REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CADENCE INNOVA LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CADENCE INNOVA LTD |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
CADENCE INNOVA LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Certified Accountants and Registered |
Auditor |
11 Albion Place |
Maidstone |
Kent |
ME14 5DY |
ACCOUNTANTS: |
The Stables |
Goblands Farm Business Centre |
Cemetery Lane |
Hadlow |
Kent |
TN11 0LT |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
The principal activity of the company in the year under review is that of Business Change and Technology consulting services. |
Cadence Innova is a specialist business change consultancy that collaborates with government, the public sector and industry to bring about positive transformational change. Cadence Innova's purpose is to inspire and enable our customers to deliver services that make peoples' lives better, communities more connected and enterprises more sustainable. |
Cadence Innova is focused on delivering our mission to be the go-to small-medium sized enterprise for public service transformation. This is driven by ensuring the company is positioned and aligned with our target sectors and clients, ensuring that our people are the heart of everything we do, prioritising a healthy and happy organisation. |
REVIEW OF BUSINESS |
Overall turnover increased to £15.6m an increase of 12.5% on FY2023. Cadence Innova remains focused on growth to deliver on our long-term strategic goals, following the appointment in 2022 of a new Managing Partner to drive growth alongside the highly experienced Founding Partners. |
We are committed to the professional development and social responsibility of the consulting industry. As an active member of the Management Consulting Association (MCA), Cadence Innova has driven the industry's understanding and development of diversity and inclusion through chairing the Diversity and Inclusion Working Group, and now represents consulting SMEs on the MCA Board, along with chairing the Public Sector Working Group. We have supported the professional development of consultants from the outset and our consultant development programme is accredited against the Chartered Management Consultant (ChMC) standard. In early 2024, Cadence Innova become the first small or mid-sized enterprise to have its whole board achieve chartered consulting status. |
Cadence Innova achieved B Corp status and joins a global network of businesses whose unified goal is to transform the economy into an inclusive, transparent, and sustainable system, confirming the firm's long-standing dedication to Environmental, Social, and Governance (ESG) values. |
Subsequent to the completion of Financial Year 2024, Technology and data consultancy, Transform UK Consulting Ltd completed the acquisition of Cadence Innova consolidating ambitious growth plans in the public sector arm of its business. |
Transform is wholly owned by Next-15 Group PLC and the purchase supports group level plans to expand its consultancy offering. Both organisations will continue to operate independently until February 1st 2025, when the new company will become fully operational. |
Future Strategy |
Cadence Innova is committed to following its strategy to increase and diversify our presence in our key public services sectors, including central and local government. This includes continuing to grow our staff numbers and access to key public sector markets through framework and long-term agreements. |
Cadence continues to see high levels of client and staff retention and satisfaction and are proud to make a difference to people's lives through the work we do. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Cadence Innova is affected by several risks and uncertainties that the company seeks to mitigate through its management practices and policies in a cost-effective manner. |
FINANCIAL RISKS |
Credit Risk. Cadence Innova is exposed to a credit risk through Accounts Receivable. The majority of the company's contracts are with UK government entities, or long-established businesses with a low risk of default. Cadence maintains strong internal financial controls to control any outstanding debt and has an excellent debt collection history. Given the nature of the client base and management processes in place, the Directors do not believe there is a significant exposure to this risk. |
Liquidity Risk. Cadence Innova maintains strong financial controls, with cashflow monitoring and management alongside transparent budgetary reporting and planning. |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
NON-FINANCIAL RISKS |
Key Personnel. A key risk is the attraction and retention of the best consultants, aligned with our values. People are the heart of everything we do, and our investment and leadership in the development of the ChMC ensures we are at the forefront of consultant development. |
Operational Risk. Cadence Innova maintains strong internal and external assessment processes to minimise risk. IT systems are cloud based with established and reputable providers to ensure business operations are secure and able to continue from any environment. Cadence Innova maintains Cyber Essentials Plus accreditation to minimise any risk to the IT operations and threats from external parties. |
Commercial Risk. Cadence Innova maintains a broad range of clients across the public services space to reduce our exposure to a specific contract or event. Through ongoing assessment of our portfolio, we are able to mitigate commercial risk from one client or sector. |
Reputational Risk. The work we do for our clients is central to the success of Cadence Innova. We maintain a strong quality assurance process to minimise the risk of reputational damage to the organisation. This includes ensuring our current and potential clients align with our values. |
ON BEHALF OF THE BOARD: |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of management consultancy. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTORS |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT 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 company'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 company's auditors are aware of that information. |
AUDITORS |
The auditors, Henry Reeves & Co, 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 |
CADENCE INNOVA LTD |
Opinion |
We have audited the financial statements of Cadence Innova Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CADENCE INNOVA LTD |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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: |
- Identification with management of significant laws and regulations relating to the company, and how the company maintains compliance. Key laws include UK Companies Act, GDPR legislation, right-to-work legislation, pensions legislation, and tax legislation. Non-compliance with any key laws or regulations may be fundamental to the company's ability to operate or to avoid a material penalty. |
- Considering the competencies, independence, and integrity of individuals within the company to identify and recognise non-compliance with laws and regulations. |
- Requesting management confirm and outline any instances of actual, suspected, or alleged fraud in the year. This forms part of the company's representations to us. |
- Reviewing the company's internal control processes by way of substantive testing. The reasonable implementation of these processes would mitigate the likelihood of fraud. |
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. |
- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern. |
- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CADENCE INNOVA LTD |
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 |
Chartered Certified Accountants and Registered |
Auditor |
11 Albion Place |
Maidstone |
Kent |
ME14 5DY |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
1,731,446 | 677,954 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION | 4 |
Tax on profit | 5 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 8 |
Investments | 9 |
Cash at bank |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
10 |
( |
) |
( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Capital redemption reserve | 14 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Capital | Share |
share | Retained | redemption | option | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Profit for the year | - | 551,193 | - | - | 551,193 |
Other comprehensive income | - | 10,962 | ( |
) | - |
Total comprehensive income | - | ( |
) |
Balance at 31 March 2023 |
Changes in equity |
Profit for the year | - | 1,306,757 | - | - | 1,306,757 |
Total comprehensive income | - |
Balance at 31 March 2024 |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | (402 | ) | - |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
2,904,291 |
Cash and cash equivalents at end of year | 2 | 2,032,789 | 3,243,837 |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Investments | (2,938,860 | ) | - |
Finance income | (17,236 | ) | (2,449 | ) |
(1,188,177 | ) | 688,754 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
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: |
Year ended 31 March 2024 |
31/3/24 | 1/4/23 |
£ | £ |
Cash and cash equivalents | 2,032,789 | 3,243,837 |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 3,243,837 | 2,904,291 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/23 | Cash flow | At 31/3/24 |
£ | £ | £ |
Net cash |
Cash at bank | 3,243,837 | (1,211,048 | ) | 2,032,789 |
3,243,837 | ( |
) | 2,032,789 |
Liquid resources |
Current asset investments | - | 2,938,860 | 2,938,860 |
- | 2,938,860 | 2,938,860 |
Total | 3,243,837 | 1,727,812 | 4,971,649 |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Cadence Innova Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£), and to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Critical judgements in applying the Company's accounting policies |
During the year the company invested part of its bank reserves into a low-risk investment account that predominantly owns units in Government Bonds. This is a basic financial instrument. The Directors had a choice under FRS 102 to value the investment at cost or fair value. The Directors have chosen to account for this investment cost. |
Key sources of estimation uncertainty |
There are no other key sources of estimation uncertainty. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Computer equipment | - |
Financial instruments |
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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 year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Consultancy and administration | 43 | 38 |
Directors | 5 | 5 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | PROFIT BEFORE TAXATION |
The profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Audit fees |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
6. | CONTINUING OPERATIONS |
All the activities of the company are from continuing operations. |
7. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Investment fund account |
The investment fund account is managed by BlackRock. The Directors have chosen to account for the investment at cost. On 31 March 2024, the Fund had a fair value of £3,040,828. |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 407,269 | 360,990 |
Other creditors |
Directors' current accounts | - | 402 |
Accruals and deferred income |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
12. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax |
£ |
Balance at 1 April 2023 |
Unused amounts reversed during year | ( |
) |
Balance at 31 March 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £0.001 | 112 | 112 |
Ordinary shares | £0.001 | 27 | 27 |
139 | 139 |
CADENCE INNOVA LTD (REGISTERED NUMBER: 10594707) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | RESERVES |
The retained earnings reserve brought forward consists of the accumulation of the company's profit or loss since the company was incorporated. The movements within this reserve in the year are the profit incurred in the current year. This reserve is fully distributable. The Share Option Reserve is described in further detail in Note 17 'Share-based payment transactions'. |
15. | RELATED PARTY DISCLOSURES |
There was a balance owing to the director G Ashby at the year end of £nil (2023: £402). |
During the year the company entered into related party transactions with Cadence Innova Partnership LLP and Cadence Partnership Services Ltd. All transactions were on normal trading terms and unsecured. On 31 March 2024, £nil (2023: £134,880) was owed to related parties. |
16. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors, there is no ultimate controlling party as no member holds more than 50% of the voting rights of the company. |
17. | SHARE-BASED PAYMENT TRANSACTIONS |
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period, with a corresponding increase in equity reserves - the share option reserve. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. |
On exercise or cancellation of the share options, the proportion of the share option reserve relevant to those options is transferred to the profit and loss account. |
During the year a total of £nil (2023: 6,930) share options were exercised at an exercise price of £1.625. The shares were all purchased back from the employees, with a total expense of £nil (2023: £36,020 being) recognised in the profit and loss account. |
18. | SUBSEQUENT EVENTS |
On 1 August 2024 the entire share capital of the company was purchased by Transform UK Consulting Limited (company no. 14112512). Transform UK Consulting Limited is itself a 100% owned subsidiary of Next 15 Group plc (company no. 01579589). From 1 August 2024, it is considered that Next 15 Group plc is the ultimate parent undertaking. Further details are mentioned in the Strategic Report. |