Company registration number 11163625 (England and Wales)
PREVAIL PARTNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PREVAIL PARTNERS LIMITED
COMPANY INFORMATION
Directors
J Hedges
D Huntingford
Secretary
J Hart
Company number
11163625
Registered office
Tower House
Parkstone Road
Poole
BH15 2JH
Accountants
Hill Osborne
Tower House
Parkstone Road
Poole
BH15 2JH
PREVAIL PARTNERS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Accountants' report
3
Profit and loss account
4
Group balance sheet
5 - 6
Company balance sheet
7 - 8
Notes to the financial statements
9 - 18
PREVAIL PARTNERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

 

The directors are delighted with another year of excellent growth, with group revenue increasing to £18.6m, from £11.1m in the prior year.  Although market conditions remain challenging, we are cautiously optimistic that revenue will show further significant growth in the current financial year.  Prevail is increasingly viewed as excellent value for money, a function of cost and quality of service, thereby winning both new clients and further work from existing clients.

 

The overlap between Prevail’s three core services - Advisory, Capability and Intelligence – continues to develop, with the result that clients increasingly value our ability to offer comprehensive solutions, delivering support across all three services simultaneously.  Furthermore, we are increasingly becoming the ‘Integrator’ rather than a contractor within a larger solution, thus drawing together capabilities, orchestrating the technical integration and leading the delivery of service. We have also broadened our market sectors, range of services delivered and regions in which we operate.

 

We have refreshed Prevail’s strategy, confirming our intention to build a high performing and well-run sustainable business that is unique in the Defence and Security sectors.  We believe that our position in the market will enable further revenue growth through the next year and beyond, underpinned by a good base of high quality multi-year contracts. 

 

Our decision to run our operations from central London has enhanced our opportunities for both client acquisition and staff recruitment.  Building the best possible team is a key objective of the business.  In addition, we invest heavily in our technology and data platform, which in turn has led to exceptional partnerships with major software, data, and research providers.  Added to this, we invest considerable time into developing our Tradecraft across the team with in-house training, cross briefing of knowledge, and after-action reviews.  All of these actions combine in pursuit of maintaining our over-arching ethos of Unrelenting Excellence. 

 

At the same time we continue to invest in our Environmental, Social and Governance credentials:   

 

 

 

 

 

Directors

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

J Hedges
D Huntingford
PREVAIL PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Small companies exemption

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

On behalf of the board
J Hedges
D Huntingford
Director
Director
1 August 2024
PREVAIL PARTNERS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PREVAIL PARTNERS LIMITED FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Prevail Partners Limited for the year ended 31 January 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet and the related notes from the accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Prevail Partners Limited, as a body, in accordance with the terms of our engagement letter dated 27 October 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Prevail Partners Limited and state those matters that we have agreed to state to the board of directors of Prevail Partners Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prevail Partners Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Prevail Partners Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Prevail Partners Limited. You consider that Prevail Partners Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Prevail Partners Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hill Osborne
1 August 2024
Chartered Accountants
Tower House
Parkstone Road
Poole
BH15 2JH
PREVAIL PARTNERS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
2024
2023
Notes
£
£
Turnover
18,672,619
11,101,618
Cost of sales
(9,431,086)
(7,055,743)
Gross profit
9,241,533
4,045,875
Administrative expenses
(3,218,011)
(1,421,759)
Operating profit
6,023,522
2,624,116
Interest receivable and similar income
4
6,993
1,221
Interest payable and similar expenses
(78,292)
(106,978)
Profit before taxation
5,952,223
2,518,359
Tax on profit
(1,568,485)
(185,528)
Profit for the financial year
4,383,738
2,332,831
Profit for the financial year is attributable to:
- Owners of the parent company
3,732,021
1,948,946
- Non-controlling interests
651,717
383,885
4,383,738
2,332,831
PREVAIL PARTNERS LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
216,971
225,051
216,972
225,052
Current assets
Debtors
8
5,571,043
2,048,831
Cash at bank and in hand
3,329,558
1,636,105
8,900,601
3,684,936
Creditors: amounts falling due within one year
9
(4,674,896)
(1,208,756)
Net current assets
4,225,705
2,476,180
Total assets less current liabilities
4,442,677
2,701,232
Creditors: amounts falling due after more than one year
10
(29,364)
(2,227,419)
Provisions for liabilities
(54,242)
(28,690)
Net assets
4,359,071
445,123
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
3,210,216
(52,015)
Equity attributable to owners of the parent company
3,211,216
(51,015)
Non-controlling interests
1,147,855
496,138
4,359,071
445,123

For the financial year ended 31 January 2024 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Directors' responsibilities under the Companies Act 2006:

 

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

PREVAIL PARTNERS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 6 -
The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
01 August 2024
J Hedges
D Huntingford
Director
Director
Company registration number 11163625 (England and Wales)
PREVAIL PARTNERS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
112,354
110,292
Investments
7
1,500
1,500
113,855
111,793
Current assets
Debtors
8
5,254,980
2,931,683
Cash at bank and in hand
244,387
154,822
5,499,367
3,086,505
Creditors: amounts falling due within one year
9
(5,577,051)
(962,460)
Net current (liabilities)/assets
(77,684)
2,124,045
Total assets less current liabilities
36,171
2,235,838
Creditors: amounts falling due after more than one year
10
-
(2,190,000)
Provisions for liabilities
(28,088)
-
Net assets
8,083
45,838
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
7,083
44,838
Total equity
8,083
45,838

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 £186,978 (2023 - £670,541 profit).

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

PREVAIL PARTNERS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 8 -
The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
01 August 2024
J Hedges
D Huntingford
Director
Director
Company registration number 11163625 (England and Wales)
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
1
Accounting policies
Company information

Prevail Partners Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Prevail Partners 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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Prevail Partners 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 January 2024. 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.

PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 10 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
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.

1.6
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:

Development costs
3 year straight line
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:

Plant and equipment
4 year straight line
Fixtures and fittings
20% Reducing balance
Computers
3 year straight line
Motor vehicles
5 year 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.

PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 11 -
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.

1.9
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.

1.10
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.

PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 12 -
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 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.

PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 13 -
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.

1.12
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.

PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 14 -
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.

1.14
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.

PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 15 -
3
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
66
34
7
5
4
Interest receivable and similar income
2024
2023
£
£
Other interest receivable and similar income
6,993
1,221
5
Intangible fixed assets
Group
Development costs
£
Cost
At 1 February 2023 and 31 January 2024
20,650
Amortisation and impairment
At 1 February 2023 and 31 January 2024
20,649
Carrying amount
At 31 January 2024
1
At 31 January 2023
1
Company
Development costs
£
Cost
At 1 February 2023 and 31 January 2024
20,650
Amortisation and impairment
At 1 February 2023 and 31 January 2024
20,649
Carrying amount
At 31 January 2024
1
At 31 January 2023
1
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 16 -
6
Tangible fixed assets
Group
Plant and machinery etc
£
Cost
At 1 February 2023
298,400
Additions
79,789
At 31 January 2024
378,189
Depreciation and impairment
At 1 February 2023
73,349
Depreciation charged in the year
87,869
At 31 January 2024
161,218
Carrying amount
At 31 January 2024
216,971
At 31 January 2023
225,051
Company
Plant and machinery etc
£
Cost
At 1 February 2023
141,598
Additions
38,681
At 31 January 2024
180,279
Depreciation and impairment
At 1 February 2023
31,306
Depreciation charged in the year
36,619
At 31 January 2024
67,925
Carrying amount
At 31 January 2024
112,354
At 31 January 2023
110,292
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 17 -
7
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
-
0
-
0
1,500
1,500
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 and 31 January 2024
1,500
Carrying amount
At 31 January 2024
1,500
At 31 January 2023
1,500
8
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,978,302
1,310,640
3,504,689
1,110,281
Amounts owed by group
39
-
1,137,589
1,518,804
Other debtors
1,592,702
520,757
612,702
278,922
5,571,043
1,831,397
5,254,980
2,908,007
Deferred tax asset
-
217,434
-
23,676
5,571,043
2,048,831
5,254,980
2,931,683
9
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
122,641
250,580
51,551
92,675
Amounts owed to group undertakings
12,772
-
0
4,367,975
755,206
Corporation tax payable
1,529,701
443,704
-
0
37,700
Other taxation and social security
1,274,820
436,583
15,849
15,067
Other creditors
1,734,962
77,889
1,141,676
61,812
4,674,896
1,208,756
5,577,051
962,460
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 18 -
10
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
29,364
37,419
-
0
-
0
Other creditors
-
0
2,190,000
-
0
2,190,000
29,364
2,227,419
-
0
2,190,000
11
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
29,364
37,419
-
0
-
0
Other loans
1,104,477
2,229,462
1,104,477
2,229,462
1,133,841
2,266,881
1,104,477
2,229,462
Payable within one year
1,104,477
39,462
1,104,477
39,462
Payable after one year
29,364
2,227,419
-
0
2,190,000
13
Directors' transactions

Loans have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
J Hedges
2.20
33,504
111,591
3,498
148,593
D Huntingford
2.20
28,780
116,195
3,495
148,470
62,284
227,786
6,993
297,063
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