid on 1 May 2023. Interest was charged at 2.75% per annum.

18
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
19,748
15,997
-
-
Tax losses
-
-
179,352
178,574
19,748
15,997
179,352
178,574
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
(162,577)
-
Charge to profit or loss
2,973
-
Asset at 31 December 2023
(159,604)
-

The deferred tax asset set out above is expected to reverse within the next year and relates to the utilisation of tax losses against future expected profits. The deferred tax liability set out above is expected to reverse within the next few years and relates to accelerated capital allowances that are expected to mature.

15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
19
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
1,901,950
1,408,196
-
-
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
456,984
349,291

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.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
1,453
1,453
1,453
1,453
Ordinary 'B' shares of £1 each
426
426
426
426
1,879
1,879
1,879
1,879

The company has two classes of ordinary shares which carry no right to fixed income. Both classes of share carry voting rights, are entitled to dividends and other distributions and are entitled to participate in a distribution on winding up.

22
Reserves

Profit and loss account

The profit and loss account comprises the balance of profits accumulated over the life of the company.

 

Share premium account

The share premium account comprises the balance paid above par value for shares issued.

15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
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
2022
2023
2022
£
£
£
£
Within one year
173,100
173,100
-
-
Between two and five years
346,200
519,300
-
-
519,300
692,400
-
-
24
Events after the reporting date

On 28 February 2024 the company, and group, were acquired by Project Venus Limited. There is currently no estimate of the financial effect this will have on the financial statements.

26
Directors' transactions

Dividends totalling £194,679 (2022 - £2,309,762) were paid in the year in respect of shares held by the company's directors.

27
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
3,336,538
4,140,293
Adjustments for:
Taxation charged
1,010,667
891,242
Finance costs
1,154
2,789
Investment income
(116,259)
(8,353)
Gain on disposal of intangible assets
(70)
(40)
Depreciation and impairment of tangible fixed assets
48,679
30,910
Foreign exchange gains on cash equivalents
384
-
Movements in working capital:
Increase in debtors
(1,181,007)
(167,847)
(Decrease)/increase in creditors
(20,784)
289,284
Increase/(decrease) in deferred income
493,754
(157,980)
Cash generated from operations
3,573,056
5,020,298
15BELOW HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
28
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
194,357
3,158,719
Adjustments for:
Finance costs
322
2,789
Investment income
(194,679)
(3,161,508)
Movements in working capital:
Decrease in debtors
-
248
Decrease in creditors
(204)
(391)
Cash absorbed by operations
(204)
(143)
29
Analysis of changes in net funds - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£
£
£
£
Cash at bank and in hand
3,573,864
2,274,564
(90,841)
5,757,587
Borrowings excluding overdrafts
(35,293)
35,293
-
-
3,538,571
2,309,857
(90,841)
5,757,587
30
Analysis of changes in net debt - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Borrowings excluding overdrafts
(498,117)
(526)
(498,643)
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