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REGISTERED NUMBER: 05412446 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

EXPLORE GROUP LIMITED

EXPLORE GROUP LIMITED (REGISTERED NUMBER: 05412446)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EXPLORE GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: C Isaacs
M C Lee
O Ouazzani
S Rahmani





SECRETARY: S Rahmani





REGISTERED OFFICE: Unit 5 The Aquarium
1-7 King Street
Reading
Berkshire
RG1 2AN





REGISTERED NUMBER: 05412446 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN

EXPLORE GROUP LIMITED (REGISTERED NUMBER: 05412446)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 506,956 527,130
Investments 5 1,646 1,646
508,602 528,776

CURRENT ASSETS
Debtors 6 1,930,314 3,112,856
Cash at bank 316,106 826,117
2,246,420 3,938,973
CREDITORS
Amounts falling due within one year 7 904,817 1,043,771
NET CURRENT ASSETS 1,341,603 2,895,202
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,850,205

3,423,978

CREDITORS
Amounts falling due after more than one
year

8

(179,425

)

(254,828

)

PROVISIONS FOR LIABILITIES - (13,167 )
NET ASSETS 1,670,780 3,155,983

CAPITAL AND RESERVES
Called up share capital 11,597 11,597
Share premium 44,948 44,948
Retained earnings 1,614,235 3,099,438
1,670,780 3,155,983

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

EXPLORE GROUP LIMITED (REGISTERED NUMBER: 05412446)

BALANCE SHEET - continued
30 NOVEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:





S Rahmani - Director


EXPLORE GROUP LIMITED (REGISTERED NUMBER: 05412446)

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


1. STATUTORY INFORMATION

Explore Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Explore Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

The group sells through the provision of services to the sales, marketing and learning & development functions of global organisations. These four competencies comprise: Client Services & Support, Creative Agency, Technology Practice and Learning and Development Practice. When the outcome of a transaction for the rendering of service can be estimated reliably the company recognises revenue in the reporting period in which the services are rendered.

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:

Freehold land and buildingsNot provided
Improvements to property15 % on reducing balance
Fixtures and fittings25% on cost
ComputersStraight line over 3-5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

EXPLORE GROUP LIMITED (REGISTERED NUMBER: 05412446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Investments in subsidiaries
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies, 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.

EXPLORE GROUP LIMITED (REGISTERED NUMBER: 05412446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

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 company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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

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

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

Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2022 - 59 ) .

EXPLORE GROUP LIMITED (REGISTERED NUMBER: 05412446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Improvements and Computer
property to property fittings equipment Totals
£ £ £ £ £
COST
At 1 December 2022 541,753 119,884 63,153 158,370 883,160
Additions - - - 5,089 5,089
Disposals - - (61,720 ) (95,530 ) (157,250 )
At 30 November 2023 541,753 119,884 1,433 67,929 730,999
DEPRECIATION
At 1 December 2022 85,743 73,207 62,138 134,942 356,030
Charge for year - 7,002 358 17,903 25,263
Eliminated on disposal - - (61,720 ) (95,530 ) (157,250 )
At 30 November 2023 85,743 80,209 776 57,315 224,043
NET BOOK VALUE
At 30 November 2023 456,010 39,675 657 10,614 506,956
At 30 November 2022 456,010 46,677 1,015 23,428 527,130

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 December 2022
and 30 November 2023 1,646
NET BOOK VALUE
At 30 November 2023 1,646
At 30 November 2022 1,646

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 1,473,152 1,498,232
Amounts owed by group undertakings 52,175 772,431
Other debtors 404,987 842,193
1,930,314 3,112,856

EXPLORE GROUP LIMITED (REGISTERED NUMBER: 05412446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 71,670 67,966
Trade creditors 202,749 155,490
Amounts owed to group undertakings 1,646 1,646
Taxation and social security 151,879 314,020
Other creditors 476,873 504,649
904,817 1,043,771

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 179,425 254,828

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 276,640 276,640
Between one and five years 299,693 314,992
576,333 591,632

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 251,095 322,794

Bank loans are secured by way of fixed and floating charges over the company's assets.

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

EXPLORE GROUP LIMITED (REGISTERED NUMBER: 05412446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


12. CALLED UP SHARE CAPITAL

2023 2022 2023 2022
Ordinary share capital Number Number £    £   
Issued and fully paid
Ordinary A of 0.1p 5,000,000 5,000,000 5,000 5,000
Ordinary B of 0.1p 5,000,000 5,000,000 5,000 5,000
Ordinary C of 0.1p 1,300,000 1,300,000 1,300 1,300
Ordinary D of 0.1p 297,370 297,370 297 297
11,597,370 11,597,370 11,597 11,597