Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-05-242024-05-242024-01-312024-01-31false2023-02-01falseThe principal activity of the Company during the year was that of a holding company for its trading subsidiaries.1falsefalse 14678812 2023-01-31 14678812 2023-02-01 2024-01-31 14678812 2022-02-01 2023-01-31 14678812 2024-01-31 14678812 1 2023-02-01 2024-01-31 14678812 d:Director1 2023-02-01 2024-01-31 14678812 d:Director1 2024-01-31 14678812 d:Director2 2023-02-01 2024-01-31 14678812 d:Director2 2024-01-31 14678812 d:Director3 2023-02-01 2024-01-31 14678812 d:RegisteredOffice 2023-02-01 2024-01-31 14678812 c:PlantMachinery 2023-02-01 2024-01-31 14678812 c:FurnitureFittings 2023-02-01 2024-01-31 14678812 c:OfficeEquipment 2023-02-01 2024-01-31 14678812 c:Goodwill 2023-02-01 2024-01-31 14678812 c:CurrentFinancialInstruments 2024-01-31 14678812 c:CurrentFinancialInstruments c:WithinOneYear 2024-01-31 14678812 c:ShareCapital 2023-02-01 2024-01-31 14678812 c:ShareCapital 2024-01-31 14678812 c:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 14678812 c:RetainedEarningsAccumulatedLosses 2024-01-31 14678812 c:AcceleratedTaxDepreciationDeferredTax 2024-01-31 14678812 d:OrdinaryShareClass1 2023-02-01 2024-01-31 14678812 d:OrdinaryShareClass1 2024-01-31 14678812 d:OrdinaryShareClass2 2023-02-01 2024-01-31 14678812 d:OrdinaryShareClass2 2024-01-31 14678812 d:FRS102 2023-02-01 2024-01-31 14678812 d:Audited 2023-02-01 2024-01-31 14678812 d:FullAccounts 2023-02-01 2024-01-31 14678812 d:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 14678812 c:Subsidiary1 2023-02-01 2024-01-31 14678812 c:Subsidiary1 1 2023-02-01 2024-01-31 14678812 c:Subsidiary2 2023-02-01 2024-01-31 14678812 c:Subsidiary2 1 2023-02-01 2024-01-31 14678812 c:Subsidiary3 2023-02-01 2024-01-31 14678812 c:Subsidiary3 1 2023-02-01 2024-01-31 14678812 c:Subsidiary4 2023-02-01 2024-01-31 14678812 c:Subsidiary4 1 2023-02-01 2024-01-31 14678812 c:Subsidiary5 2023-02-01 2024-01-31 14678812 c:Subsidiary5 1 2023-02-01 2024-01-31 14678812 d:Consolidated 2024-01-31 14678812 d:ConsolidatedGroupCompanyAccounts 2023-02-01 2024-01-31 14678812 2 2023-02-01 2024-01-31 14678812 6 2023-02-01 2024-01-31 14678812 c:SpecificBusinessCombination1 2023-02-01 2024-01-31 14678812 c:SpecificBusinessCombination1 2024-01-31 14678812 c:SpecificBusinessCombination1 2 2024-01-31 14678812 c:SpecificBusinessCombination1 c:CurrentFinancialInstruments 2024-01-31 14678812 f:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14678812









FINDERS GENEALOGISTS HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
S Wall  




Registered number
14678812



Registered office
6-8 Vestry Street

London

N1 7RE




Independent auditors
Barnes Roffe LLP
Chartered Accountants 
Statutory Auditor

Leytonstone House

3 Hanbury Drive

Leytonstone

London

E11 1GA





 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Director's report
 
3 - 4
Independent auditors' report
 
5 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15
Consolidated analysis of net debt
 
16
Notes to the financial statements
 
17 - 34


 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The group's principal activity during the year was that of genealogists services.

Business review
 
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business.
We consider our key financial performance indicators to be turnover, gross margin, net profits, net funds and net assets. Turnover, gross margin and net profits provide a good measure of the performance of the company, whilst net funds and net assets demonstrate the financial strength of the company.
During the year, turnover was £9,872,920, gross profit margin was 34.97%. Net profits before tax excluding fair value movements was £69,975. 
Our business performance will continue to be driven by our strategy to achieve improved performance. This will be achieved through:
• Maintaining our market leading customer service position
• Continuing to innovate and invest in technology led operations
• Maintaining an experienced and high performing management team
The financial position of the group continues to be strong at the year end with a healthy cash balance, while net assets remain in excess of £2,625k.

Principal risks and uncertainties
 
The management of the business is subject to a number of risks. The key business risks and uncertainties are considered to relate to the current economic climate and competition from other contractors.
The global economy continues to be uncertain. As a result of market changes the company has been actively seeking to expand its customer base which the director believes will only stand to strengthen the business going forward.

Financial key performance indicators
 
The group's operations expose it to a variety of financial risks that include price risk, credit risk, liquidity risk and interest rate risk. The company has in place a risk management program that seeks to limit adverse effects on the financial performance of the company.

Credit risk
 
The group's principal financial assets are cash at bank and trade debtors. The group's credit risk is primarily attributable to its trade debtors which is managed very closely through the use of tight credit control procedures, however certain of the risk and rewards of trade debtors remain with the company. The amounts presented in the balance sheet are net of impairment and expected credit loss provision.

Page 1

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Liquidity risk

The cash balance at the year end was £2,651,598 which provides the group with adequate working capital. The directors recognise the importance of funding and liquidity under the current economic climate and will continue to monitor the company's financial resources to ensure that the company is able to support its activities and future growth.


This report was approved by the board on 31 July 2024 and signed on its behalf.



S Wall
Director

Page 2

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The director presents his report and the financial statements for the year ended 31 January 2024.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,805,247.

During the year dividends of £180,200 were declared.

Directors

The directors who served during the year were:

D W Curran (appointed 21 February 2023, resigned 24 May 2024)
A R Nielsen (appointed 9 November 2023, resigned 24 May 2024)

Future developments

Looking ahead, the group's business environment is expected to remain challenging but promising. The director considers that the company's strong financial position should provide a platform which is conducive to capitalising on both current and future opportunities.

Page 3

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

Subsequent to the year end, the group entered into a revolving credit facility secured by fixed and floating charges. An estimate of its financial effect cannot be made.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 31 July 2024 and signed on its behalf.
 





S Wall
Director

Page 4

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS GENEALOGISTS HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Finders Genealogists Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's 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 United Kingdom, including the Financial Reporting Council'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 director's 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 or 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS GENEALOGISTS HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


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 Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS GENEALOGISTS HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS GENEALOGISTS HOLDINGS LIMITED (CONTINUED)


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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussions with directors, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows - Companies Act 2006. FRS 102, Employment legislation and Tax legislation.
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.
• Laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 
• Considering the internal controls in place to mitigate risks of fraud and non- compliance with laws and regulations.
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions
• Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.
 
Page 8

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS GENEALOGISTS HOLDINGS LIMITED (CONTINUED)




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 Auditors' report.


Use of our report
 

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





Adam Dodds (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
Leytonstone
London
E11 1GA

31 July 2024
Page 9

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
                                                                                                                               Note
£

  

Turnover
 4 
9,872,920

Cost of sales
  
(6,420,445)

Gross profit
  
3,452,475

Administrative expenses
  
(3,403,762)

Fair value movements
  
2,886,882

Operating profit
 5 
2,935,595

Interest receivable and similar income
 9 
21,262

Profit before taxation
  
2,956,857

Tax on profit
 10 
(151,610)

Profit for the financial year
  
2,805,247

Profit for the year attributable to:
  

Owners of the parent Company
  
2,805,247

  
2,805,247

There were no recognised gains and losses for 2024 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024.

The notes on pages 17 to 34 form part of these financial statements.

Page 10

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
REGISTERED NUMBER: 14678812

CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2024

2024
                                                                                                         Note
£

Fixed assets
  

Intangible assets
 13 
290,922

Tangible assets
 14 
119,767

  
410,689

Current assets
  

Debtors: amounts falling due within one year
 16 
1,555,941

Cash at bank and in hand
 17 
2,651,598

  
4,207,539

Creditors: amounts falling due within one year
 18 
(1,973,880)

Net current assets
  
 
 
2,233,659

Total assets less current liabilities
  
2,644,348

Provisions for liabilities
  

Deferred taxation
 19 
(19,201)

  
 
 
(19,201)

Net assets
  
2,625,147


Capital and reserves
  

Called up share capital 
 20 
100

Profit and loss account
 21 
2,625,047

Equity attributable to owners of the parent Company
  
2,625,147

  
2,625,147


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2024.




S Wall
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 11

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
REGISTERED NUMBER: 14678812

COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024

2024
                                                                                                         Note
£

Fixed assets
  

Investments
 15 
100

Current assets
  

Debtors: amounts falling due within one year
 16 
23,276

Cash at bank and in hand
 17 
1,301,971

Creditors: amounts falling due within one year
 18 
(1,322,242)

Net current assets
  
 
 
3,005

Total assets less current liabilities
  
3,105

  

  

Net assets
  
3,105


Capital and reserves
  

Called up share capital 
 20 
100

Profit for the year
  
183,205

Other changes in the profit and loss account

  

(180,200)

Profit and loss account carried forward
  
3,005

  
3,105


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2024.


S Wall
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 12

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 

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


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


Comprehensive income for the year

Profit for the year
-
2,805,247
2,805,247
2,805,247

Dividends: Equity capital
-
(180,200)
(180,200)
(180,200)

Shares issued during the year
100
-
100
100


At 31 January 2024
100
2,625,047
2,625,147
2,625,147

The notes on pages 17 to 34 form part of these financial statements.

Page 13

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Profit for the year
-
183,205
183,205

Dividends: Equity capital
-
(180,200)
(180,200)

Shares issued during the year
100
-
100


At 31 January 2024
100
3,005
3,105

The notes on pages 17 to 34 form part of these financial statements.

Page 14

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 

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

2024
£

Cash flows from operating activities

Profit for the financial year
2,805,247

Adjustments for:

Amortisation of intangible assets
99,452

Depreciation of tangible assets
49,072

Interest received
(21,262)

Taxation charge
151,610

(Increase)/decrease in debtors
(1,554,390)

Increase in creditors
2,075,014

Net fair value (gains)/losses recognised in P&L
(2,886,882)

Corporation tax (paid)/received
(282,421)

Deferred taxation
76,812

Net cash generated from operating activities

512,252


Cash flows from investing activities

Purchase of intangible fixed assets
(72,792)

Purchase of tangible fixed assets
(71,949)

Interest received
21,262

Cash acquired on acquisition of subsidiaries
2,442,925

Net cash from investing activities

2,319,446

Cash flows from financing activities

Issue of ordinary shares
100

Dividends paid
(180,200)

Net cash used in financing activities
(180,100)

Net increase in cash and cash equivalents
2,651,598

Cash and cash equivalents at the end of year
2,651,598


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,651,598

2,651,598


The notes on pages 17 to 34 form part of these financial statements.

Page 15

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024





Cash flows
Acquisition and disposal of subsidiaries
Other non-cash changes
At 31 January 2024
£

£

£

£

Cash at bank and in hand

208,673

2,442,925

2,447,991

5,099,589

Debt due within 1 year

(5,796)

-

-

(5,796)


202,877
2,442,925
2,447,991
5,093,793

The notes on pages 17 to 34 form part of these financial statements.

Page 16

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Finders Genealogists Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground floor, 6-8 Vestry Street, London, N1 7RE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
 

Page 17

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

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 Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group 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.

Page 18

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other 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.

Page 20

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

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 following basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight line
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
straight line

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 21

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Group 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.

 
2.17

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.

Page 22

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity’s accounting policies
No significant judgments have had to be made by management in preparing these financial statements.
Critical accounting estimates and assumptions.
(i) Long-term contracts
Profit on contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. 
(ii) Useful economic lives of tangible assets and intangible assets
The annual depreciation charge for tangible assets and intangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed 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 14 for the carrying amount of the property plant and equipment, note 13 for the carring amount of intangible fixed assets, note 2.9 and note 2.10 for the useful economic lives for each class of assets.
(iii) Impairment of debtors
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, the ageing profile of debtors and historical experience. See note 16 for the net carrying amount of the debtors.


4.


Turnover

The whole of the turnover is attributable to the group's principal activity.

Page 23

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Operating profit

The operating profit is stated after charging:

2024
£

Exchange differences
42,532

Other operating lease rentals
270,618

Pension
107,568

Depreciation
49,072

Amortisation
99,452


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
9,500

Fees payable to the Company's auditors for the audit of the Irish subsidiary
4,262

All other services
228,669


7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Company
2024
2024
£
£


Wages and salaries
4,337,273
-

Social security costs
457,185
-

Cost of defined contribution scheme
107,568
-

4,902,026
-


The average monthly number of employees, including the director, during the year was as follows:



Group
Company
        2024
        2024
            No.
            No.







Employees
128
1

Page 24

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Director's remuneration

2024
£

Director's emoluments
8,438



9.


Interest receivable and similar income

2024
£


Other interest
21,262


10.


Taxation


2024
£

Corporation tax


Current tax on profits for the year
150,220

Adjustments in respect of previous periods
1,390


151,610


Total current tax
151,610

Deferred tax

Total deferred tax
-


Tax on profit
151,610
Page 25

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than the standard rate of corporation tax in the UK of 25%. The differences are explained below:

2024
£


Profit on ordinary activities before tax
2,956,857


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
739,214

Effects of:


Non-tax deductible amortisation of goodwill and impairment
(712,746)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
84,751

Capital allowances for year in excess of depreciation
40,391

Total tax charge for the year
151,610


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
£


Dividends paid on equity capital
180,200


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £3,005.

Page 26

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Intangible assets

Group 




Domains
Goodwill
Website and software development
Total

£
£
£
£



Cost


Additions
7,500
180,000
440,827
628,327



At 31 January 2024

7,500
180,000
440,827
628,327



Amortisation


Charge for the year on owned assets
-
36,000
301,405
337,405



At 31 January 2024

-
36,000
301,405
337,405



Net book value



At 31 January 2024
7,500
144,000
139,422
290,922

The company held no intangible fixed assets.



Page 27

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Tangible fixed assets

Group






Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


Additions
-
-
223,511
223,511


Acquisition of subsidiary
9,605
155,769
-
165,374



At 31 January 2024

9,605
155,769
223,511
388,885



Depreciation


Charge for the year on owned assets
6,325
131,858
130,935
269,118



At 31 January 2024

6,325
131,858
130,935
269,118



Net book value



At 31 January 2024
3,280
23,911
92,576
119,767

The company held no tangible fixed assets.


15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


Additions
100



At 31 January 2024
100






Net book value



At 31 January 2024
100

Page 28

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Finders Genealogists Limited
United Kingdom
Ordinary
100%
Finders International Probate Genealogists (Ireland) Limited*
Ireland
Ordinary
100%
DSResearchers Limited*
United Kingdom
Ordinary
100%
Heir Hunters Association Limited*
United Kingdom
Ordinary
100%
Heir Hunters Researchers Limited*
United Kingdom
Ordinary
100%

*Indirect subsidiary.


16.


Debtors

Group
Company
2024
2024
£
£


Trade debtors
778,831
-

Other debtors
413,878
23,276

Prepayments and accrued income
98,334
-

Amounts recoverable on long-term contracts
264,898
-

1,555,941
23,276



17.


Cash and cash equivalents

Group
Company
2024
2024
£
£

Cash at bank and in hand
2,651,598
1,301,971


Page 29

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

18.


Creditors: Amounts falling due within one year

Group
Company
2024
2024
£
£

Trade creditors
93,130
-

Amounts owed to group undertakings
-
1,321,276

Corporation tax
78,866
966

Other taxation and social security
409,462
-

Other creditors
1,147,030
-

Accruals and deferred income
245,392
-

1,973,880
1,322,242



19.


Deferred taxation


Group



2024


£






Charged to profit or loss
19,201



At end of year
19,201

Company





The deferred taxation balance is made up as follows:

Group
Company
2024
2024
£
£

Accelerated capital allowances
19,201
-

19,201
-

Page 30

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

20.


Share capital

2024
£
Allotted, called up and fully paid


90 Ordinary A shares of £1.00 each
90
10 Ordinary B shares of £1.00 each
10

100


During the year, 90 Ordinary £1 A shares and 10 Ordinary £1 B shares were issued. 


21.


Reserves

Profit and loss account

The profit and loss account consists of distributable reserves and non-distributable reserves. The distributable reserves represent cumulative historical profits and losses net of dividends and the repayment of capital. 

Page 31

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

22.
 

Business combinations

On the 22 February 2023 the group acquired 100% of the shareholding of Finders Genealogists Ltd, DSResearchers Limited, Finders International Probate Genealogists (Ireland) Limited, Heir Hunters Association Limited and Heir Hunters Researchers Limited. This transaction was a result of a demerger of a group under common control. It has been deemed appropriate to apply the purchase method for accounting for this transaction as this represents a true and fair view in accordance with accounting standard FRS102.   

Acquisition of Finders Genealogists Limited, DSResearchers Limited, Finders International Probate Genealogists (Ireland) Limited, Heir Hunters Association Limited and Heir Hunters Researchers Limited 

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value
£
£

Fixed Assets

Tangible
89,666
89,666

Intangible
547,539
547,539

Investments
85
85

637,290
637,290

Current Assets

Debtors
2,148,727
2,148,727

Cash at bank and in hand
2,442,925
2,442,925

Total Assets
5,228,942
5,228,942

Creditors

Due within one year
(2,322,574)
(2,322,574)

Deferred taxation
(19,201)
(19,201)

Total Identifiable net assets
2,887,167
2,887,167


Gain on bargain purchase
(2,887,067)

Total purchase consideration
100

Consideration

£

Other consideration
100

Total purchase consideration
100

Page 32

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

22.Business combinations (continued)

Cash outflow on acquisition

£

Less: Cash and cash equivalents acquired
(2,442,925)

Net cash outflow on acquisition
(2,442,925)

The results of Finders Genealogists Limited, DSResearchers Limited, Finders International Probate Genealogists (Ireland) Limited, Heir Hunters Association Limited and Heir Hunters Researchers Limited  since acquisition are as follows:

Current period since acquisition
£

Turnover
9,906,377

(Loss) for the period since acquisition
(48,639)


23.


Pension commitments

The Group operates a defined contributions pension 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 to the Group to the fund and amounted to £107,568. Contributions totalling £44,494 were payable to the fund at the balance sheet date and are included in creditors.


24.


Commitments under operating leases

At 31 January 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
2024
£

Not later than 1 year
24,216

Later than 1 year and not later than 5 years
23,663

47,879
Subsequent to the year end, the company entered into new operating lease arrangements relating to the lease of the properties.

Page 33

 
FINDERS GENEALOGISTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

25.


Post balance sheet events

Subsequent to the year end, the group entered into a revolving credit facility secured by fixed and floating charges. An estimate of its financial effect cannot be made.


26.


Related party transactions

The company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A from disclosing transactions with key management and from disclosing other related party transactions as they are with other companies that are wholly owned within the group. 
At the year end the company was owed £23,276 from the director.
During the year the directors had a interest in dividends of £180,200.


27.


Controlling party

During the year, a group re-organisation took place resulting in the group being split into two separate groups. Finders Genealogists Limited, Finders International Probate Genealogists (Ireland) Limited, DSResearchers Limited, Heir Hunters Researchers Limited and Heir Hunters Association Limited are now 100% owned by Finders Genealogists Holdings Limited. Nielsen-Curran Holdings Limited (F.K.A. Finders International Holdings Limited), Nielsen-Curran Limited (F.K.A. Finders International Property Limited), The Estates Agent Limited (F.K.A. Finders International Estate Agents Limited are now 100% owned by Lillebus Holdings Limited (F.K.A. Finders Holdings Limited). 
Subsequent to the year end and prior to the signing of the accounts, Finders Genealogists Holdings Limited was acquired by India Topco Limited, which is now the ultimate controlling party.

 
Page 34