Company Registration No. 13073340 (England and Wales)
MONARCH ACOUSTICS HOLDINGS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MONARCH ACOUSTICS HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr Stuart Hopkin
Company number
13073340
Registered office
Newstead House
Pelham Road
Nottingham
NG5 1AP
Auditor
Rogers Spencer
Newstead House
Pelham Road
Nottingham
NG5 1AP
Business address
Nottingham Airport
Tollerton Lane
Tollerton
Notts
NG12 4GA
MONARCH ACOUSTICS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
Notes to the financial statements
16 - 31
MONARCH ACOUSTICS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the year ended 31 December 2023.

Review of the business

The company has made a loss during this trading period with turnover of £10.5m (2022: £12.3m) and a loss of £0.5m (2022: £0.3m).

 

2023 was a difficult year for the business. Having made considerable cost savings at the end of 2022 the projections for 2023 were strong. The pressure on school budgets hung heavily over the business throughout the year with reduced transactional business, delayed or cancelled projects in the UK and Internationally. There were wins in other sectors and in new territories but these did not feel the deficit caused by the education budgets.

 

Considering a £1.8m reduction in turnover, the loss of only £0.3m shows the success of all of the teams hard work, cost savings made, and improved efficiencies through-out the business.

 

Although 2023 was a difficult year, 2024 saw more improvements in the business.

 

By September 2024 the overall debt in the business had been reduced which will reduce financing costs in 2024 Q4 and into 2025.

 

Profit and loss forecasts, and cashflows have been prepared showing that the company is due to deliver a small profit in 2024, and a larger profit in 2025.

Principal risks and uncertainties

The Board has identified the following factors as principal potential risks to the successful operation of the business. This list is not exhaustive as there may be potential risks that are not yet known to the Board.

 

Economic and market risks:

 

Exchange rates continue to cause margin fluctuations with the large value of USD purchases.

 

Education budgets have continued to suffer with many reports from the likes of BESA showing that up to 50% of schools have had to vastly reduce their ICT budgets to balance their books. This has affected sales again further in 2024.

 

Employees:

 

The employees of the company are key to the success of the business. Good relations with employees and investing in their training and development are essential to the efficiency and sustainability of the Company's operations. The Company's employment policies and remuneration packages are designed to be competitive with other companies.

 

IT systems:

 

A failure in IT systems could have a significant impact on our business. The Company has controls in place to maintain the integrity and efficiency of its systems which are regularly updated and tested.

Key performance indicators

The directors use the standard key performance indicators to monitor the performance of the company. These include gross profit percentage, net profit percentage and gearing ratio.

MONARCH ACOUSTICS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

Mr Stuart Hopkin
Director
11 November 2024
MONARCH ACOUSTICS HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company is that of a holding company. The principal activity of the group continued to be that of the manufacture and sale of educational furniture and the import, export and sale of the company's LapCabby range (laptop & tablet storage trolleys and devices).

Results and dividends

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

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

Mr Stuart Hopkin
Research and development

Research and development will continue as in previous years. The LapCabby side of the business is always evolving to ensure that our range meets the needs of our customers and the end users.

Future developments

In April 2024 the business had a 500kwh solar panel system installed at their Nottingham Head Quarters. This is a big step forward in the companies target to become carbon neutral, and also provided significant savings against the increased electricity costs.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

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

On behalf of the board
Mr Stuart Hopkin
Director
11 November 2024
MONARCH ACOUSTICS HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

 

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

 

 

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

MONARCH ACOUSTICS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MONARCH ACOUSTICS HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Monarch Acoustics Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 director's 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 director 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 director is 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:

MONARCH ACOUSTICS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MONARCH ACOUSTICS HOLDINGS LIMITED
- 6 -
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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has 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.

MONARCH ACOUSTICS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MONARCH ACOUSTICS HOLDINGS LIMITED
- 7 -

The extent to which the audit was considered capable of detecting irregularities including fraud

 

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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

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

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

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

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

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

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

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.

Alistair Allcock (Senior Statutory Auditor)
For and on behalf of Rogers Spencer
11 November 2024
Chartered Accountants
Statutory Auditor
Newstead House
Pelham Road
Nottingham
NG5 1AP
MONARCH ACOUSTICS HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
10,520,379
12,276,736
Cost of sales
(7,111,855)
(8,696,772)
Gross profit
3,408,524
3,579,964
Administrative expenses
(3,480,876)
(3,660,561)
Operating loss
4
(72,352)
(80,597)
Interest receivable and similar income
7
(18,515)
(76,607)
Interest payable and similar expenses
8
(418,401)
(207,622)
Loss before taxation
(509,268)
(364,826)
Tax on loss
9
59,443
98,598
Loss for the financial year
(449,825)
(266,228)
Loss for the financial year is all attributable to the owners of the parent company.
MONARCH ACOUSTICS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
Loss for the year
(449,825)
(266,228)
Other comprehensive income
-
-
Total comprehensive income for the year
(449,825)
(266,228)
Total comprehensive income for the year is all attributable to the owners of the parent company.
MONARCH ACOUSTICS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
2,122,433
2,353,164
Other intangible assets
10
66,294
66,499
Total intangible assets
2,188,727
2,419,663
Tangible assets
11
1,131,171
1,266,445
3,319,898
3,686,108
Current assets
Stocks
14
2,520,762
3,226,945
Debtors
15
2,025,325
1,537,328
Cash at bank and in hand
281,539
222,020
4,827,626
4,986,293
Creditors: amounts falling due within one year
16
(4,194,173)
(4,260,168)
Net current assets
633,453
726,125
Total assets less current liabilities
3,953,351
4,412,233
Creditors: amounts falling due after more than one year
17
(352,140)
(338,825)
Provisions for liabilities
Deferred tax liability
20
123,727
146,100
(123,727)
(146,100)
Net assets
3,477,484
3,927,308
Capital and reserves
Called up share capital
22
10,000
10,000
Other reserves
5,235,974
5,235,974
Profit and loss reserves
(1,768,490)
(1,318,666)
Total equity
3,477,484
3,927,308
The financial statements were approved and signed by the director and authorised for issue on 11 November 2024
11 November 2024
Mr Stuart Hopkin
Director
Company registration number 13073340 (England and Wales)
MONARCH ACOUSTICS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
13,080,508
13,180,508
Current assets
Debtors
15
662,694
261,379
Creditors: amounts falling due within one year
16
(1,187,693)
(886,378)
Net current liabilities
(524,999)
(624,999)
Net assets
12,555,509
12,555,509
Capital and reserves
Called up share capital
22
10,000
10,000
Other reserves
5,235,974
5,235,974
Profit and loss reserves
7,309,535
7,309,535
Total equity
12,555,509
12,555,509

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 £0 (2022 - £0 profit).

The financial statements were approved and signed by the director and authorised for issue on 11 November 2024
11 November 2024
Mr Stuart Hopkin
Director
Company registration number 13073340 (England and Wales)
MONARCH ACOUSTICS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
10,000
5,235,974
(1,052,438)
4,193,536
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(266,228)
(266,228)
Balance at 31 December 2022
10,000
5,235,974
(1,318,666)
3,927,308
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(449,824)
(449,824)
Balance at 31 December 2023
10,000
5,235,974
(1,768,490)
3,477,484
MONARCH ACOUSTICS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
10,000
5,235,974
7,309,535
12,555,509
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
-
0
Balance at 31 December 2022
10,000
5,235,974
7,309,535
12,555,509
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
-
0
Balance at 31 December 2023
10,000
5,235,974
7,309,535
12,555,509
MONARCH ACOUSTICS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
92,694
404,842
Interest paid
(418,401)
(207,622)
Income taxes paid
(274,198)
(699,852)
Net cash outflow from operating activities
(599,905)
(502,632)
Investing activities
Purchase of intangible assets
(44,398)
(52,883)
Purchase of tangible fixed assets
(68,760)
(147,661)
Proceeds on disposal of tangible fixed assets
13,000
64,999
Interest received
104
104
Net cash used in investing activities
(100,054)
(135,441)
Financing activities
Proceeds of new bank loans
1,200,000
4,011,437
Repayment of bank loans
(292,237)
(3,956,714)
Payment of finance leases obligations
(148,285)
(225,791)
Net cash generated from/(used in) financing activities
759,478
(171,068)
Net increase/(decrease) in cash and cash equivalents
59,519
(809,141)
Cash and cash equivalents at beginning of year
222,020
1,031,161
Cash and cash equivalents at end of year
281,539
222,020
MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Monarch Acoustics Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Newstead House, Pelham Road, Nottingham, NG5 1AP.

 

The group consists of Monarch Acoustics Holdings 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 Monarch Acoustics Holdings 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 December 2023. 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 director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

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

 

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:

Development costs
33.3% straight line
1.9
Tangible fixed assets

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

MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

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:

Land and buildings leasehold
10% straight line
Plant and machinery
20% straight line
Fixtures, fittings and equipment
20% straight line
Computer equipment
33.3% 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.

1.10
Fixed asset investments

In the parent company financial statements, investments in subsidiaries 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.

1.11
Impairment of fixed assets

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

MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.13
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.

1.14
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.

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.

MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.

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.

MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities

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

1.15
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.

1.16
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.

1.17
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.

1.18
Retirement benefits

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

MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.19
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.

1.20
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
10,520,379
12,276,736
2023
2022
£
£
Turnover analysed by geographical market
UK & ROI
8,335,393
10,857,155
EU
1,725,028
1,095,526
Non-EU
459,958
324,055
10,520,379
12,276,736
2023
2022
£
£
Other revenue
Interest income
(18,515)
(76,607)
MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
4
Operating loss
2023
2022
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses
147,142
242,554
Depreciation of owned tangible fixed assets
233,973
173,033
Depreciation of tangible fixed assets held under finance leases
88,716
127,059
Amortisation of intangible assets
175,334
178,345
(Profit)/loss on disposal of intangible assets
(13,000)
23,133
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
14,450
14,500
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Office
30
29
-
-
Drivers
6
6
-
-
Production
48
63
-
-
Total
84
98
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,604,074
3,101,090
-
0
-
0
Social security costs
229,881
257,933
-
-
Pension costs
147,609
101,338
-
0
-
0
2,981,564
3,460,361
-
0
-
0
MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
104
104
Total interest revenue
104
104
Other income from investments
Gains on financial instruments measured at fair value through profit or loss
(18,516)
(76,711)
Total income
(18,515)
(76,607)
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
236,846
2,080
Interest on invoice finance arrangements
127,346
64,966
364,192
67,046
Other finance costs:
Interest on finance leases and hire purchase contracts
24,247
140,576
Other interest
29,962
-
Total finance costs
418,401
207,622
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(37,069)
(56,596)
Adjustments in respect of prior periods
-
0
(65,770)
Total current tax
(37,069)
(122,366)
Deferred tax
Origination and reversal of timing differences
38,759
41,492
Tax losses carried forward
(61,133)
(17,724)
Total deferred tax
(22,374)
23,768
Total tax credit
(59,443)
(98,598)
MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 25 -

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

2023
2022
£
£
Loss before taxation
(509,268)
(364,826)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(127,317)
(69,317)
Tax effect of expenses that are not deductible in determining taxable profit
-
4,537
Unutilised tax losses carried forward
9,383
(17,724)
Permanent capital allowances in excess of depreciation
9,736
(9,963)
Depreciation on assets not qualifying for tax allowances
43,834
33,886
Research and development tax credit
(14,381)
(56,596)
Under/(over) provided in prior years
-
0
(1,460)
Deferred tax adjustments
19,302
23,738
Pensions accruals b/f paid
-
(5,700)
Taxation credit
(59,443)
(98,598)
10
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2023
2,614,626
933,711
3,548,337
Additions - internally developed
-
0
44,398
44,398
Disposals
(100,000)
-
0
(100,000)
At 31 December 2023
2,514,626
978,109
3,492,735
Amortisation and impairment
At 1 January 2023
261,462
867,212
1,128,674
Amortisation charged for the year
130,731
44,603
175,334
At 31 December 2023
392,193
911,815
1,304,008
Carrying amount
At 31 December 2023
2,122,433
66,294
2,188,727
At 31 December 2022
2,353,164
66,499
2,419,663
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
11
Tangible fixed assets
Group
Land and buildings leasehold
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
1,142,214
1,797,809
100,348
244,436
106,928
3,391,735
Additions
14,551
167,140
1,909
3,815
-
0
187,415
Disposals
-
0
(145,000)
-
0
-
0
-
0
(145,000)
At 31 December 2023
1,156,765
1,819,949
102,257
248,251
106,928
3,434,150
Depreciation and impairment
At 1 January 2023
596,899
1,156,283
92,632
175,264
104,212
2,125,290
Depreciation charged in the year
114,869
166,190
3,640
37,173
817
322,689
Eliminated in respect of disposals
-
0
(145,000)
-
0
-
0
-
0
(145,000)
At 31 December 2023
711,768
1,177,473
96,272
212,437
105,029
2,302,979
Carrying amount
At 31 December 2023
444,997
642,476
5,985
35,814
1,899
1,131,171
At 31 December 2022
545,315
641,526
7,716
69,172
2,716
1,266,445
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
13,080,508
13,180,508
MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
13,180,508
Valuation changes
(100,000)
At 31 December 2023
13,080,508
Carrying amount
At 31 December 2023
13,080,508
At 31 December 2022
13,180,508
13
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Monarch Acoustics (SPV) Limited
England & Wales
Common shares
100.00
-
Monarch Acoustics Limited
England & Wales
Common shares
-
100.00
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
1,325,875
1,358,986
-
-
Work in progress
94,393
150,931
-
-
Finished goods and goods for resale
1,100,494
1,717,028
-
0
-
0
2,520,762
3,226,945
-
-
MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,192,346
1,412,707
-
0
-
0
Corporation tax recoverable
74,630
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
-
261,378
Other debtors
665,928
3,235
662,694
1
Prepayments and accrued income
92,421
121,386
-
0
-
0
2,025,325
1,537,328
662,694
261,379
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
1,087,377
228,546
-
0
-
0
Obligations under finance leases
19
124,873
118,886
-
0
-
0
Other borrowings
18
743,017
992,770
-
0
-
0
Trade creditors
797,865
1,060,328
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
645,108
-
0
Corporation tax payable
-
0
198,806
-
0
-
0
Other taxation and social security
659,649
603,532
-
-
Other creditors
666,936
914,373
542,585
886,378
Accruals and deferred income
114,456
142,927
-
0
-
0
4,194,173
4,260,168
1,187,693
886,378
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
48,932
-
0
-
0
-
0
Obligations under finance leases
19
303,208
338,825
-
0
-
0
352,140
338,825
-
-
MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
1,136,309
228,546
-
0
-
0
Other loans
743,017
992,770
-
0
-
0
1,879,326
1,221,316
-
-
Payable within one year
1,830,394
1,221,316
-
0
-
0
Payable after one year
48,932
-
0
-
0
-
0
19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
124,873
118,886
-
0
-
0
In two to five years
303,208
338,825
-
0
-
0
428,081
457,711
-
-

 

20
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
202,583
163,824
Tax losses
(78,856)
(17,724)
123,727
146,100
The company has no deferred tax assets or liabilities.
MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Deferred taxation
(Continued)
- 30 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
146,100
-
Credit to profit or loss
(22,373)
-
Liability at 31 December 2023
123,727
-
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
147,609
101,338

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.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,000
10,000
10,000
10,000
23
Operating lease commitments

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
337,764
335,786
-
-
Between two and five years
730,519
967,625
-
-
In over five years
-
62,500
-
-
1,068,283
1,365,911
-
-

Lease payments recognised as an expense for the period under review totalled £337,764 (2022 - £465,274).

MONARCH ACOUSTICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
24
Directors' transactions

Advances or credits have been granted by the group to its director as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr Stuart Hopkin -
-
-
574,323
574,323
-
574,323
574,323
25
Cash generated from group operations
2023
2022
£
£
Loss for the year after tax
(449,825)
(266,227)
Adjustments for:
Taxation credited
(59,442)
(98,598)
Finance costs
418,401
207,622
Investment income
(104)
(104)
(Gain)/loss on disposal of intangible assets
(13,000)
23,133
Fair value loss/(gain) on foreign exchange contracts
18,516
(79,920)
Amortisation and impairment of intangible assets
175,335
178,345
Depreciation and impairment of tangible fixed assets
322,689
300,092
Movements in working capital:
Decrease/(increase) in stocks
706,183
(506,488)
(Increase)/decrease in debtors
(375,537)
1,957,264
Decrease in creditors
(650,522)
(1,310,277)
Cash generated from operations
92,694
404,842
26
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
222,020
59,519
281,539
Borrowings excluding overdrafts
(1,221,316)
(658,010)
(1,879,326)
Obligations under finance leases
(457,711)
29,630
(428,081)
(1,457,007)
(568,861)
(2,025,868)
2023-12-312023-01-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr Stuart 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