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COMPANY REGISTRATION NUMBER: 14279468
i3Capital Ltd
Financial Statements
For the year ended
31 July 2024
i3Capital Ltd
Financial Statements
Year ended 31 July 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
i3Capital Ltd
Officers and Professional Advisers
The board of directors
B W L Ames
G I Cameron
Registered office
62 Queen Street
Bristol
BS1 4JZ
Auditor
Nelson Gilmour Smith
Chartered accountants & statutory auditor
Mercantile Chambers
53 Bothwell Street
Glasgow
G2 6TB
i3Capital Ltd
Strategic Report
Year ended 31 July 2024
The Directors in preparing this report, have complied with s414C of the Companies Act 2006.
The group's principal activity during the period under review was the provision of consultancy services in both the public and private sector, we offer many types of services, helping our customers deliver digital transformations (P3M, Architecture, Digital and Service Management).
During the year the company focused towards increasing sales volume. Turnover for the year to 31 July 2024 amounted to £29.65m (2023: £18.38m).
The group profit before taxation amounted to £3,297,319 (2023: £1,331,129) and after taxation £2,454,963 (2023: £1,040,371). Both the level of business and year-end financial position were extremely satisfactory in light of economic conditions, and the Directors remain confident about the future prospects for the business as the economy stabilises.
One of the key business risks and uncertainties affecting the company is the high level of qualified staff required to meet the level of demand, which can be impacted through shifts in project timescales. The company continues to invest heavily into talent management to mitigate this risk.
The group's operations expose it to a variety of financial risks which include credit risk. Credit risk is the risk that a counterparty will be unable to pay amounts when they fall due. The group has built a liquidity buffer which is commensurate with the forecast revenue growth, this limits the exposure to credit risk. The exposure to this risk is also limited due to our customer profile within the public sector. The directors are satisfied that the appropriate controls are in place to manage that risk.
In the year to 31 July 2025, we are continuing to deliver for our clients at the highest level. This ongoing success has brought about exciting new opportunities for the group. As a business we are looking forward to building on these new relationships and growing our current relationships with our clients and partners. We are always looking at new and innovative ways to serve our clients and maintain our reputation for exceptional delivery. We are also investing in our internal back-office systems to improve efficiency, transparency, and accuracy. This gives our employees more time to focus on our customers together with adding value to the business.
This report was approved by the board of directors on 8 January 2025 and signed on behalf of the board by:
B W L Ames
G I Cameron
Director
Director
Registered office:
62 Queen Street
Bristol
BS1 4JZ
i3Capital Ltd
Directors' Report
Year ended 31 July 2024
The directors present their report and the financial statements of the group for the year ended 31 July 2024 .
Incorporation
All dividends paid during the year were declared by subsidiary companies.
Directors
The directors who served the company during the year were as follows:
B W L Ames
G I Cameron
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 8 January 2025 and signed on behalf of the board by:
B W L Ames
G I Cameron
Director
Director
Registered office:
62 Queen Street
Bristol
BS1 4JZ
i3Capital Ltd
Independent Auditor's Report to the Members of i3Capital Ltd
Year ended 31 July 2024
Opinion
We have audited the financial statements of i3Capital Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 group's and of the parent company's affairs as at 31 July 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 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: Based on our understanding of the company, we identified the principal risks of non-compliance with laws and regulations and the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated managements' incentives and opportunities for the fraudulent manipulation of the financial statements, including the risk of override of controls. Based on our assessment we adopted a substantive approach to our audit testing. Audit procedures performed included: Testing a sample of transactions to source documentation. We select sample sizes having regard to the inherent risk (specific and general), the quality of the internal controls and the risk that our testing might not detect possible misstatements. Making enquiries of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims. Identifying legislation of particular relevance to the entity and obtaining audit evidence regarding compliance with that legislation. Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business There are inherent limitations in the audit procedures described above. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example forgery or concealment. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Andrew B Wilson BA CA
(Senior Statutory Auditor)
For and on behalf of
Nelson Gilmour Smith
Chartered accountants & statutory auditor
Mercantile Chambers
53 Bothwell Street
Glasgow
G2 6TB
8 January 2025
i3Capital Ltd
Consolidated Statement of Comprehensive Income
Year ended 31 July 2024
2024
2023
Note
£
£
Turnover
4
29,654,153
18,375,997
Cost of sales
25,104,668
16,118,057
-------------
-------------
Gross profit
4,549,485
2,257,940
Administrative expenses
1,307,796
928,681
------------
------------
Operating profit
5
3,241,689
1,329,259
Other interest receivable and similar income
9
7,582
5,134
Interest payable and similar expenses
10
6,464
3,264
------------
------------
Profit before taxation
3,242,807
1,331,129
Tax on profit
11
842,356
290,758
------------
------------
Profit for the financial year and total comprehensive income
2,400,451
1,040,371
------------
------------
Profit for the financial year attributable to:
The owners of the parent company
1,596,643
753,674
Non-controlling interests
803,808
286,697
------------
------------
2,400,451
1,040,371
------------
------------
All the activities of the group are from continuing operations.
i3Capital Ltd
Consolidated Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
13
763,164
Tangible assets
14
48,123
62,877
---------
--------
811,287
62,877
Current assets
Debtors
16
5,073,140
4,399,734
Cash at bank and in hand
4,326,199
1,564,161
------------
------------
9,399,339
5,963,895
Creditors: amounts falling due within one year
17
5,806,509
3,033,513
------------
------------
Net current assets
3,592,830
2,930,382
------------
------------
Total assets less current liabilities
4,404,117
2,993,259
Creditors: amounts falling due after more than one year
18
12,836
23,204
Provisions
19
12,031
15,305
------------
------------
Net assets
4,379,250
2,954,750
------------
------------
Capital and reserves
Called up share capital
22
153
153
Profit and loss account
2,260,774
1,457,758
------------
------------
Equity attributable to the owners of the parent company
2,260,927
1,457,911
Non-controlling interests
2,118,323
1,496,839
------------
------------
4,379,250
2,954,750
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 8 January 2025 , and are signed on behalf of the board by:
B W L Ames
G I Cameron
Director
Director
Company registration number: 14279468
i3Capital Ltd
Company Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Investments
15
1,000,204
204
Current assets
Cash at bank and in hand
136,387
Creditors: amounts falling due within one year
17
1,131,468
51
------------
----
Net current liabilities
995,081
51
------------
----
Total assets less current liabilities
5,123
153
-------
----
Net assets
5,123
153
-------
----
Capital and reserves
Called up share capital
22
153
153
Profit and loss account
4,970
-------
----
Shareholders funds
5,123
153
-------
----
The profit for the financial year of the parent company was £ 439,209 (2023: £Nil).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 8 January 2025 , and are signed on behalf of the board by:
B W L Ames
G I Cameron
Director
Director
Company registration number: 14279468
i3Capital Ltd
Consolidated Statement of Changes in Equity
Year ended 31 July 2024
Called up share capital
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
At 1 August 2022
153
1,259,209
1,259,362
1,209,889
2,469,251
Profit for the year
753,674
753,674
286,950
1,040,624
----
------------
------------
------------
------------
Total comprehensive income for the year
753,674
753,674
286,950
1,040,624
Dividends paid and payable
12
( 555,125)
( 555,125)
( 555,125)
----
------------
------------
------------
------------
Total investments by and distributions to owners
( 555,125)
( 555,125)
( 555,125)
At 31 July 2023
153
1,457,758
1,457,911
1,496,839
2,954,750
Profit for the year
1,596,643
1,596,643
803,808
2,400,451
----
------------
------------
------------
------------
Total comprehensive income for the year
1,596,643
1,596,643
803,808
2,400,451
Dividends paid and payable
12
( 793,627)
( 793,627)
( 793,627)
Acquisition of subsidiary with minority interest
( 182,324)
( 182,324)
----
---------
---------
---------
---------
Total investments by and distributions to owners
( 793,627)
( 793,627)
( 182,324)
( 975,951)
----
------------
------------
------------
------------
At 31 July 2024
153
2,260,774
2,260,927
2,118,323
4,379,250
----
------------
------------
------------
------------
i3Capital Ltd
Company Statement of Changes in Equity
Year ended 31 July 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 August 2022
153
153
Profit for the year
At 31 July 2023
153
153
Profit for the year
439,209
439,209
----
---------
---------
Total comprehensive income for the year
439,209
439,209
Dividends paid and payable
12
( 434,239)
( 434,239)
----
---------
---------
Total investments by and distributions to owners
( 434,239)
( 434,239)
----
---------
---------
At 31 July 2024
153
4,970
5,123
----
---------
---------
i3Capital Ltd
Consolidated Statement of Cash Flows
Year ended 31 July 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
2,400,451
1,040,371
Adjustments for:
Depreciation of tangible assets
35,635
27,154
Amortisation of intangible assets
54,512
Other interest receivable and similar income
( 7,582)
( 5,134)
Interest payable and similar expenses
6,464
3,264
Loss on disposal of tangible assets
3,681
5,507
Tax on profit
842,356
290,758
Accrued expenses
1,318,995
591,093
Changes in:
Trade and other debtors
( 673,406)
( 2,549,313)
Trade and other creditors
887,610
867,432
------------
------------
Cash generated from operations
4,868,716
271,132
Interest paid
( 6,464)
( 3,264)
Interest received
7,582
5,134
Tax paid
( 279,679)
( 37,497)
------------
---------
Net cash from operating activities
4,590,155
235,505
------------
---------
Cash flows from investing activities
Purchase of tangible assets
( 24,562)
( 57,953)
Acquisition of interests in associates and joint ventures
( 1,000,000)
------------
---------
Net cash used in investing activities
( 1,024,562)
( 57,953)
------------
---------
Cash flows from financing activities
Proceeds from borrowings
( 9,928)
( 134,686)
Dividends paid
( 793,627)
( 555,125)
------------
---------
Net cash used in financing activities
( 803,555)
( 689,811)
------------
---------
Net increase/(decrease) in cash and cash equivalents
2,762,038
( 512,259)
Cash and cash equivalents at beginning of year
1,564,161
2,076,420
------------
------------
Cash and cash equivalents at end of year
4,326,199
1,564,161
------------
------------
i3Capital Ltd
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 62 Queen Street, Bristol, BS1 4JZ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of i3Capital Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There were no judgements (apart from those involving estimations) that management made in the process of applying the entity's accounting policies that are of material effect. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Key assumptions and estimates affecting the company's financial statements are limited to the consideration of rates of depreciation. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are limited to the determination of depreciation methodologies. At the statement of financial position date the carrying amount of fixed assets was £62,877, while the depreciation charged in the year amounted to £27,154.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
20% reducing balance
IT Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
29,654,153
18,375,997
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Amortisation of intangible assets
54,512
Depreciation of tangible assets
35,635
27,154
Loss on disposal of tangible assets
3,681
5,507
Impairment of trade debtors
17,000
4,875
Operating lease rentals
7,729
15,847
--------
--------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
10,500
7,500
--------
-------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
12,100
8,850
--------
-------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
165
128
Administrative staff
5
5
Management staff
8
6
----
----
178
139
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
8,663,991
7,863,346
Social security costs
941,866
795,578
Other pension costs
635,877
473,807
-------------
------------
10,241,734
9,132,731
-------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
227,783
315,956
Company contributions to defined contribution pension plans
149,982
104,562
---------
---------
377,765
420,518
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
6
7
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
156,352
138,333
Company contributions to defined contribution pension plans
6,979
6,667
---------
---------
163,331
145,000
---------
---------
9. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
7,335
3,957
Interest on bank deposits
94
Other interest receivable and similar income
153
1,177
-------
-------
7,582
5,134
-------
-------
10. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
720
963
Fines and penalties
2,194
Other interest payable and similar charges
5,744
107
-------
-------
6,464
3,264
-------
-------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
845,540
279,570
Adjustments in respect of prior periods
90
( 2,875)
---------
---------
Total current tax
845,630
276,695
---------
---------
Deferred tax:
Origination and reversal of timing differences
( 3,274)
14,063
---------
---------
Tax on profit
842,356
290,758
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 21 %).
2024
2023
£
£
Profit on ordinary activities before taxation
3,242,807
1,331,129
------------
------------
Profit on ordinary activities by rate of tax
824,330
279,537
Adjustment to tax charge in respect of prior periods
90
( 2,875)
Effect of expenses not deductible for tax purposes
17,731
6,957
Effect of capital allowances and depreciation
205
7,139
------------
------------
Tax on profit
842,356
290,758
------------
------------
12. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends paid by i3Works Limited
70,139
307,449
Dividends paid by i3Secure Limited
289,249
247,676
Dividends paid by i3Capital Ltd
434,239
---------
---------
793,627
555,125
---------
---------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 August 2023
Acquisitions through business combinations
817,676
---------
At 31 July 2024
817,676
---------
Amortisation
At 1 August 2023
Charge for the year
54,512
---------
At 31 July 2024
54,512
---------
Carrying amount
At 31 July 2024
763,164
---------
At 31 July 2023
---------
The company has no intangible assets.
14. Tangible assets
Group
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 August 2023
13,163
88,714
101,877
Additions
24,562
24,562
Disposals
( 11,743)
( 11,743)
--------
---------
---------
At 31 July 2024
13,163
101,533
114,696
--------
---------
---------
Depreciation
At 1 August 2023
2,348
36,652
39,000
Charge for the year
3,813
31,822
35,635
Disposals
( 8,062)
( 8,062)
--------
---------
---------
At 31 July 2024
6,161
60,412
66,573
--------
---------
---------
Carrying amount
At 31 July 2024
7,002
41,121
48,123
--------
---------
---------
At 31 July 2023
10,815
52,062
62,877
--------
---------
---------
The company has no tangible assets.
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 August 2023
204
Additions
1,000,000
------------
At 31 July 2024
1,000,204
------------
Impairment
At 1 August 2023 and 31 July 2024
------------
Carrying amount
At 31 July 2024
1,000,204
------------
At 31 July 2023
204
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
i3Works Limited
Ordinary
65.33
i3Secure Limited
Ordinary
26
i3NetZero Ltd
Ordinary
51
16. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
4,770,825
3,391,721
Prepayments and accrued income
125,402
86,153
Amounts recoverable on ongoing contracts
105,796
820,814
Staff loans
61,485
23,696
Other debtors
9,632
77,350
------------
------------
----
----
5,073,140
4,399,734
------------
------------
----
----
17. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
10,440
10,000
Trade creditors
588,764
1,254,798
106,375
Amounts owed to group undertakings
51
51
Accruals and deferred income
1,998,648
679,653
18,358
Corporation tax
845,521
279,570
148,070
Social security and other taxes
1,517,408
795,828
49,739
Pensions
19,110
9,152
Company credit cards
16,865
4,512
Other creditors
809,753
808,875
------------
------------
------------
----
5,806,509
3,033,513
1,131,468
51
------------
------------
------------
----
18. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
12,836
23,204
--------
--------
----
----
19. Provisions
Group
Deferred tax (note 20)
£
At 1 August 2023
15,305
Additions
( 3,274)
--------
At 31 July 2024
12,031
--------
The company does not have any provisions.
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 19)
12,031
15,305
--------
--------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
12,031
15,305
--------
--------
----
----
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 635,877 (2023: £ 473,807 ).
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
153
153
153
153
----
----
----
----
23. Analysis of changes in net debt
At 1 Aug 2023
Cash flows
At 31 Jul 2024
£
£
£
Cash at bank and in hand
1,564,161
2,762,038
4,326,199
Debt due within one year
(10,000)
(440)
(10,440)
Debt due after one year
(23,204)
10,368
(12,836)
------------
------------
------------
1,530,957
2,771,966
4,302,923
------------
------------
------------
i3Capital Ltd
Notes to the Financial Statements (continued)
Year ended 31 July 2024
24. Directors' advances, credits and guarantees
25. Related party transactions
Group
During the year the group entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
T O'Dowd
( 28,095)
( 72,391)
( 1,320)
--------
--------
----
-------
Minerva SIPP
( 47,311)
243,000
47,311
J M McAdam
( 5,505)
22,048
5,505
M A O'Regan
( 7,195)
18,195
7,195
D L Gunn
31,250
31,250
T O'Dowd
1,000,000
( 800,000)
------------
---------
---------
--------
During the year the group received consultancy services amounting to £28,095 (2023: £72,3911) from T O'Dowd, a director of the subsidiary company i3Works Limited. On 9 April 2024 the company acquired a further 43 ordinary shares of £1.00 (14.33%) in the subsidiary company i3Works Limited from T O'Dowd for £1M. The balance outstanding on this consideration at the statement of financial position date was £800,000. During the year, group company i3Works Limited, advanced funds totalling £31,250 to the director D L Gunn, the balance outstanding at statement of financial position date was £31,250.