Company Registration No. 13179367 (England and Wales)
Trilogy International Holdings Limited
Annual report and
group financial statements
for the year ended 30 November 2023
Trilogy International Holdings Limited
Company information
Directors
Mr Jamie Bernstein
Mr Daniel Fox
Mr Ivan Jackson
Company number
13179367
Registered office
24 Cornhill
London
EC3V 3ND
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Trilogy International Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group income statement
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
Trilogy International Holdings Limited
Strategic report
For the year ended 30 November 2023
1

The directors present the strategic report for the year ended 30 November 2023.

Fair review of the business

The principal activity of the group during the year continued to be the provision of recruitment services in the Technology and Business Transformation & Change market as well as IT consultancy.

The group performed well over the year and continued to execute against the strategic goals of the group's business.

The group's key focus during the year was to:

In the year we saw Gross Profit increase by 13% to £10,998k.

We saw our headcount increase by 17% to 61.

We saw our Perm revenue decrease by 59% to £998k.

We saw our revenues outside of the UK grow to 33% of the group’s revenues.

2023 was our most successful trading year to date with record gross profit and operating profit.

The trading environment globally is suffering from some headwinds and localised challenges, but still offers opportunities and our outlook for the future remains optimistic. Our positioning in Technology and also Business Transformation & Change, means we are well placed to take advantage of the projects that have been initiated by our clients as we enter 2024.

We have further developed our SOW product which is delivered via our brand Forbes Project Solutions and this has allowed us to have an elevated and stickier relationship with our clients, giving us greater control on the delivery of the project and the deployment of the related resources, leading to longer engagements and increased margins. An ever increasing % of our total engagements with clients are now via a SOW.

The strategy to launch into Europe in 2018 has continued to provide excellent opportunities for contractor growth, and our teams focusing on Ireland, DACH and Benelux regions continue to show an increase in demand and receptiveness to our product offering. Our European business now accounts for 31% of the Group’s overall revenues, up from 25% in 2022. We have seen some softening of demand in Europe at the end of 2023, but believe we are diversified enough to sustain our performance.

The business is optimistic as to the opportunities available to it in the UK, we have a strong reputation in the markets we operate and see plenty of transformation opportunities driven by both regulation and technologies requiring the solutions we are able to offer across the group. Additionally we have some positive growth opportunities with the business being awarded several framework agreements allowing us to launch a Public Sector offering, leveraging our capabilities in to a brand new market place.

Our USA operations had a particularly challenging 2023 with Perm revenues dropping 54% from $2,335k to $1,079k. We have taken actions to control costs, re focus the client proposition, upskill the team on the ground and put the business on a footing to take advantage of the opportunities we believe will present in 2024, to get back to a positive growth story.

We have started to see some improvements in the US market towards the end of 2023 but we anticipate trading conditions in the USA in 2024 to remain challenging, but will offer more opportunities, subject to the political impact on the economy of a November election.

Trilogy International Holdings Limited
Strategic report (continued)
For the year ended 30 November 2023
2
Principal risks and uncertainties

Credit Risk: The group is exposed to potential payment default by our clients. This risk is mitigated by operating a strong credit control policy, regular monitoring of trade receivables and ensuring we have strong relationships with clients to ensure swift payment and awareness of any challenges our clients might be facing, allowing us to take fast pre-emptive action where required.

Liquidity Risk: The group is financed through its retained earnings and its relationship with its bankers. We have a large invoice finance facility that provides adequate headroom for current and future growth and is reviewed by the board regularly in line with current and forecast performance.

Foreign currency: We operate in multi currencies and are exposed to fluctuations in foreign exchange rates. We mitigate FX exposure by ensuring contracts and associated costs are denominated in the same currencies. The board does not believe the level of risk requires a more sophisticated approach at this stage of growth.

Macro-Economic Factors: Currently, there is a significant level of global uncertainty in the markets, coupled with high inflation and the cost of living crisis and the broader economic outlook does tend to loosely correlate with our clients hiring plans. To mitigate this we focus on sectors and niches within those sectors that are more resilient to the fluctuations in the economy. We also ensure that the business is geographically diverse in both regions and operations. We offer both Permanent, Contract and consulting solutions to our clients and remain agile to new opportunities that are presented in the regions in which we operate. The diversity of our client base means we are well placed to take advantage of an increase in demand, or mitigate a decline.

Key performance indicators

 

2023

2022

Commentary

Gross Profit

£10,998k

£9,763k

Contract GP increased by £2,692k (37%) with further diversification into Europe. Perm GP decreased by £1,458k (59%) due to the tightening of the US market.

Average Headcount

61

52

Headcount growth was mainly due to the expansion of our team that serves mainland Europe and additional heads focused on the USA.

Productivity per Head

£180k

£188k

We have grown our headcount by 17% which has marginally impacted productivity which is down 4% at £180k per head. Productivity was mostly impacted by the difficult trading conditions in the US market during the year.

Conversion Ratio

34%

32%

Operating profit as a % of GP has improved slightly in 2023 from 32% to 34%.

On behalf of the board

Mr Ivan Jackson
Director
12 August 2024
Trilogy International Holdings Limited
Directors' report
For the year ended 30 November 2023
3

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

Principal activities

The principal activity of the group continued to be that of recruitment consultancy and information technology consulting. The company is purely a holding company of the group that it heads.

Results and dividends

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

Ordinary dividends were paid amounting to £2,370,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr Jamie Bernstein
Mr Daniel Fox
Mr Ivan Jackson
Auditor

Saffery LLP have expressed their willingness to continue in the office.

Statement of directors' responsibilities

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.

Trilogy International Holdings Limited
Directors' report (continued)
For the year ended 30 November 2023
4
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.

On behalf of the board
Mr Ivan Jackson
Director
12 August 2024
Trilogy International Holdings Limited
Independent auditor's report
To the members of Trilogy International Holdings Limited
5
Opinion

We have audited the financial statements of Trilogy International Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group 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 directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

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.

Trilogy International Holdings Limited
Independent auditor's report (continued)
To the members of Trilogy International Holdings Limited
6

Opinions on other matters prescribed by the Companies Act 2006

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

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.

Trilogy International Holdings Limited
Independent auditor's report (continued)
To the members of Trilogy International 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

 

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

Trilogy International Holdings Limited
Independent auditor's report (continued)
To the members of Trilogy International Holdings Limited
8

Use of our report

This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditors 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Jamie Cassell (Senior Statutory Auditor)
For and on behalf of Saffery LLP
12 August 2024
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Trilogy International Holdings Limited
Group statement of comprehensive income
For the year ended 30 November 2023
9
2023
2022
Notes
£
£
Turnover
3
55,558,555
47,582,158
Cost of sales
(44,560,917)
(37,819,108)
Gross profit
10,997,638
9,763,050
Administrative expenses
(7,389,424)
(6,710,372)
Other operating income
11,573
55,616
Operating profit
4
3,619,787
3,108,294
Interest receivable and similar income
8
23,135
16,181
Interest payable and similar expenses
9
(140,819)
(51,068)
Profit before taxation
3,502,103
3,073,407
Tax on profit
10
(684,994)
(514,287)
Profit for the financial year
22
2,817,109
2,559,120
Other comprehensive income
Currency translation gain taken to retained earnings
3,746
39,530
Total comprehensive income for the year
2,820,855
2,598,650
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Trilogy International Holdings Limited
Group statement of financial position
As at 30 November 2023
30 November 2023
10
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
209,234
214,329
Current assets
Debtors
15
10,924,599
9,696,095
Cash at bank and in hand
678,050
700,233
11,602,649
10,396,328
Creditors: amounts falling due within one year
16
(8,541,253)
(7,901,205)
Net current assets
3,061,396
2,495,123
Total assets less current liabilities
3,270,630
2,709,452
Creditors: amounts falling due after more than one year
17
(39,428)
(58,889)
Provisions for liabilities
Deferred tax liability
19
5,064
20,068
(5,064)
(20,068)
Net assets
3,226,138
2,630,495
Capital and reserves
Called up share capital
21
600
600
Other reserves
22
(2,855,212)
(3,000,000)
Profit and loss reserves
22
6,080,750
5,629,895
Total equity
3,226,138
2,630,495
The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
12 August 2024
Mr Ivan Jackson
Director
Company Registration No. 13179367 (England and Wales)
Trilogy International Holdings Limited
Company statement of financial position
As at 30 November 2023
30 November 2023
11
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
146,510
1,722
Current assets
Debtors - other
15
100
100
Cash at bank and in hand
366,088
2,133
366,188
2,233
Creditors: amounts falling due within one year
16
(1,187,947)
(1,425,153)
Net current liabilities
(821,759)
(1,422,920)
Net liabilities
(675,249)
(1,421,198)
Capital and reserves
Called up share capital
21
600
600
Other reserves
22
(2,855,212)
(3,000,000)
Profit and loss reserves
22
2,179,363
1,578,202
Total equity
(675,249)
(1,421,198)

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 £2,971,161 (2022: £3,078,202)

The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
12 August 2024
Mr Ivan Jackson
Director
Company Registration No. 13179367 (England and Wales)
Trilogy International Holdings Limited
Group statement of changes in equity
For the year ended 30 November 2023
12
Share capital
Own shares
Share based payment reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2021
600
(3,000,000)
-
4,531,245
1,531,845
Year ended 30 November 2022:
Profit for the year
-
-
-
2,559,120
2,559,120
Other comprehensive income:
Currency translation differences
-
-
-
39,530
39,530
Total comprehensive income
-
-
-
2,598,650
2,598,650
Dividends
11
-
-
-
(1,500,000)
(1,500,000)
Balance at 30 November 2022
600
(3,000,000)
-
5,629,895
2,630,495
Year ended 30 November 2023:
Profit for the year
-
-
-
2,817,109
2,817,109
Other comprehensive income:
Currency translation differences
-
-
-
3,746
3,746
Total comprehensive income
-
-
-
2,820,855
2,820,855
Dividends
11
-
-
-
(2,370,000)
(2,370,000)
Share based payment charge
-
-
144,788
-
144,788
Balance at 30 November 2023
600
(3,000,000)
144,788
6,080,750
3,226,138
Trilogy International Holdings Limited
Company statement of changes in equity
For the year ended 30 November 2023
13
Share capital
Own shares
Share based payment reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2021
600
(3,000,000)
-
-
0
(2,999,400)
Year ended 30 November 2022:
Profit and total comprehensive income
-
-
-
3,078,202
3,078,202
Dividends
11
-
-
-
(1,500,000)
(1,500,000)
Balance at 30 November 2022
600
(3,000,000)
-
1,578,202
(1,421,198)
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
-
2,971,161
2,971,161
Dividends
11
-
-
-
(2,370,000)
(2,370,000)
Share based payment charge
-
-
144,788
-
144,788
Balance at 30 November 2023
600
(3,000,000)
144,788
2,179,363
(675,249)
Trilogy International Holdings Limited
Group statement of cash flows
For the year ended 30 November 2023
14
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
3,999,733
986,801
Interest paid
(140,819)
(51,068)
Income taxes paid
(781,050)
(355,612)
Net cash inflow from operating activities
3,077,864
580,121
Investing activities
Purchase of tangible fixed assets
(76,925)
(233,019)
Interest received
23,135
16,181
Net cash used in investing activities
(53,790)
(216,838)
Financing activities
Repayment of borrowings
(19,461)
(20,176)
(Repayment)/drawdown of invoice financing facility
(660,542)
1,066,075
Dividends paid to equity shareholders
(2,370,000)
(1,500,000)
Net cash used in financing activities
(3,050,003)
(454,101)
Net decrease in cash and cash equivalents
(25,929)
(90,818)
Cash and cash equivalents at beginning of year
700,233
751,521
Effect of foreign exchange rates
3,746
39,530
Cash and cash equivalents at end of year
678,050
700,233
Trilogy International Holdings Limited
Notes to the group financial statements
For the year ended 30 November 2023
15
1
Accounting policies
Company information

Trilogy International Holdings Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 24 Cornhill, London, EC3V 3ND.

 

The group consists of Trilogy International 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 company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Trilogy International Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

The results of the group reorganisation are included from the effective date of acquisition which was 2 March 2021 using merger accounting. Under merger accounting the group is then treated as if it has always been in existence therefore comparative figures are shown for the group but only current year figures for the company itself.

 

All financial statements are made up to 30 November 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 and balances between group companies are eliminated on consolidation.

Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
16
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. This is based on a 12 month forecast from the date of approving the financial statements that incorporate a sustained growth over the period after taking into account the potential impact of the global economic downturn. The group has enough headroom in its funding facilities to cope with additional growth of the group.

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. Turnover consists of:

 

 

Turnover not invoiced at the balance sheet date is included within accrued income.

1.5
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:

Fixtures and fittings
Straight line over 4 years
Computers and office equipment
Straight line over 3 years

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 income statement.

1.6
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.

Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
17
1.7
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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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 statement of financial position 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, 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.

Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
18
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 method.

Derecognition of financial liabilities

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

Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
19
1.10
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.

1.11
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 income statement 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has 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.

1.12
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.

The company operates an employee benefit trust (EBT) and has for accounting purposes only de facto control of the shares held by the trust and bears their benefits and risks. The company records assets and liabilities of the trust as its own. Consideration paid by the EBT for shares of the company is deducted from equity. Finance costs and administrative expenses incurred by the company in relation to the EBT are recognised on an accruals basis.

1.13
Retirement benefits

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

Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies (continued)
20
1.14
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.15
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.

1.16
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
Critical accounting judgements and key sources of estimation uncertainty

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

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised 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.

Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
21
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.

Share based payments

EMI share options have been granted to employees of the group. The company has used the Black-Scholes model to determine the fair value of the options on grant date. Consideration is also taken in relation to vesting conditions and non-market variables which impact the estimated charge.

Bad debt provision

In assessing the need for a bad debt provision the directors have utilised post year end information to understand recoverability of debtors. This is a more accurate reflection of the bad debt provision, however there is still considered to be an element of uncertainty where historic knowledge of the directors is utilised.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Contractor
54,560,850
45,126,777
Permanent
997,705
2,455,381
55,558,555
47,582,158
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
36,957,571
32,736,452
Rest of Europe
15,681,137
11,913,343
Rest of World
2,919,847
2,932,363
55,558,555
47,582,158
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
89,071
26,219
Depreciation of owned tangible fixed assets
82,020
45,530
Share-based payments
144,788
-
Operating lease charges
106,437
137,790
Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
22
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
10,100
8,000
Audit of the financial statements of the company's subsidiaries
35,500
39,350
45,600
47,350

The above amounts are paid by a subsidiary.

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
61
52
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,942,264
4,011,325
-
0
-
0
Social security costs
584,732
531,761
-
-
Pension costs
61,749
48,376
-
0
-
0
5,588,745
4,591,462
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
60,000
46,667
Company pension contributions to defined contribution schemes
19,992
19,992
79,992
66,659

The directors were paid no compensation through Trilogy International Holdings Limited, but were paid by a subsidiary of the company.

Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
23
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest receivable from connected companies
23,135
16,181
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
2,063
2,264
Interest on invoice finance arrangements
139,890
48,804
Other interest
(1,134)
-
Total finance costs
140,819
51,068
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
425,287
307,823
Adjustments in respect of prior periods
2,565
-
0
Total UK current tax
427,852
307,823
Foreign current tax on profits for the current period
272,146
190,950
Total current tax
699,998
498,773
Deferred tax
Origination and reversal of timing differences
(15,004)
15,514
Total tax charge
684,994
514,287
Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
10
Taxation (continued)
24

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
3,502,103
3,073,407
Expected tax charge based on the standard rate of corporation tax in the UK of 23.01% (2022: 19.00%)
805,834
583,947
Tax effect of expenses that are not deductible in determining taxable profit
15,175
17,538
Unutilised tax losses carried forward
61,135
-
0
Permanent capital allowances in excess of depreciation
(918)
(4,275)
Other permanent differences
14,370
8,307
Share based payment charge
33,315
-
0
Effect of overseas tax rates
(227,370)
(99,294)
Under/(over) provided in prior years
2,565
4,333
Remeasurement of deferred tax for changes in tax rates
(19,112)
3,731
Taxation charge
684,994
514,287
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
2,370,000
1,500,000
Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
25
12
Tangible fixed assets
Group
Fixtures and fittings
Computers and office equipment
Total
£
£
£
Cost
At 1 December 2022
220,955
66,301
287,256
Additions
7,096
69,829
76,925
At 30 November 2023
228,051
136,130
364,181
Depreciation and impairment
At 1 December 2022
31,503
41,424
72,927
Depreciation charged in the year
55,536
26,484
82,020
At 30 November 2023
87,039
67,908
154,947
Carrying amount
At 30 November 2023
141,012
68,222
209,234
At 30 November 2022
189,452
24,877
214,329
The company had no tangible fixed assets at 30 November 2023 or 30 November 2022.
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
146,510
1,722
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2022
1,722
Capital contribution
144,788
At 30 November 2023
146,510
Carrying amount
At 30 November 2023
146,510
At 30 November 2022
1,722
Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
26
14
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Trilogy Consultants International Limited
1
Recruitment services
Ordinary
100.00
Forbes Project Solutions Limited
1
IT consultancy
Ordinary
100.00
Trilogy Consultants International Limited
2
Recruitment services
Ordinary
100.00
Trilogy International USA, Inc.*
3
Recruitment services
Ordinary
100.00
Trilogy International EBT Limited
1
Employee Benefit Trust
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
24 Cornhill, London, United Kingdom, EC3V 3ND
2
27 Upper Mount Street, Dublin 2, D02F890, Republic of Ireland
3
9 E. Loockerman St. Suite 311, Dover, DE 19901, USA

* subsidiary is held indirectly

15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,969,989
4,774,046
-
-
0
Other debtors
641,612
484,474
100
100
Prepayments and accrued income
5,275,144
4,399,721
-
0
-
0
10,886,745
9,658,241
100
100
Amounts falling due after more than one year:
Other debtors
37,854
37,854
-
0
-
0
Total debtors
10,924,599
9,696,095
100
100

 

Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
27
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
1,509,373
2,169,915
-
0
-
0
Trade creditors
244,287
120,542
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
904,936
1,412,303
Corporation tax payable
413,400
494,452
-
0
-
0
Other taxation and social security
707,298
497,303
-
-
Other creditors
534,060
194,975
283,011
12,850
Accruals and deferred income
5,132,835
4,424,018
-
0
-
0
8,541,253
7,901,205
1,187,947
1,425,153

Amounts due to group undertakings are unsecured, interest free and repayable on demand.

17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
39,428
58,889
-
0
-
0
Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
28
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Invoice finance facility
1,488,077
2,148,619
-
0
-
0
Bank loans
60,724
80,185
-
0
-
0
1,548,801
2,228,804
-
-
Payable within one year
1,509,373
2,169,915
-
0
-
0
Payable after one year
39,428
58,889
-
0
-
0

The group entered into an agreement with HSBC invoice Finance (UK) Ltd in January 2016 to secure the above invoice finance facility. This agreement contains fixed and floating charges over the assets of the company and a negative pledge. The group also entered into a legal assignment on contract monies with HSBC Bank Plc, in January 2016. This assignment contains a negative pledge over certain liabilities of the company. This is further secured by way of a debenture dates January 2016, which includes a fixed a floating charge over all assets of the company and a negative pledge.

During 2020, the group entered into two fixed rate loan agreements for £50,000 each with HSBC UK Bank plc attracting an annual interest of 2.5%, after one year from the date the loans were granted. The loans are due for repayment in monthly instalments and to be repaid in full by 18 November 2026. These lending facilities are supported by the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The balance at 30 November 2023 was £60,724 (2022: £80,185),

19
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Short term timing differences
(6,763)
5,211
Fixed asset timing differences
11,827
14,857
5,064
20,068
The company has no deferred tax assets or liabilities.
Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
19
Deferred taxation (continued)
29
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 December 2022
20,068
-
Credit to profit or loss
(15,004)
-
Liability at 30 November 2023
5,064
-

 

20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
61,749
48,376

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
A Ordinary shares of 1p each
30,000
30,000
300
300
B Ordinary shares of £1 each
300
300
300
300
30,300
30,300
600
600

On 8 February 2022, the A Ordinary shares were sub-divided in to 30,000 shares with a nominal value of £0.01 each.

 

The A Ordinary shares have full voting, dividend and capital distribution rights.

 

The B Ordinary shares are non-voting shares. They have attached to them certain dividend rights. On a capital distribution, holder of B ordinary shares received the amount paid up on their shares only and are not entitled to share in the distribution of any surplus assets.

Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
21
Share capital (continued)
30

Employee Benefit Trust

The Company is the settler and sponsor of the Trilogy International Employee Benefit Trust (EBT), a discretionary trust which was executed as a trust deed on 2 March 2021. Since that time, for accounting purposes only, the Company has had de facto control of the assets and liabilities of the trust and, consequently, the assets and liabilities of the trust are recognised in the Company accounts.

 

Share-based payment transactions

During the year, no (2022: 7) employees of subsidiary companies were granted share options over (2022: 2,488) A Ordinary shares of £0.01 in the company. Options are allocated on a discretionary basis and are subject to certain conditions as set out in the option agreements.

 

During the year, 1 employee (2022: 2 employees) left the group and subsequently forfeited their share options. As at 30 November 2023, 4 employees had unexercised share options over 1,505 shares (2022: 5 employees had unexercised share options over 1,705 shares).

 

Vesting conditions for options over 502 shares (2022: nil shares) are expected to be met, therefore the group has recognised a charge of £144,788 (2022: £nil), in relation to equity settled share based payment transactions.

22
Reserves
Own shares

During 2021, the EBT referred to above, acquired 15% of the Ordinary A shares for consideration of £3,000,000. This consideration is recognised as a purchase of own shares.

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
162,352
162,352
-
-
Between two and five years
405,879
568,231
-
-
568,231
730,583
-
-
Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
31
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
242,540
118,486
Other information

During the year, the group charged connected company Quantum Six Consulting Limited a management fee of £22,971 (2022: £47,165) and also provided the entity with loans amounting to £320,797 (2022: £121,926). The group was repaid £156,680 (2022: £101,879). Total interest accrued during the year was £23,105 (2022: £16,181). At the year end, the group was owed £614,310 (2022: £404,117).

 

The loan from Forbes Project Solutions Limited accrued interest at 6%, amounting to £17,685 (2022: £16,181). The interest is only charged on the original £250,000 loan agreement. The loan is due for repayment in full by 31 January 2024. The rest of the loan amount is unsecured, interest free and repayable on demand. At the year end, Forbes Project Solutions Limited was owed £351,910 (2022: £374,225).

 

The loan from Trilogy Consultants International Limited accrued interest at 10%, amounting to £5,420 (2022: £Nil). The loan balance is secured against client debts and is due for repayment in full by 31 January 2024. At the year end, Trilogy Consultants International Limited was owed £213,996 (2022: £29,892).

 

During the year, Trilogy Consultants International Limited (ROI) invoiced Quantum Six Consulting Limited for services provided. At the year end the company was owed £48,405 (2022: Nil). This balance is unsecured, interest free and repayable on demand.

 

During the year, advances were made to the Directors amounting to £2,099,839 (2022: £1,487,149). Dividends were declared of £2,370,000 (2022: £1,500,000), which were also offset against the loan accounts. At the year end, the company owed the Directors £283,012 (2022: £12,851).

 

The company has taken advantage of the exemption to disclose related party transactions with companies that are wholly owned within the group. The balances outstanding at the year end are disclosed in the Debtors and Creditors notes.

Trilogy International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2023
32
25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
2,817,109
2,559,120
Adjustments for:
Taxation charged
684,994
514,287
Finance costs
140,819
51,068
Investment income
(23,135)
(16,181)
Depreciation and impairment of tangible fixed assets
82,020
45,530
Equity settled share based payment expense
144,788
-
Movements in working capital:
Increase in debtors
(1,228,504)
(3,594,910)
Increase in creditors
1,381,642
1,427,887
Cash generated from operations
3,999,733
986,801
26
Analysis of changes in net debt - group
1 December 2022
Cash flows
Exchange rate movements
30 November 2023
£
£
£
£
Cash at bank and in hand
700,233
(25,929)
3,746
678,050
Borrowings excluding overdrafts
(2,228,804)
680,003
-
(1,548,801)
(1,528,571)
654,074
3,746
(870,751)
2023-11-302022-12-01falseCCH SoftwareCCH Accounts Production 2023.300Mr Jamie BernsteinMr Daniel FoxMr Ivan 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