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For the year ended |
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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
4 |
Independent auditor's report to the members |
6 |
Statement of comprehensive income |
11 |
Statement of financial position |
12 |
Statement of changes in equity |
13 |
Statement of cash flows |
14 |
Notes to the financial statements |
15 |
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Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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England |
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Auditor |
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Chartered accountants & statutory auditor |
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Enterprise House |
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38 Tyndall Court |
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Commerce Road |
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Lynch Wood |
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Peterborough |
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Cambridgeshire |
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PE2 6LR |
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Strategic Report |
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Director |
Registered office: |
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England |
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Directors' Report |
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Director |
Registered office: |
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England |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Enterprise House |
38 Tyndall Court |
Commerce Road |
Lynch Wood |
Peterborough |
Cambridgeshire |
PE2 6LR |
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Statement of Comprehensive Income |
2023 |
2022 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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------------- |
------------- |
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Gross profit |
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Administrative expenses |
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Other operating income |
5 |
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------------ |
------------ |
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Operating profit |
6 |
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Other interest receivable and similar income |
10 |
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Profit before taxation |
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Tax on profit |
11 |
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Profit for the financial year and total comprehensive income |
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------------ |
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Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Intangible assets |
13 |
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Tangible assets |
14 |
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--------- |
--------- |
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Debtors |
15 |
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Investments |
16 |
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– |
Cash at bank and in hand |
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------------- |
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Creditors: amounts falling due within one year |
17 |
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Net current assets |
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Total assets less current liabilities |
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Provisions |
18 |
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Net assets |
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------------ |
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Called up share capital |
21 |
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Profit and loss account |
22 |
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------------ |
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Shareholders funds |
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------------ |
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Director |
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Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 1 January 2022 |
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Profit for the year |
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---- |
------------ |
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Total comprehensive income for the year |
– |
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Dividends paid and payable |
12 |
– |
(
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(
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---- |
------------ |
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Total investments by and distributions to owners |
– |
(
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(
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At 31 December 2022 |
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Profit for the year |
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---- |
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Total comprehensive income for the year |
– |
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Dividends paid and payable |
12 |
– |
(
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(
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---- |
------------ |
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Total investments by and distributions to owners |
– |
(
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(
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---- |
------------ |
------------ |
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At 31 December 2023 |
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---- |
------------ |
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Statement of Cash Flows |
2023 |
2022 |
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£ |
£ |
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Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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Amortisation of intangible assets |
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Other interest receivable and similar income |
(
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(
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Gains on disposal of intangible assets |
– |
(
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Tax on profit |
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Changes in: |
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Trade and other debtors |
(
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(
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Trade and other creditors |
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------------ |
------------ |
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Cash generated from operations |
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Interest received |
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Tax paid |
(
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(
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------------ |
------------ |
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Net cash from operating activities |
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------------ |
------------ |
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Purchase of tangible assets |
(
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(
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Purchase of intangible assets |
(
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(
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Proceeds from sale of intangible assets |
– |
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Purchases of other investments |
(
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– |
------------ |
------------ |
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Net cash used in investing activities |
(
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(
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------------ |
------------ |
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Dividends paid |
(
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(
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------------ |
------------ |
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Net cash used in financing activities |
(
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(
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------------ |
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Net (decrease)/increase in cash and cash equivalents |
(
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Cash and cash equivalents at beginning of year |
6,583,063 |
6,414,093 |
------------ |
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Cash and cash equivalents at end of year |
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------------ |
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Notes to the Financial Statements |
Goodwill |
- |
5 years |
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Development costs |
- |
3 years |
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Patents |
- |
10 years |
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Trademarks |
- |
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Computer software |
- |
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Freehold property |
- |
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Fixtures and fittings |
- |
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Computer equipment |
- |
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2023 |
2022 |
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£ |
£ |
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Digital music revenue |
|
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LMS credit sales |
|
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Subscriptions & Services |
|
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Consultancy Fees |
|
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Physical ordering |
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Other income |
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------------- |
------------- |
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------------- |
------------- |
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2023 |
2022 |
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£ |
£ |
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United Kingdom |
2,177,448 |
2,516,291 |
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Rest of Europe |
21,825,079 |
21,430,236 |
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Rest of world |
9,232,497 |
10,727,401 |
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Total |
33,235,024 |
34,673,928 |
|
2023 |
2022 |
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£ |
£ |
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Other operating income |
|
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-------- |
------- |
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2023 |
2022 |
|
£ |
£ |
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Amortisation of intangible assets |
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Depreciation of tangible assets |
|
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Gains on disposal of intangible assets |
– |
(
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-------- |
--------- |
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2023 |
2022 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
|
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-------- |
-------- |
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2023 |
2022 |
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No. |
No. |
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Administrative staff |
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---- |
---- |
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2023 |
2022 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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--------- |
--------- |
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--------- |
--------- |
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2023 |
2022 |
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£ |
£ |
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Remuneration |
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Company contributions to defined contribution pension plans |
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------- |
------- |
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------- |
------- |
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2023 |
2022 |
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No. |
No. |
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Defined contribution plans |
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---- |
---- |
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2023 |
2022 |
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£ |
£ |
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Interest on cash and cash equivalents |
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Gain on financial instruments |
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– |
--------- |
-------- |
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--------- |
-------- |
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2023 |
2022 |
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£ |
£ |
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UK current tax expense |
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Origination and reversal of timing differences |
(
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(
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--------- |
--------- |
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Tax on profit |
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--------- |
--------- |
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2023 |
2022 |
|
£ |
£ |
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Profit on ordinary activities before taxation |
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------------ |
------------ |
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Profit on ordinary activities by rate of tax |
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Adjustment to tax charge in respect of prior periods |
(
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– |
Effect of expenses not deductible for tax purposes |
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Other differences leading to an increase in the tax charge |
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------------ |
------------ |
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Tax on profit |
|
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------------ |
------------ |
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2023 |
2022 |
|
£ |
£ |
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Dividends on equity shares |
1,560,000 |
1,620,000 |
------------ |
------------ |
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Goodwill |
Development costs |
Patents |
Trademarks |
Computer software |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 Jan 2023 |
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11,798
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Additions |
– |
– |
|
– |
– |
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-------- |
--------- |
--------- |
-------- |
-------- |
--------- |
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At 31 Dec 2023 |
|
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11,798
|
|
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-------- |
--------- |
--------- |
-------- |
-------- |
--------- |
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Amortisation |
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At 1 Jan 2023 |
|
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7,659
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Charge for the year |
– |
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2,234
|
|
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-------- |
--------- |
--------- |
-------- |
-------- |
--------- |
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At 31 Dec 2023 |
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9,893
|
|
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-------- |
--------- |
--------- |
-------- |
-------- |
--------- |
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Carrying amount |
||||||
At 31 Dec 2023 |
– |
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1,905
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-------- |
--------- |
--------- |
-------- |
-------- |
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At 31 Dec 2022 |
– |
|
– |
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-------- |
--------- |
--------- |
-------- |
-------- |
--------- |
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Freehold property |
Fixtures and fittings |
Computer equipment |
Total |
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£ |
£ |
£ |
£ |
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Cost |
||||
At 1 January 2023 |
|
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Additions |
– |
– |
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Write off |
– |
(
|
(
|
(
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-------- |
-------- |
--------- |
--------- |
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At 31 December 2023 |
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-------- |
-------- |
--------- |
--------- |
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Depreciation |
||||
At 1 January 2023 |
|
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Charge for the year |
– |
|
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Write off |
– |
(
|
(
|
(
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-------- |
-------- |
--------- |
--------- |
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At 31 December 2023 |
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-------- |
-------- |
--------- |
--------- |
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Carrying amount |
||||
At 31 December 2023 |
– |
– |
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-------- |
-------- |
--------- |
--------- |
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At 31 December 2022 |
– |
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-------- |
-------- |
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Trade debtors |
|
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Prepayments and accrued income |
|
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Other debtors |
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|
------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
|
£ |
£ |
|
Other investments |
3,610,384 |
– |
------------ |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Trade creditors |
|
|
Accruals and deferred income |
|
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Social security and other taxes |
|
|
Director loan accounts |
|
– |
Other creditors |
|
|
------------- |
------------- |
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------------- |
------------- |
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Deferred tax (note 19) |
|
£ |
|
At 1 January 2023 |
|
Charge against provision |
(
|
-------- |
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At 31 December 2023 |
|
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Included in provisions (note 18) |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Accelerated capital allowances |
|
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-------- |
-------- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
50 |
|
50 |
|
|
50 |
|
50 |
---- |
---- |
---- |
---- |
|
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---- |
---- |
---- |
---- |
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At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(3,682,167) |
|
Debt due within one year |
– |
(247) |
(247) |
Current asset investments |
– |
3,610,384 |
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------------ |
------------ |
------------ |
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(
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------------ |
------------ |
------------ |
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Notes to the Financial Statements (continued) |
2023 |
2022 |
|
£ |
£ |
|
Not later than 1 year |
|
|
-------- |
-------- |
|