Company Registration No. 09766786 (England and Wales)
Flint Global Limited
Annual report and financial statements
for the year ended 31 December 2023
Flint Global Limited
Company information
Directors
Gregor Kreuzhuber
Edward Richards
Susan Murphy
(Appointed 1 January 2023)
Company number
09766786
Registered office
The Harley Building
77 New Cavendish Street
London
W1W 6XB
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Flint Global Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 24
Flint Global Limited
Strategic report
For the year ended 31 December 2023
1

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

Principal activities and business review

The company is consolidated into the results of Project Spark TopCo Limited whose report and financial statements reflect the full trading position of the Group.

 

Results

2023 has been an important development year for the Group. Significant new growth investments were made, notably our expansion into the APAC market with the opening of new offices in Singapore and Hong Kong. These offices have had a solid start with multiple clients already in contract.

 

Other investments this year supported expansion in European markets, with the opening of an office in Ireland and continued investment in France and Brussels.

 

These investments are showing promising profitability and steady ongoing growth in 2024.

 

Even with these new investments, a steady EBITDA margin has been maintained in the year. EBITDA for the 12 months ending 31 December 2023 was £8.6m (2022 overall: £11.7m) (2022 core: £9.3m).

 

Core retainer and project revenue remained healthy and grew by 8%. Retainer revenue represented more than 64% of revenue. (2022: 51%) The fall of 8% in overall trading Group revenue from professional services was a consequence of an exceptional success fee achieved in 2022.

 

Although market conditions for consultancy were challenging throughout the year in the UK and Europe. The Group grew its core revenue against a backdrop of political and economic uncertainty affecting the sectors Flint services, including technology, energy & sustainability, utilities, and financial services.

 

During the year employee numbers grew from 120 to 134. This represents a mix of delivery staff across all levels and geographies as well as limited growth in the support function to provide necessary infrastructure as the business grows.

 

During the period cash generation continued to be strong.

Flint Global Limited
Strategic report (continued)
For the year ended 31 December 2023
2
Key performance indicators

The directors consider earnings before interest, tax, depreciation and amortisation (EBITDA), turnover and employee numbers to be the principal measures of performance.

 

The trading Group results for the 12-month periods ending 31st December:

 

 

2023

2022

2021

Turnover

31.6

34.3

22.6

Adjusted Reported EBITDA

8.6

11.7

6.9

Adjusted Underlying Core EBITDA

8.6

9.3

6.9

Employee numbers

134

120

64

 

 

Success fees have historically been an important though variable revenue element. In 2022, one particularly large success fee (£3.0m revenue, £2.4m EBITDA) was excluded from the Adjusted Underlying Core EBITDA.

 

Adjusted EBITDA is before one-off costs relating to legal and professional and costs of a discontinued service.

 

These key performance indicators are managed through weekly and monthly reporting, covering all operations of the business. The partner group and Board review this information regularly in detail, including, revenue, costs, and profitability. As well as winning new clients we have seen strong retention of existing clients and organic revenue growth of many of them. We have a clear strategic plan for growth through the expansion of services in wider markets in 2024 and beyond.

 

 

Principal risks and uncertainties

The Group operates in competitive markets for the provision of consultancy services and for highly qualified and experienced people. The profitability of the Group depends upon matching the supply of high-quality staff to the needs of our clients. We ensure appropriate profitability by managing costs of retained staff against revenues and other costs on a weekly basis and seeking to ensure our cost base is covered by our recurring retainer revenues. The wider contextual risk has been the evolving political and economic situation following the pandemic, inflation and heightened geopolitical tension. During our day-to-day operations, we face several other risks and uncertainties.

The Board considers the matters described below to be the other principal risks that currently face Flint and that could also affect the business, its results and the delivery of its long-term strategy.

Market risk

Economic uncertainties in many of the major markets could have an adverse impact on client demand and hence profitability and cash flow. We have sought to mitigate this risk by broadening the services we offer, increasing our geographic coverage and maintaining close weekly scrutiny of our performance metrics.

Flint Global Limited
Strategic report (continued)
For the year ended 31 December 2023
3

People and employees

High-quality staff are vital for our success and ensuring their recruitment, development, and retention addresses a key risk in the business. We strive to create a diverse, supportive, and positive working environment within the company.

 

 

Reputational risk

Our reputation for excellence and integrity is central to our performance and brand. We are careful to consider reputational risk in all our commercial and management decision-making, including through consultation with our Ethics and Reputation Committee.

 

Liquidity risk

To maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group's senior management team in this period applied close scrutiny to revenues, payments and cash flow on a weekly basis.

 

Credit risk

The Group's principal financial assets are bank balances and cash, trade and other receivables.

 

The Group's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

 

Foreign exchange currency exposure

The Group is exposed to currency exchange risk due to a proportion of its revenue and expenditure being denominated in euros. The Company monitors this exposure to maintain a natural hedge by ensuring that, as far as possible, the exposure on receivables is offset by the exposure on payables. There is additional exposure on other non-sterling currencies, but the transactional values are not significant, and the risk is considered low.

On behalf of the board

Edward Richards
Director
13 June 2024
Flint Global Limited
Directors' report
For the year ended 31 December 2023
4

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

Principal activities

The principal activity of the company continued to be that of strategy and management consultants.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £11,438,235. 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:

Gregor Kreuzhuber
Edward Richards
Susan Murphy
(Appointed 1 January 2023)
Auditor

In accordance with the company's articles, a resolution proposing that Saffery LLP be reappointed as auditor of the group will be put at a General Meeting.

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company’s auditor 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 company’s auditor is aware of that information.

Flint Global Limited
Directors' report (continued)
For the year ended 31 December 2023
5
On behalf of the board
Edward Richards
Director
13 June 2024
Flint Global Limited
Independent auditor's report
To the members of Flint Global Limited
6
Opinion

We have audited the financial statements of Flint Global Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Flint Global Limited
Independent auditor's report (continued)
To the members of Flint Global Limited
7

Opinions on other matters prescribed by the Companies Act 2006

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

 

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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 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 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.

Flint Global Limited
Independent auditor's report (continued)
To the members of Flint Global Limited
8

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 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 company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the 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 financial statement disclosures. We reviewed the 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 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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Flint Global Limited
Independent auditor's report (continued)
To the members of Flint Global Limited
9
Lorenzo Mosca
Senior Statutory Auditor
For and on behalf of Saffery LLP
24 June 2024
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Flint Global Limited
Statement of comprehensive income
For the year ended 31 December 2023
10
2023
2022
Notes
£
£
Turnover
3
28,133,749
29,460,516
Administrative expenses
(19,838,534)
(19,886,713)
Operating profit
4
8,295,215
9,573,803
Interest receivable and similar income
7
1,199,947
625,712
Profit before taxation
9,495,162
10,199,515
Tax on profit
8
(1,430,519)
(1,383,666)
Profit for the financial year
8,064,643
8,815,849

The income statement has been prepared on the basis that all operations are continuing operations.

 

Profit for the financial year is all attributable to the owners of the parent company.

Flint Global Limited
Statement of financial position
As at 31 December 2023
31 December 2023
11
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
93,380
105,751
Investments
11
42,553
42,550
135,933
148,301
Current assets
Debtors
13
20,223,289
20,711,615
Cash at bank and in hand
2,454,473
2,112,354
22,677,762
22,823,969
Creditors: amounts falling due within one year
14
(15,069,795)
(11,859,176)
Net current assets
7,607,967
10,964,793
Total assets less current liabilities
7,743,900
11,113,094
Provisions for liabilities
Deferred tax liability
16
14,125
9,727
(14,125)
(9,727)
Net assets
7,729,775
11,103,367
Capital and reserves
Called up share capital
17
9,788
9,788
Share premium account
312,273
312,273
Profit and loss reserves
7,407,714
10,781,306
Total equity
7,729,775
11,103,367
The financial statements were approved by the board of directors and authorised for issue on 13 June 2024 and are signed on its behalf by:
Edward Richards
Director
Company Registration No. 09766786
Flint Global Limited
Statement of changes in equity
For the year ended 31 December 2023
12
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
9,788
312,273
2,665,457
2,987,518
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
8,815,849
8,815,849
Dividends
9
-
-
(700,000)
(700,000)
Balance at 31 December 2022
9,788
312,273
10,781,306
11,103,367
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
8,064,643
8,064,643
Dividends
9
-
-
(11,438,235)
(11,438,235)
Balance at 31 December 2023
9,788
312,273
7,407,714
7,729,775
Flint Global Limited
Notes to the financial statements
For the year ended 31 December 2023
13
1
Accounting policies
Company information

Flint Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Harley Building, 77 New Cavendish Street, London, W1W 6XB.

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.

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of Project Spark Topco Limited. These consolidated financial statements are available from its registered office, The Harley Building, 77 New Cavendish Street, London, England, W1W 6XB.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
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.

Flint Global Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
14

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

1.4
Tangible fixed assets

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

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

Leasehold improvements
over the length of the lease
Computers and office equipment
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 credited or charged to profit or loss.

1.5
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 company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
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.

Flint Global Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
15

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.

1.7
Cash and cash equivalents

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

1.8
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 statement of financial position 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, 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.

Flint Global Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
16
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 company 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 company 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.

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 company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
Taxation

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

Flint Global Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
17
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 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. 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.

1.11
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.

1.12
Retirement benefits

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

1.13
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 leases asset are consumed.

1.14
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.

Flint Global Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
18
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Rendering of services
28,133,749
29,460,516
2023
2022
£
£
Other revenue
Interest income
827
125,712
Dividends received
1,199,120
500,000
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Exchange losses
30,218
8,270
Fees payable to the company's auditor for the audit of the company's financial statements
25,350
21,500
Depreciation of owned tangible fixed assets
64,988
64,542
Operating lease charges
1,324,550
953,133
5
Employees

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

2023
2022
Number
Number
Total employees
102
95
Flint Global Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
5
Employees (continued)
19

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
11,845,371
15,101,117
Social security costs
1,458,324
1,102,225
Pension costs
411,131
309,843
13,714,826
16,513,185
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
608,813
304,650
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
292,005
283,500
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
827
5,747
Interest receivable from group companies
-
0
119,965
Total interest revenue
827
125,712
Income from fixed asset investments
Income from shares in group undertakings
1,199,120
500,000
Total income
1,199,947
625,712
Flint Global Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
20
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,430,519
1,394,377
Deferred tax
Origination and reversal of timing differences
-
0
(10,711)
Total tax charge
1,430,519
1,383,666

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
9,495,162
10,199,515
Expected tax charge based on the standard rate of corporation tax in the
UK of 23.52% (2022: 19%)
2,233,262
1,937,908
Tax effect of expenses that are not deductible in determining taxable
profit
14,177
23,290
Tax effect of income not taxable in determining taxable profit
(285,274)
(95,000)
Fixed asset timing difference
(292)
(4,675)
Effect of change in corporation tax rate
-
0
2,282
Group relief
(536,282)
(470,627)
Deferred tax adjustments in respect of prior years
9,512
(9,512)
Adjustments in respect of prior years
(4,282)
-
Remeasurement of deferred tax for
changes in tax rates
(302)
-
Taxation charge for the year
1,430,519
1,383,666
9
Dividends
2023
2022
£
£
Final paid
11,438,235
700,000
Flint Global Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
21
10
Tangible fixed assets
Leasehold improvements
Computers and office equipment
Total
£
£
£
Cost
At 1 January 2023
20,826
338,291
359,117
Additions
4,860
47,757
52,617
At 31 December 2023
25,686
386,048
411,734
Depreciation and impairment
At 1 January 2023
20,826
232,540
253,366
Depreciation charged in the year
1,107
63,881
64,988
At 31 December 2023
21,933
296,421
318,354
Carrying amount
At 31 December 2023
3,753
89,627
93,380
At 31 December 2022
-
0
105,751
105,751
11
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
12
42,553
42,550
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
42,550
Additions
3
At 31 December 2023
42,553
Carrying amount
At 31 December 2023
42,553
At 31 December 2022
42,550
Flint Global Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
22
12
Subsidiaries

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

Name of undertaking
Registered office
Class of shares held
% Held
Flint France SAS
27 Avenue de l'Opera, 75001 Paris
Ordinary
100
Flint Global Asia PTE. Ltd
3791 Jalan Bukit Merah 09-17, E-Centre, Redhill, Singapore, 159471
Ordinary
100
Flint Ventures Limited
The Harley Building, 77 New Cavendish Street, London, W1W 6XB
Ordinary
100
Flint Europe Limited
The Harley Building, 77 New Cavendish Street, London, W1W 6XB
Ordinary
100
Flint Advisory Ireland Limited
5th Floor, Nova Atria North, Blackthorn Road, Sandyford Business Park, Dublin 18
Ordinary
100
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,709,198
6,840,358
Corporation tax recoverable
-
0
182,505
Amounts owed by group undertakings
13,289,788
12,792,492
Other debtors
1,224,303
896,260
20,223,289
20,711,615
14
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
255,477
286,883
Amounts owed to group undertakings
10,467,539
2,441,557
Corporation tax
18,214
-
0
Other taxation and social security
770,281
1,984,248
Other creditors
3,558,284
7,146,488
15,069,795
11,859,176
Flint Global Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
23
15
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
411,131
309,843

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Balances:
£
£
Fixed assets timing differences
14,125
9,727
2023
Movements in the year:
£
Liability at 1 January 2023
9,727
Charge to profit or loss
4,398
Liability at 31 December 2023
14,125

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
9,788
9,788
9,788
9,788
18
Financial commitments, guarantees and contingent liabilities

Amounts not provided for in the balance sheet

 

On 20 December 2021, Flint Global Limited provided a guarantee and debenture to Growth Capital Partners Nominees Limited, as nominee shareholder for Growth Capital Partners Fund V LP. The guarantee and debenture are secured by fixed and floating charges over the assets of the companies within the group.

 

On 14 December 2022, Flint Global Limited provided a guarantee and debenture to National Westminster Bank PLC. The guarantee and debenture are secured by fixed and floating charges over the assets of the companies within the group.

Flint Global Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
24
19
Operating lease commitments
Lessee

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

2023
2022
£
£
Within one year
652,981
618,814
20
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
292,005
283,500

The company has taken the exemption detailed in Section 33 of FRS 102 "Related Party Disclosures" to not disclose details of transactions undertaken between companies within a wholly owned group.

21
Ultimate controlling party

The company's immediate parent is Project Spark Bidco Limited, incorporated in England and Wales.

 

The only group in which the financial statements of the company are consolidated is the financial statements of Project Spark Topco Limited. These consolidated financial statements are available from its registered office, The Harley Building, 77 New Cavendish Street, London, England, W1W 6XB.

 

The company's ultimate parent is Project Spark Topco Limited.

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