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REGISTERED NUMBER: 04746709 (England and Wales)















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: Ms C M Pape
Mr N J Brailey





REGISTERED OFFICE: Holborn Gate
330 High Holborn
London
WC1V 7QT





REGISTERED NUMBER: 04746709 (England and Wales)





AUDITORS: Harold Sharp Limited
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:





Ms C M Pape - Director


18 September 2024

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:

Mr M Rigby - resigned 28 June 2023
Ms A Watson - resigned 28 June 2023
Miss J M Mallon - resigned 28 June 2023
Ms C M Pape - appointed 28 June 2023
Mr N J Brailey - appointed 28 June 2023

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:





Ms C M Pape - Director


18 September 2024

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.




Karen Dent (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

19 September 2024

MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 12,512,211 10,700,592

Cost of sales 2,441,789 2,000,158
GROSS PROFIT 10,070,422 8,700,434

Administrative expenses 4,334,885 4,162,926
OPERATING PROFIT 5 5,735,537 4,537,508

Interest receivable and similar income 67,770 21,012
PROFIT BEFORE TAXATION 5,803,307 4,558,520

Tax on profit 6 848,960 866,680
PROFIT FOR THE FINANCIAL YEAR 4,954,347 3,691,840

MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 4,954,347 3,691,840


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

4,954,347

3,691,840

MBL (SEMINARS) LIMITED (REGISTERED NUMBER: 04746709)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 422,883 236,114
Tangible assets 9 28,806 26,747
451,689 262,861

CURRENT ASSETS
Debtors 10 12,022,602 868,077
Cash at bank and in hand 1,817,657 10,502,114
13,840,259 11,370,191
CREDITORS
Amounts falling due within one year 11 5,377,657 4,936,326
NET CURRENT ASSETS 8,462,602 6,433,865
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,914,291

6,696,726

PROVISIONS FOR LIABILITIES 14 7,201 6,515
NET ASSETS 8,907,090 6,690,211

CAPITAL AND RESERVES
Called up share capital 15 907 875
Capital redemption reserve 16 125 125
Retained earnings 16 8,906,058 6,689,211
SHAREHOLDERS' FUNDS 8,907,090 6,690,211

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





Ms C M Pape - Director


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 875 5,050,790 125 5,051,790

Changes in equity
Dividends - (2,053,419 ) - (2,053,419 )
Total comprehensive income - 3,691,840 - 3,691,840
Balance at 31 December 2022 875 6,689,211 125 6,690,211

Changes in equity
Issue of share capital 32 - - 32
Dividends - (2,737,500 ) - (2,737,500 )
Total comprehensive income - 4,954,347 - 4,954,347
Balance at 31 December 2023 907 8,906,058 125 8,907,090

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 (4,512,520 ) 5,101,951
Tax paid (1,175,000 ) (698,798 )
Net cash from operating activities (5,687,520 ) 4,403,153

Cash flows from investing activities
Purchase of intangible fixed assets (303,750 ) (147,875 )
Purchase of tangible fixed assets (23,489 ) (11,258 )
Interest received 67,770 21,012
Net cash from investing activities (259,469 ) (138,121 )

Cash flows from financing activities
Share issue 32 -
Equity dividends paid (2,737,500 ) (2,053,419 )
Net cash from financing activities (2,737,468 ) (2,053,419 )

(Decrease)/increase in cash and cash equivalents (8,684,457 ) 2,211,613
Cash and cash equivalents at beginning of
year

2

10,502,114

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 5,803,307 4,558,520
Depreciation charges 138,410 135,883
Finance income (67,770 ) (21,012 )
5,873,947 4,673,391
Increase in trade and other debtors (11,154,525 ) (3,757 )
Increase in trade and other creditors 768,058 432,317
Cash generated from operations (4,512,520 ) 5,101,951

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 (8,684,457 ) 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - over the life of the lease
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

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 3,018,830 2,966,786
Social security costs 286,590 291,246
Other pension costs 60,727 57,279
3,366,147 3,315,311

The average number of employees during the year was as follows:
2023 2022

Staff 79 77

2023 2022
£    £   
Directors' remuneration 178,050 359,509
Directors' pension contributions to money purchase schemes 660 1,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

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 52,225 52,500
Depreciation - owned assets 21,430 25,163
Development costs amortisation 113,274 110,720
Database development amortisation 3,707 -
Auditors' remuneration 10,665 8,500
Foreign exchange differences (40 ) (15 )
Auditors remuneration for non audit services 4,000 4,000

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 848,274 869,141
PY tax overprovision - (1,412 )
Total current tax 848,274 867,729

Deferred tax 686 (1,049 )
Tax on profit 848,960 866,680

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 5,803,307 4,558,520
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2022 -
19%)

1,450,827

866,119

Effects of:
Expenses not deductible for tax purposes 12,505 1,051
Capital allowances in excess of depreciation (686 ) -
Depreciation in excess of capital allowances - 1,971
Adjustments to tax charge in respect of previous periods - (1,412 )
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 2,737,500 2,053,419

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 - 554,107 66,976 621,083
Additions 80,136 112,672 110,942 303,750
At 31 December 2023 80,136 666,779 177,918 924,833
AMORTISATION
At 1 January 2023 - 384,969 - 384,969
Amortisation for year - 113,274 3,707 116,981
At 31 December 2023 - 498,243 3,707 501,950
NET BOOK VALUE
At 31 December 2023 80,136 168,536 174,211 422,883
At 31 December 2022 - 169,138 66,976 236,114

9. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and Computer
improvements fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 3,950 50,250 276,074 330,274
Additions - - 23,489 23,489
At 31 December 2023 3,950 50,250 299,563 353,763
DEPRECIATION
At 1 January 2023 3,950 47,965 251,612 303,527
Charge for year - 1,563 19,867 21,430
At 31 December 2023 3,950 49,528 271,479 324,957
NET BOOK VALUE
At 31 December 2023 - 722 28,084 28,806
At 31 December 2022 - 2,285 24,462 26,747


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 880,344 724,137
Amounts owed by group undertakings 11,005,548 -
Other debtors 20,750 20,750
Prepayments and accrued income 115,960 123,190
12,022,602 868,077

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 80,851 98,027
Corporation tax 172,021 498,747
Social security and other taxes 1,131,864 582,998
Pension liabilities 16,742 16,723
Other creditors 216,940 109,087
Accruals and deferred income 3,759,239 3,630,744
5,377,657 4,936,326

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 52,500 53,155
Between one and five years 26,250 78,750
78,750 131,905

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 6,515
Provided during year 686
Balance at 31 December 2023 7,201

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: £    £   
875 Ordinary 1.00 - -
87,500 Ordinary 0.01 875 875
3,170 A Ordinary 0.01 32 -
907 875

3,170 A Ordinary shares of 0.01 each were allotted and fully paid for cash at par during the year.

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 6,689,211 125 6,689,336
Profit for the year 4,954,347 - 4,954,347
Dividends (2,737,500 ) - (2,737,500 )
At 31 December 2023 8,906,058 125 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 - 36,551

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.