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REGISTERED NUMBER: 07891855 (England and Wales)













Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

Stage One Group Limited

Stage One Group Limited (Registered number: 07891855)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Profit and Loss Account 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


Stage One Group Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M N Johnson
M K Harrison
T I Leigh



SECRETARY: E A Johnson



REGISTERED OFFICE: Hangar 88
Marston Business Park
Tockwith
YORK
YO26 7QF



REGISTERED NUMBER: 07891855 (England and Wales)



SENIOR STATUTORY AUDITOR: Phillipa Symington ACA CA(SA)



AUDITORS: Clive Owen LLP
Chartered Accountants
& Statutory Auditors
Oak Tree House, Harwood Road
Northminster Business Park
Upper Poppleton
York
YO26 6QU

Stage One Group Limited (Registered number: 07891855)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Their review is consistent with the size and complexity of the business and is written in the context of the risks and uncertainties they face.

The key financial and other performance indicators during the year were as follows:

2023 2022 2021
£ £
Turnover 25,549,753 39,437,520 23,561,561
Operating profit/(loss) 3,717,910 8,639,443 2,385,982
Profit/(loss) before tax 3,742,696 8,702,288 2,318,144
Equity shareholders'
funds


14,624,569

13,110,921

6,165,469

Number of employees 139 123 105

2023 presented a trading period that saw fair financial performance. However, when compared with the exceptional results of the previous period, the Group experienced a reduction in turnover. This reduction was largely a function of decreased market demand for our services.

Margin remained a core focus, particularly in the context of inflationary pressure on energy, materials, and labour. Profitability saw a reduction when compared the previous period due to the project mix which was generally less technical, and less able to command higher prices. Diligence in costing, procurement and process continues to serve the Group well and positively influences margin across projects of all sizes.

Consistent with group strategy, the Middle East region made a major contribution to sales growth. Our work in this territory is particularly time sensitive and generally of high value, both of which have a positive influence on overall profitability. Whilst the UAE is an established market for the Group, additional project activity in Qatar and Saudi Arabia continued to contribute to project revenues. Geopolitical instability in this territory does not appear to have had a negative effect on our trading relationship with the region.

The business will continue to attract and deliver higher margin projects. The activity mix remains important to profitability although this mix is broadly influenced by client demand.

Except for an increased administration overhead, the impact of Brexit on the business has been negligible.

There is no policy for hedging each major type of forecasted transaction for which hedge accounting is used.

There were no political donations made or political expenditure incurred in the year to 31 December 2023.


Stage One Group Limited (Registered number: 07891855)

Group Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The principle risks and uncertainties facing the group are -

Competitive risk:
The group receives its income through a variety of markets and seeks to minimise its reliance on a particular sector. Should a fall occur in one sector the impact on turnover would be minimal by the spread of work into other sectors.

Exposure to credit risk:
Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Group policies are aimed at minimising such losses, and require that customers provide a deposit advance when works are accepted. Deferred payments terms are then granted to customers based on milestones during the life of works. Consideration of payment history and customers credit worthiness are considered in each case. Details of the group's debtors are show in Note 15 to the financial statements.

Liquidity risk:
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The group aims to mitigate liquidity risk by managing cash generation by its operations and applying cash collection targets.

ON BEHALF OF THE BOARD:





M N Johnson - Director


12 September 2024

Stage One Group Limited (Registered number: 07891855)

Report of the Directors
for the Year Ended 31 December 2023

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of providing engineering, construction and automation for live public events, entertainment, corporate communication and architectural industries.

DIVIDENDS
An interim dividend of £392.99 per share on the "A" Ordinary 0.01 shares was paid on 31 December 2023. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary 0.01 shares. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the "B" Ordinary 0.01 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2023 will be £ 1,964,951 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

M N Johnson
M K Harrison

Other changes in directors holding office are as follows:

T I Leigh was appointed as a director after 31 December 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Stage One Group Limited (Registered number: 07891855)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





M N Johnson - Director


12 September 2024

Report of the Independent Auditors to the Members of
Stage One Group Limited

Opinion
We have audited the financial statements of Stage One Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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
Stage One Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Stage One Group 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:

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.

We undertake the following procedures to identify and respond to these risks of non-compliance:
- Understanding the key legal and regulatory frameworks that are applicable to the Company. We communicated
identified laws and regulations throughout the audit team and remained alert to any indications of
non-compliance throughout the audit. We determined the most significant of these to be financial reporting
legislation, taxation legislation, health & safety, and employment law.
- Enquiry of directors and management as to policies and procedures to ensure compliance and any known
instances of non-compliance
- Review of board minutes and correspondence with regulators.
- Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these
risks are managed.
- Challenging management on key estimates, assumptions and judgements made in the preparation of the
financial statements. The key areas of uncertainty includes revenue recognition - work-in-progress / deferred
income.
- Identifying and testing unusual journal entries, with a particular focus on manual journal entries.

Through these procedures, we did not become aware of actual or suspected non-compliance.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
Stage One Group 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.




Phillipa Symington ACA CA(SA) (Senior Statutory Auditor)
for and on behalf of Clive Owen LLP
Chartered Accountants
& Statutory Auditors
Oak Tree House, Harwood Road
Northminster Business Park
Upper Poppleton
York
YO26 6QU

12 September 2024

Stage One Group Limited (Registered number: 07891855)

Consolidated
Profit and Loss Account
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 25,549,753 39,437,520

Cost of sales 16,531,674 25,545,795
GROSS PROFIT 9,018,079 13,891,725

Administrative expenses 5,300,169 5,252,282
3,717,910 8,639,443

Other operating income - 490
OPERATING PROFIT 5 3,717,910 8,639,933

Interest receivable and similar income 64,685 13,761
3,782,595 8,653,694
Amounts written off investments 6 - (111,791 )
3,782,595 8,765,485

Interest payable and similar expenses 7 39,899 63,197
PROFIT BEFORE TAXATION 3,742,696 8,702,288

Tax on profit 8 272,966 520,213
PROFIT FOR THE FINANCIAL YEAR 3,469,730 8,182,075
Profit attributable to:
Owners of the parent 3,469,730 8,133,706
Non-controlling interests - 48,369
3,469,730 8,182,075

Stage One Group Limited (Registered number: 07891855)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 3,469,730 8,182,075


OTHER COMPREHENSIVE INCOME
EMI options recognised 8,869 15,947
Foreign currency reserve transfer - (4,201 )
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

8,869

11,746
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,478,599

8,193,821

Total comprehensive income attributable to:
Owners of the parent 3,478,599 8,193,821

Stage One Group Limited (Registered number: 07891855)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 4,619,186 4,563,895
Investments 13 - -
4,619,186 4,563,895

CURRENT ASSETS
Stocks 14 1,165,319 1,062,106
Debtors 15 6,224,523 5,430,485
Cash at bank and in hand 8,146,288 10,046,289
15,536,130 16,538,880
CREDITORS
Amounts falling due within one year 16 4,871,976 7,221,350
NET CURRENT ASSETS 10,664,154 9,317,530
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,283,340

13,881,425

CREDITORS
Amounts falling due after more than one
year

17

(121,642

)

(251,929

)

PROVISIONS FOR LIABILITIES 20 (537,129 ) (518,575 )
NET ASSETS 14,624,569 13,110,921

CAPITAL AND RESERVES
Called up share capital 21 100 100
Capital redemption reserve 22 50 50
EMI reserves 22 64,966 56,097
Retained earnings 22 14,559,453 13,054,674
SHAREHOLDERS' FUNDS 14,624,569 13,110,921

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





M N Johnson - Director


Stage One Group Limited (Registered number: 07891855)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 958,092 958,092
Investments 13 490 490
958,582 958,582

CURRENT ASSETS
Debtors 15 6,594,136 7,812,313
Cash at bank 65,742 31,043
6,659,878 7,843,356
CREDITORS
Amounts falling due within one year 16 6,886 212,438
NET CURRENT ASSETS 6,652,992 7,630,918
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,611,574

8,589,500

CAPITAL AND RESERVES
Called up share capital 21 100 100
Capital redemption reserve 22 50 50
EMI reserves 22 64,966 56,097
Retained earnings 22 7,546,458 8,533,253
SHAREHOLDERS' FUNDS 7,611,574 8,589,500

Company's profit for the financial year 978,156 6,842,134

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





M N Johnson - Director


Stage One Group Limited (Registered number: 07891855)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital Qatar
share Retained redemption legal
capital earnings reserve reserve
£    £    £    £   
Balance at 1 January 2022 100 6,104,077 50 16,891

Changes in equity
Dividends - (1,200,000 ) - -
Total comprehensive income - 8,150,597 - (16,891 )
Balance at 31 December 2022 100 13,054,674 50 -

Changes in equity
Dividends - (1,964,951 ) - -
Total comprehensive income - 3,469,730 - -
Balance at 31 December 2023 100 14,559,453 50 -
Foreign
exchange EMI Non-controlling Total
reserve reserves Total interests equity
£    £    £    £    £   
Balance at 1 January 2022 4,201 40,150 6,165,469 - 6,165,469

Changes in equity
Dividends - - (1,200,000 ) - (1,200,000 )
Total comprehensive income (4,201 ) 15,947 8,145,452 - 8,145,452
Balance at 31 December 2022 - 56,097 13,110,921 - 13,110,921

Changes in equity
Dividends - - (1,964,951 ) - (1,964,951 )
Total comprehensive income - 8,869 3,478,599 - 3,478,599
Balance at 31 December 2023 - 64,966 14,624,569 - 14,624,569

Stage One Group Limited (Registered number: 07891855)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained redemption EMI Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 January 2022 100 2,891,119 50 40,150 2,931,419

Changes in equity
Dividends - (1,200,000 ) - - (1,200,000 )
Total comprehensive income - 6,842,134 - 15,947 6,858,081
Balance at 31 December 2022 100 8,533,253 50 56,097 8,589,500

Changes in equity
Dividends - (1,964,951 ) - - (1,964,951 )
Total comprehensive income - 978,156 - 8,869 987,025
Balance at 31 December 2023 100 7,546,458 50 64,966 7,611,574

Stage One Group Limited (Registered number: 07891855)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,654,927 10,042,981
Interest paid - (9,029 )
Interest element of hire purchase payments
paid

(39,899

)

(54,168

)
Tax paid (392,671 ) -
Government grants received - 490
Share based payment 8,869 15,947
Net cash from operating activities 1,231,226 9,996,221

Cash flows from investing activities
Purchase of tangible fixed assets (1,062,129 ) (1,450,945 )
Sale of tangible fixed assets 90,316 22,115
Interest received 64,685 13,761
Net cash from investing activities (907,128 ) (1,415,069 )

Cash flows from financing activities
Loan repayments in year - (933,333 )
Capital repayments in year (259,148 ) (556,029 )
Equity dividends paid (1,964,951 ) (1,200,000 )
Net cash from financing activities (2,224,099 ) (2,689,362 )

(Decrease)/increase in cash and cash equivalents (1,900,001 ) 5,891,790
Cash and cash equivalents at beginning of
year

2

10,046,289

4,154,499

Cash and cash equivalents at end of year 2 8,146,288 10,046,289

Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated 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 3,742,696 8,702,288
Depreciation charges 990,266 1,032,997
(Profit)/loss on disposal of fixed assets (73,743 ) 125,841
Foreign exchange variances - (4,201 )
Government grants - (490 )
Finance costs 39,899 63,197
Finance income (64,685 ) (13,761 )
4,634,433 9,905,871
Increase in stocks (103,213 ) (314,994 )
Increase in trade and other debtors (794,038 ) (145,653 )
(Decrease)/increase in trade and other creditors (2,082,255 ) 597,757
Cash generated from operations 1,654,927 10,042,981

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 8,146,288 10,046,289
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 10,046,289 4,154,499


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 10,046,289 (1,900,001 ) 8,146,288
10,046,289 (1,900,001 ) 8,146,288
Debt
Finance leases (538,298 ) 259,148 (279,150 )
(538,298 ) 259,148 (279,150 )
Total 9,507,991 (1,640,853 ) 7,867,138

Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Stage One Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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 United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have been consistently applied within the same accounts.

Going concern
The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the group and the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date the financial statements are approved.

The financial statements are prepared on the going concern basis which assumes that the group will continue to trade. If the group is unable to continue to trade, adjustments would be required to reduce the value of assets to their recoverable amounts, to provide for any further liabilities that might arise and to analyse long term liabilities as current liabilities.

Basis of consolidation
The group accounts consolidate the results of the company and its subsidiaries under the acquisition method.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The following are the company's key sources of estimation uncertainty:

Work-in-progress
The carrying value of work-in-progress is sensitive to changes in the estimated stage of completion of contracts, and to the extent that the outcome of a contract can be measured reliably. See note 14 for the carrying amount of work-in-progress.

Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the fair value of the right to consideration for goods sold and services provided to customers.

Income recognition
Income from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has been transferred to to buyer. Income from the rendering of services is recognised by reference to the stage of completion to the extent that the outcome of a contract can be estimated reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

Goodwill, being the amount paid in connection with the acquisition of businesses in 2019, has been amortised in full during the year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated
residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold - Remaining life of lease
Plant and machinery - 25% straight line, 20% straight line and 15% straight line
Fixtures and fittings - 33.33% straight line, 20% straight line and 10% straight line
Motor vehicles - 25% straight line
Computer equipment - 25% straight line and 20% straight line

The group writes down some plant and machinery on a straight line basis to their estimated residual values at the end of their useful lives.

The directors consider that the freehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews in accordance with FRS 102 to ensure that the carrying value is not lower than the recoverable amount.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work-in-progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. Profit is only recognised to the extent that the outcome of a contract can be estimated reliably.


Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Translation of group companies
For the purpose of presenting consolidated financial statements, the assets and liabilities of the group's foreign operations are translated from their functional currency into sterling using the closing exchange rate. Income and expenditure are translated using the average rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rate at the dates of the transactions are used. Exchange differences arising on the translation of group companies are recognised in other comprehensive income and are not reclassified to retained earnings.

Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Share options
Employees (including Directors) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments.

The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using the Trinomial model.

That cost is recognised as Pension contributions, together with a corresponding increase in equity, over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.

Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group's best estimate of the number of equity instruments that will ultimately vest.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 9,135,240 17,467,164
Overseas 16,414,513 21,970,356
25,549,753 39,437,520

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 6,224,156 6,215,490
Social security costs 656,929 571,054
Other pension costs 132,669 189,119
7,013,754 6,975,663

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

Production 82 76
Administration 47 33
Management and project leaders 10 8
139 117

The average number of employees by undertakings that were proportionately consolidated during the year was 139 (2022 - 117 ) .

Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 188,852 116,763
Directors' pension contributions to money purchase schemes - 39,996

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

Money purchase schemes 2 2

5. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 769,233 628,441
Depreciation - assets on hire purchase contracts 221,032 404,556
(Profit)/loss on disposal of fixed assets (73,743 ) 125,841
Auditors' remuneration 4,200 4,000
Auditors' remuneration - subsidiaries 24,000 23,000
Auditors' remuneration - taxation 5,000 5,000
Foreign exchange differences (103,092 ) (745,849 )
Operating lease rentals - land and buildings 463,904 397,634

6. AMOUNTS WRITTEN OFF INVESTMENTS
2023 2022
£    £   
Amounts w/o invs - (111,791 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest - 9,029
Hire purchase 39,899 54,168
39,899 63,197

8. 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 254,412 322,678

Deferred tax 18,554 197,535
Tax on profit 272,966 520,213

Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

8. 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 3,742,696 8,702,288
Profit multiplied by the standard rate of corporation tax in the UK of
23.521 % (2022 - 19 %)

880,320

1,653,435

Effects of:
Expenses not deductible for tax purposes 15,889 17,910
Income not taxable for tax purposes (447,175 ) (263,517 )
Capital allowances in excess of depreciation - (208,029 )
Depreciation in excess of capital allowances 52,227 -
Research and development tax credit (225,452 ) (727,722 )
Impact of change in deferred tax rate (2,843 ) 48,136
Total tax charge 272,966 520,213

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
EMI options recognised 8,869 - 8,869
Foreign currency reserve transfer
8,869 - 8,869

2022
Gross Tax Net
£    £    £   
EMI options recognised 15,947 - 15,947
Foreign currency reserve transfer (4,201 ) - (4,201 )
11,746 - 11,746

9. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2023 2022
£    £   
"A" Ordinary shares of 0.01 each
Interim 1,964,951 1,200,000

Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 (632,129 )
AMORTISATION
At 1 January 2023
and 31 December 2023 (632,129 )
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

12. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2023 958,092 740,400 5,923,970
Additions - 93,520 931,241
Disposals - - (209,283 )
At 31 December 2023 958,092 833,920 6,645,928
DEPRECIATION
At 1 January 2023 - 345,756 3,367,786
Charge for year - 66,583 731,695
Eliminated on disposal - - (192,710 )
At 31 December 2023 - 412,339 3,906,771
NET BOOK VALUE
At 31 December 2023 958,092 421,581 2,739,157
At 31 December 2022 958,092 394,644 2,556,184

Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 240,409 485,715 998,792 9,347,378
Additions - - 37,368 1,062,129
Disposals - - - (209,283 )
At 31 December 2023 240,409 485,715 1,036,160 10,200,224
DEPRECIATION
At 1 January 2023 110,312 124,380 835,249 4,783,483
Charge for year 26,392 111,018 54,577 990,265
Eliminated on disposal - - - (192,710 )
At 31 December 2023 136,704 235,398 889,826 5,581,038
NET BOOK VALUE
At 31 December 2023 103,705 250,317 146,334 4,619,186
At 31 December 2022 130,097 361,335 163,543 4,563,895

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 1,861,216 70,787 1,932,003
Transfer to ownership - (504,000 ) (504,000 )
At 31 December 2023 1,861,216 (433,213 ) 1,428,003
DEPRECIATION
At 1 January 2023 1,100,672 16,222 1,116,894
Charge for year 203,335 17,697 221,032
At 31 December 2023 1,304,007 33,919 1,337,926
NET BOOK VALUE
At 31 December 2023 557,209 (467,132 ) 90,077
At 31 December 2022 760,544 54,565 815,109

Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
COST
At 1 January 2023
and 31 December 2023 958,092
NET BOOK VALUE
At 31 December 2023 958,092
At 31 December 2022 958,092

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 490
NET BOOK VALUE
At 31 December 2023 490
At 31 December 2022 490

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Stage One Creative Services Limited
Registered office: Hangar 88, Marston Business Park, Tockwith, YO26 7QF.
Nature of business: Construction of stage sets.
%
Class of shares: holding
Ordinary 100.00

Flux Axis Limited
Registered office: Hangar 88, Marston Business Park, Tockwith, YO26 7QF.
Nature of business: Digital manufacturing and 3D printing.
%
Class of shares: holding
Ordinary 100.00

Stage One Hire Limited
Registered office: Hangar 88, Marston Business Park, Tockwith, YO26 7QF.
Nature of business: Hire of metal structures.
%
Class of shares: holding
Ordinary 100.00

Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

13. FIXED ASSET INVESTMENTS - continued

CES Electrical Services Ltd
Registered office: Hangar 88, Marston Business Park, Tockwith, YO26 7QF.
Nature of business: Dormant.
%
Class of shares: holding
Ordinary 100.00

Stage One Limited
Registered office: Hangar 88, Marston Business park, Tockwith, YO26 7QF.
Nature of business: Dormant.
%
Class of shares: holding
Ordinary 100.00

Stage One FZ LLC
Registered office: Po Box 769845, Abu Dhabi, UAE
Nature of business: Construction of stage sets.
%
Class of shares: holding
Ordinary 100.00

Stage One Qatar LLC
Registered office: Hangar 88, Marston Business Park, Tockwith, YO26 7QF.
Nature of business: Dormant.
%
Class of shares: holding
Ordinary 100.00


14. STOCKS

Group
2023 2022
£    £   
Stocks 49,222 45,630
Work-in-progress 1,116,097 1,016,476
1,165,319 1,062,106

The work-in-progress relates to the ongoing contracts with customers and and is based on the stage of completion of each individual contract.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,311,898 1,910,607 - -
Amounts owed by group undertakings - - 6,572,286 7,801,655
Other debtors 1,533,155 1,477,411 21,850 -
Corporation tax debtor 1,089,365 1,089,365 - -
Deferred tax asset - - - 10,658
Prepayments and accrued income 2,290,105 953,102 - -
6,224,523 5,430,485 6,594,136 7,812,313

Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 18) 157,508 286,369 - -
Trade creditors 764,059 1,029,405 - -
Corporation tax 184,419 322,678 6,886 -
Taxation and social security 230,355 99,265 - 5,247
Other creditors 58,815 266,270 - 207,191
Accruals and deferred income 3,476,820 5,217,363 - -
4,871,976 7,221,350 6,886 212,438

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Hire purchase contracts (see note 18) 121,642 251,929

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 157,508 286,369
Between one and five years 121,642 251,929
279,150 538,298

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 339,151 326,650
Between one and five years 989,031 1,564,697
In more than five years 1,504,575 2,162,983
2,832,757 4,054,330

Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 279,150 538,298

The hire purchase liabilities are secured against the assets to which they relate.

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 537,129 518,575

Group
Deferred
tax
£   
Balance at 1 January 2023 518,575
Provided during year 18,554
Balance at 31 December 2023 537,129

Company
Deferred
tax
£   
Balance at 1 January 2023 (10,658 )
Provided during year 10,658
Balance at 31 December 2023 -

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,100 Ordinary 0.01 41 41
5,000 "A" Ordinary 0.01 50 50
10,000 "B" Ordinary 0.01 9 9
100 100

Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

22. RESERVES

Group
Capital
Retained redemption EMI
earnings reserve reserves Totals
£    £    £    £   

At 1 January 2023 13,054,674 50 56,097 13,110,821
Profit for the year 3,469,730 3,469,730
Dividends (1,964,951 ) (1,964,951 )
EMI options recognised - - 8,869 8,869
At 31 December 2023 14,559,453 50 64,966 14,624,469

Company
Capital
Retained redemption EMI
earnings reserve reserves Totals
£    £    £    £   

At 1 January 2023 8,533,253 50 56,097 8,589,400
Profit for the year 978,156 978,156
Dividends (1,964,951 ) (1,964,951 )
EMI options recognised - - 8,869 8,869
At 31 December 2023 7,546,458 50 64,966 7,611,474

Called up share capital - represents the nominal value of shares that have been issued.

Retained earnings - includes all current and prior period retained profits and losses.

Capital redemption reserve - a non-distributable reserve which represents the nominal value of shares that have been re-purchased by the company.

Qatari legal reserve - represents retained profits and losses up to the value of 50% of the nominal value of the share capital in the Qatari subsidiary, as required under Qatar law.

Foreign exchange reserve - represents exchange differences arising on the translation of group companies from their functional currency into sterling.

EMI reserves - represents all current and prior period financial impacts of the share options.

23. CONTINGENT LIABILITIES

A cross guarantee is in place between Lombard North Central PLC, Stage One Creative Services Limited and Flux Axis Limited for the HP liabilities in Flux Axis Limited. The value of these as at 31 December 2023 is £Nil (2022: £3,202).

24. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Remuneration 326,442 294,811

Stage One Group Limited (Registered number: 07891855)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

25. ULTIMATE CONTROLLING PARTY

The company is controlled by Mark Johnson, a director, who owns the majority of the issued share capital.

26. SHARE-BASED PAYMENT TRANSACTIONS

In 2020 (Stage One Group Limited) passed special resolutions to grant Enterprise Management Incentive share option schemes for two individuals.

The company granted 300 options at £0.01 per ordinary share.

2023 2022
£ £
Expense arising from equity-settled share-based payment transactions 8,869 15,947
There were no cancellations or modifications to the awards in 2023.

Movements during the year
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year:
2023 2023 2022 2022
Number: WAEP Number: WAEP
£ £
Balance at 1 January 2023 300 223.86 300 223.86
Granted during the period - - - -
Forfeited during the period - - - -
Exercised during the period - - - -
Expired during the period - - - -
Outstanding at 31 December 2023 300 223.86 300 223.86

Trinomial model attributes a fair value to option itself rather than to the services received.