Company registration number 01667975 (England and Wales)
INFORMATION PUBLISHING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
INFORMATION PUBLISHING LIMITED
COMPANY INFORMATION
Directors
J M Bloch
R Shafir
M G Hepsworth
S E Stewart
Company number
01667975
Registered office
5 Highgate Road
Kentish Town
London
UK
NW5 1JY
Auditor
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
INFORMATION PUBLISHING LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 36
INFORMATION PUBLISHING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Fair review of the business

IPL had another successful year in 2023. We expanded organically as well as undertaking a incremental acquisition at the end of the year. Turnover rose by £2,473,269 to £22,406,802 while profits decreased to £2,715,215 but this was predominantly caused by currency fluctuations.

 

IPL has built the business around four main areas of expansion:

 

Firstly, we have undertaken incremental acquisitions of businesses/​datasets which enhance our core services or fill out gaps. During the year we acquired 80% of Symbol Master Inc which produces the premier reference database for US Options. We continue to explore several acquisition opportunities, predominantly in the USA.

 

Secondly, we aim to expand geographically. Historically most of our business has been focused on the USA and the United Kingdom. We are seeking to expand the business to Europe We are currently in the process of translating the EDI website into the four major European languages.

 

Thirdly our goal is to cover all tradeable instruments worldwide in terms of reference and corporate actions data as well as end of day pricing. We continue to work on a Municipal Bond reference database and have started a proof of concept utilizing machine learning. We intend to adopt the same methodology for Structured Products. We are building out our investment funds reference database and are adding corporate actions and dividends for that sector. We are currently developing a global derivative analytic product. Our subsidiary FII is about to launch a North American IPO calendar which will have exhaustive data on IPOs.

 

And finally we are reaching out to a broader base of clients including investment banks, hedge funds and asset managers. Hitherto, we have serviced predominantly service providers including index companies, credit rating agencies, software companies and other data providers. By extending our audience we believe that we can profitably leverage our existing data assets. What we are doing in this regard is best exemplified by the activities of our three subsidiaries based in Aurora, Illinois and under the management of SQX, in which we have a 80% stake

 

SQX.bonds.com IPL’s retail-focused web app providing fixed-income data. Originally launched in March 2024 as Shibui Markets, the platform has steadily grown its user base. Through test marketing, we’ve honed our focus on meeting the needs of U.S. users while maintaining a global presence. Relaunched this summer as SQXBonds, the new name underscores SQX’s role as a provider of high-quality corporate bond prices. We are continuously refining our SEO strategy to position SQXBonds as a leading resource for fixed-income data online. We intend to add a trading facility to this website. MBIS enhanced its curves and created a tool for broker dealers to monitor and trade US municipal bonds. SQX launched SQX Alts, a new web platform for alternative investments news and information. SQX Alts delivers daily articles on the world of alternative investments, offering relevant, timely updates about the news that interests alts investors.

 

Additionally, SQX Alts features a detailed database of alternative investments information, alongside a directory of sponsors, publicly-issued securities, and news articles relevant to specific sponsors.

 

Our journey with SQX Alts is just beginning. We believe this website will become the go-to resource for anyone in the alts world, whether they’re an investor, asset-manager, custodian, issuer, or sponsor.

Principal risks and uncertainties

Like most firms we are still facing issues relating to hybrid working. In order to build a successful corporate culture, train and integrate newcomers, office working is required. We are now taking measures to address this that might in the short-term lead to some staff turnover but is essential for long-term growth.

 

We have some degree of customer concentration, and we are hoping that by providing a broader range of products over a wider range of clients we can diffuse this risk.

 

I want to thank all our staff worldwide who have worked diligently to service our clients. While the geopolitical environment has not been favourable we have adapted to dealing with this and continue to build up our products and seek new markets and clients.

 

INFORMATION PUBLISHING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The group's key performance indicators (KPl's) are turnover, gross profit, gross profit margin and operating profit margin before exceptional items. The directors monitor the KPl's on a regular basis to assess the group's ongoing financial performance.

 

On behalf of the board

J M Bloch
Director
14 September 2024
INFORMATION PUBLISHING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of distributing financial data to worldwide markets.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J M Bloch
R Shafir
M G Hepsworth
S E Stewart
Financial instruments

The Group's financial instruments mainly comprise, cash, trade debtors and trade creditors. The directors review and manage the Group's exposure to risk relating to these financial instruments such as liquidity, currency, credit and interest rate risks.

Liquidity risk

The Group has sufficient funds to meet its working capital needs and also to explore investment opportunities and as such is not significantly exposed to Liquidity risk.

Interest rate risk

The majority of the Group’s statement of financial position is not sensitive to interest rate risk.

Foreign currency risk

The Group is exposed to Currency risk due to its operations in its geographical locations, however, the impact of this is minimised through treasury management as well as the assets and liabilities held across the respective foreign currencies.

Credit risk

The Group uses well known highly rated banks for its cash deposits. Also, the Group evaluates each client's credibility before entering into agreements with them and mainly deals with creditable clients. A significant portion of agreements with Clients involve advanced billing therefore reducing credit risk. Overall, the Group continually assesses recovery of trade receivables and makes a provision where necessary and where there is a sufficient doubt of recovery. All intercompany loans are recoverable.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

INFORMATION PUBLISHING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J M Bloch
Director
14 September 2024
INFORMATION PUBLISHING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INFORMATION PUBLISHING LIMITED
- 5 -
Opinion

We have audited the financial statements of Information Publishing Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

INFORMATION PUBLISHING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INFORMATION PUBLISHING LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 financial statements.

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 purposes 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 group's or the parent 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 auditor's report 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 auditor's report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

INFORMATION PUBLISHING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INFORMATION PUBLISHING LIMITED
- 7 -

• 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 .

 

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

 

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 of 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 to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the group and parent company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation .

 

• We obtained an understanding of how the group and parent company complies with these requirements by discussions with management and those charged with governance .

 

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

 

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

INFORMATION PUBLISHING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INFORMATION PUBLISHING LIMITED
- 8 -

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 an auditor's 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.

Paul Davis
Senior Statutory Auditor
For and on behalf of Bright Grahame Murray
Chartered Accountants
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
18 September 2024
INFORMATION PUBLISHING LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
22,406,802
19,933,533
Cost of sales
(8,304,178)
(7,314,351)
Gross profit
14,102,624
12,619,182
Administrative expenses
(11,067,133)
(9,113,066)
Other operating income
15,071
-
Operating profit
4
3,050,562
3,506,116
Interest receivable and similar income
8
131,101
27,982
Interest payable and similar expenses
9
(33,733)
(45,571)
Gain on disposal of fixed asset investment
10
127,861
-
Profit before taxation
3,275,791
3,488,527
Tax on profit
11
(560,576)
(737,178)
Profit for the financial year
2,715,215
2,751,349
Profit for the financial year is attributable to:
- Owners of the parent company
2,705,732
2,700,398
- Non-controlling interests
9,483
50,951
2,715,215
2,751,349
INFORMATION PUBLISHING LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
Profit for the year
2,715,215
2,751,349
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
180,846
(187,245)
Total comprehensive income for the year
2,896,061
2,564,104
Total comprehensive income for the year is attributable to:
- Owners of the parent company
2,886,578
2,513,153
- Non-controlling interests
9,483
50,951
2,896,061
2,564,104
INFORMATION PUBLISHING LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
14
1,589,281
1,203,708
Other intangible assets
14
3,186,633
3,155,808
Total intangible assets
4,775,914
4,359,516
Tangible assets
13
987,965
290,451
5,763,879
4,649,967
Current assets
Debtors
17
6,189,501
5,890,267
Cash at bank and in hand
8,762,776
10,688,138
14,952,277
16,578,405
Creditors: amounts falling due within one year
18
(11,206,345)
(13,995,962)
Net current assets
3,745,932
2,582,443
Total assets less current liabilities
9,509,811
7,232,410
Creditors: amounts falling due after more than one year
19
(875,173)
(472,406)
Provisions for liabilities
Deferred tax liability
23
429,056
453,077
(429,056)
(453,077)
Net assets
8,205,582
6,306,927
Capital and reserves
Called up share capital
22
144,786
150,286
Share premium account
177,625
177,625
Capital redemption reserve
116,117
116,117
Other reserves
5,585
5,585
Profit and loss reserves
7,642,135
5,755,057
Equity attributable to owners of the parent company
8,086,248
6,204,670
Non-controlling interests
119,334
102,257
8,205,582
6,306,927

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 14 September 2024 and are signed on its behalf by:
14 September 2024
J M Bloch
Director
Company registration number 01667975 (England and Wales)
INFORMATION PUBLISHING LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
15
361,489
349,167
Current assets
Debtors
17
1,023,946
374,963
Cash at bank and in hand
825,967
81,554
1,849,913
456,517
Creditors: amounts falling due within one year
18
(677,645)
(600,104)
Net current assets/(liabilities)
1,172,268
(143,587)
Total assets less current liabilities
1,533,757
205,580
Creditors: amounts falling due after more than one year
19
-
(61,450)
Net assets
1,533,757
144,130
Capital and reserves
Called up share capital
22
144,786
150,286
Share premium account
177,625
177,625
Capital redemption reserve
116,117
116,117
Other reserves
5,585
5,585
Profit and loss reserves
1,089,644
(305,483)
Total equity
1,533,757
144,130

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,394,627 (2022 - £69,514 loss).

The financial statements were approved by the board of directors and authorised for issue on 14 September 2024 and are signed on its behalf by:
14 September 2024
J M Bloch
Director
Company registration number 01667975 (England and Wales)
INFORMATION PUBLISHING LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Capital redemption reserve
Other Reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
£
Balance at 1 January 2022
150,286
177,625
116,117
5,585
3,241,904
3,691,517
51,306
3,742,823
Year ended 31 December 2022:
Profit for the year
-
-
-
-
2,700,398
2,700,398
50,951
2,751,349
Other comprehensive income:
Currency translation differences
-
-
-
-
(187,245)
(187,245)
-
(187,245)
Total comprehensive income
-
-
-
-
2,513,153
2,513,153
50,951
2,564,104
Balance at 31 December 2022
150,286
177,625
116,117
5,585
5,755,057
6,204,670
102,257
6,306,927
Year ended 31 December 2023:
Profit for the year
-
-
-
-
2,705,732
2,705,732
9,483
2,715,215
Other comprehensive income:
Currency translation differences
-
-
-
-
180,846
180,846
-
180,846
Total comprehensive income
-
-
-
-
2,886,578
2,886,578
9,483
2,896,061
Redemption of shares
22
(5,500)
-
-
-
(999,500)
(1,005,000)
-
(1,005,000)
Acquisition of subsidiary
-
-
-
-
-
-
7,594
7,594
Balance at 31 December 2023
144,786
177,625
116,117
5,585
7,642,135
8,086,248
119,334
8,205,582
INFORMATION PUBLISHING LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Share premium account
Capital redemption reserve
Other Reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
150,286
177,625
116,117
5,585
(235,969)
213,644
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
-
-
(69,514)
(69,514)
Balance at 31 December 2022
150,286
177,625
116,117
5,585
(305,483)
144,130
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
-
2,394,627
2,394,627
Redemption of shares
22
(5,500)
-
-
-
(999,500)
(1,005,000)
Balance at 31 December 2023
144,786
177,625
116,117
5,585
1,089,644
1,533,757
INFORMATION PUBLISHING LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,435,071
5,379,850
Interest paid
(33,733)
(45,571)
Income taxes paid
(966,057)
(256,189)
Net cash inflow from operating activities
1,435,281
5,078,090
Investing activities
Purchase of business
(668,699)
(140,621)
Purchase of intangible assets
(719,867)
(1,108,973)
Proceeds from disposal of intangibles
31,859
-
Purchase of tangible fixed assets
(899,152)
(276,626)
Proceeds from disposal of tangible fixed assets
1,478
-
Proceeds from disposal of investments
127,861
-
Interest received
131,101
27,982
Net cash used in investing activities
(1,995,419)
(1,498,238)
Financing activities
Redemption of shares
(1,005,000)
-
0
Repayment of borrowings
(261,934)
-
Repayment of bank loans
(297,188)
(60,475)
Payment of finance leases obligations
-
(3,917)
Net cash used in financing activities
(1,564,122)
(64,392)
Net (decrease)/increase in cash and cash equivalents
(2,124,260)
3,515,460
Cash and cash equivalents at beginning of year
10,688,138
7,172,678
Effect of foreign exchange rates
198,898
-
0
Cash and cash equivalents at end of year
8,762,776
10,688,138
INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Information Publishing Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 5 Highgate Road, Kentish Town, London, UK, NW5 1JY.

 

The group consists of Information Publishing Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Information Publishing Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

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

1.5
Turnover

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:

 

 

Subscription revenue is recognised evenly over the period of subscription.

INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is between five to ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
5 - 10 years straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
over the lease term
Fixtures and fittings
25% reducing balance
Computers
3 year straight line
Office equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
2
Judgements and key sources of estimation uncertainty

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Impairment of goodwill investments

The Group tests annually whether goodwill and investments have suffered any impairment, in accordance with the accounting policy. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of estimates, both in arriving at the expected future cash flows and in the application of a suitable discount rate in order to calculate the present value of these flows.

Intangible assets

The useful life used to amortise intangible assets relates to the expected future performance of the assets acquired and management's estimate of the period over which economic benefit will be derived from the asset.

 

The Group tests annually whether there is any indication of impairment for intangible assets, in accordance with the accounting policy. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Development expenditure

The Group recognises costs incurred on development projects as an intangible asset which satisfies the requirements of FRS 102. The calculation of the costs incurred includes the percentage of time spent by certain employees on the development project. The decision whether to capitalise and how to determine the period of economic benefit of a development project requires an assessment of the commercial viability of the project and the prospect of selling the project to new or existing customers.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives. The actual lives of the assets are assessed annually and may vary depending on a number of factors.

Deferred and contingent consideration

Accounting for deferred consideration, and for acquisition-related contingent consideration, is based on estimates of future performance of the acquired business over the contractual earn-out period, as measured against the contractually agreed performance targets. If the future results of these businesses differs from the forecasts used for these calculations, there may be a material change in the value of these deferred liabilities which would be recorded in the consolidated statement of profit and loss.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Services rendered
22,406,802
19,933,533
INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 24 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
4,688,541
4,803,556
Rest of Europe
3,011,696
2,464,225
Rest of World
14,706,565
12,665,752
22,406,802
19,933,533
2023
2022
£
£
Other revenue
Interest income
131,101
27,982
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
23,164
(738,629)
Depreciation of owned tangible fixed assets
188,828
83,351
Profit on disposal of tangible fixed assets
(1,421)
-
Amortisation of intangible assets
940,145
1,022,375
Impairment of intangible assets
-
0
276,626
Operating lease charges
314,019
313,521
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
17,750
17,250
Audit of the financial statements of the company's subsidiaries
25,500
28,300
43,250
45,550
For other services
All other non-audit services
15,000
16,450
INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
375
318
-
-
Development
36
30
-
-
Distribution
8
7
-
-
Manufacturing
30
25
-
-
Total
449
380
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,777,408
5,171,695
-
0
-
0
Social security costs
443,268
438,626
-
-
Pension costs
228,296
185,040
-
0
-
0
6,448,972
5,795,361
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
199,968
280,146
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
128,900
128,904
INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
130,093
27,949
Other interest income
1,008
33
Total income
131,101
27,982
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
23,180
42,447
Other interest
10,553
3,124
Total finance costs
33,733
45,571
10
Gain on disposal of fixed asset investments
2023
2022
£
£
Gain on disposal of fixed asset investments
127,861
-
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
482,757
985,468
Adjustments in respect of prior periods
(105,331)
(124,059)
Total UK current tax
377,426
861,409
Foreign current tax on profits for the current period
138,091
-
0
Total current tax
515,517
861,409
Deferred tax
Origination and reversal of timing differences
45,059
(124,231)
Total tax charge
560,576
737,178
INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Taxation
(Continued)
- 27 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
3,275,791
3,488,527
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
770,466
662,820
Tax effect of expenses that are not deductible in determining taxable profit
28,169
44,306
Tax effect of income not taxable in determining taxable profit
(147,653)
(2,204)
Adjustments in respect of prior years
(105,331)
(124,059)
Group relief
-
0
(17,442)
Permanent capital allowances in excess of depreciation
(3,065)
(3,228)
Other non-reversing timing differences
2,862
16,372
Effect of overseas tax rates
15,128
160,613
Taxation charge
560,576
737,178
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Goodwill
14
-
276,626
Recognised in:
Administrative expenses
-
276,626

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
13
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Computers
Office equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
260,365
194,754
869,230
-
0
1,324,349
Additions
404,766
247,149
222,375
24,862
899,152
Disposals
(260,365)
(48,819)
(343,963)
-
0
(653,147)
Exchange adjustments
-
0
(6,900)
(19,826)
-
0
(26,726)
At 31 December 2023
404,766
386,184
727,816
24,862
1,543,628
Depreciation and impairment
At 1 January 2023
260,365
120,986
652,547
-
0
1,033,898
Depreciation charged in the year
4,345
65,956
116,870
1,657
188,828
Eliminated in respect of disposals
(260,365)
(48,762)
(343,963)
-
0
(653,090)
Exchange adjustments
-
0
(3,174)
(10,799)
-
0
(13,973)
At 31 December 2023
4,345
135,006
414,655
1,657
555,663
Carrying amount
At 31 December 2023
400,421
251,178
313,161
23,205
987,965
At 31 December 2022
-
0
73,768
216,683
-
0
290,451
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
14
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2023
3,942,028
11,695,062
15,637,090
Additions
673,834
719,867
1,393,701
Disposals
-
0
(6,839,733)
(6,839,733)
Transfers
-
0
(31,859)
(31,859)
Exchange adjustments
-
0
(5,299)
(5,299)
At 31 December 2023
4,615,862
5,538,038
10,153,900
Amortisation and impairment
At 1 January 2023
2,738,320
8,539,254
11,277,574
Amortisation charged for the year
288,261
651,884
940,145
Disposals
-
0
(6,839,733)
(6,839,733)
At 31 December 2023
3,026,581
2,351,405
5,377,986
Carrying amount
At 31 December 2023
1,589,281
3,186,633
4,775,914
At 31 December 2022
1,203,708
3,155,808
4,359,516
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.

More information on impairment movements in the year is given in note 12.

15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
361,489
349,167
INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
349,167
Additions
12,322
At 31 December 2023
361,489
Carrying amount
At 31 December 2023
361,489
At 31 December 2022
349,167
16
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
CapitalTrack Limited
UK
Ordinary
100.00
-
Share Data Limited
UK
Ordinary
100.00
-
Information Publishing Inc ******
USA
Ordinary
100.00
-
Exchange Data International Limited
UK
Ordinary
100.00
-
Exchange Data International (Middle East & Africa) *
Morocco
Ordinary
99.90
-
Exchange Data International India Private ltd ***
India
Ordinary
99.90
-
Exchange Data International OU Ltd *******
Estonia
Ordinary
100.00
-
Exchange Data International Inc **
USA
Ordinary
-
100.00
Fin Data Portal Inc **
USA
Ordinary
-
100.00
Securities Quote Xchange LLC *****
USA
Ordinary
-
80.00
Financial Information Inc ****
USA
Ordinary
-
100.00
Municipal Bonds Information Services  ********
USA
Ordinary
-
90.00
Shibui Fixed Income Inc *********
USA
Ordinary
-
80.00
FTS Software Inc**********
USA
Ordinary
-
80.00
Symbol Master Inc***********
USA
Ordinary
-
80.00
EDI Canada Limited ************
Canada
Ordinary
100.00
-
INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Subsidiaries
(Continued)
- 31 -

*registered in Morocco. Address: Bloc A, No 46 Ltissement Azaitoune, Tikiouine, Agadir 80650, Morocco

 

**registered in USA. Address 1250 Front Street, No. 260, Binghamton, NY13901, USA

 

***registered in India, Address: 5 B-1, 5th floor, J.P. Towers, 7/2 Nungambakkam High Road, Chennai, 600034, Tamil Nadu, India

 

****registered in USA, Address: 1 Cragwood Road, 2nd floor, South Plainfield, NJ 07080, USA

 

•••••registered in USA, Address: 106 Apple St. Suite 102 Tinton Falls, NJ 07724

 

·******registered in USA, Address: 3500 South Dupont Highway, Dover, DE19901, USA

 

•••••••registered in Estonia, Address: Narva mnt 5, Tallinn, Harju Maakond, 10117, Estonia

 

••••••••registered in USA, Address: 56 S Lasalle St Ste 106, Aurora IL, 60505-3332

 

*********registered in USA, Address: 3500 South Dupont Highway, Dover, DE19901, USA

 

••••••••••registered in USA, Address: 106 Apple Street, Suite 102, Tinton Falls, New Jersey, 07724

 

***********registered in USA, Address: 865 State Route 33, Ste 3 PMB 1017, Freehold, NJ 07728.

 

************ registered in Canada, Address: 3 Bridgman Ave, Suite 204, Toronto, Ontario, M5R3V4.

 

All other subsidiaries are registered at the same office as the parent company whose address is listed in the company information page.

17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,327,888
2,861,550
-
0
-
0
Amounts owed by group undertakings
-
-
949,501
252,498
Other debtors
566,642
525,075
8,619
-
0
Prepayments and accrued income
2,264,761
2,418,650
35,616
37,473
6,159,291
5,805,275
993,736
289,971
Amounts falling due after more than one year:
Deferred tax asset (note 23)
30,210
84,992
30,210
84,992
Total debtors
6,189,501
5,890,267
1,023,946
374,963
INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
200,713
273,119
54,325
146,665
Other borrowings
20
415,693
1,305,176
-
0
-
0
Trade creditors
1,147,700
1,258,468
25,128
-
0
Amounts owed to group undertakings
-
0
-
0
578,192
423,439
Corporation tax payable
241,594
677,836
-
0
-
0
Other taxation and social security
139,602
316,376
-
-
Other creditors
1,411,143
457,099
-
0
-
0
Accruals and deferred income
7,649,900
9,707,888
20,000
30,000
11,206,345
13,995,962
677,645
600,104
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
247,624
472,406
-
0
61,450
Other borrowings
20
627,549
-
0
-
0
-
0
875,173
472,406
-
61,450
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
448,337
745,525
54,325
208,115
Other loans
1,043,242
1,305,176
-
0
-
0
1,491,579
2,050,701
54,325
208,115
Payable within one year
616,406
1,578,295
54,325
146,665
Payable after one year
875,173
472,406
-
0
61,450

During 2021 a loan of £450,000 was taken and is repayable in monthly instalments over a period of three years. This loan is secured by a fixed charge over the companies' assets. In 2020 a loan of £600,000 was taken and is repayable in monthly instalments over a period of two years. This loan is secured by a fixed and floating charge over the companies assets. Interest is charged at 3.15% per annum above the Bank of England base rate for both loans.

During the prior year the group acquired other loans as part of its acquisition of a subsidiary. These loans bear interest at 2% per annum and redemption payments are due quarterly where certain revenue conditions are met.

INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
228,296
185,040

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 1p each
14,478,600
15,028,550
144,786
150,286

On 12 September 2023 the company repurchased 550,000 Ordinary £0.01 shares for a total consideration of £1,005,000.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
447,338
4,981
-
-
Other timing differences
(18,282)
448,096
30,210
84,992
429,056
453,077
30,210
84,992
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Other timing differences
-
-
30,210
84,992
INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Deferred taxation
(Continued)
- 34 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(Asset) at 1 January 2023
368,085
(84,992)
Charge to profit or loss
30,761
54,782
Liability/(Asset) at 31 December 2023
398,846
(30,210)
24
Acquisition of a business

On 1 December 2023 the group acquired 80% percent of the issued capital of Symbol Master Inc.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Trade and other receivables
25,114
-
25,114
Cash and cash equivalents
12,858
-
12,858
Total identifiable net assets
37,972
-
37,972
Non-controlling interests
(7,594)
Goodwill
673,834
Total consideration
704,212
The consideration was satisfied by:
£
Cash
681,557
Deferred consideration
22,655
704,212
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
33,121
Profit after tax
16,583

The goodwill arising on the acquisition of the business is attributable to the anticipated profitability of the distribution of the company's products in new markets and the future operating synergies from the combination.

INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
205,648
162,328
-
-
Between two and five years
361,358
170,227
-
-
567,006
332,555
-
-
26
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

 

During the year, Exchange Data International (Media East & Africa) SA provided services to Exchange Data International Limited, a related party by virtue of ownership, with £709,684 (2022: £591,177).

 

During the year, Exchange Data India provided services to Exchange Data International Limited, a related party by virtue of ownership, with £1,668,513 (2022: £1,067,001).

 

During the year, Exchange Data International Inc provided services to Exchange Data International Limited, a related party by virtue of ownership, with £1,220,442 (2022: £968,700).

 

During the year, Exchange Data International Limited charged $50,000 (2022: $50,000) to FinDataPortal Inc, a related party by virtue of ownership, for management services which was due at the year end.

 

During the year, Exchange Data International Limited charged $624,000 (2022: $624,000) to Exchange Data International Inc, a related party by virtue of ownership, for management services which was due at the year end.

 

During the year, Exchange Data International Limited was charged consultancy fees of £80,000 (2022: £72,330) by J M Bloch. £nil (2022: £nil) was due at the year end.

 

During the year, Information Publishing Inc was charged consultancy fees of £40,000 (2022: £30,000) by J M Bloch. £nil (2022: £nil) was due at the year end.

 

27
Exemption from audit by Parent Guarantee

The subsidiary companies listed below are exempt from the requirement of the Companies Act 2006 relating to the audit of the individual accounts as Information Publishing Limited has provided a guarantee under section 479A of the Act:

 

Company        Company Number

CapitalTrack Limited     03899448

Share Data Limited     03004064

INFORMATION PUBLISHING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
28
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
2,715,215
2,751,349
Adjustments for:
Taxation charged
560,576
737,178
Finance costs
33,733
45,571
Investment income
(131,101)
(27,982)
Gain on disposal of tangible fixed assets
(1,421)
-
Amortisation and impairment of intangible assets
940,145
1,299,001
Depreciation and impairment of tangible fixed assets
188,828
83,351
Gain on sale of investments
(127,861)
-
Decrease in provisions
(22,655)
-
Movements in working capital:
Increase in debtors
(328,902)
(2,187,436)
(Decrease)/increase in creditors
(1,391,486)
2,728,204
Cash generated from operations
2,435,071
5,429,236
29
Analysis of changes in net funds - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£
£
£
£
Cash at bank and in hand
10,688,138
(2,124,260)
198,898
8,762,776
Borrowings excluding overdrafts
(2,050,701)
559,122
-
(1,491,579)
8,637,437
(1,565,138)
198,898
7,271,197
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