REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MBL (SEMINARS) LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MBL (SEMINARS) LIMITED |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 16 |
MBL (SEMINARS) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors and Chartered Accountants |
5 Brooklands Place |
Brooklands Road |
Sale |
Cheshire |
M33 3SD |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The company's principal activity is the provision of continuing professional development training to the professional services sector. |
RESULTS AND PERFORMANCE |
MBL is the market leading provider of training services for law firms, accountants and other professional service markets. The trading results for the year and the company's financial position at the end of the year are shown in the attached financial statements. The company's key financial performance indicators for the year ended 31 December 2023 are summarised below: |
2023 | 2022 |
£'m | £'m |
Turnover | 12.5 | 10.7 |
Gross Profit | 10.1 | 8.7 |
Gross Margin % | 81 | 81 |
The company has made good progress in integrating into LBR's processes and policies following its acquisition by LBR last year. The company continues to trade profitably in challenging market conditions and is confident that it is well placed to benefit from the growing number of opportunities for its products and services through leveraging the rich content coverage from the wider group to broaden coverage of its learning and development services. |
The board expresses its appreciation for the contributions made by all of its employees throughout the year. |
FUTURE DEVELOPMENTS |
The company will invest further resource into its webinar subscription platform and website to enable it to respond to customer requirements and capitalise on the positive demand outlook. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of risk is integral to the ongoing success of the company and the directors have put in place rigorous risk assessment and control procedures across all areas of the business in order to identify, evaluate and manage risk. Data and information security remains a key area of focus. |
The impact of the changes introduced by the Solicitors Regulation Authority relating to the qualification route for solicitors from September 2021 remain uncertain but in light of a transitional period to 2032, and the risk to turnover of the product concerned (less than 5%) the directors do not see this as a material risk. |
The company is subject to the same general risks and uncertainties as any other business namely the changes in general economic conditions and any lasting impacts of the COVID-19 pandemic; in particular on the professional services sector and its requirement for training. |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
LIQUIDITY |
The company has robust credit control procedures in place and maintained a strong cash position throughout the year. |
ON BEHALF OF THE BOARD: |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
DIVIDENDS |
The profit for the year, after taxation, amounted to £4,954,347 (2022: £3,691,840). |
During the year the company paid dividends of £2,737,500 (2022: £2,053,419). |
DIRECTORS |
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows: |
DONATIONS |
During the year the company made charitable donations of £748 (2022: £3,445). |
DISCLOSURE IN THE STRATEGIC REPORT |
The business review, financial risk assessment, assessment of principal risk and uncertainties, research and development, post balance sheet events and future developments are included within the strategic report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MBL (SEMINARS) LIMITED |
Opinion |
We have audited the financial statements of MBL (Seminars) Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MBL (SEMINARS) LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MBL (SEMINARS) LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
As part of our planning process: |
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. |
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, and employment law. |
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. |
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. |
The key procedures we undertook to detect irregularities including fraud during the course of the audit included: |
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. |
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. |
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates. |
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation. |
- Testing key revenue lines, in particular cut-off, for evidence of management bias. |
- Obtaining third-party confirmation of material bank balances. |
- Documenting and verifying all significant related party balances and transactions. |
- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MBL (SEMINARS) LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors and Chartered Accountants |
5 Brooklands Place |
Brooklands Road |
Sale |
Cheshire |
M33 3SD |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Capital redemption reserve | 16 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Share issue |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
8,290,501 |
Cash and cash equivalents at end of year | 2 | 1,817,657 | 10,502,114 |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance income | (67,770 | ) | (21,012 | ) |
5,873,947 | 4,673,391 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 1,817,657 | 10,502,114 |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 10,502,114 | 8,290,501 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 10,502,114 | (8,684,457 | ) | 1,817,657 |
10,502,114 | ( |
) | 1,817,657 |
Total | 10,502,114 | (8,684,457 | ) | 1,817,657 |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
MBL (Seminars) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04746709, and the registered office address is Holborn Gate, 330 High Holborn, London, WC1V 7QT. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared for the company as a single entity. The functional and presentation currency is £ sterling. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying 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 estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. |
Valuation and amortisation of intangible assets |
Intangible fixed assets are included at cost. Amortisation is provided over the estimated useful life of the asset. The directors make estimates as to the length of those useful lives. |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is accounted for net of value added tax when the company has held the seminar and fulfilled its contractual obligation. Where the company has received the income but the contractual obligation has yet to be fulfilled, the income is treated as deferred income and included within accruals and deferred income within the balance sheet. |
Intangible assets |
Development expenditure |
Development of products is capitalised where there is expected to be a benefit to future periods and the following conditions are met: |
(i) It is technically feasible to complete the research or development so that the product will be available for use or sale. |
(ii) It is intended to use or sell the product being developed. |
(iii) The Company is able to use or sell the product. |
(iv) It can be demonstrated that the product will generate probable future economic benefits. |
(v) Adequate technical, financial, and other resources exist so that product development can be completed and subsequently used or sold. |
(vi) Expenditure attributable to the research and development work can be reliably measured. |
Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses and amortised over its useful economic life. Assessments of useful economic life range from 3 to 4 years. |
Database development |
Database development represents website development costs that have an anticipated useful economic life of 4 years. |
Development costs migration |
Development costs migration represents the costs incurred in moving the database to cloud migration from servers which was not complete at the year end. These costs will be amortised over 4 years once complete. |
Tangible fixed assets |
Leasehold improvements | - |
Fixtures and fittings | - |
Computer equipment | - |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company 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 when the company 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, which include trade debtors, other 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. Financial assets classified as receivable within one year are not amortised. |
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 company after deducting all of its liabilities. |
Basic financial liabilities, including trade creditors, pension liabilities and other creditors 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 are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
At the balance sheet date of 31 December 2023, the company made a profit for the year of £4,954,347 (2022: £3,691,840), and had net assets at that date of £8,907,090 (2022: £6,690,211). |
Based on the current trading and future expectations the directors consider that the company has sufficient working capital to enable it to continue to trade and meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements. Therefore the financial statements for the year ended 31 December 2023 have been prepared on a going concern basis. |
3. | TURNOVER |
The directors consider that the company has one class of business and the main geographical market is within the United Kingdom. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Staff |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
The directors appointed during the year have not received any remuneration from the company as they receive remuneration from the company's immediate parent company. |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Development costs amortisation |
Database development amortisation |
Auditors' remuneration |
Foreign exchange differences | ( |
) | ( |
) |
Auditors remuneration for non audit services |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
PY tax overprovision | - | (1,412 | ) |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) |
Deferred tax movement | 686 | (1,049 | ) |
Tax rate change | (53,357 | ) | - |
Group relief | (561,015 | ) | - |
Total tax charge | 848,960 | 866,680 |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of 1.00 each |
Paid |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | INTANGIBLE FIXED ASSETS |
Development |
costs | Development | Database |
migration | costs | development | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | and | Computer |
improvements | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Amounts owed by group undertakings are non interest bearing and repayable on demand. |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Pension liabilities |
Other creditors | 216,940 | 109,087 |
Accruals and deferred income |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
13. | FINANCIAL INSTRUMENTS |
Carrying amount of financial assets measured at amortised cost at 31 December 2023 amounted to £13,724,299 (2022: £11,247,001). |
Carrying amount of financial liabilities measured at amortised cost at 31 December 2023 amounted to |
£314,533 (2022: £223,837). |
14. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 7,201 | 6,515 |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
The provision for deferred taxation is comprised of accelerated capital allowances. |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1.00 | - | - |
Ordinary | 0.01 | 875 | 875 |
A Ordinary | 0.01 | 32 | - |
907 | 875 |
3,170 A Ordinary shares of 0.01 each were allotted and fully paid for |
On 31 May 2022 the company sub divided its 875 £1 Ordinary shares in to 87,500 £0.01 ordinary shares. |
On 13 September 2022 the company granted 3,178 EMI share options to its employees. The EMI scheme is registered with HMRC. |
The options were triggered and exercised in full upon the acquisition of the company by Law Business Research Limited on 28 June 2023. |
Ordinary shares have full voting, dividend and capital rights. |
A Ordinary shares have no rights to income, no right to receive notice or attend or vote at any general meeting. And no right to any written resolutions. |
16. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 6,689,336 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 31 December 2023 | 8,906,183 |
MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
17. | PENSION COMMITMENTS |
The company made contributions of £60,727 (2022: £57,279) to employee personal pension schemes in the year. There were outstanding contributions of £16,742 (2022: £16,723) at 31 December 2023. |
18. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
19. | RELATED PARTY DISCLOSURES |
During the year the company lent its parent company, Law Business Research Limited £11,005,548. At 31 December 2023 Law Business Research Limited owed the company £11,005,548. This balance is non interest bearing and is repayable on demand. |
The company paid dividends to former shareholders/directors of £2,737,500 (2022: £2,053,419) during the year. |
20. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent company is Law Business Research Limited, a company registered in England and Wales. |
The company's ultimate controlling parties are LOCI Investment S.a.r.l , LBR US EquityCo, LLC, and Zedra Trust Company (Guernsey) Limited. |
The top company for which group accounts are available is LBR Jersey Topco Limited, a company registered in Jersey. Group accounts are available from the registered office at 44 Esplanade, St Helier, Jersey, JE4 9WG. |