Company registration number 06802155 (England and Wales)
CAPPFINITY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CAPPFINITY LIMITED
COMPANY INFORMATION
Directors
P A Linley
J Lawrence
(Appointed 31 August 2023)
B S Jackson
N J Garcea
P S Clark
P Campbell
M Wells
Company number
06802155
Registered office
2230 - 2235 Regents Court
The Crescent
Birmingham Business Park
Birmingham
B37 7YE
Auditor
Spencer Gardner Dickins Audit LLP
3 Coventry Innovation Village
Cheetah Road
Coventry
CV1 2TL
CAPPFINITY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
CAPPFINITY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
FY 2023 was another year of double-digit growth for Cappfinity Limited, as we continued strong progress against our plans for the Talent Technology Platform. The company concluded the year with revenue of £16.79m (up 10%), while our technology investment meant that we recorded an operating loss of £2.35m. This technology investment leaves the company well-placed to accelerate growth through 2024 and beyond, as these new technology capabilities come to fruition and achieve increasing traction in the market.
Talent Technology Platform
Technology investment was deployed in the priority areas of our Talent Technology Platform, including the build-out of our Integrity by Design® features as part of the Cappfinity Skills Suite®. This focus on integrity was in anticipation of the market reaction to the rise of generative AI, and the questions this raises about candidate integrity – which proved to be a salient topic for the year.
The Cappfinity Skills Suite® has also received our investment focus to deepen its capabilities and differentiation across markets, as client interest accelerates into skills frameworks, skills measurement, and skills analytics – all areas where Cappfinity has approaching two decades of data, experience, and capability.
Investment was also focused on building more technology and SaaS capabilities within the talent management space, in the form of Skills Discovery – a new platform for skills identification, skills analytics, skills development, and talent mobility within organisations.
These new capabilities and improved experiences continue to deliver growth in annual recurring revenue through technology and SaaS licensing and we continue to demonstrate very strong retention rates. This underpins our primary business model of SaaS enablement and SaaS licensing, which serves the needs of our markets, enterprise clients, and talent tech buyers.
Principal risks and uncertainties
The principal risks and uncertainties faced by the company at the end of 2023 are as follows, many of which are consistent with previous years:
The rate of inflation, the trajectory for interest rates and the broader economic outlook is leading to some unknowns and uncertainties that inevitably create risk in the future outlook for all companies, including Cappfinity.
A major information security breach or technology issue is one of our most salient risks, managed through appropriate information security protocols including our compliance with accreditations for ISO 27001 and Cyber Essentials Plus, as well as regular client audits.
Ensuring the successful delivery and commercial realisation of the talent technology platform, our major strategic initiative, and the focus of our growth equity investment.
Managing our investment rates in the United States, as we navigate the growth of this key region.
Navigating the changing balance of revenue recognition as we accelerate the growth of our SaaS revenues, while also recognising that the nature of some projects means that these projects have enhanced SaaS enablement charges up front as well.
CAPPFINITY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators
The Group operates a regular review of its KPIs to track the performance of the business against plan and this is reported to the Board on a monthly basis. Key KPI’s include the level of bookings delivered, revenue growth, EBIT, product mix, and cash position against plan. As noted above, Cappfinity delivered a solid performance in 2023:
Total bookings were £18.63m, an increase of 11% on 2022, in a tight economic climate. Nonetheless, solid bookings throughout the year delivered both strong financial results and a good opening order book for 2024.
Revenue grew by 10% to £16.79m due to strong delivery of customer projects and strong customer retention.
Losses were in line with prior year at £2.35m, although through a combination of re-organisation savings to reduce headcount and implement a more efficient operating model, as well as increases in gross margin through revenue delivered relative to costs we achieved profitability for Q4.
Talent management constituted 27% of revenue for FY 2023, and has grown by 50% in two years, demonstrating the significant future growth and revenue opportunities in this area.
As a result of its performance in 2023 the Group maintained a strong cash position, with £8.52m in cash at year end.
Other information and explanations
Our healthy cash position (£8.52m), together with our forward order book (£5.68m), SaaS Bookings (£8.64m), excellent customer renewals and retention, long term contracts, and return to underlying profitability in Q4 2023 all serve to underpin our growth plans and forward investments, as well as providing a contingency against the principal risks and uncertainties noted above.
We commence FY 2024 with a healthy pipeline that will convert into strong bookings and revenue performance for the early part of FY 2024 and beyond. We have significant new opportunities opening up to us in talent management, through our Skills Discovery platform, which provides new vectors for customer engagement and revenue growth.
Our balance of customer engagements across talent management and talent acquisition, our growth in technology products and features sets across both these markets, and our spread of customers – by sector, by geography, and by product set – all serve to underpin our future growth acceleration while simultaneously mitigating the risks of downturn in any particular area. Cappfinity is well-positioned to continue its long and consistent trajectory of double-digit year-on-year growth.
P A Linley
Director
2 July 2024
CAPPFINITY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the group continued to be that of HR technology in relation to technology-enabled services and services-enabled SaaS across the areas of talent recruitment, development and internal mobility.
Information in relation to risks and uncertainties facing the group has been included in the Strategic Report rather than the Directors' Report.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P A Linley
J Lawrence
(Appointed 31 August 2023)
B S Jackson
N J Garcea
P S Clark
P Campbell
M Wells
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The group's policy is to consult and discuss with employees through engagement surveys and at Town Hall and management meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through monthly Company Updates, CEO MEMOs, information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
There is a widely adopted employee share scheme in place and which has been in operation for a number of years as a means of further encouraging the involvement of employees in the company's performance.
Auditor
In accordance with the company's articles, a resolution proposing that Spencer Gardner Dickins Audit LLP be reappointed as auditor of the group will be put at a General Meeting.
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of review of performance and future developments.
CAPPFINITY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
P A Linley
Director
2 July 2024
CAPPFINITY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
CAPPFINITY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAPPFINITY LIMITED
- 6 -
Opinion
We have audited the financial statements of Cappfinity 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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.
CAPPFINITY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAPPFINITY LIMITED
- 7 -
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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.
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 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:
- Enquiring of management and those charged with governance around actual and potential litigation and claims;
- Enquiring of entity staff to identify any instances of non-compliance with laws and regulations;
- Reviewing minutes of meetings of those charged with governance;
- We performed testing on the financial statement disclosures to supporting documentation, performing substantive testing on account balances which were considered to be a greater risk of susceptibility to fraud and to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
CAPPFINITY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAPPFINITY LIMITED
- 8 -
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.
Debra Knighton FCCA (Senior Statutory Auditor)
For and on behalf of Spencer Gardner Dickins Audit LLP
4 July 2024
Chartered Accountants
Statutory Auditor
3 Coventry Innovation Village
Cheetah Road
Coventry
CV1 2TL
CAPPFINITY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
16,788,719
15,254,091
Administrative expenses
(19,138,826)
(17,567,916)
Operating loss
4
(2,350,107)
(2,313,825)
Interest receivable and similar income
8
74,986
11,774
Loss before taxation
(2,275,121)
(2,302,051)
Tax on loss
9
743,730
497,866
Loss for the financial year
20
(1,531,391)
(1,804,185)
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
178,507
(235,076)
Total comprehensive income for the year
(1,352,884)
(2,039,261)
Loss 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.
CAPPFINITY LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
-
51,302
Tangible assets
11
45,477
533,351
45,477
584,653
Current assets
Debtors
14
3,594,953
4,527,038
Cash at bank and in hand
8,516,847
8,143,991
12,111,800
12,671,029
Creditors: amounts falling due within one year
15
(7,764,071)
(7,509,592)
Net current assets
4,347,729
5,161,437
Net assets
4,393,206
5,746,090
Capital and reserves
Called up share capital
19
860
860
Share premium account
20
9,849,698
9,849,698
Other reserves
20
(449,925)
(449,925)
Profit and loss reserves
20
(5,007,427)
(3,654,543)
Total equity
4,393,206
5,746,090
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 2 July 2024 and are signed on its behalf by:
02 July 2024
P A Linley
Director
Company registration number 06802155 (England and Wales)
CAPPFINITY LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
51,302
Tangible assets
11
40,255
517,870
Investments
12
88
89
40,343
569,261
Current assets
Debtors
14
6,668,313
6,887,740
Cash at bank and in hand
8,114,717
7,612,807
14,783,030
14,500,547
Creditors: amounts falling due within one year
15
(6,972,921)
(6,301,217)
Net current assets
7,810,109
8,199,330
Net assets
7,850,452
8,768,591
Capital and reserves
Called up share capital
19
860
860
Share premium account
20
9,849,698
9,849,698
Other reserves
20
(449,925)
(449,925)
Profit and loss reserves
20
(1,550,181)
(632,042)
Total equity
7,850,452
8,768,591
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 £918,139 (2022 - £947,915 loss).
The financial statements were approved by the board of directors and authorised for issue on 2 July 2024 and are signed on its behalf by:
02 July 2024
P A Linley
Director
Company registration number 06802155 (England and Wales)
CAPPFINITY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
860
9,849,698
(449,925)
(1,615,282)
7,785,351
Year ended 31 December 2022:
Loss for the year
-
-
-
(1,804,185)
(1,804,185)
Other comprehensive income:
Currency translation differences
-
-
-
(235,076)
(235,076)
Total comprehensive income
-
-
-
(2,039,261)
(2,039,261)
Balance at 31 December 2022
860
9,849,698
(449,925)
(3,654,543)
5,746,090
Year ended 31 December 2023:
Loss for the year
-
-
-
(1,531,391)
(1,531,391)
Other comprehensive income:
Currency translation differences
-
-
-
178,507
178,507
Total comprehensive income
-
-
-
(1,352,884)
(1,352,884)
Balance at 31 December 2023
860
9,849,698
(449,925)
(5,007,427)
4,393,206
CAPPFINITY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
860
9,849,698
(449,925)
315,873
9,716,506
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
-
(947,915)
(947,915)
Balance at 31 December 2022
860
9,849,698
(449,925)
(632,042)
8,768,591
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
(918,139)
(918,139)
Balance at 31 December 2023
860
9,849,698
(449,925)
(1,550,181)
7,850,452
CAPPFINITY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(1,399,627)
(2,940,845)
R&D Tax Credit received
1,190,975
410
Net cash outflow from operating activities
(208,652)
(2,940,435)
Investing activities
Purchase of tangible fixed assets
(18,478)
(110,947)
Proceeds from disposal of tangible fixed assets
525,000
-
Interest received
74,986
11,774
Net cash generated from/(used in) investing activities
581,508
(99,173)
Net increase/(decrease) in cash and cash equivalents
372,856
(3,039,608)
Cash and cash equivalents at beginning of year
8,143,991
11,183,599
Cash and cash equivalents at end of year
8,516,847
8,143,991
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information
Cappfinity Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2230 - 2235 Regents Court, The Crescent, Birmingham Business Park, Birmingham, B37 7YE.
The group consists of Cappfinity Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies 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;
The company has taken advantage of the exemption from the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 on the basis that it is a qualifying entity and that the results of the company are included in the group statement of cash flows.
1.2
Basis of consolidation
The consolidated financial statements incorporate those of Cappfinity Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 December 2023.
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.
1.3
Going concern
The group truecontinues to adapt to changing client circumstances which has meant the group has not only been able to continue to generate sales, but also to increase turnover when compared to the prior year. The level of losses resulted in an increase in negative profit and loss reserves but the Group maintains a very healthy cash balance of £8.5m at the year end. The directors are therefore confident that the group has adequate resources and working capital to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs and also with reference to management estimates of work completed but not billed and work billed but not completed. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a customer base and patents over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Leasehold improvements
20% straight line
Computer equipment and website costs
50% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
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.
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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).
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
1.10
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
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.
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
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.
The company operates an employee benefit trust (EBT) and has de facto control of the shares held by the trust and bears their benefits and risks. The group and company records assets and liabilities of the trust as its own. Consideration paid by the EBT scheme for shares of the company is deducted from equity. Finance costs and administrative expenses incurred by the company in relation to the EBT are recognised on an accruals basis.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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 EV/EBITDA 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.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
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.
1.17
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.
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.18
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.
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, estimates and assumptions which have had the most significant effect on amounts recognised in the financial statements and which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful economic life of non current assets
Management estimate the useful economic life of non current assets based on the period over which the asset is expected to be used and provide for depreciation accordingly. Where an indication of impairment is identified the estimation of recoverable value requires estimation.
Deferred tax
Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits.
Accrued and deferred income
In recognising accrued income in the financial statements management estimate work completed but not billed to the client. In recognising deferred income in the financial statements management estimate work billed to the client but not completed. These estimates are based on stage of completion of project contracts, project knowledge and professional judgement.
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom and Europe
14,836,632
13,192,836
The Americas
833,043
982,405
Australia and Asia Pacific
1,119,044
1,078,850
16,788,719
15,254,091
2023
2022
£
£
Other revenue
Interest income
74,986
11,774
4
Operating loss
2023
2022
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses/(gains)
211,803
(313,424)
Depreciation of owned tangible fixed assets
104,215
152,906
Profit on disposal of tangible fixed assets
(123,606)
-
Amortisation of intangible assets
51,302
58,635
Operating lease charges
477,502
694,794
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
17,350
16,500
Audit of the financial statements of the company's subsidiaries
3,175
3,500
20,525
20,000
For other services
Taxation compliance services
875
525
All other non-audit services
15,311
11,001
16,186
11,526
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
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
287
280
268
263
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
12,518,844
11,532,646
11,024,002
10,079,960
Social security costs
1,276,509
1,208,541
1,198,275
1,132,608
Pension costs
599,938
510,280
519,206
445,572
14,395,291
13,251,467
12,741,483
11,658,140
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
1,311,374
1,126,162
Company pension contributions to defined contribution schemes
33,067
24,182
1,344,441
1,150,344
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2022 - 4).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
335,971
309,647
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
52,519
9,153
Other interest income
22,467
2,621
Total income
74,986
11,774
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(325,587)
(334,000)
Adjustments in respect of prior periods
(418,143)
(163,866)
Total current tax
(743,730)
(497,866)
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(2,275,121)
(2,302,051)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(568,780)
(437,390)
Tax effect of expenses that are not deductible in determining taxable profit
(330,342)
(224,549)
Unutilised tax losses carried forward
153,053
163,644
Under/(over) provided in prior years
-
2,134
Capital allowances super deduction
(59)
(5,420)
Deferred Tax not provided
26,660
66,715
R&D tax credit
(745,955)
(63,000)
Losses surrendered for R&D tax credit
719,468
-
Withholding tax
2,225
-
Taxation credit
(743,730)
(497,866)
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
285,637
Amortisation and impairment
At 1 January 2023
234,335
Amortisation charged for the year
51,302
At 31 December 2023
285,637
Carrying amount
At 31 December 2023
-
At 31 December 2022
51,302
Company
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
285,637
Amortisation and impairment
At 1 January 2023
234,335
Amortisation charged for the year
51,302
At 31 December 2023
285,637
Carrying amount
At 31 December 2023
At 31 December 2022
51,302
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Computer equipment and website costs
Total
£
£
£
£
Cost
At 1 January 2023
451,850
246,910
283,828
982,588
Additions
-
-
18,478
18,478
Disposals
(451,850)
-
-
(451,850)
Exchange adjustments
-
-
(1,672)
(1,672)
At 31 December 2023
-
246,910
300,634
547,544
Depreciation and impairment
At 1 January 2023
48,197
239,159
161,881
449,237
Depreciation charged in the year
2,259
5,798
96,158
104,215
Eliminated in respect of disposals
(50,456)
-
-
(50,456)
Exchange adjustments
-
-
(929)
(929)
At 31 December 2023
-
244,957
257,110
502,067
Carrying amount
At 31 December 2023
-
1,953
43,524
45,477
At 31 December 2022
403,653
7,751
121,947
533,351
Company
Freehold land and buildings
Leasehold improvements
Computer equipment and website costs
Total
£
£
£
£
Cost
At 1 January 2023
451,850
246,910
252,762
951,522
Additions
17,021
17,021
Disposals
(451,850)
(451,850)
At 31 December 2023
246,910
269,783
516,693
Depreciation and impairment
At 1 January 2023
48,197
239,159
146,296
433,652
Depreciation charged in the year
2,259
5,798
85,185
93,242
Eliminated in respect of disposals
(50,456)
(50,456)
At 31 December 2023
244,957
231,481
476,438
Carrying amount
At 31 December 2023
1,953
38,302
40,255
At 31 December 2022
403,653
7,751
106,466
517,870
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
-
88
89
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
89
Impairment
At 1 January 2023
-
Disposals
1
At 31 December 2023
1
Carrying amount
At 31 December 2023
88
At 31 December 2022
89
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Cappfinity Inc.
1.
Ordinary
100.00
Cappfinity PTY Ltd
2.
Ordinary
100.00
Cappfinity Ireland Limited
3.
Ordinary
100.00
Registered office addresses:
1
450 Lexington Avenue, New York, NY 10017, USA
2
Level 14, 333 George Street, Sydney, NSW 2000, Australia
3
45 Mespil Road, Dublin 4, D04 W2F1
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,753,738
2,705,276
1,670,964
2,174,037
Corporation tax recoverable
325,587
772,832
325,587
772,832
Amounts owed by group undertakings
-
-
3,257,541
3,016,778
Other debtors
32,667
20,853
1,028
1,728
Prepayments and accrued income
1,482,961
1,028,077
1,413,193
922,365
3,594,953
4,527,038
6,668,313
6,887,740
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Trade creditors
142,092
215,504
128,614
208,547
Amounts owed to group undertakings
-
-
80,308
1
Other taxation and social security
992,498
1,090,286
950,909
1,048,346
Deferred income
16
5,679,197
5,181,858
4,921,640
4,154,933
Other creditors
25,002
62,287
20,805
58,667
Accruals
925,282
959,657
870,645
830,723
7,764,071
7,509,592
6,972,921
6,301,217
16
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
5,679,197
5,181,858
4,921,640
4,154,933
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
599,938
510,280
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.
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
18
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
19,530
19,530
88.25
88.25
Granted
4,053
-
125.93
-
Outstanding at 31 December 2023
23,583
19,530
94.72
88.25
Exercisable at 31 December 2023
-
-
-
-
Included in the options outstanding at 31 December 2023, are 9,969 share options with an exercise price of £5.89, and a remaining contractual life of 3.5 years.
4,857 options have an exercise price of £175, and a remaining contractual life of 5.5 years.
2,604 options have an exercise price of £175, and a remaining contractual life of 6.5 years.
1,319 options have an exercise price of $227.50 (£168.60), and a remaining contractual life of 7 years.
781 options have an exercise price of £175 and a remaining contractual life of 7.75 years.
3,180 options have an exercise price of £175 and a remaining contractual life of 10 years.
650 options have an exercise price of £17.71 and a remaining contractual life of 10 years.
100 options have an exercise price of £49.75 and a remaining contractual life of 10 years.
123 options have an exercise price of £64.99 and a remaining contractual life of 10 years.
Shares granted
In July 2019, 6,000 share options were granted with a weighted average exercise price of £175, via an Enterprise Management Incentive scheme.
In April 2020, 2,604 share options were granted with a weighted average exercise price of £175, via an unapproved share incentive scheme.
In December 2020, 1,319 share options were granted with a weighted average exercise price of $227.50 (£168.60), via a share incentive scheme for US employees.
In September 2021, 781 share options were granted with a weighted average exercise price of £175, via a share incentive scheme for Australian employees.
In December 2023, 4,053 share options were granted with a weighted average exercise price of £125.93 via an Enterprise Management Incentive Scheme.
Shares forfeited
In September 2019, 1,143 share options with a weighted average exercise price of £175 were forfeited.
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Share-based payment transactions
(Continued)
- 28 -
Share options are available to certain employees. During the year, the company recognised total share-based payment expenses of £nil (2022 - £0) which related to equity settled share based payment transactions.
19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.1p each
188,572
188,572
188
188
Ordinary B shares of £1 each
600
600
600
600
Ordinary C shares of 0.1p each
2,571
2,571
3
3
Redeemable D preferred shares of 0.1p each
68,571
68,571
69
69
260,314
260,314
860
860
All of the company's shares carry equal rights to income. The company's Ordinary A, B and C shares carry equal voting rights and rights to capital on winding up. The company's Redeemable D preferred shares carry voting rights and rights to capital as specified in the company's Articles of Association.
The Redeemable D preferred shares are redeemable after 6 March 2024 at the discretion of the holder of the majority of D preferred shares.
20
Reserves
The share premium reserve represents the excess of consideration received for the company's share capital over and above their nominal value less any costs of issuing those shares.
Retained Earnings represents the retained profit of the group since its inception.
Other reserves represents shares that the Capp & Co Employee Benefit Trust holds in Cappfinity Limited.
21
Financial commitments, guarantees and contingent liabilities
During the year HSBC lodged a charge against bonds issued against a project.
22
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
250,570
236,597
223,001
208,710
Between two and five years
412,500
41,310
412,500
41,310
663,070
277,907
635,501
250,020
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
23
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
1,799,371
1,782,347
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Rentals payable
Sale of fixed assets
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
137,070
98,280
525,000
-
Company
Other related parties
137,070
98,280
525,000
Other information
The company has taken advantage of the exemption under the terms of FRS102 not to disclose related party transactions with wholly owned subsidiaries within the group.
CAPPFINITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
24
Intermediary
The parent company of the group is a sponsoring entity for the intermediary CAPP & Co Limited Employee Benefit Trust. The assets and liabilities of the intermediary are presented within the results of the sponsoring entity and any transactions between both entities have been voided for the purpose of the financial statements.
The inclusion of the intermediary has resulted in the following adjustments to the group and company figures:
- £72,793 decrease in profit and loss reserves
- £449,925 decrease in other reserves
- £749,957 increase in cash
- £62,955 loss for the year
25
Cash absorbed by group operations
2023
2022
£
£
Loss for the year after tax
(1,531,391)
(1,804,185)
Adjustments for:
Taxation credited
(743,730)
(497,866)
Investment income
(74,986)
(11,774)
Gain on disposal of tangible fixed assets
(123,606)
-
Amortisation and impairment of intangible assets
51,302
58,635
Depreciation and impairment of tangible fixed assets
104,215
152,906
Currency translation differences on consolidation
179,250
(236,098)
Movements in working capital:
Decrease/(increase) in debtors
484,840
(1,757,212)
(Decrease)/increase in creditors
(242,860)
308,022
Increase in deferred income
497,339
846,727
Cash absorbed by operations
(1,399,627)
(2,940,845)
26
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
8,143,991
372,856
8,516,847
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