REGISTERED NUMBER: 13277976 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
FOR |
IDENTITY GLOBAL LIMITED |
REGISTERED NUMBER: 13277976 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
FOR |
IDENTITY GLOBAL LIMITED |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 7 |
Report of the Independent Auditors | 9 |
Consolidated Income Statement | 12 |
Consolidated Other Comprehensive Income | 13 |
Consolidated Balance Sheet | 14 |
Company Balance Sheet | 15 |
Consolidated Statement of Changes in Equity | 16 |
Company Statement of Changes in Equity | 17 |
Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 20 |
IDENTITY GLOBAL LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
The Identity group of companies has continued to play a vital part in the revival of the events sector post-pandemic, and our efforts continue for the business to grow our market share and become the No.1 Events Agency in the UK. We have successfully delivered several high-profile events for the UK government and our Middle East clients in region during the financial year. |
BUSINESS REVIEW: GROWTH, INNOVATION AND DEVELOPMENT |
The Identity group of companies has successfully adapted to the needs of our clients and has maintained strong working relationships. Due to demand and opportunities, Identity has opened its Middle East operations in Abu Dhabi "Identity Events Management LLC" in Q1 2023 and our Dubai branch in Q2 2023 and successfully delivered COP 28 in the region. We continue to invest in our strategic growth plans for the forthcoming year to strengthen our UK and Global operations. |
During the year we launched our 'Human Experience' series of exclusive thought-leadership events designed to be informal, interactive events which are client and prospect-focussed, with pioneering and innovative, thought-leadership content and high production values. |
Driven by scientific data the events featured high-profile expert speakers as well as in-house experts relating the content to the context of the human experience in events. |
We also continued our investment in technology, social channel marketing, brand evolution and communications expertise with the goal of truly cementing Identity's firm foothold in the market |
Financial health and commercial successes |
The conditions in this financial year have been challenging with rising costs within our supply chains due to inflation affecting client budgets and margins in the UK. As part of our expansion into the Middle East we have incurred one off set up costs as well as being able to secure and deliver the one of the largest events in the region. |
Due to a realignment of our global operations, it was necessary to change our financial year end to February and therefore the revenue and profits reported are for an 18-month period ending Feb 24. Group revenue for the 18-month period is £256.5m (2022 £140.9) with pre-tax profit at £14.7m (2022 £25.1m). |
Business operations development |
Total Employees for the group as of 29 February 2024: |
UK |
60 women |
51 men |
UAE (United Arab Emirates) |
10 Women |
10 Men |
By continuing to focus on equality, diversity and inclusion as a business imperative, we ensure that we offer opportunities to all talented people, as well as reflecting the diversity of our clients, and driving business growth. Identity has also made significant investment into the positive improvements of structure, processes, and systems within its HR function, and will continue this into the next financial year as part of our continuous development programme. |
Accreditations |
We have renewed our ISO 9001, ISO 14001, ISO 45001, and ISO 27001 accreditations to further evidence our commitment to the robust systems and processes that support our continued high-quality delivery of world-class events. |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
MITIGATING RISKS AND UNCERTAINTIES |
Identity is highly adept at identifying, monitoring, and managing risks. The business is ready for any challenge that the year ahead may present. We have identified the key risks and uncertainties that could affect the business and have developed appropriate mitigations for each, outlined below. |
Potential risks associated with current events |
Global supply chains: |
As Identity derives part of our income from within the UK and purchases from UK suppliers and has a low proportion of staff from EU countries, the impact of Brexit on the company should continue to be minimal. Where suppliers bring goods into the UK, Identity has discussed stock-holding levels and anticipates ongoing continuity of supply with minimal disruption. Furthermore, Identity's vast network of suppliers allows us to source products from different suppliers and ensures that we are not dependent on any one brand of product, facilitating even greater resilience within the supply chain. |
Economic Risks: |
One of the key risks facing the company and businesses worldwide included a possible global recession or slowdown in the economy following a period of high inflation partially due to the ongoing Ukraine and Russia conflict, which has increased energy and fuel prices, and caused shortages in some supply chains. |
To mitigate this, Identity will: |
o Continue to grow and develop our UK and International client bases. |
o Deliver efficiencies by implementing improved internal systems. |
Staff retention is a risk as the events industry recovers and the job market remains buoyant. To mitigate this: |
o Identity is continually improving the offering to employees, while monitoring and measuring the Net Promotor Indicators. |
o Identity has introduced additional training and development funding to allow people within the business to develop, grow and progress - this forms a key part of our staff retention and on-going growth planning. |
Potential financial risks typical for businesses in general |
We have robust policies and procedures set by the directors, to successfully manage the financial risk typical for a business such as Identity, to ensure the healthy financial performance of the company. The company does not use derivative financial instruments to manage interest rate risks. |
Price risk: |
We take pride in delivering events of the highest quality while achieving optimum value for money for its clients. We work closely with our suppliers to limit price risk in the supply chain and meet the demands to deliver year-on-year value for customers. Price risk is further mitigated by the size and strength of Identity's operations, as well as the company's financial security, robust policies, and procedures. |
Credit risk: |
Identity has a rigorous credit risk assessment process for new customers. In advance of committing to large amounts of expenditure on projects, customers are required to pay a proportion in advance. This approach helps to mitigate the risk that some customers may not be able to pay their debts when required. Overall, due to strong supplier relationships and robust policies and procedures, the directors consider Identity's exposure in this area to be minimal risk. |
Liquidity risk: |
Identity has sufficient cash resources, either our own funds or access to further bank facilities, to mitigate risk in relation to liquidity (difficulty in meeting obligations associated with a company's financial liabilities). The company has a responsible and rigorous approach to financial management. |
Foreign Exchange Risk: |
As Identity expands into new territories there is greater exposure to fluctuations in foreign currency. Identity looks at the size and length of contracts to assess exposure in this area and where it is appropriate, takes out foreign exchange contracts to minimise this risk. |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
SECTION 172(1) STATEMENT |
Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would most likely promote the success of the company for the benefit of its members. Identity's directors seek to ensure that their decision-making process considers the company's purpose, vision, and values, together with our strategic priorities, and reflects, as far as is practical and possible, the interests of all stakeholders. This commitment covers the: |
- Likely consequences of any decisions in the long-term |
- Interests of Identity's employees |
- Need to foster Identity's business relationships with suppliers, customers, and others. |
- Impact of Identity's operations on the community and the environment |
- Desire for Identity to maintain a reputation for exacting standards of business conduct. |
- Need to act fairly among members of Identity. |
Identity's policy is to consult and discuss the interests of employees through staff meetings and quarterly Town Halls facilitated by the Executive Team. Identity's wider internal communications strategy incorporates information bulletins and reports to employees, including a monthly update from the Managing Director. This celebrates team and individual achievements, as well as providing an opportunity to communicate important updates and strategic plans. |
The company builds and maintains strong client and supplier relationships via personal meetings, interactions, events, promotional activities, communications, and site visits. |
In support of Section 172, Identity holds Directors and Officers liability insurance. |
GOING CONCERN: CONTINUED OPERATIONS |
The directors of Identity have carried out a detailed review and analysis of secured work for the coming financial year as well as any associated risks. Financial modelling has been undertaken for the year ahead and beyond. The directors are fully satisfied that the company has the sufficient resources to continue in operation for at least 12 months from the signing date of the Annual Report and Accounts. They therefore consider that it is appropriate to prepare the accounts on a 'going concern' basis. |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
IDENTITY'S COMMITMENT TO SUSTAINABILITY AND SOCIAL VALUE |
Identity is committed to leading the way in delivering exemplary, world-class sustainable events through managing environmental, social, and economic performance in the delivery of our projects. This year, we have continued the development of an already established sustainability policy and are building data across key project delivery. This has been supplemented with supporting activities to maintain and improve the company's performance in minimising environmental impacts, delivering social value and ensuring that our supply chain supports these aims. |
Part of this commitment includes Streamlined Energy and Carbon Reporting (SECR) of Identity's energy use and associated greenhouse gas emissions from electricity and fuel in the UK. The table below shows data for 12 months (1st March 2023 - 28th Feb 24) and has been compiled using the 2019 HM Government Environmental Reporting Guidelines, the Greenhouse Gas Reporting Protocol Corporate Standard, the UK Government's 2020 and 2021 Conversion Factors for Company Reporting, and the following data sources: |
- Fuel consumption - Masternaut mileage tracking of company vehicles - calculations via TRACE. |
- Electricity purchased - Energy supplier billing data. |
- Upstream transportation & distribution - suppliers collect relevant data - calculations via TRACE. |
- Business travel - suppliers collect relevant data - calculations via TRACE. |
- Employee commuting - In-house tracking and surveys |
- Waste - Waste supplier billing data and online portal. |
Scope |
Emission Source |
Consumption (kWh) |
GHG emissions (tCO2e) |
Scope 1 - direct GHG emissions |
Company cars (Diesel) |
24,816 |
7.9 |
Company cars (Hybrid) | 8,819 | 2.1 |
Company cars (EV) | 995 | 2.3 |
Event Delivery | 137,188 | 12.7 |
Scope 2 - energy indirect emissions |
Purchased electricity |
66,691 |
30.5 |
Scope 3 - other indirect emissions |
Upstream Transportation & Distribution++ |
- |
5882.1 |
Waste | - | 0.2 |
Business travel | 1,297,424 | 840.0 |
Employee commuting & home working emissions |
- |
9.3 |
TOTAL | 1,535,933 | 6787.3 |
Targets and Commitments |
Identity is part of the Science-based Targets Initiative through the SME route. The company has committed to reduce its Scope 1 and 2 emissions by 50% by 2030, which is in line with the 1.5•C climate change scenario. For Scope 3 emissions, the target is yet to be formulated but will be consistent with the SBTi's latest guidance. The following supplier engagement targets will also be implemented to ensure Identity's suppliers meet high standards for sustainability: |
- By 2025, all of Identity's current and potential suppliers for our events will be vetted through our supplier engagement programme. They will be required to report on the specific measures they are taking to reduce their environmental impact including in relation to carbon, energy, and water. All suppliers will need to achieve at least the minimum target score to be approved as a supply chain partner. |
- By 2030, all suppliers for our events will need to have science-based targets or achieve the maximum possible rating of our supplier engagement programme. |
- Identity will set quantitative Scope 3 intensity targets (in tCO2e/£100k) for suppliers once our Scope 3 emissions baseline is established. |
In addition to the measures outlined above, the targets for Identity's business operations are that Identity will: |
- Remove diesel and petrol cars from the company fleet and have a 100% fully electric fleet cars by 2030. |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
- Implement robust processes and engage waste management suppliers to maximise diversion of event and premises waste away from landfill. |
- reduce emissions from business travel 50% by 2030. |
- reduce emissions from energy usage from staff working from home 50% by 2030. |
- reduce Amazon orders 50% by 2030. |
- reduce emissions from energy usage at our offices 50% by 2030. |
- reduce company vehicle diesel usage 100% by 2030. |
The targets for event delivery are that Identity will: |
- measure the carbon emissions of all event deliveries that have a budget of over £1m (to obtain better quality data for future reduction plans) |
- eliminate fossil fuels in generators by end of FY23/24 |
- aim to reduce emissions from electricity usage at event venues 50% by 2030. |
- aim to reduce emissions from kit transportation 50% by 2030. |
- aim to reduce use of couriers 50% by 2030. |
- aim reduce emissions from waste by 50% by 2030. |
Energy efficiency measures |
Identity has undertaken a range of environmental management measures and projects over the last year, which are as follows: |
- signed up to SBTi to reduce our carbon emissions by 50% by 2030. |
- formed partnerships with expert sustainability consultants. |
- developed a sustainability and environmental policy and management plan to use across the business. |
- decommissioned many of our petrol/diesel vehicles and switched to electric and hybrid. |
- switched to green energy at our main office. |
- invested in TRACE as our emissions tracking tool for our events and to utilise previously collated data to improve emissions data quality. |
FUTURE DEVELOPMENTS |
Identity is looking forward to the coming year with great confidence. Leveraging our success of 2023/24, combined with a clear growth strategy, the team will continue to develop and innovate to deliver exceptional quality experiences for our clients. Whilst the delivery of some key projects is already assured, along with strong new prospects. We continue to look at expanding our reach in the Middle East - Saudi Arabia, along with looking at acquisition opportunities within the UK to expand our reach within the events sector. |
ON BEHALF OF THE BOARD: |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
The directors present their report with the financial statements of the company and the group for the period 1 September 2022 to 29 February 2024. |
DIVIDENDS |
The total distribution of dividends for the period ended 29 February 2024 will be £507,032.11. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) |
Regulations 2013 certain information required by schedule 7 of the Large and Medium sized Companies and |
Groups (Accounts and Reports) Regulations 2008 is set out in the strategic report. |
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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
AUDITORS |
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
IDENTITY GLOBAL LIMITED |
Opinion |
We have audited the financial statements of Identity Global Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 29 February 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 29 February 2024 and of the group's profit for the period 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 |
IDENTITY GLOBAL 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 seven, 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 |
IDENTITY GLOBAL 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: |
Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of |
non-compliance with laws and regulations included: |
- Discussions with management, including consideration of known or suspected instances of non-compliance with |
laws and regulations and fraud; |
- Reading key correspondence from regulatory bodies; |
- Challenging assumptions and judgements made by management in it's significant accounting estimates that |
involved making assumptions and considering future events that are inherently uncertain, the most significant area being in recognition of costs and revenues for ongoing projects. |
- Consideration of recent correspondence with the companies legal advisors to ensure that it aligned with the |
conclusions drawn on obligations recognised in respect of uncertain legal matters; |
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations |
or those posted by unexpected users; and |
- Testing transactions entered into that are outside of the normal course of the Company's business |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the |
financial statements from our general commercial and sector experience, through discussion with the directors |
and other management (as required by auditing standards), and from inspection of the group's regulatory and |
legal correspondence.. We communicated identified laws and regulations throughout our team and remained |
alert to any indications of non-compliance throughout the audit. |
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. |
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. |
for and on behalf of |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
CONSOLIDATED INCOME STATEMENT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
Period |
1.9.22 |
to | Year Ended |
29.2.24 | 31.8.22 |
Notes | £ | £ |
TURNOVER | 4 | 256,500,902 | 140,932,053 |
Cost of sales | (222,531,833 | ) | (103,766,995 | ) |
GROSS PROFIT | 33,969,069 | 37,165,058 |
Administrative expenses | (21,151,884 | ) | (11,758,146 | ) |
12,817,185 | 25,406,912 |
Other operating income | 307,646 | (428,903 | ) |
OPERATING PROFIT | 6 | 13,124,831 | 24,978,009 |
Interest receivable and similar income | 1,602,695 | 170,863 |
14,727,526 | 25,148,872 |
Amounts written off investments | 7 | (100 | ) | - |
14,727,426 | 25,148,872 |
Interest payable and similar expenses | 8 | (184 | ) | (22,047 | ) |
PROFIT BEFORE TAXATION | 14,727,242 | 25,126,825 |
Tax on profit | 9 | (205,422 | ) | (4,913,634 | ) |
PROFIT FOR THE FINANCIAL PERIOD |
Profit attributable to: |
Owners of the parent | 14,521,820 | 20,213,191 |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
Period |
1.9.22 |
to | Year Ended |
29.2.24 | 31.8.22 |
Notes | £ | £ |
PROFIT FOR THE PERIOD | 14,521,820 | 20,213,191 |
OTHER COMPREHENSIVE INCOME |
Exchange movement on consolidation | 5,762 | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
5,762 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
14,527,582 |
20,213,191 |
Total comprehensive income attributable to: |
Owners of the parent | 14,527,582 | 20,213,191 |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
CONSOLIDATED BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 1,048,396 | 1,265,296 |
Tangible assets | 13 | 319,173 | 284,141 |
Investments | 14 | - | 100 |
1,367,569 | 1,549,537 |
CURRENT ASSETS |
Stocks | 15 | 94,994 | 107,284 |
Debtors | 16 | 44,254,477 | 9,730,721 |
Cash at bank and in hand | 38,289,819 | 38,944,519 |
82,639,290 | 48,782,524 |
CREDITORS |
Amounts falling due within one year | 17 | (23,452,794 | ) | (3,801,805 | ) |
NET CURRENT ASSETS | 59,186,496 | 44,980,719 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
60,554,065 |
46,530,256 |
PROVISIONS FOR LIABILITIES | 19 | (73,475 | ) | (70,227 | ) |
NET ASSETS | 60,480,590 | 46,460,029 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 241 | 229 |
Other reserves | 21 | 20,231,344 | 20,231,344 |
Foreign exchange reserves | 21 | 5,762 | - |
Retained earnings | 21 | 40,243,243 | 26,228,456 |
SHAREHOLDERS' FUNDS | 60,480,590 | 46,460,029 |
The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by: |
M Gietzen - Director |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
COMPANY BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(562,600 |
) |
4,601,255 |
The financial statements were approved by the Board of Directors and authorised for issue on |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
Called up | Foreign |
share | Retained | Other | exchange | Total |
capital | earnings | reserves | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 September 2021 | 229 | 26,324,069 | - | - | 26,324,298 |
Changes in equity |
Dividends | - | (77,460 | ) | - | - | (77,460 | ) |
Total comprehensive income | - | (18,153 | ) | 20,231,344 | - | 20,213,191 |
Balance at 31 August 2022 | 229 | 26,228,456 | 20,231,344 | - | 46,460,029 |
Changes in equity |
Issue of share capital | 12 | - | - | - | 12 |
Dividends | - | (507,033 | ) | - | - | (507,033 | ) |
Total comprehensive income | - | 14,521,820 | - | 5,762 | 14,527,582 |
Balance at 29 February 2024 | 241 | 40,243,243 | 20,231,344 | 5,762 | 60,480,590 |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 September 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 August 2022 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive loss | - | ( |
) | ( |
) |
Balance at 29 February 2024 |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
Period |
1.9.22 |
to | Year Ended |
29.2.24 | 31.8.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,887,304 | 24,736,030 |
Interest paid | (184 | ) | (20,795 | ) |
Interest element of hire purchase or finance lease rental payments paid |
- |
(1,252 |
) |
Effects of foreign exchange rate changes | 5,762 | - |
Tax paid | 987,364 | (8,210,166 | ) |
Net cash from operating activities | 3,880,246 | 16,503,817 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (271,450 | ) | (194,406 | ) |
Sale of tangible fixed assets | 34,635 | 4,494 |
Sale of fixed asset investments | 100 | - |
Interest received | 1,602,695 | 170,863 |
Net cash from investing activities | 1,365,980 | (19,049 | ) |
Cash flows from financing activities |
Amount introduced by directors | 468,332 | - |
Amount withdrawn by directors | (5,862,237 | ) | (1,299,610 | ) |
Share issue | 12 | - |
Equity dividends paid | (507,033 | ) | (77,460 | ) |
Net cash from financing activities | (5,900,926 | ) | (1,377,070 | ) |
(Decrease)/increase in cash and cash equivalents | (654,700 | ) | 15,107,698 |
Cash and cash equivalents at beginning of period |
2 |
38,944,519 |
23,836,821 |
Cash and cash equivalents at end of period |
2 |
38,289,819 |
38,944,519 |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.9.22 |
to | Year Ended |
29.2.24 | 31.8.22 |
£ | £ |
Profit before taxation | 14,727,242 | 25,126,825 |
Depreciation charges | 413,138 | 247,457 |
Loss on disposal of fixed assets | 5,545 | 5,902 |
Finance costs | 184 | 22,047 |
Finance income | (1,602,695 | ) | (170,863 | ) |
13,543,414 | 25,231,368 |
Decrease/(increase) in stocks | 12,290 | (104,218 | ) |
(Increase)/decrease in trade and other debtors | (29,129,851 | ) | 17,565,591 |
Increase/(decrease) in trade and other creditors | 18,461,451 | (17,956,711 | ) |
Cash generated from operations | 2,887,304 | 24,736,030 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 29 February 2024 |
29.2.24 | 1.9.22 |
£ | £ |
Cash and cash equivalents | 38,289,819 | 38,944,519 |
Year ended 31 August 2022 |
31.8.22 | 1.9.21 |
£ | £ |
Cash and cash equivalents | 38,944,519 | 23,836,821 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.9.22 | Cash flow | At 29.2.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 38,944,519 | (654,700 | ) | 38,289,819 |
38,944,519 | (654,700 | ) | 38,289,819 |
Total | 38,944,519 | (654,700 | ) | 38,289,819 |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Identity Global Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and revenue recognition |
Revenue is recognised by reference to the stage of completion of each project in accordance with FRS |
102 section 23.14. An appropriate proportion of total contract value has been included in turnover and the |
related costs have been included in cost of sales. The amount by which turnover on these contracts |
exceeds amounts invoiced has been included within current assets as amounts recoverable on contracts. |
Where the amounts invoiced exceed the revenue recognised, the excess is included in current liabilities |
as deferred income. |
Goodwill |
Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase |
consideration over the fair values of the identifiable net assets, liabilities and contingent liabilities acquired. |
Goodwill is amortised through the income statement in equal instalments over its estimated useful life of |
10 years. Goodwill is assessed for impairment when there are indicators of impairment and any |
impairment is charged to the income statement. Reversals of impairment are recognised when the |
reasons for the impairment no longer apply. |
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. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of |
financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and |
other third parties, and loans to related parties. |
Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, |
at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt |
instruments are initially measured at present value of the future payments and subsequently at amortised |
cost using the effective interest method. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting |
period for objective evidence of impairment. If objective evidence of impairment is found, an impairment |
loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there |
is an 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. |
Taxation |
Taxation for the period 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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. |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate. |
3. | 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 amounts 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. |
Critical judgements |
There are no significant critical judgements that the Directors have made in applying the Company's |
accounting policies that have any significant effect on the amounts recognised in the financial statements. |
Key sources of estimation uncertainty |
The estimates and assumptions which have a significant risk of causing a material adjustment to the |
carrying amount of assets and liabilities are as follows: |
Work in progress |
The directors have identified estimation uncertainty of realising profit from events held. Where any such |
contracts are subsequently deemed to be unrecoverable then this could have an impact on the financial |
statements. Provision is made for any foreseeable losses under the contract. |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
Period |
1.9.22 |
to | Year Ended |
29.2.24 | 31.8.22 |
£ | £ |
Events | 256,500,902 | 140,932,053 |
256,500,902 | 140,932,053 |
5. | EMPLOYEES AND DIRECTORS |
Period |
1.9.22 |
to | Year Ended |
29.2.24 | 31.8.22 |
£ | £ |
Wages and salaries | 13,924,825 | 7,558,692 |
Social security costs | 1,330,844 | 741,822 |
Other pension costs | 329,708 | 175,020 |
15,585,377 | 8,475,534 |
The average number of employees during the period was as follows: |
Period |
1.9.22 |
to | Year Ended |
29.2.24 | 31.8.22 |
Admin (including directors) | 31 | 44 |
Direct | 104 | 103 |
The average number of employees by undertakings that were proportionately consolidated during the period was NIL (2022 - NIL). |
Period |
1.9.22 |
to | Year Ended |
29.2.24 | 31.8.22 |
£ | £ |
Directors' remuneration | 252,358 | 86,086 |
Information regarding the highest paid director for the period ended 29 February 2024 is as follows: |
Period |
1.9.22 |
to |
29.2.24 |
£ |
Emoluments etc | 139,858 |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.9.22 |
to | Year Ended |
29.2.24 | 31.8.22 |
£ | £ |
Hire of plant and machinery | 16,963 | 11,516 |
Depreciation - owned assets | 195,444 | 102,145 |
Depreciation - assets on hire purchase contracts or finance leases | 794 | 705 |
Loss on disposal of fixed assets | 5,545 | 6,002 |
Goodwill amortisation | 216,900 | 144,606 |
Auditors' remuneration | 85,000 | 57,250 |
Foreign exchange differences | (37,549 | ) | 23,136 |
7. | AMOUNTS WRITTEN OFF INVESTMENTS |
Period |
1.9.22 |
to | Year Ended |
29.2.24 | 31.8.22 |
£ | £ |
Amounts w/o invs | 100 | - |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.9.22 |
to | Year Ended |
29.2.24 | 31.8.22 |
£ | £ |
Bank loan interest | 184 | 20,795 |
Hire purchase | - | 1,252 |
184 | 22,047 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.9.22 |
to | Year Ended |
29.2.24 | 31.8.22 |
£ | £ |
Current tax: |
UK corporation tax | 202,174 | 4,894,064 |
Deferred tax | 3,248 | 19,570 |
Tax on profit | 205,422 | 4,913,634 |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
9. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.9.22 |
to | Year Ended |
29.2.24 | 31.8.22 |
£ | £ |
Profit before tax | 14,727,242 | 25,126,825 |
Profit multiplied by the standard rate of corporation tax in the UK of 1.268 % (2022 - 19 %) |
186,741 |
4,774,097 |
Effects of: |
Expenses not deductible for tax purposes | 12,579 | 110,761 |
Income not taxable for tax purposes | - | 14,717 |
Depreciation in excess of capital allowances | 2,831 | 984 |
Adjustments to tax charge in respect of previous periods | - | (7,635 | ) |
Profit/loss on disposal | 23 | 1,140 |
Deferred Tax | 3,248 | 19,570 |
Total tax charge | 205,422 | 4,913,634 |
Tax effects relating to effects of other comprehensive income |
1.9.22 to 29.2.24 |
Gross | Tax | Net |
£ | £ | £ |
Exchange movement on consolidation | 5,762 | - | 5,762 |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
Period |
1.9.22 |
to |
Year Ended |
29.2.24 | 31.8.22 |
£ | £ |
Interim dividends | 507,032 | 77,460 |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 September 2022 |
and 29 February 2024 | 1,446,053 |
AMORTISATION |
At 1 September 2022 | 180,757 |
Amortisation for period | 216,900 |
At 29 February 2024 | 397,657 |
NET BOOK VALUE |
At 29 February 2024 | 1,048,396 |
At 31 August 2022 | 1,265,296 |
13. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 September 2022 | - | 9,840 | 68,179 |
Additions | 102,221 | - | 4,070 |
Disposals | - | - | (65,536 | ) |
At 29 February 2024 | 102,221 | 9,840 | 6,713 |
DEPRECIATION |
At 1 September 2022 | - | 9,839 | 12,664 |
Charge for period | 13,504 | - | 13,114 |
Eliminated on disposal | - | - | (56,315 | ) |
At 29 February 2024 | 13,504 | 9,839 | (30,537 | ) |
NET BOOK VALUE |
At 29 February 2024 | 88,717 | 1 | 37,250 |
At 31 August 2022 | - | 1 | 55,515 |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2022 | 55,606 | 266,224 | 399,849 |
Additions | - | 165,159 | 271,450 |
Disposals | (11,895 | ) | (29,635 | ) | (107,066 | ) |
At 29 February 2024 | 43,711 | 401,748 | 564,233 |
DEPRECIATION |
At 1 September 2022 | 1,609 | 91,596 | 115,708 |
Charge for period | 20,249 | 149,371 | 196,238 |
Eliminated on disposal | (10,571 | ) | - | (66,886 | ) |
At 29 February 2024 | 11,287 | 240,967 | 245,060 |
NET BOOK VALUE |
At 29 February 2024 | 32,424 | 160,781 | 319,173 |
At 31 August 2022 | 53,997 | 174,628 | 284,141 |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 September 2022 | (9,739 | ) |
Disposals | (11,895 | ) |
At 29 February 2024 | (21,634 | ) |
DEPRECIATION |
At 1 September 2022 | (11,857 | ) |
Charge for period | 794 |
Eliminated on disposal | (10,571 | ) |
At 29 February 2024 | (21,634 | ) |
NET BOOK VALUE |
At 29 February 2024 | - |
At 31 August 2022 | 2,118 |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
14. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 1 September 2022 | 100 |
Disposals | (100 | ) |
At 29 February 2024 | - |
NET BOOK VALUE |
At 29 February 2024 | - |
At 31 August 2022 | 100 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 September 2022 |
Additions |
Disposals | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 31 August 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the period/year |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
14. | FIXED ASSET INVESTMENTS - continued |
Registered office: Abu Dhabi |
Nature of business: |
% |
Class of shares: | holding |
2024 |
£ |
Aggregate capital and reserves |
Profit for the period |
15. | STOCKS |
Group |
2024 | 2022 |
£ | £ |
Stocks | 94,994 | 107,284 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2022 | 2024 | 2022 |
£ | £ | £ | £ |
Trade debtors | 4,822,229 | 2,028,067 |
Amounts recoverable on contract | 23,390,532 | 906,001 |
Other debtors | 5,516,506 | 3,123,279 |
Directors' current accounts | 8,012,163 | 2,618,258 | 8,012,163 | 2,618,258 |
VAT | 1,060,324 | 668,312 | 139,362 | - |
Prepayments | 1,452,723 | 386,804 |
44,254,477 | 9,730,721 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2022 | 2024 | 2022 |
£ | £ | £ | £ |
Trade creditors | 14,451,248 | 1,136,749 |
Amounts owed to group undertakings | - | - |
Tax | 1,504,010 | 314,472 |
Social security and other taxes | 220,928 | 202,871 |
VAT | 510,125 | - | - | - |
Other creditors | 51,353 | 6,692 |
Accruals and deferred income | 6,715,130 | 2,141,021 |
23,452,794 | 3,801,805 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
Group |
Non-cancellable | operating leases |
2024 | 2022 |
£ | £ |
Within one year | - | 413,348 |
Between one and five years | - | 550,720 |
In more than five years | - | 195,900 |
- | 1,159,968 |
19. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2022 |
£ | £ |
Deferred tax | 73,475 | 70,227 |
Group |
Deferred |
tax |
£ |
Balance at 1 September 2022 | 70,227 |
Charge to Income Statement during period | 3,248 |
Balance at 29 February 2024 | 73,475 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number of shares | Class: | Nominal value (£) | 2024 | 2022 |
583 | Ordinary A | 0.25 | 146 | 146 |
212 | Ordinary B | 0.25 | 53 | 53 |
118 | Ordinary C | 0.25 | 30 | 30 |
49 | Ordinary D | 0.25 | 12 | - |
241 | 229 |
21. | RESERVES |
Group |
Foreign |
Retained | Other | exchange |
earnings | reserves | reserves | Totals |
£ | £ | £ | £ |
At 1 September 2022 | 26,228,456 | 20,231,344 | - | 46,459,800 |
Profit for the period | 14,521,820 | 14,521,820 |
Dividends | (507,033 | ) | (507,033 | ) |
Exchange reserve movement | - | - | 5,762 | 5,762 |
At 29 February 2024 | 40,243,243 | 20,231,344 | 5,762 | 60,480,349 |
IDENTITY GLOBAL LIMITED (REGISTERED NUMBER: 13277976) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2022 TO 29 FEBRUARY 2024 |
21. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 September 2022 |
Deficit for the period | ( |
) |
Dividends | ( |
) |
At 29 February 2024 |
"Other reserves" comprise pre-acquisition reserves. |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the period ended 29 February 2024 and the year ended 31 August 2022: |
2024 | 2022 |
£ | £ |
M Gietzen |
Balance outstanding at start of period | 1,451,120 | 303,352 |
Amounts advanced | 2,244,959 | 1,189,038 |
Amounts repaid | (337,968 | ) | (41,270 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | 3,358,111 | 1,451,120 |
Ms J Dodd |
Balance outstanding at start of period | 538,953 | 477,067 |
Amounts advanced | 152,545 | 100,115 |
Amounts repaid | (22,600 | ) | (38,229 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | 668,898 | 538,953 |
P K Fitzpatrick |
Balance outstanding at start of period | 628,185 | 538,230 |
Amounts advanced | 3,020,652 | 136,470 |
Amounts repaid | (98,380 | ) | (46,515 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | 3,550,457 | 628,185 |
S M Dunnell |
Balance outstanding at start of period | - | - |
Amounts advanced | 444,080 | - |
Amounts repaid | (9,385 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | 434,695 | - |
Interest on directors' loans has been charged at the HMRC approved rate. |