Company Registration No. 13276391 (England and Wales)
THE EVEWELL GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE EVEWELL GROUP LIMITED
COMPANY INFORMATION
Directors
Adam Edward Chirkowski
Colin John Davis
Andrew Murdoch Elder
James Elliot Kafton
Susan Elizabeth Smith
Secretary
Gina Joy Davis
Company number
13276391
Registered office
61 Harley Street
London
W1G 8QU
England
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
THE EVEWELL GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
THE EVEWELL GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Fair review of the business and key performance indicators

The principal activity of the group is to operate two outpatient fertility and gynaecology clinics, The Evewell Harley Street, located at 61 Harley Street, that opened in October 2018 and, The Evewell West London, located at 182 Hammersmith Road, that opened in May 2022.

 

The group made a pre-tax profit of £929,414 (2022: £646,932) for the year on turnover of £14,518,585 (2022: £12,162,772).

 

At 31 December 2023, the group had net liabilities of £1,679,445 (2022: £1,478,185). The movement in the balance sheet position is due to the positive results for the year offset against dividends paid to the shareholders.

 

The group’s key financial performance indicators are revenue and operating profit.

 

The key financial and other performance indicators for the group are as follows:

 

 

2023

2022

Revenue

£14,518,585

£12,162,772

Operating profit

£1,492,445

£1,331,578

 

The group has grown revenue by 19% from £12.2 million to £14.5 million, driven primarily by growth in egg collection cycles and the trading of the new clinic for a full year in 2023. Gross margin was consistent at 81%, and operating profit margin decreased slightly from 11% in 2022 to 10% in 2023. The decrease is due to increased administration expenses.

 

The latest publicly available clinical success rates are available on the website of the company, at www.evewell.com, and the website of the Human Fertilisation and Embryology Authority (HFEA).

Principal risks and uncertainties

As a clinic that provides comprehensive fertility and gynaecological services, the group has clinical quality and safety risks. The group maintains strict operating procedures and processes for the provision of patient care as well as in the laboratories, which are managed though a quality management system and quality management team. The group also invests in advanced laboratory technologies, an electronic medical records system and an electronic quality management system to provide safe and efficient care. The key area of focus for the group is providing high quality patient care that also ensures the safety of patients and staff.

 

The group, which is regulated by the HFEA and the Care Quality Commission, strives to maintain the highest standards.

 

A principal risk of the group is clinical and general liability, which is managed through its operating procedures and processes and various insurance policies, including healthcare liability insurance.

 

The group is subject to data protection and cyber risk from information technology systems failure, threats to data protection and cybercrime. These risks are mitigated through a cyber insurance policy, as well as regular review and certification through Cyber Essentials.

 

The main risks associated with the group's financial assets and liabilities are set out below.

 

Credit risk, liquidity risk and cash flow risk

The directors do not consider these risks to be material risks to the business, given that the majority of income is

received as at the time of providing the service.

 

Price risk

The directors regularly monitor the price competitiveness of the services offered. The directors consider that pricing is in line with competitors operating in similar parts of the market in the UK.

THE EVEWELL GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Future developments

There have been no significant changes in the business activities post year-end. The business has been trading well during 2024 and is profitable at the time of approving these financial statements. The directors have prepared forecasts and believe the group will continue to be profitable for the foreseeable future.

On behalf of the board

James Elliot Kafton
Director
24 September 2024
THE EVEWELL GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company is that of a holding company.

 

The principal activity of the group is that of providing day patient health care services and procedures.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £750,000. The directors do not recommend payment of a further dividend.

Directors

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

Adam Edward Chirkowski
Colin John Davis
Andrew Murdoch Elder
James Elliot Kafton
Susan Elizabeth Smith
Post reporting date events

Please refer to note 25 for details of all post reporting date events.

Auditor

The auditor, HW Fisher LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management objectives and policies, information on exposure to financial risk and future developments.

Statement of disclosure to auditor

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

On behalf of the board
James Elliot Kafton
Director
24 September 2024
THE EVEWELL GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE EVEWELL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE EVEWELL GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of The Evewell Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

THE EVEWELL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE EVEWELL GROUP LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Detection of irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

 

THE EVEWELL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE EVEWELL GROUP LIMITED
- 7 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Gilles Siow (Senior Statutory Auditor)
For and on behalf of HW Fisher LLP
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
24 September 2024
THE EVEWELL GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
14,518,585
12,162,772
Cost of sales
(2,752,123)
(2,313,057)
Gross profit
11,766,462
9,849,715
Administrative expenses
(10,274,017)
(8,518,137)
Operating profit
4
1,492,445
1,331,578
Interest receivable and similar income
8
17,087
-
0
Interest payable and similar expenses
9
(580,118)
(684,646)
Profit before taxation
929,414
646,932
Tax on profit
10
(380,712)
602,805
Profit for the financial year
548,702
1,249,737
Profit for the financial year is all attributable to the owners of the parent company.
THE EVEWELL GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
26,092
49,111
Tangible assets
13
3,081,017
3,356,319
3,107,109
3,405,430
Current assets
Debtors
16
1,538,265
1,750,398
Cash at bank and in hand
1,592,931
1,420,207
3,131,196
3,170,605
Creditors: amounts falling due within one year
17
(6,870,560)
(6,711,671)
Net current liabilities
(3,739,364)
(3,541,066)
Total assets less current liabilities
(632,255)
(135,636)
Creditors: amounts falling due after more than one year
18
(1,047,190)
(1,342,549)
Net liabilities
(1,679,445)
(1,478,185)
Capital and reserves
Called up share capital
23
817
815
Share premium account
6,098
6,062
Merger reserve
-
0
1,277,425
Profit and loss reserves
(1,686,360)
(2,762,487)
Total equity
(1,679,445)
(1,478,185)
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
James Elliot Kafton
Director
THE EVEWELL GROUP LIMITED
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
1,450,477
477
Current assets
Debtors
16
87,174
1,468,489
Cash at bank and in hand
15,704
89,160
102,878
1,557,649
Creditors: amounts falling due within one year
17
(834,406)
(468,302)
Net current (liabilities)/assets
(731,528)
1,089,347
Total assets less current liabilities
718,949
1,089,824
Creditors: amounts falling due after more than one year
18
(700,000)
(1,000,000)
Net assets
18,949
89,824
Capital and reserves
Called up share capital
23
817
815
Share premium account
6,098
6,062
Profit and loss reserves
12,034
82,947
Total equity
18,949
89,824

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £679,087 (2022 - £147,017 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
James Elliot Kafton
Director
Company Registration No. 13276391
THE EVEWELL GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
814
2,005,050
1,277,425
(4,261,224)
(977,935)
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
1,249,737
1,249,737
Issue of share capital
23
1
12
-
-
13
Dividends
11
-
-
-
(1,750,000)
(1,750,000)
Reduction of shares
23
-
(1,999,000)
-
1,999,000
-
0
Balance at 31 December 2022
815
6,062
1,277,425
(2,762,487)
(1,478,185)
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
548,702
548,702
Issue of share capital
23
2
36
-
-
38
Dividends
11
-
-
-
(750,000)
(750,000)
Transfer
-
-
(1,277,425)
1,277,425
-
Balance at 31 December 2023
817
6,098
-
0
(1,686,360)
(1,679,445)
THE EVEWELL GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
814
2,005,050
(19,036)
1,986,828
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(147,017)
(147,017)
Issue of share capital
23
1
12
-
13
Dividends
11
-
-
(1,750,000)
(1,750,000)
Reduction of shares
23
-
(1,999,000)
1,999,000
-
0
Balance at 31 December 2022
815
6,062
82,947
89,824
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
679,087
679,087
Issue of share capital
23
2
36
-
38
Dividends
11
-
-
(750,000)
(750,000)
Balance at 31 December 2023
817
6,098
12,034
18,949
THE EVEWELL GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,711,454
2,779,973
Interest paid
(580,118)
(684,646)
Net cash inflow from operating activities
1,131,336
2,095,327
Investing activities
Purchase of intangible assets
-
(46,188)
Purchase of tangible fixed assets
(225,737)
(1,855,927)
Proceeds on disposal of tangible fixed assets
-
5,828
Interest received
17,087
-
0
Net cash used in investing activities
(208,650)
(1,896,287)
Financing activities
Proceeds from issue of shares
38
13
Dividends paid to equity shareholders
(750,000)
(1,750,000)
Net cash used in financing activities
(749,962)
(1,749,987)
Net increase/(decrease) in cash and cash equivalents
172,724
(1,550,947)
Cash and cash equivalents at beginning of year
1,420,207
2,971,154
Cash and cash equivalents at end of year
1,592,931
1,420,207
THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

The Evewell Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 61 Harley Street, London, England, W1G 8QU.

 

The group consists of The Evewell Group Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below.

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

 

 

The financial statements of the company are consolidated in the financial statements of The Evewell Group Limited. These consolidated financial statements are available from its registered office: 61 Harley Street, London, England, United Kingdom, W1G 8QU.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company The Evewell Group Limited together with all entities controlled by the parent company (its subsidiaries).

 

On 9 July 2021, The Evewell Group Limited became the parent company of The Evewell (Harley Street) Limited following a group reorganisation. The group financial statements have been prepared in accordance with the merger accounting principles as permitted by FRS 102 paragraph 19.27 on the basis that the ultimate equity holders remain the same, and the rights of each equity holder, relative to the others, are unchanged. The Evewell (West London) Limited was incorporated and brought into the group as a subsidiary of The Evewell Group Limited on 12 May 2021.

 

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

 

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

THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

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

1.3
Going concern

The company is a holding company and therefore does not generate revenue. As of 31 December 2023, the company's balance sheet had a net asset position of £18,949 (2022: £89,824) and the group's balance sheet had a net liability position of £1,679,445 (2022: £1,478,185). The business has been trading well during 2024 and is profitable at the time of approving these financial statements. The directors have prepared forecasts and believe the group will continue to be profitable for the foreseeable future. The group also has the on-going support of the principal investors who provided loans to the business, should support be required. Accordingly the directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

 

Deferred income is recognised in line with annual storage fees for storage of medical sample.

1.5
Intangible fixed assets other than goodwill

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

 

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

Software
Over 3 years
1.6
Tangible fixed assets

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

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

Leasehold improvements
Over 20 years
Plant and equipment
20% straight line
Fixtures and fittings
20 - 25% straight line

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

1.7
Fixed asset investments

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

 

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

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

THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.8
Impairment of fixed assets

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

 

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

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

1.9
Financial instruments

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

 

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

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

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

Derecognition of financial assets

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

Classification of financial liabilities

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

THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

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

1.10
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs.

1.11
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.12
Employee benefits

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

 

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

1.13
Retirement benefits

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

THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.14
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

1.15
Leases

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Share options

The parent company has granted share options to employees of its subsidiaries. The fair value of the share based payments is determined at the grant date and the calculation requires estimates to be made as to the valuation of the company's share capital, discount rates and the likelihood of the options vesting. The directors consider these assumptions to be reasonable based on the current size and conditions of the company and the sector it operates in.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Gynaecology and fertility services
14,518,585
12,162,772
2023
2022
£
£
Other significant revenue
Interest income
17,087
-
THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 19 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
14,518,585
12,162,772
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
501,039
570,205
Amortisation of intangible assets
23,019
17,494
Operating lease charges
793,429
787,088
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,000
10,250
Audit of the financial statements of the company's subsidiaries
45,000
37,500
65,000
47,750
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Business Management
3
3
-
-
Admin
34
27
-
-
Clinical
48
41
-
-
Total
85
71
-
0
-
0
THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,783,422
4,542,375
-
0
31,875
Social security costs
704,767
579,066
-
-
Pension costs
62,487
50,598
-
0
-
0
6,550,676
5,172,039
-
0
31,875
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
1,203,079
1,144,692
Company pension contributions to defined contribution schemes
2,642
2,202
1,205,721
1,146,894

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
928,875
895,059
Company pension contributions to defined contribution schemes
1,321
1,101
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
17,087
-
0
9
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Interest payable on shareholder loans
578,272
682,986
Other interest
1,846
1,660
Total finance costs
580,118
684,646
THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
10
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
380,712
(602,805)

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

2023
2022
£
£
Profit before taxation
929,414
646,932
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
218,598
122,917
Tax effect of expenses that are not deductible in determining taxable profit
3,251
43,226
Tax effect of income not taxable in determining taxable profit
(1,995)
-
0
Tax effect of utilisation of tax losses not previously recognised
-
0
(896,928)
Change in unrecognised deferred tax assets
135,278
143,787
Effect of change in corporation tax rate
14,590
35,840
Permanent capital allowances in excess of depreciation
11,859
(51,546)
Deferred tax adjustments in respect of prior years
(967)
1,007
Other adjustments
98
(1,108)
Taxation charge/(credit)
380,712
(602,805)

The group has tax losses carried forward of £2,931,389 (2022: £4,441,923).

Factors that may affect future tax charges

 

Changes to the UK corporation tax rates were substantially enacted as part of the 2021 budget on 3 March 2021. This included an increase to the main rate from 19% to 25% from April 2023. The group will be taxed at a rate of 25% unless its profits are sufficiently low enough to qualify for a lower rate of tax, the lowest being 19%.

 

Where applicable, deferred taxes at the balance sheet date have been measured using a tax rate of 25% to reflect the rate that the timing differences are likely to unwind and are reflected in the financial statements.

11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
750,000
1,750,000
THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
12
Intangible fixed assets
Group
Software
£
Cost
At 1 January 2023 and 31 December 2023
119,945
Amortisation and impairment
At 1 January 2023
70,834
Amortisation charged for the year
23,019
At 31 December 2023
93,853
Carrying amount
At 31 December 2023
26,092
At 31 December 2022
49,111
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
13
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
2,609,562
2,328,029
389,464
5,327,055
Additions
61,609
129,618
34,510
225,737
Disposals
-
0
(13,000)
-
0
(13,000)
At 31 December 2023
2,671,171
2,444,647
423,974
5,539,792
Depreciation and impairment
At 1 January 2023
228,609
1,521,903
220,224
1,970,736
Depreciation charged in the year
131,160
310,381
59,498
501,039
Eliminated in respect of disposals
-
0
(13,000)
-
0
(13,000)
At 31 December 2023
359,769
1,819,284
279,722
2,458,775
Carrying amount
At 31 December 2023
2,311,402
625,363
144,252
3,081,017
At 31 December 2022
2,380,953
806,126
169,240
3,356,319
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,450,477
477
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 January 2023
477
Additions
1,450,000
At 31 December 2023
1,450,477
Carrying amount
At 31 December 2023
1,450,477
At 31 December 2022
477
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Evewell (Harley Street) Limited
61 Harley Street, London, W1G 8QU
Ordinary
100.00
The Evewell (West London) Limited
182 Hammersmith Road, London, W6 7DJ
Ordinary
100.00
THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
450,351
452,235
-
0
-
0
Amounts owed by group undertakings
-
-
20,827
174,134
Other debtors
2,496
13,410
-
0
-
0
Prepayments and accrued income
439,941
257,226
-
0
-
0
892,788
722,871
20,827
174,134
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
66,347
1,294,355
Other debtors
358,455
359,793
-
0
-
0
358,455
359,793
66,347
1,294,355
Deferred tax asset
287,022
667,734
-
0
-
0
645,477
1,027,527
66,347
1,294,355
Total debtors
1,538,265
1,750,398
87,174
1,468,489

Within amounts owed by group undertakings is an unsecured loan for £nil (2022: £1,150,000) which attracts interest at 10% and is repayable in full in 2026. The loan was fully repaid in 2023 and the remaining balance relates to interest still due.

17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Loans
19
5,045,000
4,631,779
300,000
-
0
Trade creditors
489,210
523,579
1,254
2,508
Amounts owed to group undertakings
-
0
-
0
458,556
340,859
Other taxation and social security
217,542
193,726
-
-
Other creditors
40,064
58,504
-
0
-
0
Accruals and deferred income
1,078,744
1,304,083
74,596
124,935
6,870,560
6,711,671
834,406
468,302

Amounts owed to group undertakings are unsecured and repayable on demand.

THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Loans
19
700,000
1,000,000
700,000
1,000,000
Trade creditors
6,018
83,958
-
0
-
0
Accruals and deferred income
341,172
258,591
-
0
-
0
1,047,190
1,342,549
700,000
1,000,000
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Shareholder loans
5,745,000
5,631,779
1,000,000
1,000,000
Payable within one year
5,045,000
4,631,779
300,000
-
0
Payable after one year
700,000
1,000,000
700,000
1,000,000

The loans are in the form of three separate forms of loan stock, issued to certain shareholders, created by deed dated 2 November 2017, 25 July 2019 and 9 July 2021. Each tranche of loan stock is repayable in full on the 5th anniversary of issue. The loan stock dated 2 November 2017 is secured against all property and assets of The Evewell (Harley Street) Limited, both present and future, for the duration of the loans. The remaining loans are unsecured. The loans attract interest at 10%. Interest is included within accruals and deferred income in these financial statements.

20
Deferred taxation

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

Assets
Assets
2023
2022
Group
£
£
Accelerated capital allowances
77,903
63,874
Tax losses
209,119
603,860
287,022
667,734
The company has no deferred tax assets or liabilities.
THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Deferred taxation
(Continued)
- 26 -
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
(667,734)
-
Charge to profit or loss
380,712
-
Asset at 31 December 2023
(287,022)
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
62,487
50,598

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

22
Share-based payment transactions

The directors have granted the following options to employees of the group. On exercise, these will be satisfied by the issue of new shares to the employee.

Type of arrangement: EMI
Entity: The Evewell Group Limited
Date of grant:  09/07/2021
Number granted: 188,199

176,865 of the EMI options were exercised on 07/10/2021.
6,297 of the EMI options were forfeited on 12/10/2022 after an employee gave notice to terminate their employment with the group.
3,358 of the EMI options were forfeited on 28/11/2022 after an employee gave notice to terminate their employment with the group.

The remaining EMI options can be exercised on the sale of the company or on the listing.
THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Share-based payment transactions
(Continued)
- 27 -
Type of arrangement: Unapproved
Entity: The Evewell Group Limited
Date of grant:  09/07/2021
Number granted: 4,422

625 of the Unapproved options were exercised on 24/05/2022.
950 of the Unapproved options were exercised on 07/06/2023.
949 of the Unapproved options were exercised on 18/07/2023.

The unapproved options can be exercised in line with the vesting schedule which is over a 4 year period or on the sale of the company or on the listing.
Type of arrangement: EMI
Entity: The Evewell Group Limited
Date of grant:  30/09/2021
Number granted: 1,679

The EMI options can be exercised on the sale of the company or on the listing.
Type of arrangement: EMI
Entity: The Evewell Group Limited
Date of grant:  24/05/2022
Number granted: 1,679

1,679 of the EMI options were forfeited on 17/10/2022 after an employee gave notice to terminate their employment with the group.
Type of arrangement: EMI
Entity: The Evewell Group Limited
Date of grant:  04/05/2023
Number granted: 2,099

The EMI options can be exercised on the sale of the company or on the listing.
Type of arrangement: EMI
Entity: The Evewell Group Limited
Date of grant:  11/05/2023
Number granted: 1,679

The EMI options can be exercised on the sale of the company or on the listing.
Type of arrangement: EMI
Entity: The Evewell Group Limited
Date of grant:  30/05/2023
Number granted: 3,358

The EMI options can be exercised on the sale of the company or on the listing.
THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Share-based payment transactions
(Continued)
- 28 -
Group
Number of share options
Weighted average exercise price
2023
2023
Number
£
Outstanding at 1 January 2023
7,155
0.02
Granted
7,136
1.08
Exercised
(1,899)
0.02
Outstanding at 31 December 2023
12,392
0.63
Exercisable at 31 December 2023
12,392
0.63

Of the options outstanding at 31 December 2023, 5,256 (2022: 7,155) had an exercise price of £0.02 and 7,136 (2022: nil) had an exercise price of £1.08, and all options have an indefinite remaining contractual life.

THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
533,317
531,418
534
532
A Ordinary shares of 0.1p each
277,053
277,053
277
277
H1 shares of 0.1p each
6,300
6,300
6
6
816,670
814,771
817
815

On 16 May 2022, the company passed a special resolution to reduce the share premium of the company by the sum of £1,500,000 and such sum be transferred to the profit and loss account of the company.

 

On 24 May 2022 625 ordinary share options were exercised by shareholders for £12.50 (see note 22). Ordinary shares hold the right to one vote per share held and the right to participate in dividend payments or any other distribution of assets of the company. The shares are not redeemable or liable to be redeemed at the option of the company or the shareholder.

 

On 7 December 2022, the company passed a special resolution to reduce the share premium of the company by the sum of £499,000 and such sum be transferred to the profit and loss account of the company.

 

On 7 June 2023 and 18 July 2023, 950 ordinary share options were exercised by shareholders for £19 and 949 ordinary share options were exercised by shareholders for £18.98 respectively (see note 22). Ordinary shares hold the right to one vote per share held and the right to participate in dividend payments or any other distribution of assets of the company. The shares are not redeemable or liable to be redeemed at the option of the company or the shareholder.

 

The ordinary shares have the right to one vote per share held and the right to participate in dividend payments or any other distribution of assets of the company (including on a winding-up of the company). The shares are not redeemable or liable to be redeemed at the option of the company or the holder.

 

The A ordinary shares have the right to one vote per share held and the right to participate in dividend payments or any other distribution of assets of the company (including on a winding-up of the company). The shares are not redeemable or liable to be redeemed at the option of the company or the holder.

 

The H1 ordinary shares have the right to participate in return of capital on liquidation or otherwise, if proceeds available for distribution among shareholders meets hurdle, in paying holders 15% of proceeds available for distribution in excess of hurdle, capped at £4m, or if proceeds available for distribution among shareholders is less than hurdle, in paying holders £10. The H1 ordinary shares have no right to vote and no right to participate in dividend payments. The shares are not redeemable or liable to be redeemed at the option of the company or the holder.

THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
24
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
721,320
575,217
-
-
Between two and five years
2,945,416
2,711,368
-
-
In over five years
6,828,073
7,452,456
-
-
10,494,809
10,739,041
-
-
25
Events after the reporting date

On 11 July 2024, 949 ordinary share options were exercised by shareholders for £18.98. Ordinary shares hold the right to one vote per share held and the right to participate in dividend payments or any other distribution of assets of the company. The shares are not redeemable or liable to be redeemed at the option of the company or the shareholder.

 

On 27 June 2024, the company received an interim dividend of £1,600,000 from its subsidiary company, The Evewell (Harley Street) Limited.

 

On 28 June 2024, the company approved and paid a dividend of £1,400,000, representing £1.727605908 per share to the holders of Ordinary and A Ordinary shares.

 

On 10 September 2024, the company received an interim dividend of £800,000 from its subsidiary company, The Evewell (Harley Street) Limited.

 

On 11 September 2024, the company approved and paid a dividend of £800,000, representing £0.986048644 per share to the holders of Ordinary and A Ordinary shares.

26
Directors' transactions

At 31 December 2023 The Evewell (Harley Street) Limited owed £440 (2022: £376) to the directors.

THE EVEWELL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
27
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
548,702
1,249,737
Adjustments for:
Taxation charged/(credited)
380,712
(602,805)
Finance costs
580,118
684,646
Investment income
(17,087)
-
0
Amortisation and impairment of intangible assets
23,019
17,494
Depreciation and impairment of tangible fixed assets
501,039
570,205
Movements in working capital:
Increase in debtors
(168,579)
(306,855)
(Decrease)/increase in creditors
(136,470)
1,167,551
Cash generated from operations
1,711,454
2,779,973
28
Analysis of changes in net debt - group
1 January 2023
Cash flows
Other non-cash changes
31 December 2023
£
£
£
£
Cash at bank and in hand
1,420,207
172,724
-
1,592,931
Borrowings excluding overdrafts
(5,631,779)
-
(113,221)
(5,745,000)
(4,211,572)
172,724
(113,221)
(4,152,069)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Adam Edward ChirkowskiColin John DavisAndrew Murdoch ElderJames Elliot KaftonSusan Elizabeth SmithGina Joy Davisfalsefalse132763912023-01-012023-12-3113276391bus:Director12023-01-012023-12-3113276391bus:Director22023-01-012023-12-3113276391bus:Director32023-01-012023-12-3113276391bus:Director42023-01-012023-12-3113276391bus:Director52023-01-012023-12-3113276391bus:CompanySecretary12023-01-012023-12-3113276391bus:RegisteredOffice2023-01-012023-12-31132763912023-12-3113276391bus:Consolidated2023-12-3113276391bus:Consolidated2023-01-012023-12-3113276391bus:Consolidated2022-01-012022-12-31132763912022-01-012022-12-3113276391core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3113276391core:OtherResidualIntangibleAssetsbus:Consolidated2022-12-3113276391core:ComputerSoftwarebus:Consolidated2023-12-3113276391core:ComputerSoftwarebus:Consolidated2022-12-3113276391bus:Consolidated2022-12-3113276391core:LeaseholdImprovementsbus:Consolidated2023-12-3113276391core:PlantMachinerybus:Consolidated2023-12-3113276391core:FurnitureFittingsbus:Consolidated2023-12-3113276391core:LeaseholdImprovementsbus:Consolidated2022-12-3113276391core:PlantMachinerybus:Consolidated2022-12-3113276391core:FurnitureFittingsbus:Consolidated2022-12-3113276391core:ShareCapitalbus:Consolidated2023-12-3113276391core:ShareCapitalbus:Consolidated2022-12-3113276391core:SharePremiumbus:Consolidated2023-12-3113276391core:SharePremiumbus:Consolidated2022-12-3113276391core:OtherMiscellaneousReservebus:Consolidated2023-12-3113276391core:OtherMiscellaneousReservebus:Consolidated2022-12-3113276391core:ShareCapital2023-12-3113276391core:ShareCapital2022-12-3113276391core:SharePremium2023-12-3113276391core:SharePremium2022-12-3113276391core:RetainedEarningsAccumulatedLosses2023-12-3113276391core:ShareCapitalbus:Consolidated2021-12-3113276391core:SharePremiumbus:Consolidated2021-12-3113276391core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-3113276391core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3113276391core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3113276391core:ShareCapital2021-12-3113276391core:SharePremium2021-12-3113276391core:RetainedEarningsAccumulatedLosses2021-12-3113276391core:RetainedEarningsAccumulatedLosses2022-12-31132763912022-12-3113276391core:ShareCapitalbus:Consolidated2022-01-012022-12-3113276391core:SharePremiumbus:Consolidated2022-01-012022-12-3113276391core:ShareCapitalbus:Consolidated2023-01-012023-12-3113276391core:SharePremiumbus:Consolidated2023-01-012023-12-3113276391core:ShareCapital2022-01-012022-12-3113276391core:SharePremium2022-01-012022-12-3113276391core:ShareCapital2023-01-012023-12-3113276391core:SharePremium2023-01-012023-12-3113276391bus:Consolidated2021-12-3113276391core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3113276391core:ComputerSoftware2023-01-012023-12-3113276391core:LeaseholdImprovements2023-01-012023-12-3113276391core:PlantMachinery2023-01-012023-12-3113276391core:FurnitureFittings2023-01-012023-12-3113276391bus:Consolidated12023-01-012023-12-3113276391bus:Consolidated12022-01-012022-12-3113276391core:ComputerSoftwarebus:Consolidated2022-12-3113276391core:ComputerSoftwarebus:Consolidated2023-01-012023-12-3113276391core:LeaseholdImprovementsbus:Consolidated2022-12-3113276391core:PlantMachinerybus:Consolidated2022-12-3113276391core:FurnitureFittingsbus:Consolidated2022-12-3113276391bus:Consolidated2022-12-3113276391core:LeaseholdImprovementsbus:Consolidated2023-01-012023-12-3113276391core:PlantMachinerybus:Consolidated2023-01-012023-12-3113276391core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3113276391core:CurrentFinancialInstruments2023-12-3113276391core:CurrentFinancialInstruments2022-12-3113276391core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3113276391core:Non-currentFinancialInstrumentsbus:Consolidated2022-12-3113276391core:Non-currentFinancialInstruments2023-12-3113276391core:Non-currentFinancialInstruments2022-12-3113276391core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3113276391core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3113276391core:WithinOneYearbus:Consolidated2023-12-3113276391core:WithinOneYearbus:Consolidated2022-12-3113276391core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3113276391core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3113276391core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-12-3113276391core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-12-3113276391core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3113276391core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3113276391core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3113276391core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3113276391bus:OrdinaryShareClass12023-01-012023-12-3113276391bus:OrdinaryShareClass22023-01-012023-12-3113276391bus:OtherShareClass12023-01-012023-12-3113276391bus:OrdinaryShareClass12023-12-3113276391bus:OrdinaryShareClass12022-12-3113276391bus:PrivateLimitedCompanyLtd2023-01-012023-12-3113276391bus:FRS1022023-01-012023-12-3113276391bus:Audited2023-01-012023-12-3113276391bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3113276391bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP