Company registration number 14208414 (England and Wales)
FLINT CONSULTING HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
FLINT CONSULTING HOLDINGS LIMITED
COMPANY INFORMATION
Directors
P L Blake
I Ashford
N P Burbidge
Company number
14208414
Registered office
Bre Site Building 3
Bucknalls Lane
Garston
Watford
Herts
WD25 9XX
Auditors
CLA Evelyn Partners Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
FLINT CONSULTING HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 32
FLINT CONSULTING HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the period ended 31 December 2023.

Review of the business

During the year ended 31 December 2023, Flint Consulting Limited (FCL) had £7.5m revenue that related to the UK business it hived off in 2022. This income was passed through to the hived-off business, so this number is also reflected as cost of sales. This has the effect of reducing the group Flint Consulting Holdings Limited (FCHL) gross profit to 17.5%, whereas the underlying gross profit of continuing operations is 23.9% in the year.

In its continuing operations, FCHL succeeded 2022 turnover levels, a considerable achievement considering the upheaval caused by the demerger of the UK business. It is now focussed on developing its international business.

The company has expanded into several new markets during the year, most notably in the APAC region via a newly incorporated Australian entity, and in Latin America (LATAM) with operations in Colombia. Both regions have had instant success with the directors expecting to expand significantly here in the coming years.

Governance and reporting within the company’s investments in the Middle-East – particularly in Saudi Arabia - significantly improved during the year and into 2024. This has allowed for more predictable and stable income streams into FCHL, delivering good returns on the significant investment the company has made in the region over previous years. Income from this investment is reflected within ‘other operating income’.

The board has an optimistic outlook for the future of FCHL and anticipate significant growth will continue from international business in areas where the company intends to expand into, as well as from existing geographies.

The directors are running a program to reduce the number of minority shareholders withing the group. This is being achieved through share buybacks in its German and Kazakhstani entities, and through consolidating its African business into a single entity. This will make the business more effective and help provide a consistent, high-quality service to its customers.

In August 2024, FCL hived off its non-core training business, Flint SI d.o.o.. This move will further concentrate the focus of the business on its core strategic resourcing business line and ancillary services more closely aligned with this.

With a modest profit, and no dividends declared, net assets of the business increased to £6.605m.

Principal risks and uncertainties

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management, and the company’s finance department implements the policies set by the board of directors.

The department has implemented policies that require appropriate credit checks on potential customers before accounts are accepted. The amount of exposure to any individual debtor is limited and is assessed continually by the board and management.

The company has interest bearing assets and liabilities. Interest bearing assets include cash balances that only earn interest at a floating rate. Interest bearing liabilities include hire purchase contracts, bank overdrafts and debt factoring arrangements. The company policies ensure that interest can be paid by the company when it falls due.

Rising interest rates increase the cost of borrowing for the company. As a result, the company has increased its focus on working capital management to reduce the borrowing required as much as possible.

Expenditure made by the company is authorised prior to it being made by the management, in order to ensure that goods and services are not obtained at a higher price than necessary.

As an international group the company is exposed to currency fluctuations. The business manages this by matching the currency of income with related expenditure as far as possible.

FLINT CONSULTING HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Development and performance

The directors have set certain key targets for sales development and profitability and are cognisant of the challenges faced by the company operating in the ICT sector with its inherently rapid change. The directors review the business at a local and an international level to ensure developments at an entity level are given due consideration, while at the same time taking advantage of opportunities that present themselves at a global level.

The directors are actively reviewing strategic options that harness the value of the significant geographical reach the business has to develop a more effective, streamlined and profitable group.

Key performance indicators

Group turnover from continuing operations increased to £20.0m for the year, from £18.9m in the previous period.

Group profit before tax from continuing operations decreased to £1.05m for the year, from £1.47m in the previous period.

Group gross profit margins from continuing operations increased to 24.0% for the year, from 23.2% in the previous period.

Promoting the success of the company

Environmental and social matters

The Group is committed to being a responsible corporate citizen in managing the impact of our business activities on the environment for all stakeholders including clients, colleagues and the wider community. We seek to

To bolster sustainability throughout the Group, we aim to engage our colleagues and stakeholders, including our broader communities, to consider sustainability alongside other key business drivers.

The directors have reviewed the required energy and carbon reporting for the year ended 31 December 2022 and have concluded that its inclusion in this report is impractical. The directors are committed to improving collation of this data to aid future reporting.

Anti-bribery policy

The Group values its reputation and is committed to maintain the highest level of ethical standards in the conduct of its business affairs. The actions and conduct of our staff as well as others acting on the firm’s behalf are key to maintaining these standard. The Group does not tolerate bribery or corruption in any form.

The firm prohibits the offering, giving, solicitation or the acceptance of any bribe or corrupt inducement, whether in cash or in any other form:

Our policies cover reporting requirement, restrictions on gifts and hospitality and facilitation payment, our approach to politically exposed persons, information security, our procurement approach and charitable gifts and donations.

FLINT CONSULTING HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -

Respect for human rights

The Group acknowledges its responsibilities in relation to tackling modern slavery and commits to complying with the provisions in the Modern Slavery Act 2015. The Group understands that this requires an ongoing review of both its internal practices in relation to its labour force and, additionally, its supply chains.

The Group does not enter into business with any other Group, in the United Kingdom or abroad, which knowingly supports or is found to involve itself in slavery, servitude and forced or compulsory labour.

No labour provided to the Group in the pursuance of the provision of its own services is obtained by means of slavery or human trafficking. The Group strictly adheres to the minimum standards required in relation to its responsibilities under relevant employment legislation.

The Group carries out due diligence processes in relation to ensuring slavery and/or human trafficking does not take place in its Group or supply chains, including conducting a review of the controls of its suppliers.

The Group has not, to its knowledge, conducted any business with another Group which has been found to have involved itself with modern slavery.

In accordance with section 54(4) of the Modern Slavery Act 2015, the Group has taken the following steps to ensure that modern slavery is not taking place:

On behalf of the board

N P Burbidge
Director
31 October 2024
FLINT CONSULTING HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -

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

Principal activities

The company was incorporated on 1 July 2022. The principal activity of the company was to act as the holding company for the trading group the principal activities of which are set out below.

 

The company has eleven subsidiaries, of which eight are active; Flint Consulting Limited (UK), Flint Group Polska Sp. z.o.o. (Poland), Flint GmbH (Germany), LLC Flint Consulting (Kazakhstan), Flint SI. d.o.o (Slovenia), Flint Consulting Inc (USA), Flint Consulting Australia PTY Ltd (Australia) and Flint BT Ltd. STi. (Turkey), all of which have the same principal activity being telecommunication consultants. The remaining three subsidiaries are dormant; Flint Integration Services Limited (Ireland), Flint Limited Liability Company (Russia) and Flint Tech Services (UAE).

 

The company has six associates, of which four are active; Flint SA Pty Ltd (South Africa), Flint International DWC-LLC (UAE), Flint ICT Services Canada Ltd (Canada) and Flint Consulting Africa Ltd (SSA), all of which have the same principal activity being telecommunication consultants. The remaining two associates are dormant; Flint Egypt Digital Solutions Company LLC (Egypt) and Flint Botswana (Proprietary) Limited.

 

The company also has a branch in Italy with the same principal activity.

Results and dividends

The results for the period are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

P L Blake
(Appointed 13 February 2023)
I Ashford
(Appointed 13 February 2023)
N P Burbidge
(Appointed 1 July 2022)
K Barker
(Appointed 1 July 2022, Resigned 13 February 2023)
A R Bryant
(Appointed 1 July 2022, Resigned 13 February 2023)
G S Moore
(Appointed 1 July 2022, Resigned 13 February 2023)
Auditor

CLA Evelyn Partners Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

FLINT CONSULTING HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk objectives, future developments and disclosures regarding engagement with suppliers, customers and others in a business relationship.

On behalf of the board
N P Burbidge
Director
31 October 2024
FLINT CONSULTING HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FLINT CONSULTING HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Flint Consulting Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

FLINT CONSULTING HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLINT CONSULTING HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

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

 

In preparing the financial statements, the directors are responsible for assessing the group’s and 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

FLINT CONSULTING HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLINT CONSULTING HOLDINGS LIMITED
- 8 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 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.

Keir Singleton (Senior Statutory Auditor)
For and on behalf of CLA Evelyn Partners Limited
31 October 2024
Chartered Accountants
Statutory Auditor
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
FLINT CONSULTING HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
Total for
Total for
year ended
year ended
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2023
operations
operations
2022
Notes
£
£
£
£
£
£
Turnover
3
19,972,759
7,469,371
27,442,130
18,939,382
30,302,460
49,241,842
Cost of sales
(15,182,698)
(7,447,770)
(22,630,468)
(14,529,871)
(26,457,407)
(40,987,278)
Gross profit
4,790,061
21,601
4,811,662
4,409,511
3,845,053
8,254,564
Administrative expenses
(5,241,422)
-
(5,241,422)
(3,930,407)
(1,981,980)
(5,912,387)
Other operating income
1,432,899
-
1,432,899
506,578
-
506,578
Operating profit
4
981,538
21,601
1,003,139
985,682
1,863,073
2,848,755
Share of results of associates and joint ventures
77,666
-
77,666
182,180
-
182,180
Interest receivable and similar income
8
13,290
-
13,290
335,688
-
335,688
Interest payable and similar expenses
9
(17,749)
-
(17,749)
(11,745)
(4,342)
(16,087)
Amounts written off investments
10
-
-
-
(24,289)
-
(24,289)
Profit before taxation
1,054,745
21,601
1,076,346
1,467,516
1,858,731
3,326,247
Tax on profit
11
(230,213)
-
(230,213)
(369,862)
(293,914)
(663,776)
Profit for the financial period
824,532
21,601
846,133
1,097,654
1,564,817
2,662,471
Profit for the financial period is attributable to:
- Owners of the parent company
618,966
2,235,142
- Non-controlling interests
227,167
427,329
846,133
2,662,471
FLINT CONSULTING HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 10 -
Year
Year
ended
ended
31 December
31 December
2023
2022
£
£
Profit for the period
846,133
2,662,471
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(225,319)
254,224
Total comprehensive income for the period
620,814
2,916,695
Total comprehensive income for the period is attributable to:
- Owners of the parent company
393,647
2,489,366
- Non-controlling interests
227,167
427,329
620,814
2,916,695
FLINT CONSULTING HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Negative goodwill
14
(62,719)
(62,719)
Other intangible assets
14
11,309
13,967
Total intangible assets
(51,410)
(48,752)
Tangible assets
15
161,372
211,806
Investments
16
2,667,336
2,750,115
2,777,298
2,913,169
Current assets
Stocks
-
142
Debtors
19
6,009,698
9,500,365
Cash at bank and in hand
2,954,693
5,615,676
8,964,391
15,116,183
Creditors: amounts falling due within one year
20
(5,173,912)
(11,890,638)
Net current assets
3,790,479
3,225,545
Net assets
6,567,777
6,138,714
Capital and reserves
Called up share capital
24
1,078
1,000
Other reserves
(899)
(899)
Profit and loss reserves
5,401,110
5,007,463
Equity attributable to owners of the parent company
5,401,289
5,007,564
Non-controlling interests
1,166,488
1,131,150
6,567,777
6,138,714
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
31 October 2024
N P Burbidge
Director
Company registration number 14208414 (England and Wales)
FLINT CONSULTING HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
Notes
£
£
Fixed assets
Investments
16
2,500,000
2,500,000
Current assets
Debtors falling due within one year
19
79
79
Net current assets
79
Net assets
2,500,079
Capital and reserves
Called up share capital
24
1,078
Other reserves
2,499,001
Total equity
2,500,079

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £0.

The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
31 October 2024
N P Burbidge
Director
Company registration number 14208414 (England and Wales)
FLINT CONSULTING HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 13 -
Share capital
Merger reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
1,000
(899)
5,901,215
5,901,316
703,821
6,605,137
Year ended 31 December 2022:
Profit for the year
-
-
2,235,142
2,235,142
427,329
2,662,471
Other comprehensive income:
Currency translation differences
-
-
254,224
254,224
-
254,224
Total comprehensive income
-
-
2,489,366
2,489,366
427,329
2,916,695
Dividends
-
-
(3,383,118)
(3,383,118)
-
(3,383,118)
Balance at 31 December 2022
1,000
(899)
5,007,463
5,007,564
1,131,150
6,138,714
Year ended 31 December 2023
Profit for the year
-
-
618,966
618,966
227,167
846,133
Other comprehensive income:
Currency translation differences
-
-
(225,319)
(225,319)
-
(225,319)
Total comprehensive income
-
-
393,647
393,647
227,167
620,814
Issue of share capital
24
78
-
-
78
-
78
Dividends
-
-
-
-
(191,829)
(191,829)
Balance at 31 December 2023
1,078
(899)
5,401,110
5,401,289
1,166,488
6,567,777
FLINT CONSULTING HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 14 -
Share capital
Other reserve
Total
Notes
£
£
£
Balance at 1 July 2022
-
-
-
Period ended 31 December 2023
Profit and total comprehensive income
-
-
-
0
Issue of share capital
24
1,078
-
1,078
Credit to equity on application of merger relief
-
2,499,001
2,499,001
Balance at 31 December 2023
1,078
2,499,001
2,500,079
FLINT CONSULTING HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,554,226
8,266,360
Interest paid
(17,749)
(10,343)
Income taxes paid
(395,660)
(675,001)
Net cash inflow from operating activities
1,140,817
7,581,016
Investing activities
Purchase of intangible assets
(5,795)
-
Purchase of tangible fixed assets
(135,218)
(40,361)
Purchase of subsidiaries, net of cash acquired
-
42,220
Purchase of associates
(13,198)
-
Repayment of loans
(12,000)
Interest received
13,290
505
Dividends received
85,051
335,183
Net cash (used in)/generated from investing activities
(67,870)
337,547
Financing activities
Proceeds from issue of shares
78
-
Repayment of bank loans
(3,409,284)
(3,405,333)
Payment of finance leases obligations
-
(13,896)
Dividends paid to equity shareholders
-
0
(556,687)
Dividends paid to non-controlling interests
(191,829)
-
0
Net cash used in financing activities
(3,601,035)
(3,975,916)
Net (decrease)/increase in cash and cash equivalents
(2,528,088)
3,942,647
Cash and cash equivalents at beginning of period
5,615,676
1,677,584
Effect of foreign exchange rates
(132,895)
(4,555)
Cash and cash equivalents at end of period
2,954,693
5,615,676
FLINT CONSULTING HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 16 -
2023
Notes
£
£
Cash flows from operating activities
-
0
Investing activities
-
Net cash used in investing activities
-
Financing activities
-
Net cash used in financing activities
-
Net increase in cash and cash equivalents
-
Cash and cash equivalents at beginning of period
-
0
Cash and cash equivalents at end of period
-
0
FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

Flint Consulting Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Bre Site Building 3, Bucknalls Lane, Garston, Watford, Herts, WD25 9XX.

 

The group consists of Flint Consulting Holdings Limited and all of its subsidiaries as listing in note 17.

1.1
Reporting period

The company was incorporated 1 July 2022, as such the accounts for the company have been prepared for the 18 month period 1 July 2022 to 31 December 2023. As this is the company's first accounting period no comparatives have been presented.

 

As stated in note 1.3 below the group figures have been prepared under merger accounting. Thus the group primary financial statements show the results for both of the 12 month periods ending 31 December 2022 and 31 December 2023, thus the results are comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Business combinations

Under Section 19 of FRS 102, the group has applied merger accounting in preparing these consolidated financial statements.

 

The company acquired its interest in its wholly owned subsidiary, Flint Consulting Limited, and its indirect subsidiaries, by way of a business restructure whereby the ultimate shareholders did not change. Consequently, the cost of investment in Flint Consulting Limited has been eliminated upon consolidation against the merger reserve created by the business restructure.

 

Under this accounting preparation the group figures are presented as if it has always been a group, as by substance this is the case.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Flint Consulting Holdings Limited together with all entities controlled by the parent company (its non-dormant subsidiaries) and the group’s share of its interests in associates. All financial statements are made up to 31 December 2023.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of discounts and VAT.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of discounts and VAT. Revenue arises from the provision of telecommunication consultancy and related services. Revenue from contracts for professional services is recognised as services are performed and costs are incurred. It is recognised in proportion to the actual costs incurred, which are directly linked to contractual hourly staff rates and materials used, ensuring a direct correlation between revenue and expenses. If the outcome of a contract cannot be fully determined, revenue is recognised only to the extent of recoverable expenses that have already been incurred.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
Staight line basis over 2-3 years
Development costs
Straight line basis over 3 years
1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
Straight line basis over 2-5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.10
Fixed asset investments

In the parent company financial statements, and where the subsidiary is dormant in the consolidated financial statements, investments in subsidiaries, associates and unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.12
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

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

Basic financial liabilities

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

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.18

Debt factoring

In the company debts are factored by The Royal Bank of Scotland, in the USA subsidiary debts are factored by Southern Bank. Separate presentation has been adopted; trade debtors are shown within assets and a corresponding liability in respect of the proceeds of advanced drawdowns are shown within liabilities.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

A significant judgement made in the preparation of the accounts is that merger accounting is applicable. This is based on the judgement that the ultimate shareholders of the group did not change after the business restructure. The level of uncertainty is low given the knowledge of the previous and current share structure.

FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 21 -
3
Turnover and other revenue
Year ended
Year ended
31 December
31 December
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
10,206,575
31,977,240
Europe
9,023,129
8,801,088
Rest of World
8,212,426
8,463,514
27,442,130
49,241,842
Year ended
Year ended
31 December
31 December
2023
2022
£
£
Other operating income
Management fee receivable
1,419,318
346,441
4
Operating profit
Year ended
Year ended
31 December
31 December
2023
2022
£
£
Operating profit for the period is stated after charging/(crediting):
Exchange losses/(gains)
132,581
(109,391)
Depreciation of owned tangible fixed assets
179,942
178,395
Depreciation of tangible fixed assets held under finance leases
-
19,546
Loss on disposal of tangible fixed assets
1,935
5,540
Amortisation of intangible assets
8,395
8,447
Impairment of intangible assets
-
0
24,289
Operating lease charges
86,346
127,265
5
Auditor's remuneration
Year ended
Year ended
31 December
31 December
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
42,000
49,925
FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
Year ended
Year ended
18 month period
31 December
31 December
ended 31 December
2023
2022
2023
Number
Number
Number
Office and management
26
35
3
Sales, technical and operational
73
117
-
Total
99
152
3

Their aggregate remuneration comprised:

Group
Company
Year end
Year end
18 month period
31 December
31 December
ended 31 December
2023
2022
2023
£
£
£
Wages and salaries
4,142,483
6,177,926
-
0
Social security costs
411,376
357,217
-
Pension costs
302,239
89,579
-
0
4,856,098
6,624,722
-
0
7
Directors' remuneration
Year ended
Year ended
31 December
31 December
2023
2022
£
£
Remuneration for qualifying services
474,087
202,834
Company pension contributions to defined contribution schemes
19,639
41,893
493,726
244,727
FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
7
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
Year ended
Year ended
31 December
31 December
2023
2022
£
£
Remuneration for qualifying services
144,201
126,242
Company pension contributions to defined contribution schemes
3,551
2,026

There was no remuneration paid to the directors from the company for the 18 month period ended 31 December 2023

8
Interest receivable and similar income
Year ended
Year ended
31 December
31 December
2023
2022
£
£
Interest income
Interest on bank deposits
13,290
505
Income from fixed asset investments
Income from shares in group undertakings
-
0
335,183
Total income
13,290
335,688
9
Interest payable and similar expenses
Year ended
Year ended
31 December
31 December
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
17,269
10,343
Other interest on financial liabilities
-
965
17,269
11,308
Other finance costs:
Interest on finance leases and hire purchase contracts
-
1,677
Other interest
480
3,102
Total finance costs
17,749
16,087
FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 24 -
10
Amounts written off investments
Year ended
Year ended
31 December
31 December
2023
2022
£
£
Other gains and losses
-
(24,289)
11
Taxation
Year ended
Year ended
31 December
31 December
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
61,797
404,300
Foreign current tax on profits for the current period
167,697
275,001
Total current tax
229,494
679,301
Deferred tax
Origination and reversal of timing differences
719
(15,525)
Total tax charge
230,213
663,776

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

Year ended
Year ended
31 December
31 December
2023
2022
£
£
Profit before taxation
1,076,346
3,326,247
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
252,941
631,987
Tax effect of expenses that are not deductible in determining taxable profit
67,855
38,087
Tax effect of income not taxable in determining taxable profit
-
0
(94,189)
Effect of change in corporation tax rate
97
-
Permanent capital allowances in excess of depreciation
(12)
(493)
Other permanent differences
13,100
(18,496)
Tax effect of foreign profits not subject to UK tax
(253,213)
(133,507)
Foreign tax charge
167,697
275,001
Profits of associates
(18,252)
(34,614)
Taxation charge
230,213
663,776
FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 25 -
12
Discontinued operations

As detailed in the strategic report, in the prior year, the UK element of the trade and assets of the subsidiary Flint Consulting Limited were transferred to the immediate parent company at that time, Flint UK Technology Services Limited, in November 2022.

13
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

Year ended
Year ended
31 December
31 December
2023
2022
Notes
£
£
In respect of:
Goodwill
14
-
24,289

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

14
Intangible fixed assets
Group
Goodwill
Negative goodwill
Software
Patents & licences
Total
£
£
£
£
£
Cost
At 1 January 2023
24,289
(62,719)
15,995
12,602
(9,833)
Additions
-
0
-
0
-
0
5,795
5,795
Exchange adjustments
-
0
-
0
-
0
(250)
(250)
At 31 December 2023
24,289
(62,719)
15,995
18,147
(4,288)
Amortisation and impairment
At 1 January 2023
24,289
-
0
5,332
9,298
38,919
Amortisation charged for the period
-
0
-
0
5,332
3,063
8,395
Exchange adjustments
-
0
-
0
-
0
(192)
(192)
At 31 December 2023
24,289
-
0
10,664
12,169
47,122
Carrying amount
At 31 December 2023
-
0
(62,719)
5,331
5,978
(51,410)
At 31 December 2022
-
0
(62,719)
10,663
3,304
(48,752)
The company had no intangible fixed assets as at 31 December 2023.

More information on impairment movements in the period is given in note 13.

FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 26 -
15
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 January 2023
530,149
Additions
135,218
Disposals
(1,935)
Exchange adjustments
(12,195)
At 31 December 2023
651,237
Depreciation and impairment
At 1 January 2023
318,343
Depreciation charged in the period
179,942
Exchange adjustments
(8,420)
At 31 December 2023
489,865
Carrying amount
At 31 December 2023
161,372
At 31 December 2022
211,806
The company had no tangible fixed assets as at 31 December 2023.
16
Fixed asset investments
Group
Company
2023
2022
2023
Notes
£
£
£
Investments in subsidiaries
17
-
0
-
0
2,500,000
Investments in associates
18
1,090,720
1,219,512
-
0
Unlisted investments
1,576,616
1,530,603
-
0
2,667,336
2,750,115
2,500,000
FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
16
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Group
Shares in associates
Share of net assets of associates
Other investments
Total
£
£
£
£
Cost or valuation
At 1 January 2023
71,214
1,148,298
1,530,603
2,750,115
Additions
13,198
-
-
13,198
Valuation changes
(58,812)
-
(58,812)
Transfer
(46,013)
-
46,013
-
At 31 December 2023
38,399
1,089,486
1,576,616
2,704,501
Carrying amount
At 31 December 2023
38,399
1,089,486
1,576,616
2,704,501
At 31 December 2022
71,214
1,148,298
1,530,603
2,750,115
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022
-
Additions
2,500,000
At 31 December 2023
2,500,000
Carrying amount
At 31 December 2023
2,500,000
At 1 July 2022
-
FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 28 -
17
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Flint Consulting Limited
United Kingdom
Telecommunication Consultants
Ordinary
100.00
-
Flint Integration Services Limited
Ireland
Dormant
Ordinary
0
100.00
Flint Limited Liability Company
Russia
Dormant
Ordinary
0
75.00
Flint Group Polska Sp. z.o.o.
Poland
Telecommunication Consultants
Ordinary
0
100.00
Flint GmbH
Germany
Telecommunication Consultants
Ordinary
0
62.50
LLP Flint Consulting
Kazakhstan
Telecommunication Consultants
Ordinary
0
60.00
FLINT SI, d.o.o.
Slovenia
Telecommunication Consultants
Ordinary
0
51.00
Flint Consulting Inc
USA
Telecommunication Consultants
Ordinary
0
100.00
FCL Tech Services LLC
United Arab Emirates
Dormant
Ordinary
0
99.00
Flint Consulting Australia PTY Ltd
Australia
Telecommunication Consultants
Ordinary
0
100.00
Flint Bilisim Teknolojileri Limited
Sirketi
Turkery
Telecommunication Consultants
Ordinary
0
62.50
18
Associates

Details of associates at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Flint SA (PTY) Ltd
South Africa
Telecommunication Consultants
Ordinary
0
42
Flint International DWC-LLC
United Arab Emirates
Telecommunication Consultants
Ordinary
0
40
Flint Egypt Digital Solutions
Company LLC
Egypt
Dormant
Ordinary
0
33
Flint ICT Services Canada Ltd
Canada
Telecommunication Consultants
Ordinary
0
43
Flint Consulting Africa Ltd
SSA Africa
Telecommunication Consultants
Ordinary
0
49
Flint Botswana (Proprietary) Limited
Botswana
Dormant
Ordinary
0
49
FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 29 -
19
Debtors
Group
Company
2023
2022
2023
Amounts falling due within one year:
£
£
£
Trade debtors
4,123,010
7,732,285
-
0
Corporation tax recoverable
-
0
338
-
0
Amounts owed by group undertakings
-
-
78
Amounts owed by undertakings in which the company has a participating interest
154,583
239,148
-
Other debtors
282,336
622,868
1
Prepayments and accrued income
1,447,037
902,275
-
0
6,006,966
9,496,914
79
6,006,966
9,496,914
79
Amounts falling due after more than one year:
Deferred tax asset (note 22)
2,732
3,451
-
0
Total debtors
6,009,698
9,500,365
79
20
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
Notes
£
£
£
Bank loans
21
1,823,067
527,379
-
0
Trade creditors
833,734
4,906,104
-
0
Amounts owed to undertakings in which the group has a participating interest
-
0
86,480
-
0
Corporation tax payable
61,797
228,302
-
0
Other taxation and social security
359,525
732,048
-
Other creditors
517,853
4,031,950
-
0
Accruals and deferred income
1,577,936
1,378,375
-
0
5,173,912
11,890,638
-
0
FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 30 -
21
Loans and overdrafts
Group
Company
2023
2022
2023
£
£
£
Debt factoring
1,823,067
527,379
-
0
1,823,067
527,379
-
Payable within one year
1,823,067
527,379
-
0

Included within loans and overdrafts is an amount of £1,464,766 (2022 - £472,088) due to RBS Invoice Finance Limited which is secured via fixed and floating charges over all undertakings of the subsidiary Flint Consulting Limited.

 

Included within loans and overdrafts is an amount of £358,301 (2022 - £55,291) due to Southern Bank which is secured via fixed and floating charges over all undertakings of the subsidiary, Flint Consulting Inc.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group, and movements thereon:

Assets
Assets
2023
2022
Group
£
£
Accelerated capital allowances
2,276
2,743
Retirement benefit obligations
456
708
2,732
3,451
The company has no deferred tax assets or liabilities.
Group
2023
Movements in the period:
£
Asset at 1 January 2023
(3,451)
Charge to profit or loss
719
Asset at 31 December 2023
(2,732)
FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 31 -
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
302,239
89,579

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Ordinary shares of £1 each
1,078
1,000
1,078
1,000
Company
2023
2023
Ordinary share capital
Number
£
Ordinary shares of £1 each
1,078
1,078
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
78,716
-
-
-
78,716
-
-
-
26
Events after the reporting date

On 27 August 2024, ownership of Flint Consulting Limited, and consequently all of its direct and indirect subsidiaries, were transferred to Flint SI (UK) Limited. 

27
Related party transactions

In respect of wholly owned subsidiaries, the company has taken advantage of the exemption permitted by Section 33 "Related Party Disclosures" not to provide disclosures of transactions entered into with other wholly owned members of the group.

 

The company has no transactions or balances with any non-wholly owned subsidiaries.

FLINT CONSULTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 32 -
28
Cash generated from group operations
2023
2022
£
£
Profit for the period after tax
846,133
2,662,471
Adjustments for:
Share of results of associates and joint ventures
(77,666)
(182,180)
Taxation charged
230,213
663,776
Finance costs
17,749
16,087
Investment income
(13,290)
(335,688)
Loss on disposal of tangible fixed assets
1,935
5,540
Amortisation and impairment of intangible assets
8,395
8,447
Depreciation and impairment of tangible fixed assets
179,942
197,941
Other gains and losses
-
24,289
Movements in working capital:
Decrease/(increase) in stocks
142
(119)
Decrease/(increase) in debtors
8,206,582
(4,089,739)
(Decrease)/increase in creditors
(7,845,909)
7,343,535
Increase in deferred income
-
1,952,000
Cash generated from operations
1,554,226
8,266,360
29
Cash absorbed by operations - company
2023
2022
£
£
Profit for the period after tax
-
-
Cash absorbed by operations
-
-
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