Company registration number 05018700 (England and Wales)
CASPIAN ONE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CASPIAN ONE LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 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
Notes to the financial statements
16 - 32
CASPIAN ONE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr David Graziano
Mr Marcus Graziano
Mr Lee Barnett
Secretary
Mr David Graziano
Company number
05018700
Registered office
2nd Floor
Telephone House
18 Christchurch Road
Bournemouth
Dorset
BN1 3NE
Auditor
Azets Audit Services
37 Commerical Road
Poole
Dorset
BH14 0HU
CASPIAN ONE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

Caspian One are an international technology services company. We solve technology-driven, resource-based and project-delivery challenges that demand speed, scale and commercial flexibility in the Financial Services and Broadcast Media industries. We service permanent and contract staffing and consultancy requirements, principally throughout Europe and North America.

Put simply, we deploy niche technology teams to deliver projects in the way that best suits the needs of our clients. These teams are working to decommission, migrate, build and implement tech that give our clients the competitive edge - in Financial Services and Broadcast Media.

Vision: Create partnerships where technology, innovation and human ingenuity combine seamlessly, empowering individuals and organisations to reach their full potential and thrive on transformative change.

Mission: Develop client relationships built on genuine collaboration, transparency, and trust. Navigate the challenges of skills, technology and change with confidence, to unlock potential in talent, relationships and opportunities. We bring together the best, fuelling innovation and commercial agility, dedicated to optimising your potential.

We support over 40 client business areas including:

In Fintech: Equities & Equity Derivatives, Fixed Income, Capital Markets, FX, Commodities, Prime Brokerage, Risk, Cryptocurrencies, eTrading, Regulatory Compliance and Open Banking.

In Broadcast: Broadcasters & Content Owners, Telco's & Operators, Service Providers, Vendors and System Integrators.

Financial review and Key performance indicators

Management considers the following are key performance indicators:

Turnover for the year ended 31 March 2024 slightly decreased to £34,890,856 compared with £35,957,278 for the period ending 31 March 2023.

Gross Profit for the year ended 31 March 2024 slightly decreased to £7,170,091 compared with £7,443,847 for the period ending 31 March 2023.

Despite tough market conditions globally, financial performance was stable in the year ended 31 March 2024.

Current Outlook

Current indications are that the group is trading in line with expectations and the Board believe the business is placed to achieve its full year targets and strategic plan for 2024/25 and beyond.

 

Principle Risks

Client Risk

The business continues to make significant steps to diversify its client base and the nature of services it provides to existing and new clients. In 2023/24, the board have continued to invest in a specialised Advanced Selling Group and in and has adopted a corporate strategy to ensure client diversification.

Supplier Risk

The business attracts professionals across a range of disciplines to place into co-sourcing, permanent and temporary vacancies with its clients. Since the sourcing of suppliers is key to the ongoing success of the business it invests significantly in developing key partnerships with suppliers and a specialist delivery model to ensure it continues to attract and engage with new suppliers.

CASPIAN ONE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Legislation Risk

The company operates in an environment where legislation exists with regards to Off-Payroll Working. Its processes are robust and have been audited to ensure compliance. There is opportunity in legislative changes in Fintech division to promote its Open Banking offerings to more countries, in particular North America.

 

Working Capital Risk

The company occasionally utilises the services of invoice discounting to bridge the necessary gap between paying suppliers and receiving payment from clients. It is important that cash is collected from clients in a timely manner to mitigate the risk of low cash headroom and higher interest charges. The business has enough clearance to the funding ceiling to manage any potential fluctuations.

 

Employees

Our people are at the heart of our success therefore being able to attract new employees and retain existing colleagues is a risk taken seriously by the board. At Caspian One, we are defined by our people. It’s our people that turn our company values into realities - by operating professionally with a keen eye for detail, consistently supporting each other, and becoming key suppliers to our clients with expertise, authority, and ownership over their selected markets. The established culture at Caspian One is more akin to a family, with staff nurtured and promoted in a highly collaborative environment. We recognize and celebrate successes as a community, and actively encourage ambitious behaviours. We invest significantly in our people through recognition, training, career development, mentoring as well as financial rewards to maintain a stable core of experienced people and ensure the business continues to develop a reputation as a place where people want to work.

On behalf of the board

Mr Marcus Graziano
Director
14 November 2024
CASPIAN ONE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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

Principal activities

The principal activity of the company and group continued to be that of recruitment in the financial services, financial technology recruitment, investment banking and broadcast markets.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £356,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr David Graziano
Mr Marcus Graziano
Mr Lee Barnett
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

Directors’ confirmations

In the case of each director in office at the date the directors’ report is approved:

On behalf of the board
Mr Marcus Graziano
Director
14 November 2024
CASPIAN ONE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, 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 of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:

The directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also 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 group and enable them to ensure that the financial statements comply with the Companies Act 2006

CASPIAN ONE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CASPIAN ONE LIMITED
- 6 -
Opinion

We have audited the financial statements of Caspian One Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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:

CASPIAN ONE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CASPIAN ONE 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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.

CASPIAN ONE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CASPIAN ONE LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

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;

 

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

CASPIAN ONE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CASPIAN ONE LIMITED
- 9 -

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.

Mr Paul Francis (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
37 Commercial Road
Poole
Dorset
BH14 0HU
15 November 2024
CASPIAN ONE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
34,890,856
35,957,278
Cost of sales
(27,720,765)
(28,513,431)
Gross profit
7,170,091
7,443,847
Administrative expenses
(6,722,752)
(5,661,468)
Other operating income
500
39,109
Operating profit
4
447,839
1,821,488
Interest receivable and similar income
17,288
-
0
Interest payable and similar expenses
8
(50,346)
(20,631)
Profit before taxation
414,781
1,800,857
Tax on profit
9
(214,944)
(190,883)
Profit for the financial year
199,837
1,609,974
Other comprehensive income
Currency translation loss taken to retained earnings
(6,478)
(15,337)
Total comprehensive income for the year
193,359
1,594,637
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 16 to 32 form part of these financial statements.

CASPIAN ONE LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
168,977
238,975
Tangible assets
12
1,285,993
669,996
1,454,970
908,971
Current assets
Debtors
16
6,326,437
5,666,095
Cash at bank and in hand
2,869,930
4,852,220
9,196,367
10,518,315
Creditors: amounts falling due within one year
17
(4,952,820)
(5,811,496)
Net current assets
4,243,547
4,706,819
Total assets less current liabilities
5,698,517
5,615,790
Creditors: amounts falling due after more than one year
18
(556,654)
(399,356)
Provisions for liabilities
Deferred tax liability
20
285,251
197,181
(285,251)
(197,181)
Net assets
4,856,612
5,019,253
Capital and reserves
Called up share capital
22
1,101
1,101
Profit and loss reserves
4,855,511
5,018,152
Total equity
4,856,612
5,019,253
The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
14 November 2024
Mr Marcus Graziano
Director
Company registration number 05018700 (England and Wales)
CASPIAN ONE LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
168,977
238,975
Tangible assets
12
1,284,175
669,996
Investments
13
57
57
1,453,209
909,028
Current assets
Debtors
16
5,613,707
5,470,566
Cash at bank and in hand
2,377,346
3,302,000
7,991,053
8,772,566
Creditors: amounts falling due within one year
17
(3,824,987)
(4,561,481)
Net current assets
4,166,066
4,211,085
Total assets less current liabilities
5,619,275
5,120,113
Creditors: amounts falling due after more than one year
18
(556,654)
(399,356)
Provisions for liabilities
Deferred tax liability
20
285,251
197,181
(285,251)
(197,181)
Net assets
4,777,370
4,523,576
Capital and reserves
Called up share capital
22
1,101
1,101
Profit and loss reserves
4,776,269
4,522,475
Total equity
4,777,370
4,523,576

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 year was £609,794 (2023 - £1,376,766 profit).

The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
14 November 2024
Mr Marcus Graziano
Director
Company registration number 05018700 (England and Wales)
CASPIAN ONE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
1,101
4,165,515
4,166,616
Year ended 31 March 2023:
Profit for the year
-
1,609,974
1,609,974
Other comprehensive income:
Currency translation differences
-
(15,337)
(15,337)
Total comprehensive income
-
1,594,637
1,594,637
Dividends
10
-
(742,000)
(742,000)
Balance at 31 March 2023
1,101
5,018,152
5,019,253
Year ended 31 March 2024:
Profit for the year
-
199,837
199,837
Other comprehensive income:
Currency translation differences
-
(6,478)
(6,478)
Total comprehensive income
-
193,359
193,359
Dividends
10
-
(356,000)
(356,000)
Balance at 31 March 2024
1,101
4,855,511
4,856,612
CASPIAN ONE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
1,101
3,887,709
3,888,810
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
1,376,766
1,376,766
Dividends
10
-
(742,000)
(742,000)
Balance at 31 March 2023
1,101
4,522,475
4,523,576
Year ended 31 March 2024:
Profit and total comprehensive income
-
609,794
609,794
Dividends
10
-
(356,000)
(356,000)
Balance at 31 March 2024
1,101
4,776,269
4,777,370
CASPIAN ONE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(31,506)
1,685,552
Investing activities
Purchase of tangible fixed assets
(539,223)
(64,446)
Proceeds on disposal of tangible fixed assets
1
12,300
Interest received
17,288
-
0
Net cash used in investing activities
(521,934)
(52,146)
Financing activities
Interest paid
(50,346)
(20,631)
Movement on invoice discounting
(907,409)
1,047,885
Proceeds from borrowings
-
(24,332)
Payment of finance leases obligations
(108,617)
(109,281)
Dividends paid to equity shareholders
(356,000)
(742,000)
Net cash (used in)/generated from financing activities
(1,422,372)
151,641
Net (decrease)/increase in cash and cash equivalents
(1,975,812)
1,785,047
Cash and cash equivalents at beginning of year
4,852,220
3,082,490
Effect of foreign exchange rates
(6,478)
(15,317)
Cash and cash equivalents at end of year
2,869,930
4,852,220
CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
1
Accounting policies
Company information

Caspian One Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Caspian One Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Caspian One Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

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

1.4
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.

CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.5
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 VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
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.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Software
20% Straight line
1.7
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
33% and 50% Straight line
Motor vehicles
25% Straight line

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

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities 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.

CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.18
Foreign exchange

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

CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

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

 

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

 

Bad debt provision

The recoverability of amounts owed by customers is considered on an ongoing basis by the directors. Appropriate provisions are made whenever events or circumstances indicate that the related balance may not be recoverable. A provision has been recognised in the consolidated financial statements totalling £nil (2023: £13,238).

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales - Recruiter fees
34,890,856
35,957,278
2024
2023
£
£
Turnover analysed by geographical market
United Kindgom
26,328,037
23,461,236
Canada
8,562,819
12,496,042
34,890,856
35,957,278
2024
2023
£
£
Other revenue
Insurance claims receivable
-
36,513
Grants received
500
2,596
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(37,466)
(228,200)
Government grants
(500)
(2,596)
Depreciation of owned tangible fixed assets
123,128
80,551
Depreciation of tangible fixed assets held under finance leases
111,765
59,914
Loss/(profit) on disposal of tangible fixed assets
139
(12,300)
Amortisation of intangible assets
69,998
69,997
Operating lease charges
109,936
116,430
CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Broadcast
9
10
8
8
Central Operations
27
17
27
17
North America
10
9
10
9
FinTech UK
10
13
10
13
KDB Practice
2
-
2
-
Total
58
49
57
47

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,032,908
5,080,544
4,931,573
4,884,509
Social security costs
645,255
619,422
644,416
617,824
Pension costs
281,401
92,675
279,186
88,455
5,959,564
4,101,019
5,855,175
3,998,063
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,750
21,000
Audit of the financial statements of the company's subsidiaries
2,750
2,500
22,500
23,500
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
54,125
51,000
Company pension contributions to defined contribution schemes
81,281
976
135,406
51,976
CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
50,346
20,631
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
126,309
238,247
Adjustments in respect of prior periods
565
(121,624)
Total current tax
126,874
116,623
Deferred tax
Origination and reversal of timing differences
88,070
74,260
Total tax charge
214,944
190,883

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

2024
2023
£
£
Profit before taxation
414,781
1,800,857
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
103,695
342,163
Tax effect of expenses that are not deductible in determining taxable profit
16,182
4,214
Unutilised tax losses carried forward
94,502
-
0
Change in unrecognised deferred tax assets
-
0
(40,115)
Permanent capital allowances in excess of depreciation
-
0
(3,673)
Effect of overseas tax rates
-
0
(9,228)
Under/(over) provided in prior years
565
(121,624)
Remeasurement of deferred tax for changes in tax rates
-
0
19,146
Taxation charge
214,944
190,883
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
356,000
742,000
CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
11
Intangible fixed assets
Group
Software
£
Cost
At 1 April 2023 and 31 March 2024
350,000
Amortisation and impairment
At 1 April 2023
111,025
Amortisation charged for the year
69,998
At 31 March 2024
181,023
Carrying amount
At 31 March 2024
168,977
At 31 March 2023
238,975
Company
Software
£
Cost
At 1 April 2023 and 31 March 2024
350,000
Amortisation and impairment
At 1 April 2023
111,025
Amortisation charged for the year
69,998
At 31 March 2024
181,023
Carrying amount
At 31 March 2024
168,977
At 31 March 2023
238,975
CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
12
Tangible fixed assets
Group
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
258,444
667,741
926,185
Additions
539,223
311,807
851,030
Disposals
(18,489)
-
0
(18,489)
At 31 March 2024
779,178
979,548
1,758,726
Depreciation and impairment
At 1 April 2023
166,986
89,203
256,189
Depreciation charged in the year
113,534
121,359
234,893
Eliminated in respect of disposals
(18,349)
-
0
(18,349)
At 31 March 2024
262,171
210,562
472,733
Carrying amount
At 31 March 2024
517,007
768,986
1,285,993
At 31 March 2023
91,458
578,538
669,996
Company
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
257,291
667,741
925,032
Additions
537,324
311,807
849,131
Disposals
(17,477)
-
0
(17,477)
At 31 March 2024
777,138
979,548
1,756,686
Depreciation and impairment
At 1 April 2023
165,833
89,203
255,036
Depreciation charged in the year
113,453
121,359
234,812
Eliminated in respect of disposals
(17,337)
-
0
(17,337)
At 31 March 2024
261,949
210,562
472,511
Carrying amount
At 31 March 2024
515,189
768,986
1,284,175
At 31 March 2023
91,458
578,538
669,996
CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 27 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
716,600
516,558
716,600
516,558
716,600
516,558
716,600
516,558
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
57
57
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
57
Carrying amount
At 31 March 2024
57
At 31 March 2023
57
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Country of incorporation
Nature of business
Class of
% Held
shares held
Direct
Caspian One Canada Limited
Canada
Business recruitment consultants
Ordinary
100.00
CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets measured at amortised cost
Trade debtors
3,382,224
3,789,570
2,835,770
3,021,741
Accrued income
745,607
1,009,889
704,585
682,503
Other debtors
794,928
598,883
1,912,733
644,325
4,922,759
5,398,342
5,453,088
4,348,569
Carrying amount of financial liabilities measured at amortised cost
Trade creditors
1,907,023
1,646,899
1,293,261
1,263,979
Bank loans and hire purchase
662,724
458,969
556,654
399,356
Other creditors
44,859
952,808
148,678
1,010,257
Accruals
2,409,713
2,601,264
1,906,964
1,850,800
5,024,319
5,659,940
3,905,557
4,524,392
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,382,224
3,789,570
2,835,770
3,021,741
Amounts owed by group undertakings
-
-
1,147,071
75,335
Other debtors
794,928
598,883
765,662
568,990
Prepayments and accrued income
2,143,773
1,272,130
865,204
1,804,500
6,320,925
5,660,583
5,613,707
5,470,566
Deferred tax asset (note 20)
5,512
5,512
-
0
-
0
6,326,437
5,666,095
5,613,707
5,470,566
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
106,070
59,613
106,070
59,613
Trade creditors
1,907,023
1,646,899
1,293,261
1,263,979
Corporation tax payable
126,309
177,465
126,309
177,465
Other taxation and social security
358,846
373,447
349,775
258,980
Other creditors
44,859
952,808
42,608
950,644
Accruals and deferred income
2,409,713
2,601,264
1,906,964
1,850,800
4,952,820
5,811,496
3,824,987
4,561,481
CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17
Creditors: amounts falling due within one year
(Continued)
- 29 -

The company discounts its debtors. The amount owed from the Royal Bank of Scotland at 31 March 2024 was £233,576 and is presented within cash and cash equivalents, at 31 March 2023 the amount owed to the Royal Bank of Scotland was £907,409. The facility is secured on the trade debts of the Company.

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
556,654
399,356
556,654
399,356
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
106,070
59,613
106,070
59,613
In two to five years
556,654
399,356
556,654
399,356
662,724
458,969
662,724
458,969

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.

20
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
290,060
198,679
-
-
Tax losses
-
-
5,512
5,512
Short-term timing differences
(4,809)
(1,498)
-
-
285,251
197,181
5,512
5,512
CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
Deferred taxation
(Continued)
- 30 -
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
290,060
198,679
-
-
Short-term timing differences
(4,809)
(1,498)
-
-
285,251
197,181
-
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
191,669
197,181
Charge to profit or loss
88,070
88,070
Liability at 31 March 2024
279,739
285,251

The deferred tax liability set out above is expected to reverse over the useful life of the asset and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
281,401
92,675

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.

 

At the balance sheet date the amount due to the fund was £21,545 (2023: £13,087).

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 10p each
3,000
3,000
300
300
Ordinary B Share of £1 each
1
1
1
1
Ordinary C Shares of 10p each
7,000
7,000
700
700
Ordinary S Share of £100 each
1
1
100
100
10,002
10,002
1,101
1,101
CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22
Share capital
(Continued)
- 31 -

Ordinary A and Ordinary C shares entited to voting rights in any circumstances and are entitled pari passu to dividend payments or any other distribution.

 

Ordinary B shares are non-voting shares and are entitied pari passu to dividends payments or any other distribution.

 

Ordinary S shares are non-voting shares and are have variable rights to dividends payments.

23
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
2024
2023
2024
2023
£
£
£
£
Within one year
136,851
54,141
136,851
54,141
Between two and five years
378,944
505,952
378,944
505,952
In over five years
-
614,058
-
614,058
515,795
1,174,151
515,795
1,174,151
24
Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.

 

In addition, during the year emoluments of £nil (2023: £760) were paid to close family members of the directors in relation to their services provided to the Group.

 

The directors maintain loan accounts with the parent entity. At the year end, the directors owed the Company £577,118 (2023: £379,972).

CASPIAN ONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
25
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
199,837
1,609,974
Adjustments for:
Taxation charged
214,944
190,883
Finance costs
50,346
20,631
Investment income
(17,288)
-
0
Loss/(gain) on disposal of tangible fixed assets
139
(12,300)
Amortisation and impairment of intangible assets
69,998
69,997
Depreciation and impairment of tangible fixed assets
234,893
140,465
Corporation tax paid
(177,465)
(102,070)
Movements in working capital:
Increase in debtors
(660,342)
(718,486)
Increase in creditors
53,432
486,458
Cash (absorbed by)/generated from operations
(31,506)
1,685,552
26
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
4,852,220
(1,982,290)
2,869,930
Obligations under finance leases
(458,969)
(203,755)
(662,724)
4,393,251
(2,186,045)
2,207,206
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