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Registered number: 07394702










STANTON HOUSE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
STANTON HOUSE LIMITED
 
 
COMPANY INFORMATION


Directors
N. L. Wilson 
N. J. Eaves 
A. D. Brown 
L. M. Costello 
K. J. Culverhouse 
R. Kirpalani (appointed 1 October 2023)




Registered number
07394702



Registered office
2nd Floor
25 Christopher Street

London

EC2A 2BS




Independent auditors
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditors

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
STANTON HOUSE LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10 - 11
Company statement of financial position
12 - 13
Consolidated statement of changes in equity
14 - 15
Company statement of changes in equity
16
Consolidated statement of cash flows
17 - 18
Consolidated analysis of net debt
19
Notes to the financial statements
20 - 44


 
STANTON HOUSE LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the strategic report for the year ended 31 December 2023.

Business review
 
The Stanton House group are recruitment specialists, creating exceptional experiences for clients and candidates alike, focusing upon mid to senior level appointments in Finance, Private Equity, Transformation, Data, Cyber Security, Product & Engineering and Go-to-Market. The business operates in the UK and the US.    
2023 was a difficult year with our efforts not yielding the results we deserved. A general slow market compounded by elongated processes and decision making led to Turnover across the group declining by 21% from £31.1M in 2022 to £24.5M in 2023 and NFI declining from £11.3M in 2022 to £7.5M in 2023. The business managed its cost base very tightly with administrative expenses reducing by 24% from £10.4M in 2022 to £7.9M in 2023, resulting in a loss after tax of £-0.4M in 2023 compared to a profit after tax of £0.6M in 2022.  Most of the 2023 loss was incurred in H1 2023 with losses narrowing in Q3 2023 and the business achieving a profit in Q4 2023. 
The hard work, determination and resilience demonstrated in 2023 put the business in a great position for 2024; with the Group achieving considerably improved performance, in line with expectation and a return to profit. Profit before tax for H1 24 was £0.7M compared to a loss of £-0.4M for H1 2023.
Our sincere thanks go to all our staff for their efforts, our suppliers for their flexibility, and our customers for their loyalty.
Delivering Outstanding Customer Experiences
The primary purpose of Stanton House is to achieve outstanding performance through delivering exceptional customer experiences. For us, customers are those seeking a new job, as well as the clients that hire them.  We believe that consistent delivery of our purpose will result in superior results in the longer term, and we will positively impact the reputation of the Recruitment Industry.    We believe this sets us apart in our industry, and we track our progress through a robust measurement of both Net Promoter Score (NPS) and Customer Satisfaction.
In 2023 our NPS was 65%. Our Customer Satisfaction performance for 2023 was 73%.

Page 1

 
STANTON HOUSE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
Corporate risk and related mitigating factors are monitored by the senior members of the business on a regular basis.
The group's most significant risk arises from fluctuations in the demand in the marketplace for staff across a variety of industries. To mitigate this risk, the group ensures that it focuses upon customer service and differentiation; by developing its offerings; and in responding flexibly to the market.
The directors are continually reviewing the wider economic situation across all the geographies in which the group operates and are taking action to mitigate the impacts.
Other principal risks also considered by the directors are:
Credit risk
The group is exposed to the risk of payment default by customers for services rendered. This risk is monitored by regular reviews of outstanding items and ongoing dialogue with customers. Live credit reports and controls have also been integrated into our team management systems increasing visibility to operators and tightening controls.
Liquidity risk
The group finances its operations through retained earnings and an invoice finance facility. The group's policy is to maintain good relationships with its bankers to ensure that sufficient facilities are in place to fund the group's needs as it expands.
Price risk
As with all companies, the group is exposed to price risk. The exposure is mitigated by pricing competitively and maintaining a high quality compliance function reviewing our candidate base.
Retention of senior and high performing staff
This is key to the success of the business. The group ensures that staff are appropriately incentivised whilst also offering a professional and flexible working environment.
Foreign exchange risk
This risk is considered regularly in relation to the business in the US however, changes in the strength of sterling would be unlikely to cause a material impact to the group's results given the comparative size of these entities.

Financial key performance indicators
 
The key financial indicators used by the directors in monitoring the business during the year were gross profit and operating profit.
The group also consider the number of placements, both interim and permanent and the number of active clients and these are monitored by the management accounts team throughout the year.


This report was approved by the board on 17 September 2024 and signed on its behalf.



R. Kirpalani
Director

Page 2

 
STANTON HOUSE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


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

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company and group continued to be that of recruitment consultancy.

Results and dividends

The loss for the year, after taxation and minority interests, amounted to £316,501 (2022 - profit £638,272).

Dividends amounting to £Nil (2022 - £136,960) were paid during the year.  The directors do not recommend any further dividends for the year.

Directors

The directors who served during the year were:

N. L. Wilson 
N. J. Eaves 
A. D. Brown 
L. M. Costello 
K. J. Culverhouse 
R. Kirpalani (appointed 1 October 2023)
J. S. Finch (resigned 1 October 2023)

Page 3

 
STANTON HOUSE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

The directors will continue to invest in specific opportunities that will deliver further growth of net fee income. The company also continues to invest in its IT and management systems to maximise the experiences for clients and candidates, and to generate efficiencies.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' 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

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 September 2024 and signed on its behalf.
 





R. Kirpalani
Director

Page 4

 
STANTON HOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STANTON HOUSE LIMITED
 

Opinion

We have audited the financial statements of Stanton House Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, 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 December 2023 and of the Group's loss 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are 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.

Page 5

 
STANTON HOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STANTON HOUSE LIMITED (CONTINUED)


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

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 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 directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

 
STANTON HOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STANTON HOUSE 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:

The objectives of our audit, in respect to fraud, are:
• to identify and assess the risks of material misstatement of the financial statements due to fraud;
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and
• to respond appropriately to fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR).
• We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
• Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved:
enquiries of management; and
journal entry testing, with a focus on manual consolidation journals and journals indicating large or unusual transactions based on our understanding of the business.
• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.
 
Page 7

 
STANTON HOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STANTON HOUSE 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.




Simon Whalley (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditors
  
The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

17 September 2024
Page 8

 
STANTON HOUSE LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
24,536,572
31,110,663

Cost of sales
  
(17,046,689)
(19,807,464)

Gross profit
  
7,489,883
11,303,199

Administrative expenses
  
(7,922,504)
(10,374,042)

Other operating income
 5 
9,246
20,924

Operating (loss)/profit
 6 
(423,375)
950,081

Interest receivable and similar income
 10 
20,153
8,928

Interest payable and similar expenses
 11 
(126,979)
(74,171)

(Loss)/profit before taxation
  
(530,201)
884,838

Tax on (loss)/profit
 12 
145,708
(282,076)

(Loss)/profit for the financial year
  
(384,493)
602,762

  

Currency translation differences
  
(5,544)
(10,843)

Other comprehensive income for the year
  
(5,544)
(10,843)

Total comprehensive income for the year
  
(390,037)
591,919

(Loss)/profit for the year attributable to:
  

Non-controlling interests
  
(67,992)
(35,510)

Owners of the parent Company
  
(316,501)
638,272

  
(384,493)
602,762

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
(67,992)
(35,510)

Owners of the parent Company
  
(322,045)
627,429

  
(390,037)
591,919

The notes on pages 20 to 44 form part of these financial statements.

Page 9

 
STANTON HOUSE LIMITED
REGISTERED NUMBER: 07394702

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
12,129
27,352

Tangible assets
 15 
130,562
163,216

  
142,691
190,568

Current assets
  

Debtors: amounts falling due within one year
 17 
4,987,578
5,282,949

Cash at bank and in hand
 18 
1,860,043
1,216,236

  
6,847,621
6,499,185

Creditors: amounts falling due within one year
 19 
(4,558,906)
(4,017,112)

Net current assets
  
 
 
2,288,715
 
 
2,482,073

Total assets less current liabilities
  
2,431,406
2,672,641

Creditors: amounts falling due after more than one year
 20 
-
(130,469)

Provisions for liabilities
  

Deferred taxation
 24 
(1,297)
(13,841)

Other provisions
 25 
(84,096)
(66,500)

  
 
 
(85,393)
 
 
(80,341)

Net assets
  
2,346,013
2,461,831


Capital and reserves
  

Called up share capital 
 26 
649,986
649,986

Profit and loss account
 27 
1,689,815
1,824,223

Equity attributable to owners of the parent Company
  
2,339,801
2,474,209

Non-controlling interests
  
6,212
(12,378)

  
2,346,013
2,461,831


Page 10

 
STANTON HOUSE LIMITED
REGISTERED NUMBER: 07394702
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.




R. Kirpalani
Director

The notes on pages 20 to 44 form part of these financial statements.

Page 11

 
STANTON HOUSE LIMITED
REGISTERED NUMBER: 07394702

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
5,727
10,384

Tangible assets
 15 
88,361
105,266

Investments
 16 
13
237,315

  
94,101
352,965

Current assets
  

Debtors: amounts falling due within one year
 17 
3,752,375
4,421,721

Cash at bank and in hand
 18 
1,327,894
394,212

  
5,080,269
4,815,933

Creditors: amounts falling due within one year
 19 
(3,549,038)
(3,486,521)

Net current assets
  
 
 
1,531,231
 
 
1,329,412

Total assets less current liabilities
  
1,625,332
1,682,377

  

Creditors: amounts falling due after more than one year
 20 
-
(102,915)

Provisions for liabilities
  

Deferred taxation
 24 
(12,205)
(13,841)

Other provisions
 25 
(84,096)
(66,500)

  
 
 
(96,301)
 
 
(80,341)

Net assets
  
1,529,031
1,499,121


Capital and reserves
  

Called up share capital 
 26 
649,986
649,986

Profit and loss account brought forward
  
849,135
560,365

Profit for the year
  
29,910
425,730

Other changes in the profit and loss account

  

-
(136,960)

Profit and loss account carried forward
  
879,045
849,135

  
1,529,031
1,499,121


Page 12

 
STANTON HOUSE LIMITED
REGISTERED NUMBER: 07394702
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.




R. Kirpalani
Director

The notes on pages 20 to 44 form part of these financial statements.

Page 13

 
STANTON HOUSE LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


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

£
£
£
£
£


At 1 January 2022
642,986
1,542,275
2,185,261
(31,732)
2,153,529


Comprehensive income for the year

Profit for the year

-
638,272
638,272
-
638,272

Currency translation differences
-
(10,843)
(10,843)
-
(10,843)

Profit for the year
-
-
-
(35,510)
(35,510)


Other comprehensive income for the year
-
(10,843)
(10,843)
(35,510)
(46,353)


Total comprehensive income for the year
-
627,429
627,429
(35,510)
591,919


Contributions by and distributions to owners

Dividends: Equity capital
-
(136,960)
(136,960)
-
(136,960)

Shares issued during the year
7,000
-
7,000
-
7,000

Disposal of non-controlling interest
-
(54,544)
(54,544)
54,864
320

Distribution to LLP members
-
(171,936)
(171,936)
-
(171,936)

Currency translation differences
-
17,959
17,959
-
17,959


Total transactions with owners
7,000
(345,481)
(338,481)
54,864
(283,617)



At 1 January 2023
649,986
1,824,223
2,474,209
(12,378)
2,461,831


Comprehensive income for the year

Loss for the year

-
(316,501)
(316,501)
-
(316,501)

Currency translation differences
-
(5,544)
(5,544)
-
(5,544)

Loss for the year
-
-
-
(67,992)
(67,992)


Other comprehensive income for the year
-
(5,544)
(5,544)
(67,992)
(73,536)


Total comprehensive income for the year
-
(322,045)
(322,045)
(67,992)
(390,037)


Contributions by and distributions to owners

Correction of prior year non-controlling interest
-
(86,582)
(86,582)
86,582
-
Page 14

 
STANTON HOUSE LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Distribution to LLP members
-
274,219
274,219
-
274,219


Total transactions with owners
-
187,637
187,637
86,582
274,219


At 31 December 2023
649,986
1,689,815
2,339,801
6,212
2,346,013


The notes on pages 20 to 44 form part of these financial statements.

Page 15

 
STANTON HOUSE LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
642,986
560,365
1,203,351


Comprehensive income for the year

Profit for the year
-
425,730
425,730
Total comprehensive income for the year
-
425,730
425,730


Contributions by and distributions to owners

Dividends: Equity capital
-
(136,960)
(136,960)

Shares issued during the year
7,000
-
7,000


Total transactions with owners
7,000
(136,960)
(129,960)



At 1 January 2023
649,986
849,135
1,499,121


Comprehensive income for the year

Profit for the year
-
29,910
29,910
Total comprehensive income for the year
-
29,910
29,910


Total transactions with owners
-
-
-


At 31 December 2023
649,986
879,045
1,529,031


The notes on pages 20 to 44 form part of these financial statements.

Page 16

 
STANTON HOUSE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(384,493)
602,762

Adjustments for:

Amortisation of intangible assets
10,727
11,969

Depreciation of tangible assets
54,665
65,933

Loss on disposal of tangible assets
4,086
3,795

Interest paid
126,980
74,171

Taxation charge
(145,708)
282,076

Decrease in debtors
601,472
316,728

(Decrease) in creditors
(720,855)
(90,373)

Increase in provisions
17,596
28,000

Corporation tax (paid)
(21,547)
(194,573)

Net cash generated from operating activities

(457,077)
1,100,488


Cash flows from investing activities

Purchase of intangible fixed assets
-
(11,705)

Purchase of tangible fixed assets
(22,010)
(87,269)

Sale of tangible fixed assets
(4,086)
-

HP interest paid
(1,807)
(2,231)

Payments of other investments and loans
-
(18,976)

Net cash from investing activities

(27,903)
(120,181)

Cash flows from financing activities

Issue of ordinary shares
-
7,000

ID facility/borrowing
1,294,182
-

Repayment of loans
-
(94,160)

Repayment of/new finance leases
(8,508)
(8,343)

Dividends paid
-
(100,000)

Interest paid
(125,173)
(71,940)

Net cash used in financing activities
1,160,501
(267,443)

Net increase in cash and cash equivalents
675,521
712,864

Cash and cash equivalents at beginning of year
1,216,236
461,383

Foreign exchange gains and losses
(31,714)
41,989

Cash and cash equivalents at the end of year
1,860,043
1,216,236


Cash and cash equivalents at the end of year comprise:
Page 17

 
STANTON HOUSE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£


Cash at bank and in hand
1,860,043
1,216,236

1,860,043
1,216,236


The notes on pages 20 to 44 form part of these financial statements.

Page 18

 
STANTON HOUSE LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,216,236

643,807

1,860,043

Debt due after 1 year

(52,688)

52,688

-

Debt due within 1 year

(271,078)

(1,346,870)

(1,617,948)

Finance leases

(35,897)

8,507

(27,390)


856,573
(641,868)
214,705

The notes on pages 20 to 44 form part of these financial statements.

Page 19

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Stanton House Limited ("the company") is a private company limited by shares and is registered, domiciled and incorporated in England and Wales. The registered office is 2nd Floor, 25 Christopher Street, London, EC2A 2BS..
The group consists of Stanton House Limited and all of its subsidiaries listed in note 16.
The company's and the group's principal activities and nature of its operations are disclosed in the Strategic Report and the Directors' Report.

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 Statement of financial position, 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.

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 20

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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 21

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.9

Interest income

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

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 22

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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 Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.13

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 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 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;
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 reporting date.

Page 23

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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:

Website costs
-
25% straight line

 
2.15

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:

Leasehold improvements
-
over the term of the lease
Motor vehicles
-
25% straight line
Fixtures, fittings and 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.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

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.

Page 24

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

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.

 
2.19

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.

 
2.20

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.

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Page 25

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.21
Financial instruments (continued)

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 26

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.22

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 directors do not consider there to be any significant judgement or estimate areas within the financial statements.


4.


Turnover

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

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
22,701,950
26,456,610

Rest of the world
1,834,622
4,654,053

24,536,572
31,110,663



5.


Other operating income

2023
2022
£
£

Government grants receivable
9,246
20,924

9,246
20,924


Page 27

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Exchange differences
21,227
(102,429)

Other operating lease rentals
411,833
432,078


7.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
21,000
33,000

Fees payable to the Company's auditors in respect of:

Taxation compliance services
3,000
-

All non-audit services not included above
4,000
-

Page 28

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
5,211,238
8,086,865
4,141,882
4,072,517

Social security costs
650,790
586,116
439,541
484,547

Cost of defined contribution scheme
144,133
173,888
132,737
122,229

6,006,161
8,846,869
4,714,160
4,679,293


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Management
5
4
5
4



Administration and sales
61
72
45
48

66
76
50
52


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
1,023,438
1,153,249

Group contributions to defined contribution pension schemes
23,308
18,087

Amounts paid to third parties in respect of directors' services
27,000
27,080

1,073,746
1,198,416


During the year retirement benefits were accruing to 4 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £261,022 (2022 - £335,685).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).

Page 29

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
20,153
8,928

20,153
8,928


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
3,225
6,517

Finance leases and hire purchase contracts
1,807
2,231

Other interest payable
121,947
65,423

126,979
74,171


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(133,164)
133,164

Adjustments in respect of previous periods
-
28


(133,164)
133,192

Foreign tax


Foreign tax on income for the year
-
147,286

-
147,286

Total current tax
(133,164)
280,478

Deferred tax


Origination and reversal of timing differences
(12,544)
1,598

Total deferred tax
(12,544)
1,598


Tax on (loss)/profit
(145,708)
282,076
Page 30

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(530,202)
884,838


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(124,597)
168,119

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,384
27,968

Fixed asset differences
(4,564)
(1,005)

Tax losses carried back at lower tax rates
31,539
-

Effect of overseas tax rates
-
27,776

Adjustments to tax charge in respect of prior periods
-
28

Non-taxable income
(166,241)
58,806

Unrelieved loss on foreign subsidiaries
107,317
-

Other differences leading to an increase (decrease) in the tax charge
3,454
384

Total tax charge for the year
(145,708)
282,076


Factors that may affect future tax charges

Tax losses of £43,634 are carried forward and are available to reduce the tax payable on future trading profits.


13.


Dividends

2023
2022
£
£

Ordinary


Dividend paid
-
136,960

-
136,960

Page 31

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Intangible assets

Group





Website

£



Cost


At 1 January 2023
89,975


Disposals
(10,715)


Foreign exchange movement
(800)



At 31 December 2023

78,460



Amortisation


At 1 January 2023
62,623


Charge for the year on owned assets
10,727


On disposals
(6,630)


Foreign exchange movement
(389)



At 31 December 2023

66,331



Net book value



At 31 December 2023
12,129



At 31 December 2022
27,352



Page 32

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           14.Intangible assets (continued)

Company




Website

£



Cost


At 1 January 2023
60,898



At 31 December 2023

60,898



Amortisation


At 1 January 2023
50,515


Charge for the year
4,656



At 31 December 2023

55,171



Net book value



At 31 December 2023
5,727



At 31 December 2022
10,384

Page 33

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets

Group






Short-term leasehold property
Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
89,488
56,430
206,043
351,961


Additions
-
-
22,010
22,010



At 31 December 2023

89,488
56,430
228,053
373,971



Depreciation


At 1 January 2023
26,460
20,120
142,164
188,744


Charge for the year on owned assets
13,955
-
31,406
45,361


Charge for the year on financed assets
-
8,326
-
8,326


Exchange adjustments
-
-
978
978



At 31 December 2023

40,415
28,446
174,548
243,409



Net book value



At 31 December 2023
49,073
27,984
53,505
130,562



At 31 December 2022
63,028
36,309
63,879
163,216

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
27,984
36,309

27,984
36,309

Page 34

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)


Company






Short-term leasehold property
Fixtures, fittingsand equipment
Total

£
£
£

Cost or valuation


At 1 January 2023
121,900
224,936
346,836


Additions
-
20,031
20,031



At 31 December 2023

121,900
244,967
366,867



Depreciation


At 1 January 2023
58,872
182,698
241,570


Charge for the year on owned assets
13,955
22,981
36,936



At 31 December 2023

72,827
205,679
278,506



Net book value



At 31 December 2023
49,073
39,288
88,361



At 31 December 2022
63,028
42,238
105,266






Page 35

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
263,151



At 31 December 2023

263,151



Impairment


At 1 January 2023
25,836


Charge for the period
237,302



At 31 December 2023

263,138



Net book value



At 31 December 2023
13



At 31 December 2022
237,315

Page 36

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Stanton House Managed Solutions Limited
2nd Floor, 25 Christopher Street, London, EC2A 2BS
Ordinary
100%
Stanton House Recruitment Limited
2nd Floor, 25 Christopher Street, London, EC2A 2BS
Ordinary
100%
Stanton House UK LLP
2nd Floor, 25 Christopher Street, London, EC2A 2BS
Members capital
90%
Stanton House Inc
108 West 13th Street, Wilmington, Delaware 19801, USA
Ordinary
84%
Stanton House Limited
42/F, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong
Ordinary
100%
Stanton House Pte Limited
138 Cecil Street, #12-01A, Cecil Court, Singapore
Ordinary
100%


17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
3,364,060
3,908,960
2,740,883
3,258,547

Amounts owed by group undertakings
-
-
326,808
382,244

Other debtors
659,059
657,847
617,489
583,180

Prepayments and accrued income
258,373
284,276
67,195
197,750

Amounts due from members
706,086
431,866
-
-

4,987,578
5,282,949
3,752,375
4,421,721


Included within other debtors due within one year are loans to directors, see note 30 for details.

Page 37

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,860,043
1,216,236
1,327,894
394,212

1,860,043
1,216,236
1,327,894
394,212



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
1,617,948
271,078
1,567,447
121,950

Trade creditors
1,598,804
1,635,037
1,522,184
1,438,881

Amounts owed to group undertakings
-
-
(475,238)
748,109

Corporation tax
-
153,499
-
-

Other taxation and social security
399,711
371,142
346,255
339,328

Obligations under finance lease and hire purchase contracts
27,390
8,343
-
-

Other creditors
205,476
225,179
185,816
205,765

Accruals and deferred income
709,577
1,352,834
402,574
632,488

4,558,906
4,017,112
3,549,038
3,486,521



The following liabilities were secured:
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
1,566,611
220,578
1,514,229
71,450

Obligations under finance lease and hire purchase contracts
27,390
8,343
-
-

1,594,001
228,921
1,514,229
71,450

Details of security provided:

Bank loans are secured on the book debts and a cross corporate guarantee between group entities.
Obligations under finance lease and hire purchase contracts are secured on the assets concerned.

Page 38

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
-
52,688
-
52,688

Net obligations under finance leases and hire purchase contracts
-
27,554
-
-

Other creditors
-
50,227
-
50,227

-
130,469
-
102,915



The following liabilities were secured:
Group
Group
2023
2022
£
£


Net obligations under finance leases and hire purchase contracts
-
27,554

-
27,554

Details of security provided:

Net obligations under finance leases and hire purchase contracts are secured on the assets concerned.



Page 39

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
1,617,948
271,078
1,567,447
121,950


1,617,948
271,078
1,567,447
121,950

Amounts falling due 1-2 years

Bank loans
-
52,688
-
52,688


-
52,688
-
52,688



1,617,948
323,766
1,567,447
174,638



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
30,003
8,343

Between 1-5 years
-
27,554

30,003
35,897


23.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,860,043
1,216,236
1,327,894
394,212




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 40

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Deferred taxation


Group



2023


£






At beginning of year
(13,841)


Charged to profit or loss
12,544



At end of year
(1,297)

Company


2023


£






At beginning of year
(13,841)


Charged to profit or loss
1,636



At end of year
(12,205)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(15,575)
(20,249)
(15,575)
(20,249)

Tax losses carried forward
10,908
-
-
-

Short term timing differences
3,370
6,408
3,370
6,408

(1,297)
(13,841)
(12,205)
(13,841)

Page 41

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Provisions


Group and Company



Dilapidation provision

£





At 1 January 2023
66,500


Charged to profit or loss
17,596



At 31 December 2023
84,096


26.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



649,986 (2022 - 649,986) Ordinary shares of £1.00 each
649,986
649,986



27.


Reserves

Profit and loss account

Cumulative profit and loss net of distribution to owners.


28.


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 by the Group  to the fund. Contributions totalling £33,828 (2022 - £26,085) were payable to the fund at the reporting date and are included in creditors.

Page 42

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

29.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
253,740
253,740
253,740
253,740

Later than 1 year and not later than 5 years
734,192
684,203
734,192
684,203

987,932
937,943
987,932
937,943


30.


Transactions with directors

Opening balance
Amounts repaid
Interest charged
Closing balance
        £
        £
        £
        £

Loan to N. Eaves

149,637

(4,702)
 
9,407
 
154,342

Loan to N. Wilson

96,706

(5,951)
 
5,943
 
96,698


246,343

(10,653)
 
15,350
 
251,040



31.


Related party transactions

The company has taken advantage of the exemption under paragraph 33.1A of FRS 102 and has not disclosed transactions with other wholly owned group companies.


2023
2022
£
£

 
Sales to entities under common control
-
89,941
 
Purchases from entities under common control
-
28,509
 
Management charges to entities under common control
16,538
129,522
 
Amounts owed from / (to) entities under common control
981,196
748,482


32.


Controlling party

N. L. Wilson is deemed to be the ultimate controlling party.

Page 43

 
STANTON HOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

33.


Subsidiary audit exemption

Stanton House Limited has provided a parental guarantee for the companies listed subsequently.
The subsidiary undertakings Stanton House Recruitment Limited (registered number 07517592), Stanton House Managed Solutions Limited (registered number 08406576) and Stanton House UK LLP (registered number OC380274) have taken the exemption in section 479A of the Companies Act 2006 (the Act) from the requirements in the Act for their individual accounts to be audited, for the financial year ended 31 December 2023.

 
Page 44