Concilium Search Limited |
Notes to the Accounts |
for the year ended 31 December 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
Computer software |
|
|
Over 4 years |
|
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Leasehold improvements |
Over 4 years |
|
Fixtures and fittings |
Over 3 years |
|
Computers |
Over 3 years |
|
|
Financial instruments |
|
The company 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 when the company becomes party to the contractual provisions of the instrument. |
|
|
Equity instruments |
|
Equity instruments issued by the company are recorded at the fair value of 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 company. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
|
|
Employee benefits |
|
The costs of short-term employee benefits are recognised as a liability and an expense. |
|
|
Retirement benefits |
|
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either other debtors or other creditors. |
|
|
|
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 appropriate 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. |
|
|
Debt financing |
|
Trade debtors are subject to a financing agreement whereby an advance is received based upon and secured against trade receivables. Where the company has retained significant benefits and risks relating to the factored debts, separate presentation is adopted whereby the gross debts and a corresponding liability, in respect of the advance received, are shown separately on the balance sheet. The interest element of the factor's charges is recognised as it accrues and is included in the profit and loss account within interest payable and similar charges. |
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
44 |
|
47 |
|
|
|
|
|
|
|
|
|
|
3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 January 2023 |
54,000 |
|
At 31 December 2023 |
54,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 January 2023 |
36,348 |
|
Provided during the year |
5,790 |
|
At 31 December 2023 |
42,138 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2023 |
11,862 |
|
At 31 December 2022 |
17,652 |
|
|
|
|
|
|
|
|
|
|
Computer software is being written off in equal annual instalments over its estimated economic life of 4 years. |
|
4 |
Share-based payment transactions |
|
|
The company set up an Enterprise Management Incentive Share option plan on 16 June 2017 whereby it grants rights to the equity instruments of Insight Resources Limited, its immediate and ultimate parent company, to its employees. Details of options granted are set out below: |
|
|
|
Number of share options |
Weighted average exercise price |
|
|
2023 Numbers |
|
2022 Numbers |
|
2023 £ |
|
2022 £ |
|
Outstanding at 31 December 2022 and 31 December 2023 |
9,000 |
|
9,000 |
|
0.01 |
|
0.01 |
|
|
|
|
|
|
|
|
|
|
Exercisable at 31 December 2023 |
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
The options outstanding at 31 December 2023 had an exercise price of £0.01 and a remaining contractual life of 4 years and 6 months. The options are exercisable at the earlier of a Share Sale, a Trade Sale, a Listing or the ninth anniversary of the Date of Grant. The options lapse after 10 years if not exercised during that time. A share based payment charge has not been recognised as the amount is not deemed material to these financial statements (2022: £Nil). |
|
5 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
3,920,626 |
|
4,658,487 |
|
Other debtors |
3,712,134 |
|
1,130,474 |
|
|
|
|
|
|
7,632,760 |
|
5,788,961 |
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
294,992 |
|
570,346 |
|
Taxation and social security costs |
886,664 |
|
753,736 |
|
Other creditors |
5,408,142 |
|
3,829,002 |
|
|
|
|
|
|
6,589,798 |
|
5,153,084 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
677,917 |
|
255,816 |
|
|
|
|
|
|
|
|
|
|
|
|
8 |
Other information |
|
|
Concilium Search Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
31 Bury Street |
|
London |
|
England |
|
EC3A 5AR |