Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-252023-03-01truefalseNo description of principal activity00false 11216360 2023-03-01 2024-02-29 11216360 2022-03-01 2023-02-28 11216360 2024-02-29 11216360 2023-02-28 11216360 2022-03-01 11216360 c:Exceptional 2023-03-01 2024-02-29 11216360 c:Exceptional 2022-03-01 2023-02-28 11216360 d:Director9 2023-03-01 2024-02-29 11216360 d:Director9 2024-02-29 11216360 d:Director10 2023-03-01 2024-02-29 11216360 d:Director10 2024-02-29 11216360 d:Director11 2023-03-01 2024-02-29 11216360 d:Director11 2024-02-29 11216360 d:Director12 2023-03-01 2024-02-29 11216360 d:Director12 2024-02-29 11216360 d:Director13 2023-03-01 2024-02-29 11216360 d:Director13 2024-02-29 11216360 d:Director14 2023-03-01 2024-02-29 11216360 d:Director15 2023-03-01 2024-02-29 11216360 d:RegisteredOffice 2023-03-01 2024-02-29 11216360 c:CurrentFinancialInstruments 2024-02-29 11216360 c:CurrentFinancialInstruments 2023-02-28 11216360 c:CurrentFinancialInstruments c:WithinOneYear 2024-02-29 11216360 c:CurrentFinancialInstruments c:WithinOneYear 2023-02-28 11216360 c:ShareCapital 2024-02-29 11216360 c:ShareCapital 2023-02-28 11216360 c:ShareCapital 2022-03-01 11216360 c:SharePremium 2023-03-01 2024-02-29 11216360 c:SharePremium 2024-02-29 11216360 c:SharePremium 2023-02-28 11216360 c:SharePremium 2022-03-01 11216360 c:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 11216360 c:RetainedEarningsAccumulatedLosses 2024-02-29 11216360 c:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 11216360 c:RetainedEarningsAccumulatedLosses 2023-02-28 11216360 c:RetainedEarningsAccumulatedLosses 2022-03-01 11216360 c:TaxLossesCarry-forwardsDeferredTax 2024-02-29 11216360 c:TaxLossesCarry-forwardsDeferredTax 2023-02-28 11216360 d:OrdinaryShareClass1 2023-03-01 2024-02-29 11216360 d:OrdinaryShareClass1 2024-02-29 11216360 d:OrdinaryShareClass1 2023-02-28 11216360 d:OrdinaryShareClass2 2023-03-01 2024-02-29 11216360 d:OrdinaryShareClass2 2024-02-29 11216360 d:OrdinaryShareClass2 2023-02-28 11216360 d:FRS102 2023-03-01 2024-02-29 11216360 d:Audited 2023-03-01 2024-02-29 11216360 d:FullAccounts 2023-03-01 2024-02-29 11216360 d:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11216360 c:Subsidiary1 2023-03-01 2024-02-29 11216360 c:Subsidiary1 1 2023-03-01 2024-02-29 11216360 c:Subsidiary3 2023-03-01 2024-02-29 11216360 c:Subsidiary3 1 2023-03-01 2024-02-29 11216360 c:Subsidiary4 2023-03-01 2024-02-29 11216360 c:Subsidiary4 1 2023-03-01 2024-02-29 11216360 c:Subsidiary5 2023-03-01 2024-02-29 11216360 c:Subsidiary5 1 2023-03-01 2024-02-29 11216360 4 2023-03-01 2024-02-29 11216360 6 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 11216360













Mandata Group Limited

Annual report

29 February 2024




 
Mandata Group Limited
 

Contents



Page
Company information
 
 
1
Strategic report
 
 
2
Directors' report
 
 
3
Directors' responsibilities statement
 
 
4
Independent auditor's report to the members of Mandata Group Limited 
 
 
5 - 8
Statement of comprehensive income
 
 
9
Balance sheet
 
 
10
Statement of changes in equity
 
 
11
Notes to the financial statements
 
 
12 - 20


 
Mandata Group Limited
 
 
Company information


Directors
N Duffy 
A English 




Registered number
11216360



Registered office
3rd Floor Q5 Quorum Business Park
Benton Lane

Longbenton

Tyne and Wear

NE12 8BS




Independent auditor
UNW LLP
Chartered Accountants

Citygate

St James' Boulevard

Newcastle upon Tyne

NE1 4JE




1

 
Mandata Group Limited
 
 
Strategic report
Year ended 29 February 2024

Introduction
 
The directors present their strategic report for the year ended 29 February 2024 (‘FY24’).

Principal activities and business review
 
Mandata Group Limited ('the company') is a parent company for a medium group comprising Mandata (Holdings) Limited, Mandata Solutions Limited, Mandata Network Limited, Eureka Information Systems Limited and Mandata (Management and Data Services) Ltd. Mandata (Management and Data Services) Limited is an indirect holding via Mandata (Holdings) Limited and therefore the company acts as an intermediate holding company.
In the prior year the business acquired Eureka Information Systems Limited, a company incorporated in Ireland.
Future developments
The company will be an intermediary holding company in the coming year and beyond.
Financial key performance indicators
Due to the nature of the business, financial key performance indicators are not relevant.
Principal risks and uncertainties
The principal risk to the company is impairment of the investment held in its indirect subsidiary, Mandata (Management and Data Services) Ltd. 
Mandata (Management and Data Services) Ltd is cash generating with healthy liquidity and is forecast to be so for the foreseeable future.
Mandata Group Limited will continue to closely monitor the performance of its subsidiary to ensure no impairment is necessary.


This report was approved by the board on 27 November 2024 and signed on its behalf by:



N Duffy
Director

2

 
Mandata Group Limited
 

 
Directors' report
Year ended 29 February 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Results and dividends

The loss for the year, after taxation, amounted to £7,794,000 (2023: profit £628,000).

The directors do not recommend the payment of a dividend (2023: £nil).

Director

The directors who served during the year up to the date of signing the financial statements were:

A Farrell (resigned 1 March 2024)
S Pretorius (resigned 1 March 2024)
T McGuinness (appointed 24 July 2023, resigned 9 September 2024)
M Tagg (resigned 25 May 2023)
R Stevenson (appointed 1 March 2024, resigned 8 July 2024)
A Young (appointed 1 March 2024, resigned 8 July 2024)
N Duffy (appointed 8 July 2024)
A English (appointed 9 September 2024)
 
Matters covered in the strategic report

The following information, which would otherwise be disclosed in the directors' report is instead disclosed in the strategic report, as permitted by section 414c(11) of the Companies Act 2006:
- financial risk management objectives and policies
- future developments

Disclosure of information to auditor

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

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

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditor

Pursuant to section 487 of the Companies Act 2006 the auditor shall be deemed to be reappointed and UNW LLP will therefore continue in office.

This report was approved by the board on 27 November 2024 and signed on its behalf by:
 




N Duffy
Director

3

 
Mandata Group Limited
 
 
Directors' responsibilities statement
Year ended 29 February 2024

The directors are responsible for preparing the strategic report, the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


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

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

4

 
img7399.png
 

 
Independent auditor's report to the members of Mandata Group Limited

Opinion


We have audited the financial statements of Mandata Group Limited (the 'company') for the year ended 29 February 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.


5

 
img27b5.png
 

 
Independent auditor's report to the members of Mandata Group Limited (continued)

Other information


The other information comprises the information included in the annual report other than the financial statements and  our auditor's report thereon.  The directors are responsible for the other information contained within the annual 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 4, 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 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 company or to cease operations, or have no realistic alternative but to do so.


6

 
img4745.png
 

 
Independent auditor's report to the members of Mandata Group Limited (continued)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience and through discussions with the directors and other management (as required by Auditing Standards) and from inspection of the company's legal correspondence and we discussed with the directors and other management the policies and procedures in place regarding compliance with the laws and regulations. We communicated identified laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect; health and safety, employment law, data protection, environmental law and certain aspects of company legislation, recognising the nature of the company's activities. Auditing Standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance material to the financial statements.


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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


7

 
img0399.png
 

 
Independent auditor's report to the members of Mandata Group Limited (continued)

Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Fern Rivett BA ACA (Senior Statutory Auditor)
for and on behalf of UNW LLP, Statutory Auditor
Chartered Accountants
Newcastle upon Tyne

27 November 2024
8

 
Mandata Group Limited
 
 
Statement of comprehensive income
Year ended 29 February 2024

2024
2023
£
£000

Profit and loss account
  

Administrative expenses
  
(2)
(93)

Exceptional administrative expenses
 10 
(8,354)
(274)

Operating loss
  
(8,356)
(367)

Income from fixed assets investments
  
185
816

Interest payable and similar expenses
 8 
(28)
(2)

(Loss)/profit before tax
  
(8,199)
447

Tax on (loss)/profit
 9 
405
181

(Loss)/profit for the financial year
  
(7,794)
628

There was no other comprehensive income for 2024 (2023£nil).

The notes on pages 12 to 20 form part of these financial statements.

9

 
Mandata Group Limited


Balance sheet
At 29 February 2024

29 February
28 February
2024
2023
Note
£000
£000

Fixed assets
  

Investments
 11 
21,061
21,061

  
21,061
21,061

Current assets
  

Debtors
 12 
586
11,578

Cash at bank and in hand
  
15
85

  
601
11,663

Creditors: amounts falling due within one year
 13 
(33,873)
(37,141)

Net current liabilities
  
 
 
(33,272)
 
 
(25,478)

Total assets less current liabilities
  
(12,211)
(4,417)

Net liabilities
  
(12,211)
(4,417)


Capital and reserves
  

Called up share capital 
 15 
3
3

Share premium account
 16 
290
290

Profit and loss account
 16 
(12,504)
(4,710)

Shareholders' deficit
  
(12,211)
(4,417)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.




N Duffy
Director

Company registered number: 11216360
The notes on pages 12 to 20 form part of these financial statements.

10

 
Mandata Group Limited
 

Statement of changes in equity
Year ended 29 February 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 March 2022
3
290
(5,338)
(5,045)



Profit and total comprehensive income for the year
-
-
628
628



At 1 March 2023
3
290
(4,710)
(4,417)



Profit and total comprehensive income for the year
-
-
(7,794)
(7,794)


At 29 February 2024
3
290
(12,504)
(12,211)


The notes on pages 12 to 20 form part of these financial statements.

11

 
Mandata Group Limited
 
 

Notes to the financial statements
Year ended 29 February 2024

1.


General information

Mandata Group Limited ('the company') is a private company, limited by shares, registered in England and Wales and incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is given on the company information page of these financial statements. The nature of the company's operations and its principal activities are disclosed in the strategic report. 

2.


Statement of compliance

The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' ('FRS 102') and the Companies Act 2006.

3.Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

  
3.1

Basis of preparation of financial statements

These financial statements are the company's separate financial statements. The company is exempt by virtue of section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the basis that it is itself a subsidiary undertaking and is included in the consolidated financial statements of its parent undertaking, Project Galaxy UK Topco Limited, whose registered address is 3rd Floor Q5, Quorum Business Park, Benton Lane, Newcastle upon Tyne, NE12 8BS.
The financial statements are prepared on a going concern basis and under the historical cost convention. They are presented in pounds sterling and rounded to the nearest £'000.  
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the company's accounting policies. The areas involving a higher degree of judgment or complexity, or  areas where assumptions and estimates are significant to the financial statements are disclosed in note 4. 

  
3.2

Reduced disclosure

FRS 102 allows a qualifying entity certain disclosure exemptions. The company meets the definition of a qualifying entity and has taken advantage of the exemptions relating to the preparation of a cash flow statement, analysis of net debt and remuneration of key management personnel. The consolidated financial statements of the parent company, Project Galaxy UK Topco Limited, can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ, include the equivalent disclosures and a consolidated cash flow statement and analysis of net debt.

12

 
Mandata Group Limited
 

 
Notes to the financial statements
Year ended 29 February 2024

3.Accounting policies (continued)

  
3.3

Going concern

In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the company can continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of signing of these financial statements. The directors have performed this assessment and have prepared the financial statements on a going concern basis which is considered appropriate for the following reasons. 
Notwithstanding net liabilities of £12,211,000, the company have the financial support of the wider Mandata group, headed by Project Galaxy UK Topco Limited, which will enable the company to meet its liabilities as and when they fall due and to carry on its business for at least the next 12 months from the date of these financial statements. 

  
3.4

Revenue recognition

Turnover comprises revenue recognised in respect of goods and services supplied during the year, net of discounts and excluding Value Added Tax.
Rendering of services
Turnover from rendering of services is recognised in the period in which the service is provided. Payments received in advance are initially recorded as deferred income (within creditors) and released to the profit and loss account in future periods, as the service is provided.

  
3.5

Employee benefits

Short-term benefits
Short-term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the employee's entitlement to the benefit accrues.

 
3.6

Finance costs

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

13

 
Mandata Group Limited
 

 
Notes to the financial statements
Year ended 29 February 2024

3.Accounting policies (continued)

 
3.7

Taxation

The taxation expense for the year comprises current and deferred tax and is recognised in the statement of comprehensive income.
Current tax is the amount of income tax payable in respect of the taxable profit for the current or past reporting periods. It is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods and arises from 'timing differences' (where transactions or events are included in the financial statements in periods different from those in which they are assessed for tax). Deferred tax is recognised in respect of all timing differences, except that unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.  

 
3.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the group but are presented separately due to their size or incidence.

 
3.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
3.10

Financial instruments

The company only enters into financial instruments transactions that result in the recognition of basic debt financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances, bank loans and loans to or from related parties, including fellow group companies.
Debt instruments due within one year are measured, initially and subsequently at the transaction price. 
At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.

14

 
Mandata Group Limited
 
 

Notes to the financial statements
Year ended 29 February 2024

4.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgments in applying the company's accounting policies
The company has a investment in subsidiary companies (see note 11). The company considers whether the investment is impaired. Where are indication of impairment is identified, the estimation of recoverable value requires estimation of the recoverable cash generating unit (CGU). This requires estimation of future cash flows from the CGU and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.
In preparing these financial statements, the directors do not consider there to have been any other significant judgments that were required in the process of applying the group's accounting policies.
Key sources of estimation uncertainty
Estimates included within these financial statements include asset impairments (for example provisions against debtors). None of the estimates made in the preparation of these financial statements are considered to carry significant estimation uncertainty, nor to bear significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


5.


Auditor's remuneration

2024
2023
£000
£000

Fees payable to the company's auditor for the audit of the company's financial statements
3
3


6.


Employees



The company has no employees other than the directors, who did not receive any remuneration (2023: £nil).


7.


Income from investments

2024
2023
£000
£000

Income from fixed asset investments
185
816




15

 
Mandata Group Limited
 
 

Notes to the financial statements
Year ended 29 February 2024

8.


Interest payable and similar expenses

2024
2023
£000
£000


Bank interest payable
-
2

Intercompany loan interest payable
28
-

28
2


9.


Taxation


2024
2023
£000
£000

Deferred tax


Origination and reversal of timing differences
(397)
(138)

Changes to tax rates
(8)
(43)

Total deferred tax
(405)
(181)


Tax on (loss)/profit
(405)
(181)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 24.49% (2023:19%). The differences are explained below:

2024
2023
£000
£000


Profit before tax
(8,199)
447


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.49% (2023: 19%)
(2,008)
85

Effects of:


Expenses not deductible
2,046
3

Income not taxable
(46)
(155)

Movement in deferred tax not provided for
(389)
(75)

Group relief
-
4

Tax rate changes
(8)
(43)

Total tax charge for the year
(405)
(181)

16

 
Mandata Group Limited
 
 

Notes to the financial statements
Year ended 29 February 2024
 
9.Taxation (continued)


Factors that may affect future tax charges

In the Spring Budget 2021 it was announced that the main UK corporation tax rate would increase from 19% to 25% from 1 April 2023. This rate increase was substantively enacted as part of the Finance Act 2021 on 24 May 2021 and has now taken effect. Accordingly, the group's profits are taxed at an effective rate of 24.49% for the year ended 29 February 2024 (19% for the year ended 28 February 2023), and future profits will be taxed at a rate of 25%. Deferred tax at the balance sheet date has been calculated at 25% (2022: 25%), as this was the tax rate substantively enacted at the year end.


10.


Exceptional items

2024
2023
£000
£000


Costs associated with investigation of potential acquisitions
-
274

Intercompany provision
8,354
-

Exceptional administrative expenses comprise provision against intercompany debt. The prior year comprise fees associated with investigation of potential acquisitions. 


11.


Fixed asset investments








Investments in subsidiary companies

£000



Cost


At 1 March 2023 and 29 February 2024
21,061

17

 
Mandata Group Limited
 
 

Notes to the financial statements
Year ended 29 February 2024

Subsidiary undertakings


The following were subsidiary undertakings at the balance sheet date. Unless noted otherwise, all subsidiaries have their registered office at; 3rd Floor, Q5 Quorum Business Park, Benton Lane, Newcastle upon Tyne, NE12 8BS.

Name

Class of shares

Holding

Mandata (Holdings) Limited
Ordinary
100%
Mandata Network Limited
Ordinary
100%
Mandata Solutions Limited
Ordinary
100%
Eureka Information Systems Limited*
Ordinary
100%

*registered address - Cliff Road, Rosslare Harbour, Co. Wexford, Y35 V9P5, Ireland
 


12.


Debtors

29 February
28 February
2024
2023
£000
£000

Amounts owed by group undertakings
-
11,382

Other debtors
-
15

Deferred taxation
586
181

586
11,578


Amounts owed by group undertakings are stated after provisions for impairment of £8,354,000 (2023:
£nil). The net impairment charge for the year, included in exceptional administrative expenses totalled
£8,354,000 (2023: £nil). Amounts owed by group undertakings are repayable on demand and interest
free.


13.


Creditors: amounts falling due within one year

29 February
28 February
2024
2023
£000
£000

Amounts owed to group undertakings
33,873
36,484

Other creditors
-
462

Accruals and deferred income
-
195

33,873
37,141


Amounts owed to group undertakings are interest free and repayable on demand. 


14.


Deferred taxation

18

 
Mandata Group Limited
 
 

Notes to the financial statements
Year ended 29 February 2024
 
14.Deferred taxation (continued)






2024
2023


£000

£000



At beginning of year
181
-


Charged to profit or loss
405
181



At end of year
586
181

The deferred tax asset is made up as follows:

29 February
28 February
2024
2023
£000
£000


Losses
586
181


15.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



749,450 (2023: 749,450) A Ordinary shares of £0.001 each
749
749
250,550 (2023: 250,550) B Ordinary shares of £0.010 each
2,506
2,506

3,255

3,255

Both the A and B Ordinary shares have the right to one vote per share held, the right to participate in dividend payment or any other distribution of assets of the company and are not redeemable.


16.


Reserves

Share premium account

The balance classified as share premium represents aggregate net proceeds less nominal value of shares on issue of the company's equity share capital.

Profit and loss account

The balance classified as profit .and loss represents cumulative profits and losses, net of cumulative dividends and other adjustments.

19

 
Mandata Group Limited
 
 

Notes to the financial statements
Year ended 29 February 2024

17.


Contingent liabilities

The company has given guarantee in respect of loan note finance of its indirect parent company, Project Galaxy UK Midco Limited, which amounted to £67,204,000 at 29 February 2024 (2023: £67,027,000). The guarantee is secured by a charge on the company's assets.
The company has given guarantee in respect of the bank loan of its indirect parent company, Project Galaxy UK Bidco Limited, which amounted to £20,000,000 at 29 February 2024 (2023: £20,000,000). The guarantee is secured by a charge on the company's assets.


18.


Related party transactions

As permitted by section 33.1A of FRS 102, the company is exempt from disclosing transactions with other companies that are wholly owned within the group.


19.


Controlling party

The immediate parent undertaking is Project Galaxy UK Bidco Limited.
The ultimate parent undertaking and the only group to consolidate these financial statements is Project Galaxy UK Topco Limited. Copies of Project Galaxy UK Topco Limited consolidated financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. 
The ultimate controlling party is Tenzing PE LI GP LLP, by virtue of its control over Project Galaxy UK Topco Limited. 

20