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REGISTERED NUMBER: 10734827 (England and Wales)















2097 HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4

Report of the Independent Auditors 5 to 8

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17 to 26


2097 HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: L C Barrass
S Marsland
D P Crookes



SECRETARY: Mrs S E Crookes



REGISTERED OFFICE: 4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR



REGISTERED NUMBER: 10734827 (England and Wales)



SENIOR STATUTORY AUDITOR: Damon Brain BFP FCA FMAAT



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their strategic report of the company and the group for the year ended 31 January 2024.

REVIEW OF BUSINESS
The results for the year and financial position of the group are as shown in the annexed financial statements.


2024 2023
£    £   

Turnover 18,500 16,700
Cost of sales 14,210 13,694
Gross Profit 4,290 3,006

Gross profit margin % 23.19 18.00

Profit on ordinary activities before taxation 1,513 602

% of profit on ordinary activities before taxation 8.18 3.60

In the year to 31 January 2024 the group traded well achieving a very good financial result with an increase in net profit before tax of 151%. We have continued to focus on our relationship with a number of key customers and won multiple projects from financially strong customers.

The Directors are pleased that the strategic decisions taken, identifying and selecting the right work for our expertise, resulting not only in a good financial result but also in excellent quality work being delivered and high customer satisfaction.

The Directors have continued to invest in recruiting new employees both experienced team members with a proven track record in the industry and also apprentices and trainees to ensure the longevity of the company in to the future.

Our business strategy is to continue to maintain our high standards of service in the sectors and project types we are experienced in whilst keeping overheads at a manageable level.

RISK MANAGEMENT

Executing the group's strategy and managing routine activity involves the management of a number of risks. The key business risks and uncertainties affecting the group are considered to be:

- the potential for key clients to reduce investment in fit-out and refit projects depending upon the economic state of their respective market sectors, and

- credit risk with respect to default by customers on amounts owed.

The directors are managing these risks on an ongoing basis and appropriate processes are put in place to monitor and mitigate them. These include:-

Credit risk
The group seeks to manage its credit risk by dealing with established customers or otherwise checking the credit worthiness of new customers and taking up front deposits where there is deemed to be a higher risk, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner.


2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Customer risk
The group has spread the number of customers and sectors it services to mitigate the risk of exposure to the downfall in any individual sector.

Supply Chain risk
The group has continued to expand the number of suppliers and subcontractors it uses. The company checks the financial standing for all key trade subcontractors prior to appointment and establishes clear contractual relationships with such subcontractors.

Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Longer term requirements are covered by the high levels of cash deposits.

Forward Business Review

The Directors are optimistic about the forthcoming year, with a strong workload of secured orders and a healthy pipeline with a wide range of opportunities from a diverse customer base.

Some challenges in sourcing some materials and more price increases are anticipated as a result of global pressures and cost of living increases. The Directors are continuing to focus on expanding our supply chain and ensuring we are communicating with our customers and suppliers to have sufficient lead time to minimise potential disruptions.

The Directors wish to thank their employees for their hard work and commitment, and thank customers and suppliers for their continued support.

ON BEHALF OF THE BOARD:





L C Barrass - Director


15 August 2024

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of interior fit out specialists.

DIVIDENDS
An interim dividend of £3 per share on the Ordinary £1 shares was paid on 17 April 2023. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Deferred £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 January 2024 will be £ 285,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

L C Barrass
S Marsland
D P Crookes

POLITICAL DONATIONS AND EXPENDITURE
The donation costs totalled £6,821 (2023: £7,901), they are not political donations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





L C Barrass - Director


15 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
2097 HOLDINGS LIMITED

Opinion
We have audited the financial statements of 2097 Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
2097 HOLDINGS LIMITED


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
2097 HOLDINGS LIMITED


Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements, (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimate and judgemental areas of the financial statements such as depreciation of tangible fixed asset, calculations around amounts recoverable on contracts and accrued project costs, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified compliance with the Health and Safety regulations as most likely to have such an effect.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. We enquired with management and inspected health and safety reports from visits in the year. The group is accredited with a CHAS certification, which is primarily for the construction industry and allows the group to give customers additional assurance over the health and safety standards they follow. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
2097 HOLDINGS LIMITED


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 a Report of the Auditors 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.




Damon Brain BFP FCA FMAAT (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

23 August 2024

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

TURNOVER 3 18,500,038 16,699,834

Cost of sales 14,209,732 13,694,461
GROSS PROFIT 4,290,306 3,005,373

Administrative expenses 2,786,653 2,401,303
1,503,653 604,070

Other operating income 4 9,688 7,626
1,513,341 611,696


Interest payable and similar expenses 6 683 9,558
PROFIT BEFORE TAXATION 7 1,512,658 602,138

Tax on profit 8 436,963 181,344
PROFIT FOR THE FINANCIAL YEAR 1,075,695 420,794
Profit attributable to:
Owners of the parent 1,075,695 420,794

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,075,695 420,794


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,075,695 420,794

Total comprehensive income attributable to:
Owners of the parent 1,075,695 420,794

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 794,478 1,050,569
Tangible assets 12 421,566 369,870
Investments 13 33 33
1,216,077 1,420,472

CURRENT ASSETS
Stocks 14 166,471 93,890
Debtors 15 2,588,434 3,716,919
Cash at bank and in hand 2,999,345 788,410
5,754,250 4,599,219
CREDITORS
Amounts falling due within one year 16 3,719,551 3,567,511
NET CURRENT ASSETS 2,034,699 1,031,708
TOTAL ASSETS LESS CURRENT LIABILITIES 3,250,776 2,452,180

PROVISIONS FOR LIABILITIES 18 69,836 61,935
NET ASSETS 3,180,940 2,390,245

CAPITAL AND RESERVES
Called up share capital 19 1,497,500 1,497,500
Share premium 20 2,450 2,450
Retained earnings 20 1,680,990 890,295
SHAREHOLDERS' FUNDS 3,180,940 2,390,245

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





L C Barrass - Director


2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

COMPANY STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 8,617,581 8,617,581
8,617,581 8,617,581

CURRENT ASSETS
Debtors 15 103,271 129,373

CREDITORS
Amounts falling due within one year 16 6,712,066 6,729,727
NET CURRENT LIABILITIES (6,608,795 ) (6,600,354 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,008,786 2,017,227

CAPITAL AND RESERVES
Called up share capital 19 1,497,500 1,497,500
Share premium 20 2,450 2,450
Retained earnings 20 508,836 517,277
SHAREHOLDERS' FUNDS 2,008,786 2,017,227

Company's profit for the financial year 276,559 252,298

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





L C Barrass - Director


2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 February 2022 1,497,500 659,501 2,450 2,159,451

Changes in equity
Dividends - (190,000 ) - (190,000 )
Total comprehensive income - 420,794 - 420,794
Balance at 31 January 2023 1,497,500 890,295 2,450 2,390,245

Changes in equity
Dividends - (285,000 ) - (285,000 )
Total comprehensive income - 1,075,695 - 1,075,695
Balance at 31 January 2024 1,497,500 1,680,990 2,450 3,180,940

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 February 2022 1,497,500 454,979 2,450 1,954,929

Changes in equity
Dividends - (190,000 ) - (190,000 )
Total comprehensive income - 252,298 - 252,298
Balance at 31 January 2023 1,497,500 517,277 2,450 2,017,227

Changes in equity
Dividends - (285,000 ) - (285,000 )
Total comprehensive income - 276,559 - 276,559
Balance at 31 January 2024 1,497,500 508,836 2,450 2,008,786

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,983,490 344,168
Interest paid (683 ) (9,558 )
Tax paid (373,239 ) (245,419 )
Net cash from operating activities 2,609,568 89,191

Cash flows from investing activities
Purchase of intangible fixed assets (6,720 ) -
Purchase of tangible fixed assets (133,163 ) (49,643 )
Sale of tangible fixed assets - 4,750
Net cash from investing activities (139,883 ) (44,893 )

Cash flows from financing activities
Loan repayments in year - (375,000 )
Amount withdrawn by directors (251,250 ) (458,753 )
Equity dividends paid (7,500 ) -
Net cash from financing activities (258,750 ) (833,753 )

Increase/(decrease) in cash and cash equivalents 2,210,935 (789,455 )
Cash and cash equivalents at beginning of year 2 788,410 1,577,865

Cash and cash equivalents at end of year 2 2,999,345 788,410

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 1,512,658 602,138
Depreciation charges 81,518 74,613
Profit on disposal of fixed assets - (4,750 )
Amortisation of goodwill 262,761 262,643
Finance costs 683 9,558
1,857,620 944,202
Increase in stocks (72,581 ) (51,677 )
Decrease/(increase) in trade and other debtors 1,102,207 (693,530 )
Increase in trade and other creditors 96,244 145,173
Cash generated from operations 2,983,490 344,168

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 2,999,345 788,410
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 788,410 1,577,865


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 788,410 2,210,935 2,999,345
788,410 2,210,935 2,999,345
Total 788,410 2,210,935 2,999,345

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

2097 Holdings 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of 2097 Holdings Limited and its subsidiary undertaking drawn up to 31 January each year.

The subsidiary is consolidated from the date of acquisition, being the date on which the group obtains control, and continues to be consolidated until the date that such control ceases.

The financial statements of the subsidiary is prepared for the same reporting year as the parent company, using consistent accounting policies.

Intercompany balances and transactions, including unrealised profits arising from intragroup transactions, have been eliminated.

The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Income Statement in these financial statements.

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 and are covered within the accounting policies:

(i) The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment, and accounting policy note for the usual economic lives of each class of assets.

(ii) The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, ageing profile of debtors and historical experience. See note 15 for the net carrying amount of the debtors and associated impairment provision.

(iii) The group makes an estimate for accrued project costs at the year end date, these estimates are determined based on a number of factors such as the stage completion of the projects, the expected margin on the projects and the historical performance of similar projects.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Turnover
The turnover shown in the income statement represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the group has fulfilled its contractual obligations and the risks and rewards attaching to the service have been transferred to the customer.

In respect of long term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced and is recognised by reference to the stage of completion.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2017 and 2023 less impairment, is being amortised evenly over its estimated useful life of ten years.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance, 20% on cost and 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost and 20% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Work in progress are costs incurred to date on projects beyond the stage of completion at the year end date.

Financial instruments
The group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the income statement.

Basic financial liabilities, including trade and other creditors, bank loans 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 receipts discounted at a market rate of interest.

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. Accounts 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.


2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the income statement in the period to which they relate.

Provisions and contingencies
Provisions are recognised when the group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with

In particular:

(i) Restructuring provisions are recognised when the group has a detailed, formal plan for the restructuring and has raised a valid expectation in those affected by either starting to implement the plan or announcing its main features to those affected and therefore has a legal or constructive obligation to carry out the restructuring; and

(ii) Provision is not made for future operating losses.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the group’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. OTHER OPERATING INCOME
2024 2023
£    £   
Sundry receipts 1,663 1,789
Government grants 8,025 5,837
9,688 7,626

5. EMPLOYEES AND DIRECTORS

£    £
Wages and salaries 1,964,642 1,599,713
Social security costs 212,200 190,851
Other pension costs 42,073 30,992
2,218,915 1,821,556

The average number of employees during the year was as follows:
2024 2023

Number of directors 6 4
Number of CAD staff 4 4
Number of sales staff 4 4
Number of administrative staff 4 4
Number of projects staff 11 11
Number of fitters 8 7
Number of joinery staff 6 5

43 39


2024 2023
£    £   
Directors' remuneration 563,952 302,483
Directors' pension contributions to money purchase schemes 14,355 4,365

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 178,500 110,500

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Corporation tax interest - 1,587
Other loan interest - 7,935
HMRC interest 683 36
683 9,558

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

7. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 326,626 386,559
Other operating leases 93,155 93,155
Depreciation - owned assets 81,467 74,614
Profit on disposal of fixed assets - (4,750 )
Goodwill amortisation 262,761 262,643
Computer software amortisation 50 -
Auditors' remuneration 14,940 14,170

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 429,062 167,893

Deferred tax 7,901 13,451
Tax on profit 436,963 181,344

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,512,658 602,138
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
19 %)

378,165

114,406

Effects of:
Expenses not deductible for tax purposes 8,338 1,454
Depreciation in excess of capital allowances 59,876 52,033
Accelerated capital allowances 7,901 13,451
Restatement of profits due to change in tax rates (17,317 ) -
Total tax charge 436,963 181,344

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 285,000 190,000

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

11. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 February 2023 3,678,284 - 3,678,284
Additions 4,720 2,000 6,720
At 31 January 2024 3,683,004 2,000 3,685,004
AMORTISATION
At 1 February 2023 2,627,715 - 2,627,715
Amortisation for year 262,761 50 262,811
At 31 January 2024 2,890,476 50 2,890,526
NET BOOK VALUE
At 31 January 2024 792,528 1,950 794,478
At 31 January 2023 1,050,569 - 1,050,569

12. TANGIBLE FIXED ASSETS

Group
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 724,483 264,959 134,616 266,937 1,390,995
Additions - 1,657 65,659 65,847 133,163
At 31 January 2024 724,483 266,616 200,275 332,784 1,524,158
DEPRECIATION
At 1 February 2023 479,428 211,268 112,992 217,437 1,021,125
Charge for year 31,884 16,421 7,545 25,617 81,467
At 31 January 2024 511,312 227,689 120,537 243,054 1,102,592
NET BOOK VALUE
At 31 January 2024 213,171 38,927 79,738 89,730 421,566
At 31 January 2023 245,055 53,691 21,624 49,500 369,870

13. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 February 2023
and 31 January 2024 33
NET BOOK VALUE
At 31 January 2024 33
At 31 January 2023 33

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

13. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 8,617,581
NET BOOK VALUE
At 31 January 2024 8,617,581
At 31 January 2023 8,617,581

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

Acorn Partitions & Storage Systems Limited
Registered office: APSS Ltd, Kingsley Road, Lincoln, LN6 3TA
Nature of business: Interior fit out specialists
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 9,002,851 7,940,028
Profit for the year 1,347,823 621,137


14. STOCKS

Group
2024 2023
£    £   
Stocks 2,000 -
Work-in-progress 164,471 93,890
166,471 93,890

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,425,839 2,629,296 - -
Amounts recoverable on contract 928,822 830,001 - -
Other debtors 6,552 6,377 1,076 901
Directors' current accounts 61,547 87,797 70,160 96,410
Tax 31,635 31,662 31,635 31,662
Prepayments and accrued income 134,039 131,786 400 400
2,588,434 3,716,919 103,271 129,373

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 1,628,978 1,401,647 - -
Amounts owed to group undertakings - - 6,544,440 6,602,720
Taxation 235,259 179,463 - 26,266
Other taxes and social security 483,701 475,539 49,482 22,333
Other creditors 20,055 6,354 - -
Accruals and deferred income 1,351,558 1,504,508 118,144 78,408
3,719,551 3,567,511 6,712,066 6,729,727

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 160,864 185,400
Between one and five years 151,741 312,605
312,605 498,005

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 69,836 61,935

Group
Deferred
tax
£   
Balance at 1 February 2023 61,935
Provided during year 7,901
Balance at 31 January 2024 69,836

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
95,000 Ordinary £1 95,000 95,000
1,402,500 Deferred £1 1,402,500 1,402,500
1,497,500 1,497,500

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

20. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 February 2023 890,295 2,450 892,745
Profit for the year 1,075,695 1,075,695
Dividends (285,000 ) (285,000 )
At 31 January 2024 1,680,990 2,450 1,683,440

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 February 2023 517,277 2,450 519,727
Profit for the year 276,559 276,559
Dividends (285,000 ) (285,000 )
At 31 January 2024 508,836 2,450 511,286

Retained earnings reserve represents all current and prior period retained profits and losses less dividends paid. All amounts are distributable.

Share premium reserve represents the premium arising on the issue of shares net of issue costs.

21. PENSION COMMITMENTS

The group operates a defined contribution scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund. Contributions payable by the group for the year were £42,073 (2023 - £30,992).Contributions totalling £2,985 (2023 - £2,426) were payable to the fund at the year end.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have directors loan accounts totalling £87,797 overdrawn brought forward (2023: £185,954 in credit). During the year, the directors of the group borrowed £277,500 (2023: £273,750) from the group and repaid £251,250 (2023: £Nil). The directors loan accounts at the year end were £61,547 overdrawn (2023: £87,797 overdrawn).

23. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Sales 14,283 32,358
Amount due to related party 12 12

Other related parties
2024 2023
£    £   
Rent and insurance 94,190 94,551
Amount due from related party - 1,322

During the year, a total of key management personnel compensation of £563,952 (2023 - £320,483) was paid.

2097 HOLDINGS LIMITED (REGISTERED NUMBER: 10734827)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is L C Barrass.