The directors present the strategic report for the year ended 31 December 2023.
The company operates a Risk Register as a controlled element within our ISO9001 QMS. Regular time & event driven reviews mean that all known Risks are assessed for Impact, likelihood and mitigation effectiveness as soon as needed.
There are no material uncertainties outside of the usual ones of running a business that apply to our businesses.
Credit Control and Facility Management are key elements supporting the liquidity of our businesses. Globally the Group reviews these on a monthly basis at both a Global & local level.
Headline Performance (£M): -
Whilst we said in 2022 that we would continue to invest in 2023 in international growth and a rebalancing of our services mix, we ended up spending more than we budgeted. Despite this, the Group returned a positive result for the year.
The main areas which depleted our performance in the year were: -
Talent investment – hiring extra high-level consultants in the USA and UK
Canada - slower to gain traction than we budgeted
Taiwan – launch of a recruitment services offering was slower to provide a return
UK – extra expenses and temporary loss of production capacity through maternity leave, and international staff transfers.
Interest – the cost of borrowing rose significantly
2024 will be better than 2023, with investments in Germany giving good returns along with the growth of our Renewables Services across the globe.
Further 2024 investments to bring new talent into the Group in the UK & US and international transfers are expected to deliver returns in 2025 & beyond.
Overall, the Group is committed to investing in businesses that offer long term sustainable growth across our core Value Proposition sets and sustainable Markets.
The Group & each Company within the Group operates a Goal Management Framework. This ensures congruency between the Group’s principle goals, through company and team down to an individual level.
Our highest-level goals pertain to Financial and Social Responsibility performance. These cascade down through market, value proposition, people, enabling and cultural goals and the standards that apply to the setting of these goals.
KPIs pertain to progress against our short (2024), medium (2026), and longer term (2028) Goals.
Breakthrough and sustainability considerations are material to setting our longer-term goals.
As the Group grows, we continue to evolve our management structures, making sure that the accountabilities & responsibilities of each person & team are totally clear.
In 2024 further investment in management development continues so that we can accommodate sustainable international growth.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2023.
The results for the year are set out on page 8.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company's articles, a resolution proposing that Edwards be reappointed as auditor of the group will be put at a General Meeting.
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
We have audited the financial statements of Shirley Parsons Holdings 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 statement of comprehensive income, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
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 group and parent 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 information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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.
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 parent company or to cease operations, or have no realistic alternative but to do so.
Based on our understanding of the industry, we identified limited risk of non-compliance with industry specific laws and regulations. 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.
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.
We obtained an understanding of the legal and regulatory frameworks within which the Group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the off-payroll working regulations (IR35), Companies Act 2006, ISO9001 and health & safety regulations compliance.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty specifically surrounding investment valuations. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.
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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £11,792 (2022 - £12,260 loss).
Shirley Parsons Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is B2 Building (4th Floor), Bear Brook Business Park, Walton Street, Aylesbury, Buckinghamshire, HP21 7QW.
The group consists of Shirley Parsons Holdings Limited and all of its subsidiaries.
The parent company previously prepared financial statements for the period ended 31 October 2021, a nine month period from it's incorporation. The company extended the previous accounting period to 31 December 2022, covering a 14 month period to align reporting dates with it's subsidiaries and as such the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
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 adopted 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Shirley Parsons Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company and group will continue in operational existence for the foreseeable future.
In assessing the going concern basis, the directors have considered the company’s and group’s business activities and its financial position. The company continues to be a non-trading holding entity for the group, which continues as a professional services provider. During the year, the group was profitable and as at 31 December 2023 had net current assets and net assets.
The directors continue to closely monitor the company's and group’s liquidity and capital adequacy and in doing so, forecasts have been produced covering a period of at least twelve months from the date that the financial statements are approved.
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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.
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, associates and jointly controlled entities 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
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, 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.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred 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 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.
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The group operates a defined contribution pension scheme for certain employees and contributions to the scheme are charged to the profit and loss account as they are incurred.
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.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Gains and losses arising on consolidation are included in other comprehensive income.
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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss.
The company has granted share options. The options have been calculated using the Black-Scholes model which requires judgement in determining and assessing key assumptions and therefore results in some estimation uncertainty.
The group's turnover is attributable to the principal activities of the group and represents the value, excluding value added tax, of services supplied to customers during the period. The analysis of turnover by geographical area is as follows:
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
The actual charge 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:
Factors that may affect tax charges
The UK Government increased the UK Corporation Tax rate to 25% from 19% effective from 1 April 2023. As such, the current tax rate for the current accounting period has been calculated at an effective tax rate of 23.50%.
There were no other factors that may affect current or future tax charges.
During the year, the group acquired the remaining 6% ordinary share capital of Shirley Parsons Denmark ApS for no consideration.
Details of the company's subsidiaries at 31 December 2023 are as follows:
All subsidiaries registered in England and Wales have the same registered office as Shirley Parsons Holdings Limited.
All subsidiaries registered in the USA have a registered office of 16192 Coastal Highway, Lewes, DE 19958, USA.
Shirley Parsons GmbH has a registered address of 11, Elisabeth Street, 40217, Düsseldorf.
Shirley Parsons Ireland Limited has a registered office of 13 Classon House, Dundrum Business Park, Dundrum, Dublin 14, D14 W9Y3.
Shirley Parsons Professional Services Limited Taiwan Branch has a registered office of No. 206, Sec.1, Keelung Rd., Xinyi Dist., Taipei City 110, Taiwan.
Shirley Parsons Denmark ApS has a registered office of Vejlsøvej 51, 8600 Silkeborg, Denmark.
Shirley Parsons B.V. has a registered office of Keizersgracht 391A, 1016 EJ, Amsterdam, Netherlands.
Shirley Parsons Inc Canada has a registered address of 12th Floor, 30 Adelaide St E, Toronto, ON M5C 3G6
Details of associates at 31 December 2023 are as follows:
* Wholly owned subsidiaries of Kineticom, Inc.
Bank overdrafts are secured by way of a fixed and floating charge over the assets of the group.
Included within bank loans and overdrafts are loans of £482,618 (2022 - £681,057), with £227,009 (2022 - £216,153) included within creditors due within one year and £255,609 (2022 - £464,904) included within creditors due after more than one year. The loans are under the Coronavirus Business Interruption Loan schemes and are therefore secured by way of fixed and floating charges over all assets of the company. Interest will be charged at rates from 2.24% - 8.90% above the Bank of England base rate. The amounts are being repaid in monthly installments.
Included within other creditors is an amount of £2,544,874 (2022 - £2,538,935) in respect of invoice discounting which is secured by way of a fixed and floating charge over the assets of the group.
Included within other borrowings are loans advanced from a related party of £316,563 (2022 - £356,123), with £363 (2022 - £166,508) included within creditors due within one year and £316,200 (2022 - £189,616) included within creditors due after more than one year. The loans are secured over the company's investment in the lenders share capital. Interest will be charged at rates between 2.30% - 5.50%. The amounts are being repaid in quarterly and biannual installments.
Included within other borrowings are loan notes advanced from a related party of £Nil (2022 - £495,815), with £Nil (2022 - £217,410) included within creditors due within one year and £Nil (2022 - £278,405) included within creditors due after more than one year. The loan notes are unsecured. Interest will be charged at an annual rate of 2% compounded on the last business day of each month.
Included within other borrowings are loans of £447,218 (2022 - £Nil), with £447,218 (2022 - £Nil) included within creditors due within one year and £Nil (2022 - £Nil) included within creditors due after more than one year. The loans are secured by way of fixed and floating charges over all assets of the company. Interest will be charged at a rate of 9%. The amounts are being repaid in monthly installments.
Included within bank loans are loans of £482,618 (2022 - £681,057), with £227,009 (2022 - £216,153) included within creditors due within one year and £255,609 (2022 - £464,904) included within creditors due after more than one year. The loans are under the Coronavirus Business Interruption Loan schemes and are therefore secured by way of fixed and floating charges over all assets of the company. Interest will be charged at rates from 2.24% - 8.90% above the Bank of England base rate. The amounts are being repaid in monthly installments.
Included within other borrowings are loans advanced from a related party of £316,563 (2022 - £356,123), with £363 (2022 - £166,508) included within creditors due within one year and £316,200 (2022 - £189,616) included within creditors due after more than one year. The loans are secured over the company's investment in the lenders share capital. Interest will be charged at rates between 2.30% - 5.50%. The amounts are being repaid in quarterly and biannual installments.
Included within other borrowings are loan notes advanced from a related party of £Nil (2022 - £495,815), with £Nil (2022 - £217,410) included within creditors due within one year and £Nil (2022 - £278,405) included within creditors due after more than one year. The loan notes are unsecured. Interest will be charged at an annual rate of 2% compounded on the last business day of each month.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
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.
The options outstanding at 31 December 2023 had an exercise price of £0.001, and a remaining contractual life of 3 years 1 month.
During the year, the company issued 140,000 Growth shares of 0.1p each for a total consideration of £140.
The rights attached to each category of share can be found in the company's Articles of Association.
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:
Subsequent to the year, the company issued 192,000 Growth shares for a total consideration of £192.
The Directors are considered to be key management personnel. Their remuneration is disclosed within note 7.
The company has taken advantage of the exemption conferred within FRS102 section 33.1A not to disclose transactions between wholly owned members of the same group.
As at 31 December 2023, included within creditors was a balance of £35,965 (2022 - £35,965) due to Shirley Parsons LLC, a company under common control.
At 31 December 2023, included within creditors were directors' loans of £388,528 (2022 - £64,652), on which the company charged interest during the year of £4,023 (2022 - £1,828).
During the year, the group was loaned $Nil (2022 - $500,000 (GBP £394,021)) from a related party. Included within other borrowings are amounts of £316,563 (2022 - £356,123), with £363 (2022 - £166,508) included within creditors due within one year and £316,200 (2022 - £189,616) included within creditors due after more than one year. During the year, interest was charged amounting to £11,561 (2022 - £6,739).
During the year, the company issued loan notes of £Nil (2022 - £Nil) to a related party. Included within other borrowings are amounts of £Nil (2022 - £495,815), with £Nil (2022 - £217,410) included within creditors due within one year and £Nil (2022 - £278,405) included within creditors due after more than one year. During the year, interest was charged amounting to £11,793 (2022 - £12,247).