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Registered number: 14678772









LILLEBUS HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
LILLEBUS HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
D W Curran 
A R Nielsen 




Registered number
14678772



Registered office
Leytonstone House
3 Hanbury Drive

Leytonstone

London

E11 1GA




Independent auditor
Barnes Roffe LLP
Chartered Accountants 
Statutory Auditor

Leytonstone House

3 Hanbury Drive

Leytonstone

London

E11 1GA





 
LILLEBUS HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11 - 12
Company balance sheet
 
13
Consolidated statement of changes in equity
 
14
Company statement of changes in equity
 
15
Consolidated statement of cash flows
 
16 - 17
Consolidated analysis of net debt
 
18
Notes to the financial statements
 
19 - 38


 
LILLEBUS HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The principal activity of Lillebus Holdings Limited is that of a holding company. The company was incorporated on 21 February 2023.
The principal activity of The Estates Agent Limited is that of estate agents.
The principal activity of Nielsen-Curran Limited is that of rental of commercial properties. 
The principal activity of Nielsen-Curran Holdings Limited is that of investments in listed shares and of an intermediary holding company.
Lillebus Ltd is a dormant company.

Business review
 
The director aims to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business.
During the year a group reorganisation took place resulting in the group being split into two separate groups. Finders Genealogists Limited, Finders International Probate Genealogists (Ireland) Ltd, DSResearchers Limited, Heir Hunters Researchers Limited and Heir Hunters Association Limited are now 100% owned by Finders Genealogists Holdings Limited.
Subsequent to the year end, The Estates Agent Limited, subsidiary of the group, has decided to wind down its operations. The company will continue to operate in order to collect the remaining debtors due to the company.
The director considers the key financial performance indicators to net assets as the group is now considered to be an investment group. Net assets demonstrate the financial strength of the group.
Net assets for the group were £5,823,119 
(2023 - £8,319,610) the decrease has been driven by the disposal of Finders Genealogists Limited, Finders International Probate Genealogists (Ireland) Ltd, DSResearchers Limited, Heir Hunters Researchers Limited and Heir Hunters Association Limited 

Principal risks and uncertainties
 
The management of the business is subject to a number of risks. The key business risks and uncertainties are considered to relate to the current economic climate which has a direct impact on property yields and valuation of listed shares.
The global economy continues to be uncertain. As a result of market changes the company has been actively seeking to diversify its investment portfolio. 

Financial key performance indicators
 
The group's operations expose it to a variety of financial risks that include price risk, credit risk, liquidity risk and interest rate risk. The group has in place a risk management program that seeks to limit adverse effects on the financial performance of the group.

Page 1

 
LILLEBUS HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Credit and liquidity risks
 
The group has limited exposure to credit risk by virtue of its client base. The cash balance at the year-end was £548k which provides the group with adequate working capital. The director recognises the importance of funding and liquidity under the current economic climate and will continue to monitor the group's financial resources to ensure that the group is able to support its activities and future growth.

Interest rate and cash flow risk

The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances, which attract interest at the prevailing market rate. Interest bearing liabilities include bank loans which attract interest at fixed rates.


This report was approved by the board on 10 October 2024 and signed on its behalf.



D W Curran
Director

Page 2

 
LILLEBUS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and the Group 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 for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,735,888 (2023 - £1,084,007).

During the year dividends of £Nil (2023 - £165,000) were declared.

Directors

The directors who served during the year were:

D W Curran (appointed 21 February 2023)
A R Nielsen (appointed 9 November 2023)

Future developments

Subsequent to the year end, The Estates Agent Limited, subsidiary of the group, has decided to wind down its operations. The company will continue to operate in order to collect the remaining debtors due to the company. 

Page 3

 
LILLEBUS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

Subsequent to the year end, The Estates Agent Limited, subsidiary of the group, has decided to wind down its operations. The company will continue to operate in order to collect the remaining debtors due to the company. 
Subsequent to the year end, the group settled its bank loan.

Auditor

The auditor, Barnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 10 October 2024 and signed on its behalf.
 





D W Curran
Director

Page 4

 
LILLEBUS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LILLEBUS HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Lillebus Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 of the parent Company's affairs as at 31 January 2024 and of the Group's profit 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.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the 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.


Page 5

 
LILLEBUS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LILLEBUS HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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.


Page 6

 
LILLEBUS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LILLEBUS HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
LILLEBUS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LILLEBUS HOLDINGS LIMITED (CONTINUED)


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 Group 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussions with directors, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows - Companies Act 2006. FRS 102, Employment legislation and Tax legislation.
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.
• Laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 
• Considering the internal controls in place to mitigate risks of fraud and non- compliance with laws and regulations.
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions
• Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 8

 
LILLEBUS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LILLEBUS HOLDINGS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.





Adam Dodds (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
Leytonstone
London
E11 1GA

10 October 2024
Page 9

 
LILLEBUS HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
                                                                                                            Note
£
£

  

Turnover
  
894,877
9,653,637

Cost of sales
  
(531,695)
(5,118,125)

Gross profit
  
363,182
4,535,512

Administrative expenses
  
(101,815)
(2,832,725)

Fair value movements
  
183,482
-

Operating profit
 3 
444,849
1,702,787

Income from shares in group undertakings
  
1,474,435
-

Income from fixed assets investments
  
84,953
877

Revaluation of investments and profit/(loss) on disposal
  
-
(151,882)

Interest receivable and similar income
 9 
6,348
12,918

Interest payable and similar expenses
 10 
(173,257)
(93,686)

Profit before taxation
  
1,837,328
1,471,014

Tax on profit
 11 
(101,440)
(387,007)

Profit for the financial year
  
1,735,888
1,084,007

  

Currency translation differences
  
-
(12,516)

Revaluation of intangible fixed assets
  
-
(16,168)

Other comprehensive income for the year
  
-
(28,684)

Total comprehensive income for the year
  
1,735,888
1,055,323

Profit for the year attributable to:
  

Owners of the parent Company
  
1,735,888
1,084,007

  
1,735,888
1,084,007

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,735,888
1,055,323

  
1,735,888
1,055,323

The notes on pages 19 to 38 form part of these financial statements.

Page 10

 
LILLEBUS HOLDINGS LIMITED
REGISTERED NUMBER: 14678772

CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
                                                               Note
£
£

Fixed assets
  

Intangible assets
 13 
-
779,093

Tangible assets
 14 
-
5,585,394

Investments
 15 
918,016
734,534

Investment property
 16 
5,495,728
-

  
6,413,744
7,099,021

Current assets
  

Debtors: amounts falling due within one year
 17 
2,080,101
2,481,746

Cash at bank and in hand
 18 
548,132
3,104,873

  
2,628,233
5,586,619

Creditors: amounts falling due within one year
 19 
(694,500)
(1,796,482)

Net current assets
  
 
 
1,933,733
 
 
3,790,137

Total assets less current liabilities
  
8,347,477
10,889,158

Creditors: amounts falling due after more than one year
 20 
(2,340,547)
(2,425,840)

Provisions for liabilities
  

Deferred taxation
 22 
(183,811)
(143,708)

  
 
 
(183,811)
 
 
(143,708)

Net assets
  
5,823,119
8,319,610


Capital and reserves
  

Called up share capital 
 23 
2,250,001
23,985,001

Merger reserve
 24 
(2,249,997)
(23,984,998)

Profit and loss account
 24 
5,823,115
8,319,607

Equity attributable to owners of the parent Company
  
5,823,119
8,319,610

  
5,823,119
8,319,610


Page 11

 
LILLEBUS HOLDINGS LIMITED
REGISTERED NUMBER: 14678772
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 October 2024.




D W Curran
Director

The notes on pages 19 to 38 form part of these financial statements.

Page 12

 
LILLEBUS HOLDINGS LIMITED
REGISTERED NUMBER: 14678772

COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
                                                                  Note
£
£

Fixed assets
  

Investments
 15 
2,250,000
-

  
2,250,000
-

Current assets
  

Cash at bank and in hand
 18 
402,582
-

  
402,582
-

Creditors: amounts falling due within one year
 19 
(400,900)
-

Net current assets
  
 
 
1,682
 
 
-

Total assets less current liabilities
  
2,251,682
-

  

  

Net assets
  
2,251,682
-


Capital and reserves
  

Called up share capital 
 23 
2,250,001
-

Profit for the year
  
1,681
-

Profit and loss account carried forward
  
1,681
-

  
2,251,682
-


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 October 2024.


D W Curran
Director

The notes on pages 19 to 38 form part of these financial statements.

Page 13

 
LILLEBUS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 February 2022
23,985,001
(23,984,998)
7,427,076
7,427,079
7,427,079



Profit for the period
-
-
1,084,007
1,084,007
1,084,007

Currency translation differences
-
-
(12,516)
(12,516)
(12,516)

Revaluation of intangible fixed assets
-
-
(13,960)
(13,960)
(13,960)

Dividends: Equity capital
-
-
(165,000)
(165,000)
(165,000)



At 1 February 2023
23,985,001
(23,984,998)
8,319,607
8,319,610
8,319,610



Profit for the year
-
-
1,735,888
1,735,888
1,735,888

Transfer of assets and liabilities on reorganisation
-
21,735,001
(4,232,380)
17,502,621
17,502,621

Shares cancelled during the year
(21,735,000)
-
-
(21,735,000)
(21,735,000)


At 31 January 2024
2,250,001
(2,249,997)
5,823,115
5,823,119
5,823,119


The notes on pages 19 to 38 form part of these financial statements.

Page 14

 
LILLEBUS HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£




Profit for the year
-
1,681
1,681

Shares issued during the year
23,985,001
-
23,985,001

Shares cancelled during the year
(21,735,000)
-
(21,735,000)


At 31 January 2024
2,250,001
1,681
2,251,682


The notes on pages 19 to 38 form part of these financial statements.

Page 15

 
LILLEBUS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,735,888
1,084,007

Adjustments for:

Amortisation of intangible assets
-
90,543

Depreciation of tangible assets
-
40,286

Profit on disposal of intangible fixed assets
(79,602)
-

Interest paid
173,257
93,686

Interest received
(11,700)
(13,795)

Taxation charge
101,440
387,007

(Increase) in debtors
(3,176,065)
(48,428)

Increase in creditors
1,454,378
269,527

Net fair value (gains)/losses recognised in P&L
(183,482)
103,820

Corporation tax (paid)
(52,517)
(134,631)

Loss/(profit) on disposal of listed investments
-
48,062

Foreign Exchange
-
(5,031)

Income from connected companies
(1,474,435)
-

Net cash generated from operating activities

(1,512,838)
1,915,053


Cash flows from investing activities

Purchase of intangible fixed assets
(336,715)
(109,351)

Sale of intangible assets
503,871
22,500

Purchase of tangible fixed assets
-
(33,471)

Purchase of listed investments
-
(178,058)

Sale of listed investments
-
176,102

Interest received
6,348
12,918

Dividends received
5,352
877

Purchase of subsidiary company
-
(664,449)

Cash movement on disposal of subsidiary
(2,442,925)
454,993

Income from connected companies
1,474,435
-

Net cash from investing activities

(789,634)
(317,939)

Cash flows from financing activities

Repayment of loans
(81,012)
(103,630)

Dividends paid
-
(165,000)

Interest paid
(173,257)
(93,686)

Net cash used in financing activities
(254,269)
(362,316)
Page 16

 
LILLEBUS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


2024
2023

£
£


Net (decrease)/increase in cash and cash equivalents
(2,556,741)
1,234,798

Cash and cash equivalents at beginning of year
3,104,873
1,870,075

Cash and cash equivalents at the end of year
548,132
3,104,873


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
548,132
3,104,873

548,132
3,104,873


The notes on pages 19 to 38 form part of these financial statements.

Page 17

 
LILLEBUS HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024





At 1 February 2023
Cash flows
Acquisition and disposal of subsidiaries
At 31 January 2024
£

£

£

£

Cash at bank and in hand

3,104,873

(113,816)

(2,442,925)

548,132

Debt due after 1 year

(2,425,840)

85,293

-

(2,340,547)

Debt due within 1 year

(69,750)

(4,281)

-

(74,031)


609,283
(32,804)
(2,442,925)
(1,866,446)

The notes on pages 19 to 38 form part of these financial statements.

Page 18

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Lillebus Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
Where consideration for a subsidiary is an exchange of shares and only limited resources leave the group, merger accounting has been used as permitted under FRS102 "Acquisition and Mergers". Accordingly, the financial information for the current and prior periods has been presented as if Finders International Holdings Ltd has always been the parent company of the group.
On 21 February 2023, there was a share for share exchange and Lillebus Holdings Limited became the ultimate parent company of the group. Merger accounting has been used as permitted under Financial Reporting Standard 102 section 19. Accordingly, the financial information for the current and prior periods has been presented as if Lillebus Holdings Limited has always been the parent company of the group. 

Page 19

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 20

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 21

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 22

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Fixtures and fittings
-
25%
Reducing balances
Office equipment
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 23

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 
Page 24

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Page 25

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Amortisation
-
90,543

Depreciation
-
40,286

Exchange differences
-
(46,203)

Other operating lease rentals
-
45,253

Page 26

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Turnover

2024
2023
£
£



Estate Agent services
664,984
603,247

Rental income
229,893
-

Genealogists services
-
9,050,390

894,877
9,653,637


5.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
8,000
12,000

Fees payable to the Company's auditor in connection with the Group's pension scheme(s) in respect of:

All non-audit services not included above
19,173
251,534


6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
207,037
3,520,767

Social security costs
15,427
385,572

Cost of defined contribution scheme
4,264
102,783

226,728
4,009,122


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
9
109
2
-

Page 27

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Directors' remuneration



The directors received no remuneration during the year (2023 - £9,205).


8.


Income from investments

2024
2023
£
£

Profit on disposal of intangible fixed assets
79,601
-


Income from current asset investments
5,352
877





9.


Interest receivable

2024
2023
£
£


Other interest receivable
6,348
12,918


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
173,257
93,686

Page 28

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
39,548
339,728

Adjustments in respect of previous periods
2,588
46,368


42,136
386,096


Total current tax
42,136
386,096

Deferred tax


Origination and reversal of timing differences
59,304
911

Total deferred tax
59,304
911


Tax on profit
101,440
387,007

Factors affecting tax charge for the year/period

The tax assessed for the year/period is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,837,328
1,471,014


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(655,013)
279,493

Effects of:


Non-tax deductible amortisation of goodwill and impairment
56,250
6,839

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
180
34,944

Capital allowances for year in excess of depreciation
10,462
(363)

Fair value movements
(45,871)
19,726

Adjustments to tax charge in respect of prior periods
2,588
46,368

Disposal of subsidiary company
733,258
-

Tax losses brought forward utilised
(414)
-

Total tax charge for the year/period
101,440
387,007

Page 29

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

In the UK Budget on 3 March 2021, it was announced that legislation will be introduced in Finance Bill 2021 to increase the main rate of UK corporation tax from 19% to 25%, effective 1 April 2023. This was substantively enacted in May 2021 and its effects have beeen reflected in these financial statements and deferred tax has been measured at a rate of 25%.


12.


Dividends

2024
2023
£
£


Dividends paid on equity capital
-
165,000

-
165,000

Page 30

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Intangible assets

Group and Company





Cryptocurrency
Website and development software
Domains
Goodwill
Total

£
£
£
£
£





At 1 February 2023
497,511
368,035
7,500
180,000
1,053,046


Disposals
(497,511)
-
-
-
(497,511)


On disposal of subsidiaries
-
(368,035)
(7,500)
(180,000)
(555,535)



At 31 January 2024

-
-
-
-
-





At 1 February 2023
-
237,953
-
36,000
273,953


On disposals
-
(237,953)
-
(36,000)
(273,953)



At 31 January 2024

-
-
-
-
-



Net book value



At 31 January 2024
-
-
-
-
-



At 31 January 2023
497,511
130,082
7,500
144,000
779,093



Page 31

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Tangible fixed assets

Group






Freehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£





At 1 February 2023
5,495,728
158,150
151,562
5,805,440


Disposal of subsidiary
-
(158,150)
(151,562)
(309,712)


Transfers between classes
(5,495,728)
-
-
(5,495,728)



At 31 January 2024

-
-
-
-





At 1 February 2023
-
129,918
90,128
220,046


Disposal of subsidiary
-
(129,918)
(90,128)
(220,046)



At 31 January 2024

-
-
-
-



Net book value



At 31 January 2024
-
-
-
-



At 31 January 2023
5,495,728
28,232
61,434
5,585,394


15.


Fixed asset investments

Group





Listed investments

£



Cost or valuation


At 1 February 2023
734,534


Revaluations
183,482



At 31 January 2024
918,016




Page 32

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Company





Investments in subsidiary companies

£



Cost or valuation


Additions
23,985,000


Disposals
(21,735,000)



At 31 January 2024
2,250,000




See note 25 for information regarding the group reorganisation. 


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

The Estates Agent Limited*
Ordinary
100%
Nielsen-Curran Limited*
Ordinary
100%
Nielsen-Curran Holdings Limited
Ordinary
100%
Lillebus Ltd*
Ordinary
100%

* Indirect subsidiary 
During the year a group reorganisation took place resulting in the group being split into two separate groups. Finders Genealogists Limited, Finders International Probate Genealogists (Ireland) Ltd, DSResearchers Limited, Heir Hunters Researchers Limited and Heir Hunters Association Limited are now 100% owned by Finders Genealogists Holdings Limited.

Page 33

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

16.


Investment property

Group


Freehold investment property

£



Valuation


Transfers between classes
5,495,728



At 31 January 2024
5,495,728

In the Director's opinion, the market value of the investment at the year end, on an open market value basis, is not materially different to the value as stated above.








17.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
857,306
1,779,591

Other debtors
1,187,749
331,037

Prepayments and accrued income
35,046
146,902

Amounts recoverable on long-term contracts
-
224,216

2,080,101
2,481,746



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
548,132
3,104,873
402,582
-


Page 34

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
74,031
69,750
-
-

Trade creditors
23,335
103,371
-
-

Amounts owed to group undertakings
-
-
400,900
-

Corporation tax
39,519
339,412
-
-

Other taxation and social security
52,827
391,359
-
-

Other creditors
236,309
479,767
-
-

Accruals and deferred income
268,479
412,823
-
-

694,500
1,796,482
400,900
-



20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
2,340,547
2,425,840

2,340,547
2,425,840


The group has a mortgage with Barclays Bank PLC secured by way of a fixed charge over the property known as 6-8 Vestry Street, London, N1 7RE. 
Subsequent to the year end, the group settled the mortgage with Barclays Bank PLC in full.

Page 35

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
74,031
69,750

Amounts falling due 1-2 years

Bank loans
2,340,547
74,031

Amounts falling due 2-5 years

Bank loans
-
2,351,809


2,414,578
2,495,590



22.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(143,708)
(143,019)


Charged to profit or loss
(59,304)
(1,043)


Arising on business combinations
19,201
354



At end of year
(183,811)
(143,708)







Group
Group
2024
2023
£
£

Accelerated capital allowances
(53,251)
(59,018)

Deferred taxation on revaluation of listed investments
(130,560)
(84,690)

(183,811)
(143,708)

Page 36

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,250,001 (2023 - Nil)) Ordinary B shares of £1.00 each
2,250,001
-
Nil (2023 - 23,985,001) Ordinary shares of £1.00 each
-
23,985,001

2,250,001

23,985,001

During the period 23,985,000 Ordinary £1 shares were issued in exchange for 3 Ordinary £1 shares in Nielsen-Curran Holdings Limited. The shares were subsequently re-designated into 21,735,000 Ordinary A £1 shares and 2,250,001 Ordinary B £1 shares.
Subsequent to the re-designation of shares, the company reduced its share capital and 21,735,000 Ordinary A £1 shares were reduced and cancelled, the consideration payable in respect of the cancellation of shares is the transfer to Finders Genealogists Holdings Limited of the entire investment in the share capital of Finders Genealogists Limited comprising of 100 Ordinary £1 shares held by the company. 
Where consideration for a subsidiary is an exchange of shares and only limited resources leave the group, merger accounting has been used as permitted under Financial Reporting Standard 102 section 19. Accordingly, the financial information for the current and prior periods has been presented as if Lillebus Holdings Limited has always been the parent company of the group. 
As such, the share capital issue of £23,985,001 has been presented along with the original £1 share on incorporation as though it has always been the Group’s share capital. 
See note 25 for further details on the group reorganisation during.



24.


Reserves

Merger Reserve

The merger reserve relates to the application of merger accounting for a group reconstruction and represents the difference between the nominal value of shares issued and the nominal value of shares received in exchange.

Profit and loss account

The profit and loss account consists of distributable reserves and non-distributable reserves. The distributable reserves represent cumulative historical profits and losses net of dividends and the repayment of capital. The non-distributable reserve of £391,680 (2023 - £272,259) is used to record increases in the fair value of intangible fixed assets and fixed asset investments and increases to the extent that such increase relates to an increase on the same asset.

Page 37

 
LILLEBUS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

25.


Group reorganisation

On 21 February 2023, a group reorganisation was undertaken whereby Lillebus Holdings Limited reclassified its shares into Ordinary A and Ordinary B shares. The Ordinary A shares held rights over the following companies: Finders Genealogists Holdings Limited, Finders Genealogists Limited, DSResearchers Limited, Finders International Probate Genealogists (Ireland) Limited, Heir Hunter Associations Limited and Heir Hunters Researchers Limited. The Ordinary A shares were cancelled and there was a return of capital to the ultimate controlling party by transfer of the demerging companies to a new group in exchange for shares in the new group.
The transactions was undertaken for commercial purposes with equity holders in their capacity as such, rather than a transaction with a third party. Therefore, it is not considered to meet the definition of income or expense and has therefore been treated as a movement in reserves instead of being disclosed in the statement of comprehensive income.
The net assets disposed of for £Nil consideration resulted in a reduction in profit and loss reserves to the group of £4,232,380. 


£

Net assets disposed of:


Intangible assets
547,539

Tangible assets
89,666

Investments
85

Debtors
3,513,126

Cash
2,442,925

Creditors
(2,341,760)

Deferred taxation
(19,201)

Reduction in profit and loss reserves upon group reorganisation
4,232,380

The net outflow of cash in respect of the transfer of assets and liabilities of these subsidiaries was £2,442,925.


26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable to the Group to the fund and amounted to £4,264 (2023 - £103,231). Contributions totalling £1,383 (2023 - £16,807) were payable to the fund at the balance sheet date and are included in creditors.


27.


Controlling party

The group considers Mr D W Curran to be the ultimate controlling party.

 
Page 38