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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Phillipa Symington ACA CA(SA) |
AUDITORS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
Oak Tree House, Harwood Road |
Northminster Business Park |
Upper Poppleton |
York |
YO26 6QU |
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 |
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 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Capital redemption reserve | 22 |
EMI reserves | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
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 |
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 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 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Hangar 88, Marston Business Park, Tockwith, YO26 7QF. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Hangar 88, Marston Business Park, Tockwith, YO26 7QF. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Hangar 88, Marston Business Park, Tockwith, YO26 7QF. |
Nature of business: |
% |
Class of shares: | holding |
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 |
Registered office: Hangar 88, Marston Business Park, Tockwith, YO26 7QF. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Hangar 88, Marston Business park, Tockwith, YO26 7QF. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Po Box 769845, Abu Dhabi, UAE |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Hangar 88, Marston Business Park, Tockwith, YO26 7QF. |
Nature of business: |
% |
Class of shares: | holding |
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 | - | - |
Other debtors | 1,533,155 | 1,477,411 |
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 |
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 |
Taxation and social security | 230,355 | 99,265 |
Other creditors | 58,815 | 266,270 |
Accruals and deferred income | 3,476,820 | 5,217,363 |
4,871,976 | 7,221,350 |
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 | ( |
) |
Provided during year |
Balance at 31 December 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 0.01 | 41 | 41 |
"A" Ordinary | 0.01 | 50 | 50 |
"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 | 8,589,400 |
Profit for the year |
Dividends | ( |
) | ( |
) |
EMI options recognised | - | - | 8,869 | 8,869 |
At 31 December 2023 | 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. |