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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Director's report |
3 |
Independent auditor's report to the member |
5 |
Consolidated statement of comprehensive income |
9 |
Consolidated statement of financial position |
10 |
Company statement of financial position |
11 |
Consolidated statement of changes in equity |
12 |
Company statement of changes in equity |
13 |
Consolidated statement of cash flows |
14 |
Notes to the financial statements |
15 |
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Strategic Report |
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Director |
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Registered office: |
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Director's Report |
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Director |
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Registered office: |
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Independent Auditor's Report to the Member of
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Printing House |
66 Lower Road |
Harrow |
HA2 0DH |
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Consolidated Statement of Comprehensive Income |
2023 |
2022 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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------------ |
------------ |
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Gross profit |
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Administrative expenses |
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------------ |
------------ |
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Operating profit |
5 |
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Income from other fixed asset investments |
9 |
– |
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Other interest receivable and similar income |
10 |
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Interest payable and similar expenses |
11 |
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– |
------------ |
------------ |
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Profit before taxation |
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Tax on profit |
12 |
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------------ |
------------ |
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Profit for the financial year |
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------------ |
------------ |
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Foreign currency retranslation |
(
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(
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------------ |
------------ |
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Total comprehensive income for the year |
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------------ |
------------ |
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The owners of the parent company |
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Non-controlling interests |
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------------ |
------------ |
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------------ |
------------ |
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The owners of the parent company |
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Non-controlling interests |
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------------ |
------------ |
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------------ |
------------ |
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Consolidated Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
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Tangible assets |
14 |
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Investments |
15 |
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– |
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-------- |
-------- |
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Debtors |
16 |
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Cash at bank and in hand |
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------------ |
------------ |
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Creditors: amounts falling due within one year |
17 |
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------------ |
------------ |
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Net current assets |
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------------ |
------------ |
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Total assets less current liabilities |
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Provisions |
18 |
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
20 |
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Other reserves |
21 |
(
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(
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Profit and loss account |
21 |
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-------------- |
-------------- |
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Equity attributable to the owners of the parent company |
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Non-controlling interests |
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------------ |
------------ |
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------------ |
------------ |
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Director |
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Company Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
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Intangible assets |
13 |
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– |
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Investments |
15 |
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-------------- |
-------------- |
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Debtors |
16 |
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– |
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Cash at bank and in hand |
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– |
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------------ |
---- |
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– |
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Creditors: amounts falling due within one year |
17 |
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------------ |
---- |
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Net current assets/(liabilities) |
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(
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-------------- |
-------------- |
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Total assets less current liabilities |
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-------------- |
-------------- |
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Called up share capital |
20 |
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Profit and loss account |
21 |
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– |
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-------------- |
-------------- |
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Shareholder funds |
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-------------- |
-------------- |
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Director |
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Consolidated Statement of Changes in Equity |
Called up share capital |
Other reserves |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
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£ |
£ |
£ |
£ |
£ |
£ |
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At 1 January 2022 |
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(
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Profit for the year |
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Other comprehensive income for the year: |
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Foreign currency retranslation |
– |
– |
(
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(
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(
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(
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-------------- |
-------------- |
------------ |
------------ |
---- |
------------ |
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Total comprehensive income for the year |
– |
– |
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At 31 December 2022 |
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(
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Profit for the year |
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Other comprehensive income for the year: |
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Foreign currency retranslation |
– |
– |
(
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(
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(
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(
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-------------- |
-------------- |
------------ |
------------ |
---- |
------------ |
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Total comprehensive income for the year |
– |
– |
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-------------- |
-------------- |
------------ |
------------ |
---- |
------------ |
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At 31 December 2023 |
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(
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-------------- |
-------------- |
------------ |
------------ |
---- |
------------ |
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Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 1 January 2022 |
|
– |
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Profit for the year |
– |
– |
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At 31 December 2022 |
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– |
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Profit for the year |
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-------------- |
------------ |
-------------- |
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Total comprehensive income for the year |
– |
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-------------- |
------------ |
-------------- |
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At 31 December 2023 |
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-------------- |
------------ |
-------------- |
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Consolidated Statement of Cash Flows |
2023 |
2022 |
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£ |
£ |
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Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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Income from other fixed asset investments |
– |
(
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Other interest receivable and similar income |
(
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(
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Interest payable and similar expenses |
|
– |
Unrealised foreign currency gains |
(1,550) |
(1,878) |
Tax on profit |
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Accrued (income)/expenses |
(
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Changes in: |
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Trade and other debtors |
(
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(
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Trade and other creditors |
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(
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Provisions and employee benefits |
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------------ |
------------ |
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Cash generated from operations |
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(
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Interest paid |
(
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– |
Interest received |
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Tax paid |
(
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(
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---------- |
---------- |
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Net cash from/(used in) operating activities |
|
(
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---------- |
---------- |
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Purchase of tangible assets |
(
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(
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Purchases of other investments |
(40,042) |
– |
Proceeds from sale of other investments |
– |
94,775 |
---------- |
---------- |
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Net cash (used in)/from investing activities |
(
|
|
---------- |
---------- |
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Proceeds from borrowings |
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– |
---------- |
---------- |
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Net cash from financing activities |
|
– |
---------- |
---------- |
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Net increase/(decrease) in cash and cash equivalents |
|
(
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Cash and cash equivalents at beginning of year |
154,708 |
551,683 |
---------- |
---------- |
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Cash and cash equivalents at end of year |
|
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---------- |
---------- |
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Notes to the Financial Statements |
Short leasehold property |
- |
|
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Fixtures and fittings |
- |
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Computer equipment |
- |
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|
2023 |
2022 |
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£ |
£ |
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Rendering of services |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Depreciation of tangible assets |
|
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Impairment of trade debtors |
11,891 |
– |
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Foreign exchange differences |
(
|
(
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-------- |
-------- |
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2023 |
2022 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
|
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|
------- |
-------- |
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Audit-related assurance services |
|
– |
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-------- |
-------- |
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2023 |
2022 |
||
No. |
No. |
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Administrative staff |
|
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|
---- |
---- |
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2023 |
2022 |
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£ |
£ |
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Wages and salaries |
|
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Social security costs |
|
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Other pension costs |
|
– |
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------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
||
£ |
£ |
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Remuneration |
|
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-------- |
-------- |
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2023 |
2022 |
||
£ |
£ |
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(Gain)/loss on disposal of other fixed asset investments |
– |
62,734 |
|
---- |
-------- |
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2023 |
2022 |
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£ |
£ |
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Interest on loans and receivables |
5,340 |
10,444 |
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Interest on bank deposits |
|
|
|
------- |
-------- |
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------- |
-------- |
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2023 |
2022 |
||
£ |
£ |
||
Other interest payable and similar charges |
|
– |
|
-------- |
---- |
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2023 |
2022 |
||
£ |
£ |
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UK current tax expense |
|
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Foreign current tax income |
|
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|
---------- |
---------- |
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Total current tax |
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|
---------- |
---------- |
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Tax on profit |
|
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|
---------- |
---------- |
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2023 |
2022 |
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£ |
£ |
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Profit on ordinary activities before taxation |
|
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------------ |
------------ |
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Profit on ordinary activities by rate of tax |
|
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Effect of expenses not deductible for tax purposes |
|
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Effect of capital allowances and depreciation |
|
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Effect of exempt gains |
(564) |
– |
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Effect of R&D enhancement |
(140,926) |
(117,131) |
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Effect of different tax rate on foreign subsidiaries |
(1,710) |
4,686 |
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------------ |
------------ |
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Tax on profit |
|
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------------ |
------------ |
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Company |
Goodwill |
£ |
|
Cost |
|
At 1 January 2023 |
– |
Acquisitions through business combinations |
|
------- |
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At 31 December 2023 |
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------- |
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Amortisation |
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At 1 January 2023 and 31 December 2023 |
– |
------- |
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Carrying amount |
|
At 31 December 2023 |
|
------- |
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At 31 December 2022 |
– |
------- |
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Group |
Short leasehold property |
Fixtures and fittings |
Equipment |
Total |
£ |
£ |
£ |
£ |
|
Cost |
||||
At 1 January 2023 |
|
|
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Additions |
– |
– |
|
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Disposals |
(
|
– |
– |
(
|
-------- |
-------- |
---------- |
---------- |
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At 31 December 2023 |
– |
|
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-------- |
-------- |
---------- |
---------- |
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Depreciation |
||||
At 1 January 2023 |
|
|
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Charge for the year |
|
– |
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Disposals |
(
|
– |
– |
(
|
-------- |
-------- |
---------- |
---------- |
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At 31 December 2023 |
– |
|
|
|
-------- |
-------- |
---------- |
---------- |
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Carrying amount |
||||
At 31 December 2023 |
– |
– |
|
|
-------- |
-------- |
---------- |
---------- |
|
At 31 December 2022 |
|
– |
|
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-------- |
-------- |
---------- |
---------- |
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Group |
Other investments other than loans |
£ |
|
Cost |
|
At 1 January 2023 |
– |
Additions |
|
-------- |
|
At 31 December 2023 |
|
-------- |
|
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
-------- |
|
Carrying amount |
|
At 31 December 2023 |
|
-------- |
|
At 31 December 2022 |
– |
-------- |
|
Company |
Shares in group undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2023 |
|
– |
|
Additions |
– |
|
|
-------------- |
-------- |
-------------- |
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At 31 December 2023 |
|
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-------------- |
-------- |
-------------- |
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Impairment |
|||
At 1 January 2023 and 31 December 2023 |
– |
– |
– |
-------------- |
-------- |
-------------- |
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Carrying amount |
|||
At 31 December 2023 |
|
|
|
-------------- |
-------- |
-------------- |
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At 31 December 2022 |
|
– |
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-------------- |
-------- |
-------------- |
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Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
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Tavistock House Tavistock Square |
Ordinary |
100 |
4th Floor |
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North West Wing |
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London |
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WC1H 9JP |
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P2-104 |
Ordinary |
99.9 |
Pentagon Magarpatta City |
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Hadapsar Pune |
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411013 |
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P2-104 |
Ordinary |
99.9 |
Pentagon Magarpatta City |
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Hadapsar Pune |
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411013 |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Prepayments and accrued income |
|
|
|
– |
Other debtors due after more than one year |
– |
30,118 |
– |
– |
Other debtors |
|
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|
– |
------------ |
------------ |
------------ |
---- |
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– |
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------------ |
------------ |
------------ |
---- |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
– |
– |
|
– |
Accruals and deferred income |
|
|
– |
– |
Corporation tax |
|
|
|
– |
Social security and other taxes |
|
|
– |
– |
Director loan accounts |
|
– |
|
– |
Other creditors |
|
|
– |
|
------------ |
------------ |
------------ |
---- |
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------------ |
------------ |
------------ |
---- |
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Group |
Dilapidations |
£ |
|
At 1 January 2023 |
|
Additions |
|
-------- |
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At 31 December 2023 |
|
-------- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
7,000,000 |
|
7,000,000 |
|
|
240,000 |
|
240,000 |
|
|
12,000,000 |
|
12,000,000 |
-------------- |
-------------- |
-------------- |
-------------- |
|
|
19,240,000 |
|
19,240,000 |
|
-------------- |
-------------- |
-------------- |
-------------- |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
22,715 |
|
Debt due within one year |
– |
(1,042) |
(1,042) |
---------- |
-------- |
---------- |
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---------- |
-------- |
---------- |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
---------- |
---------- |
---- |
---- |
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|
|
– |
– |
|
---------- |
---------- |
---- |
---- |
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Transaction value |
Balance owed by/(owed to) |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Other related parties |
– |
– |
|
|
---- |
---- |
------------ |
------------ |
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Notes to the Financial Statements (continued) |
Transaction value |
Balance owed by/(owed to) |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Other related parties |
– |
– |
|
|
---- |
---- |
------------ |
------------ |
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