Forpeople Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 05158431 (England and Wales)
Forpeople Limited
Company Information
Directors
D Summerfield
M Tropper
W Amberg
B Carr
K Gordon
N Weyer
(Appointed 8 February 2023)
Secretary
D Summerfield
Company number
05158431
Registered office
1 Pickle Mews
London
SW9 0FJ
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Forpeople Limited
Contents
Page
Strategic report
1 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 37
Forpeople Limited
Strategic Report
For the year ended 31 December 2023
Page 1

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

Fair review of the business
forpeople Limited, based in London, operates globally with clients in the UK, Europe, USA, Canada, China, South Korea, Japan and Australia.

Our mission is to shape future human experiences that will positively impact people, our clients and the planet.

The company has one subsidiary, forpeople BV, based in Amsterdam, The Netherlands.

Across both companies, we operate in many industry sectors. Most notably:

- Health, Performance, Beauty
- Automotive, Rail, Aviation, Personal Mobility
- FMCG, Future Food, Financial Services, Material Technology, Sustainable Energy
- Home Appliances, Consumer Electronics, Computing, Furniture, Entertainment
- Retail, Hospitality, Placemaking

The company's main work types are strategic visioning, brand creation / brand development and detail design and specification of all aspects of the physical and digital customer experience.

Trading

2023 year started with some frustration. January was one of our worst months ever as two significant and long-planned projects were delayed. This impacted utilisation.

Traction was finally established in February as the delayed work started and from March onwards sales were reasonably linear and on target for the remaining months of the year. The second half of the year was notably stronger.

We experienced some welcome stabilisation in the labour market during the year. This combined with key new business wins in the FMCG, Hospitality and Finance sector to enable growth.

Forpeople LTD undertook several work streams with an exciting Portuguese based EV start-up. We also saw revenue from our joint venture projects with Furniture manufacturers in North America, Europe and Asia.

As anticipated Forpeople BV worked with fewer start-ups and focused on building revenue with more established global businesses.

Reputation development efforts continued and we were pleased to end the year with news of our acceptance on two panels at SXSW 2024.
Forpeople Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 2
People

The company had strong overall employee engagement score of 77%. 90% of staff would recommend forpeople as a good place to work. We are proud of these percentages as our industry is notorious for less-than-ideal scores. We believe this helped us retained all our key people.

There were several innovative initiatives planned after the 2023 engagement survey however, the serious illness and sad passing of a senior colleague led to the postponement of some of these.

Forgood

Forgood continued to develop.

It was our pleasure to undertake significant pro bono work with Anthony Nolan and Samaritans charities.

As well as our long running and successful internship scheme (8 places), we were pleased to offer meaningful work placements (16 places) to young local students to encourage them to pursue study and opportunities in the Creative industry.

Regular donations were made to several causes as well as continuing monthly support for the Disasters Emergency Committee.

B-Corp

We were delighted and proud that our B-Corp status was confirmed in October 2023 (the process having taken two years). We are now planning action that will further increase our B-Corp score.

Shareholders and Group

At the end of the year we incorporated Forpeople Group (Holdings) Limited with the intent to tidy our structure and facilitate opening studios in other regions.

The year also saw a small increase in Shareholders due to EMI Share Options vesting and being taken up.

Conclusion

Client business was not dramatically changed from the prior year. Which in many ways was an achievement given the global turmoil.

We grew revenue by 6% overall, with a 16% Operating Profit Margin - reductions over the prior year were mainly due to investment and increased overheads.

Significant employee bonuses were paid and a pre-tax profit of £2.0M remained.
Forpeople Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 3
Principal risks and uncertainties

New ways of working, AI, raised social consciousness, economic pressure, pernicious politics and other global events have all driven enormous change. Remaining ahead of this change is important.

 

Two of our greatest concerns from the prior year were navigated. These were:

 

 

 

Several challenges remain or have become apparent:

 

 

 

 

Forpeople Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 4
Key performance indicators

Revenue remains in the majority fee-for-service. Over the last 20 years we have refined estimates and proposals to a high level of accuracy.

 

We carefully monitor a variety of key performance indicators from rate of inbound enquiries to pitch success; from consultant utilisation to profit per head; from recovery rate to client profitability as well as other simple metrics such as staff cost to revenue ratio and multiple of months’ overheads covered.

 

 

 

 

 

 

 

 

 

Forpeople Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 5
Future Developments

forpeople will continue to have an expert and flexible cohort as well as being diversified by work type, sector and client geography.

 

The company has a consistent new business pipeline. We anticipate current clients will place more business with us in the coming year. We will make significant efforts to increase the number of pillar clients and value of project opportunities through:

 

 

We have already created a new Global Creative Director role with the intent of partnering our Global Managing Director to lead creative and commercial strategy.

 

We will bring in the services of a Data Analyst to integrate systems and offices.

 

2024 is where we invest in developing further sustainability insight, understanding and capability, ensuring this is shared, applied and makes a difference.

 

2024 will be the company’s 20th Anniversary. It certainly feels like things are back on track - with 2023 being very close to our most successful year in terms of revenue and definitely our most successful year in terms of internal optimisation, client relationships and project achievements.

 

The Board are committed to remaining independent, enhancing our reputation and expanding our network.

On behalf of the board

D Summerfield
Director
26 September 2024
2024-09-26
Forpeople Limited
Directors' Report
For the year ended 31 December 2023
Page 6

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

Principal activities

The principal activity of the company and group continued to be that of product design consultancy.

Directors

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

D Summerfield
M Tropper
W Amberg
B Carr
K Gordon
N Weyer
(Appointed 8 February 2023)
Results and dividends

Ordinary dividends were paid amounting to £544,752 (2022: £1,144,000). The directors do not recommend payment of a further dividend.

Auditor

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

Statement of directors' responsibilities

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.

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.

Forpeople Limited
Directors' Report (Continued)
For the year ended 31 December 2023
Page 7
On behalf of the board
D Summerfield
Director
26 September 2024
Forpeople Limited
Independent Auditor's Report
To the Members of Forpeople Limited
Page 8
Opinion

We have audited the financial statements of Forpeople Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise 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).

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 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.

Forpeople Limited
Independent Auditor's Report (Continued)
To the Members of Forpeople Limited
Page 9

Opinions on other matters prescribed by the Companies Act 2006

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

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 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:

 

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

Forpeople Limited
Independent Auditor's Report (Continued)
To the Members of Forpeople Limited
Page 10
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.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulation. 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 an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Forpeople Limited
Independent Auditor's Report (Continued)
To the Members of Forpeople Limited
Page 11

Explanation as to what extent the audit was considered capable of detecting 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.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Francesca Robe (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
26 September 2024
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Forpeople Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2023
Page 12
2023
2022
Notes
£
£
Turnover
3
13,198,728
12,472,910
Cost of sales
(530,005)
(577,436)
Gross profit
12,668,723
11,895,474
Administrative expenses
(10,698,919)
(9,522,965)
Operating profit
4
1,969,804
2,372,509
Share of results of associates
(75,975)
-
Interest receivable and similar income
9
205,691
4,311
Interest payable and similar expenses
8
(51,388)
(230)
Profit before taxation
2,048,132
2,376,590
Tax on profit
10
(158,573)
(454,893)
Profit for the financial year
1,889,559
1,921,697
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(4,141)
7,382
Total comprehensive income for the year
1,885,418
1,929,079
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Forpeople Limited
Group Balance Sheet
As at 31 December 2023
Page 13
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
2,582
-
0
Tangible assets
13
254,363
258,201
Investments
14
4,784
-
0
261,729
258,201
Current assets
Debtors
17
4,669,793
3,458,141
Cash at bank and in hand
6,880,457
6,880,058
11,550,250
10,338,199
Creditors: amounts falling due within one year
18
(2,637,011)
(2,793,794)
Net current assets
8,913,239
7,544,405
Total assets less current liabilities
9,174,968
7,802,606
Provisions for liabilities
Provisions
19
(118,904)
(118,904)
(118,904)
(118,904)
Net assets
9,056,064
7,683,702
Capital and reserves
Called up share capital
22
20,825
20,800
Share premium account
43,176
36,700
Capital redemption reserve
24,300
24,300
Other reserves
129,665
104,470
Profit and loss reserves
8,838,098
7,497,432
Total equity
9,056,064
7,683,702
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
26 September 2024
D Summerfield
Director
Forpeople Limited
Company Balance Sheet
As at 31 December 2023
31 December 2023
Page 14
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
2,582
-
0
Tangible assets
13
232,199
234,736
Investments
14
89,631
8,872
324,412
243,608
Current assets
Debtors
17
4,761,998
3,298,992
Cash at bank and in hand
6,523,448
6,663,250
11,285,446
9,962,242
Creditors: amounts falling due within one year
18
(2,475,349)
(2,554,989)
Net current assets
8,810,097
7,407,253
Total assets less current liabilities
9,134,509
7,650,861
Provisions for liabilities
Provisions
19
(118,904)
(118,904)
(118,904)
(118,904)
Net assets
9,015,605
7,531,957
Capital and reserves
Called up share capital
22
20,825
20,800
Share premium account
43,176
36,700
Capital redemption reserve
24,300
24,300
Other reserves
129,665
104,470
Profit and loss reserves
8,797,639
7,345,687
Total equity
9,015,605
7,531,957

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 year was £1,996,704 (2022 - £1,779,077 profit).

The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
26 September 2024
D Summerfield
Director
Company Registration No. 05158431 (England and Wales)
Forpeople Limited
Group Statement of Changes in Equity
For the year ended 31 December 2023
Page 15
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
20,800
36,700
24,300
74,682
6,712,353
6,868,835
Year ended 31 December 2022:
Profit for the year
-
-
-
-
1,921,697
1,921,697
Other comprehensive income:
Currency translation differences
-
-
-
-
7,382
7,382
Total comprehensive income for the year
-
-
-
-
1,929,079
1,929,079
Dividends
11
-
-
-
-
(1,144,000)
(1,144,000)
Share based payment charge
-
-
-
29,788
-
29,788
Balance at 31 December 2022
20,800
36,700
24,300
104,470
7,497,432
7,683,702
Year ended 31 December 2023:
Profit for the year
-
-
-
-
1,889,559
1,889,559
Other comprehensive income:
Currency translation differences
-
-
-
-
(4,141)
(4,141)
Total comprehensive income for the year
-
-
-
-
1,885,418
1,885,418
Issue of share capital
22
25
6,476
-
-
-
6,501
Dividends
11
-
-
-
-
(544,752)
(544,752)
Share based payment charge
-
-
-
25,195
-
25,195
Balance at 31 December 2023
20,825
43,176
24,300
129,665
8,838,098
9,056,064
Forpeople Limited
Company Statement of Changes in Equity
For the year ended 31 December 2023
Page 16
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
20,800
36,700
24,300
74,682
6,710,610
6,867,092
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
-
1,779,077
1,779,077
Dividends
11
-
-
-
-
(1,144,000)
(1,144,000)
Share based payment charge
-
-
-
29,788
-
29,788
Balance at 31 December 2022
20,800
36,700
24,300
104,470
7,345,687
7,531,957
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
-
1,996,704
1,996,704
Issue of share capital
22
25
6,476
-
-
-
6,501
Dividends
11
-
-
-
-
(544,752)
(544,752)
Share based payment charge
-
-
-
25,195
-
25,195
Balance at 31 December 2023
20,825
43,176
24,300
129,665
8,797,639
9,015,605
Forpeople Limited
Group Statement of Cash Flows
For the year ended 31 December 2023
Page 17
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,015,224
3,124,170
Interest paid
(51,388)
(230)
Income taxes paid
(451,414)
(466,578)
Net cash inflow from operating activities
512,422
2,657,362
Investing activities
Purchase of intangible assets
(3,207)
-
Purchase of tangible fixed assets
(91,868)
(24,726)
Receipts from associates
(80,759)
-
Interest received
205,691
4,311
Net cash generated from/(used in) investing activities
29,857
(20,415)
Financing activities
Proceeds from issue of shares
6,501
-
Dividends paid to equity shareholders
(544,752)
(1,144,000)
Net cash used in financing activities
(538,251)
(1,144,000)
Net increase in cash and cash equivalents
4,028
1,492,947
Cash and cash equivalents at beginning of year
6,880,058
5,379,729
Effect of foreign exchange rates
(3,629)
7,382
Cash and cash equivalents at end of year
6,880,457
6,880,058
Forpeople Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 18
1
Accounting policies
Company information

Forpeople Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Pickle Mews, London, SW9 0FJ.

 

The group consists of Forpeople Limited and its subsidiary.

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.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Forpeople Limited and its subsidiary (ie entity that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiary 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.

 

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. In the group financial statements, associates are accounted for using the equity method.

1.3
Going concern

At the balance sheet date, the group made a profit in the year of £1,889,559 (2022: 1,929,079) and had net assets at that date of £9,056,064 (2022: 7,683,702).

The group continues to hold sufficient cash reserves at the date of approval of the financial statements to enable it to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. Consequently the financial statements have been prepared on a going concern basis.

Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 19
1.4
Turnover

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

 

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

 

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

1.5
Research and development expenditure

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.

1.6
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.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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
3 years straight line
1.7
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 land and buildings
Over the period of the lease
Plant and equipment
1-5 years straight line
Computers
2-3 years 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.

Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 20
1.8
Fixed asset investments

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.

1.9
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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 21
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.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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.

Basic financial liabilities

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.

 

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.

Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 22
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.12
Equity instruments

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.

1.13
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.

Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 23
1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
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.

 

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.

1.16
Retirement benefits

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

1.17
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.

1.18
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.

1.19
Foreign exchange

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.

Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 24
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue

Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using a combination of contract phases and the time spent to date compared to the total time expected to be required to undertake the contract. Estimates of the total time required to undertake the contracts are made on a regular basis and subject to management review. These estimates may differ from the actual results due to a variety of factors such as efficiency of working, accuracy of assessment of progress to date and client decision making.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales of services
13,198,728
12,472,910
2023
2022
£
£
Other significant revenue
Interest income
205,691
4,311
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
116,186
(288,368)
Research and development costs
26,064
16,404
Depreciation of owned tangible fixed assets
95,194
94,779
Amortisation of intangible assets
625
-
Share-based payments
25,195
29,788
Operating lease charges
450,459
427,394
Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 25
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
34,200
27,600
For other services
Preperation of the financial statements
5,850
4,840
Taxation compliance services
3,300
2,245
9,150
7,085
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
3D & spatial
19
22
16
20
Client services
13
11
10
10
Commercial
15
14
14
13
Graphics & digital
33
28
25
21
Vision & strategy
22
22
17
18
Inovation & ventures
-
4
-
1
Management Ltd
13
5
11
3
Directors
5
5
5
3
Chairpersons
1
1
1
1
Total
121
112
99
90

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
6,493,491
5,905,094
5,581,672
5,183,669
Social security costs
771,063
665,701
592,031
545,829
Pension costs
365,376
307,877
339,508
275,592
7,629,930
6,878,672
6,513,211
6,005,090
Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 26
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
289,430
307,719
Company pension contributions to defined contribution schemes
6,952
6,952
296,382
314,671
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
134,000
141,360
Company pension contributions to defined contribution schemes
6,952
6,952
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
51,156
-
Other finance costs:
Interest on finance leases and hire purchase contracts
232
230
Total finance costs
51,388
230
9
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
205,691
4,311
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
177,395
487,862
Deferred tax
Origination and reversal of timing differences
(18,822)
(32,969)
Total tax charge
158,573
454,893
Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
10
Taxation
(Continued)
Page 27

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:

2023
2022
£
£
Profit before taxation
2,048,132
2,376,590
Expected tax charge based on the standard rate of corporation tax in the UK of 24.70% (2022: 19.00%)
505,889
451,552
Tax effect of expenses that are not deductible in determining taxable profit
27,579
23,210
Permanent capital allowances in excess of depreciation
(19,344)
(9,547)
Other permanent differences
-
0
(2,292)
Tax relief on share options
(3,637)
-
0
Share based payment charge
5,921
5,660
Effect of overseas tax rates
-
0
19,279
Deferred tax
(18,822)
(32,969)
Tax payments on account
(339,013)
-
0
Taxation charge
158,573
454,893
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
544,752
1,144,000
12
Intangible fixed assets
Group
Software
£
Cost
At 1 January 2023
8,516
Additions
3,207
At 31 December 2023
11,723
Amortisation and impairment
At 1 January 2023
8,516
Amortisation charged for the year
625
At 31 December 2023
9,141
Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
12
Intangible fixed assets
(Continued)
Page 28
Carrying amount
At 31 December 2023
2,582
At 31 December 2022
-
0
Company
Software
£
Cost
At 1 January 2023
8,516
Additions
3,207
At 31 December 2023
11,723
Amortisation and impairment
At 1 January 2023
8,516
Amortisation charged for the year
625
At 31 December 2023
9,141
Carrying amount
At 31 December 2023
2,582
At 31 December 2022
-
0
Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 29
13
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 January 2023
670,968
462,740
44,959
1,178,667
Additions
20,789
59,403
11,676
91,868
Disposals
-
0
(7,939)
-
0
(7,939)
Exchange adjustments
-
0
-
0
(980)
(980)
At 31 December 2023
691,757
514,204
55,655
1,261,616
Depreciation and impairment
At 1 January 2023
443,396
455,576
21,494
920,466
Depreciation charged in the year
70,292
12,437
12,465
95,194
Eliminated in respect of disposals
-
0
(7,939)
-
0
(7,939)
Exchange adjustments
-
0
-
0
(468)
(468)
At 31 December 2023
513,688
460,074
33,491
1,007,253
Carrying amount
At 31 December 2023
178,069
54,130
22,164
254,363
At 31 December 2022
227,572
7,164
23,465
258,201
Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
13
Tangible fixed assets
(Continued)
Page 30
Company
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 January 2023
670,968
462,740
1,133,708
Additions
20,789
59,403
80,192
Disposals
-
0
(7,939)
(7,939)
At 31 December 2023
691,757
514,204
1,205,961
Depreciation and impairment
At 1 January 2023
443,396
455,576
898,972
Depreciation charged in the year
70,292
12,437
82,729
Eliminated in respect of disposals
-
0
(7,939)
(7,939)
At 31 December 2023
513,688
460,074
973,762
Carrying amount
At 31 December 2023
178,069
54,130
232,199
At 31 December 2022
227,572
7,164
234,736
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investment in subsidiary
16
-
0
-
0
8,872
8,872
Investments in associates
15
4,784
-
0
80,759
-
0
4,784
-
0
89,631
8,872
Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
14
Fixed asset investments
(Continued)
Page 31
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 January 2023
-
Additions
80,759
At 31 December 2023
80,759
Impairment
At 1 January 2023
-
Share of losses
75,975
At 31 December 2023
75,975
Carrying amount
At 31 December 2023
4,784
At 31 December 2022
-
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2023
8,872
Additions
80,759
At 31 December 2023
89,631
Carrying amount
At 31 December 2023
89,631
At 31 December 2022
8,872
15
Associates

Details of associates at 31 December 2023 are as follows:

Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
15
Associates
(Continued)
Page 32
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Amble, S.A.
Portugal
Ordinary
32

Registered office addresses:

 

Rua de S. Mamede, 7, 1º esquerdo, 1100-532 Lisbon

16
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
Forpeople B.V
Oostenburgergracht 75, 1018 NC Amsterdam, Netherlands
Ordinary
100.00
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,622,708
2,565,159
3,584,880
2,336,284
Corporation tax recoverable
56,722
29,235
23,585
-
0
Amounts owed by group undertakings
-
-
199,578
226,106
Other debtors
199,646
225,109
171,637
200,547
Prepayments and accrued income
755,833
622,576
747,434
519,993
4,634,909
3,442,079
4,727,114
3,282,930
Amounts falling due after more than one year:
Deferred tax asset (note 20)
34,884
16,062
34,884
16,062
Total debtors
4,669,793
3,458,141
4,761,998
3,298,992
Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 33
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
525,318
223,715
511,136
205,619
Corporation tax payable
-
0
233,866
-
0
233,866
Other taxation and social security
236,727
298,918
163,740
244,998
Other creditors
28,073
152,733
28,073
151,979
Accruals and deferred income
1,846,893
1,884,562
1,772,400
1,718,527
2,637,011
2,793,794
2,475,349
2,554,989

.

19
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Provision for dilapidations
118,904
118,904
118,904
118,904
Movements on provisions apart from deferred tax liabilities:
Group
£
At 1 January 2023 and 31 December 2023
118,904
Company
£
At 1 January 2023 and 31 December 2023
118,904

The provision relates to dilapidations of the leased property at 1 Pickle Mews, London, SW9 0FJ.

Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 34
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
34,884
16,062
Assets
Assets
2023
2022
Company
£
£
Accelerated capital allowances
34,884
16,062
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(asset) at 1 January 2023
(16,062)
(16,062)
Credit to profit or loss
(18,822)
(32,969)
Liability/(asset) at 31 December 2023
(34,884)
(49,031)
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
302,025
254,490

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.

Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 35
22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,825
20,800
20,825
20,800

 

23
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
1,775
1,800
214.00
214.00
Exercised
(25)
-
-
-
Outstanding at 31 December 2023
1,750
1,800
214.00
214.00
Exercisable at 31 December 2023
-
-
-
-
The weighted average share price at the date of exercise for share options exercised during the year was £260 (2022 - £0).

The options outstanding at 31 December 2023 had an exercise price ranging from £163 to £260 and a remaining contractual life of either 7.5 or 8.5 years.

Group
Company
2023
2022
2023
2022
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
25,195
29,788
25,195
29,788

The options granted under the scheme vest in tranches, with 25% vesting after 5 years, 25% vesting after 6 years, 25% vesting after 7 years, and the remaining 25% vesting after 8 years.

 

During the year one employee exercised their right to shares to the amount of 25 shares, representing the movement above.

Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 36
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
387,192
386,798
387,192
386,798
Between two and five years
536,960
892,977
536,960
892,977
924,152
1,279,775
924,152
1,279,775
25
Related party transactions

During the year, the company paid £32,165 (2022: £43,629) to Charles Russell Speechlys LLP a related party by virtue of common directorship. There were no outstanding creditors at the year end.

 

During the year, the company made sales of £146,686 (2022: £nil) to Amble, S.A. an associate to the group. There was £140,037 (2022: £nil) of debtors owed at year end.

 

 

26
Directors' transactions

Dividends totalling £544,752 (2022: £1,144,000) were paid in the year in respect of shares held by the company's directors.

27
Controlling party

At the year end, the ultimate controlling party was D Summerfield, a director of the company, by virtue of his majority shareholding.

 

On 4 June 2024 the company share capital was transferred to a newly incorporated parent company Forpeople Group (Holdings) Limited which is now the immediate controlling party.

 

D Summerfield remains the ultimate controlling party by virtue of his shareholding in Forpeople Group (Holdings) Limited.

Forpeople Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 37
28
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,889,559
1,921,697
Adjustments for:
Share of results of associates and joint ventures
75,975
-
Taxation charged
158,573
454,893
Finance costs
51,388
230
Investment income
(205,691)
(4,311)
Amortisation and impairment of intangible assets
625
-
Depreciation and impairment of tangible fixed assets
95,194
94,779
Equity settled share based payment expense
25,195
29,788
Movements in working capital:
(Increase)/decrease in debtors
(1,165,343)
142,483
Increase in creditors
89,749
484,611
Cash generated from operations
1,015,224
3,124,170
29
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
6,880,058
399
6,880,457
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210R StevensM TropperW AmbergB CarrK GordonK GordonN WeyerN WeyerD 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