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Company registration number: 13248974







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


FOREFRONT ADVISERS LIMITED






































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FOREFRONT ADVISERS LIMITED
 


 
COMPANY INFORMATION


Directors
A Himsley (appointed 5 July 2023)
J Mcbride 
F Polner 
M Hine (appointed 26 September 2023)
J Stuart (resigned 22 February 2023)
S Evans (resigned 22 February 2023)




Registered number
13248974



Registered office
154-160 Fleet Street

London

EC4A 2DQ




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


FOREFRONT ADVISERS LIMITED
REGISTERED NUMBER:13248974



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023


Unaudited
2023
2022
Note
£000
£000

Fixed assets
  

Intangible fixed assets
 4 
5
9

Tangible fixed assets
 5 
4
-

  
9
9

Current assets
  

Debtors: amounts falling due after more than one year
 6 
-
117

Debtors: amounts falling due within one year
 6 
3,786
754

Cash at bank and in hand
  
1,401
1,998

  
5,187
2,869

Creditors: amounts falling due within one year
 7 
(2,639)
(1,016)

Net current assets
  
 
 
2,548
 
 
1,853

Total assets less current liabilities
  
2,557
1,862

Provisions for liabilities
  

Deferred tax
 8 
(1)
-

  
 
 
(1)
 
 
-

Net assets
  
2,556
1,862


Capital and reserves
  

Share premium account
  
119
119

Profit and loss account
  
2,437
1,743

  
2,556
1,862


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M Hine
Director

Date: 23 May 2024

The notes on pages 2 to 8 form part of these financial statements.
Page 1

 


FOREFRONT ADVISERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Principal activity of Forefront Advisers Limited is political reporting.
The company is a private company limited by shares and is incorporated in England and Wales.
The address of the registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared for a period of 12 months to 31 December 2023. The comparative financial statements were prepared for a period of 8 months to 31 December 2022.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 


FOREFRONT ADVISERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 3

 


FOREFRONT ADVISERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
7-10 years

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 4

 


FOREFRONT ADVISERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 11).


4.


Intangible assets




Computer software

£000



Cost


At 1 January 2023
22



At 31 December 2023

22



Amortisation


At 1 January 2023
12


Charge for the year on owned assets
4



At 31 December 2023

16



Net book value



At 31 December 2023
6



At 31 December 2022
9



Page 5

 


FOREFRONT ADVISERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Computer equipment

£000



Cost or valuation


Additions
5



At 31 December 2023

5



Depreciation


Charge for the year on owned assets
1



At 31 December 2023

1



Net book value



At 31 December 2023
4



At 31 December 2022
-


6.


Debtors

2023
2022
£000
£000

Due after more than one year

Other debtors
-
117

-
117



2023
2022
£000
£000

Due within one year

Trade debtors
1,107
678

Amounts owed by group undertakings
2,515
-

Other debtors
2
1

Prepayments and accrued income
125
36

Tax recoverable
37
38

Deferred taxation
-
1

3,786
754


Page 6

 


FOREFRONT ADVISERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Trade creditors
68
70

Amounts owed to group undertakings
1,242
-

Corporation tax
254
211

Other taxation and social security
249
189

Other creditors
92
7

Accruals and deferred income
734
539

2,639
1,016



8.


Deferred taxation




2023


£000






At beginning of year
1


Charged to profit or loss
(2)



At end of year
(1)

The deferred taxation balance is made up as follows:

2023
2022
£000
£000


Accelerated capital allowances
(1)
1

(1)
1


9.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



1,179 (2022 - 1,179) Ordinary Shares shares of £0.01 each
-
-


Page 7

 


FOREFRONT ADVISERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Transactions with directors

Included in other debtors is the amount shown below. Interest was charged on this balance at the HMRC official rate which is amended from time to time. Interest will accrue daily and will be paid at the repayable date.
The balance was repaid in full on the acquisition of Forefront Advisers Limited.

Opening - Due from
Repayments
Interest
Closing - Due from
£000
£000
£000
£000
J Mcbride

117

117

-
 
-
 
117

117

-
 
-
 


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 23 May 2024 by Ralph Mitchison FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 8