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For the year ended |
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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
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 |
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Officers and Professional Advisers |
The board of directors |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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Mercantile Chambers |
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53 Bothwell Street |
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Glasgow |
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G2 6TB |
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Strategic Report |
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Director |
Director |
Registered office: |
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Directors' Report |
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Director |
Director |
Registered office: |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Mercantile Chambers |
53 Bothwell Street |
Glasgow |
G2 6TB |
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Consolidated Statement of Comprehensive Income |
2024 |
2023 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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------------- |
------------- |
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Gross profit |
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Administrative expenses |
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------------ |
------------ |
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Operating profit |
5 |
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Other interest receivable and similar income |
9 |
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Interest payable and similar expenses |
10 |
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------------ |
------------ |
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Profit before taxation |
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Tax on profit |
11 |
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------------ |
------------ |
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Profit for the financial year and total comprehensive income |
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------------ |
------------ |
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The owners of the parent company |
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Non-controlling interests |
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------------ |
------------ |
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1,040,371
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------------ |
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Consolidated Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
Intangible assets |
13 |
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– |
Tangible assets |
14 |
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--------- |
-------- |
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Debtors |
16 |
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Cash at bank and in hand |
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------------ |
------------ |
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Creditors: amounts falling due within one year |
17 |
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------------ |
------------ |
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Net current assets |
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------------ |
------------ |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
18 |
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Provisions |
19 |
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
22 |
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Profit and loss account |
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------------ |
------------ |
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Equity attributable to the owners of the parent company |
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Non-controlling interests |
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------------ |
------------ |
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------------ |
------------ |
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Director |
Director |
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Company Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
Investments |
15 |
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Cash at bank and in hand |
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– |
Creditors: amounts falling due within one year |
17 |
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------------ |
---- |
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Net current liabilities |
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------------ |
---- |
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Total assets less current liabilities |
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------- |
---- |
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Net assets |
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------- |
---- |
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Called up share capital |
22 |
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Profit and loss account |
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– |
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------- |
---- |
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Shareholders funds |
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------- |
---- |
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Director |
Director |
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Consolidated Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
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£ |
£ |
£ |
£ |
£ |
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At 1 August 2022 |
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Profit for the year |
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1,040,624
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---- |
------------ |
------------ |
------------ |
------------ |
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Total comprehensive income for the year |
– |
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1,040,624
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Dividends paid and payable |
12 |
– |
(
|
(
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– |
(
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---- |
------------ |
------------ |
------------ |
------------ |
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Total investments by and distributions to owners |
– |
(
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(
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– |
(
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At 31 July 2023 |
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Profit for the year |
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---- |
------------ |
------------ |
------------ |
------------ |
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Total comprehensive income for the year |
– |
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Dividends paid and payable |
12 |
– |
(
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(
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– |
(
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Acquisition of subsidiary with minority interest |
– |
– |
– |
(
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(
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---- |
--------- |
--------- |
--------- |
--------- |
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Total investments by and distributions to owners |
– |
(
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(
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(
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(
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---- |
------------ |
------------ |
------------ |
------------ |
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At 31 July 2024 |
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---- |
------------ |
------------ |
------------ |
------------ |
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Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 1 August 2022 |
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– |
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Profit for the year |
– |
– |
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At 31 July 2023 |
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– |
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Profit for the year |
|
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---- |
--------- |
--------- |
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Total comprehensive income for the year |
– |
|
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Dividends paid and payable |
12 |
– |
(
|
(
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---- |
--------- |
--------- |
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Total investments by and distributions to owners |
– |
(
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(
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---- |
--------- |
--------- |
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At 31 July 2024 |
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---- |
--------- |
--------- |
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Consolidated Statement of Cash Flows |
2024 |
2023 |
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£ |
£ |
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Profit for the financial year |
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1,040,371
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Adjustments for: |
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Depreciation of tangible assets |
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Amortisation of intangible assets |
|
– |
Other interest receivable and similar income |
(
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(
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Interest payable and similar expenses |
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Loss on disposal of tangible assets |
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Tax on profit |
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Accrued expenses |
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Changes in: |
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Trade and other debtors |
(
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(
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Trade and other creditors |
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------------ |
------------ |
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Cash generated from operations |
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Interest paid |
(
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(
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Interest received |
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Tax paid |
(
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(
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------------ |
--------- |
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Net cash from operating activities |
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------------ |
--------- |
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Purchase of tangible assets |
(
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(
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Acquisition of interests in associates and joint ventures |
(
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– |
------------ |
--------- |
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Net cash used in investing activities |
(
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(
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------------ |
--------- |
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Proceeds from borrowings |
(
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(
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Dividends paid |
(
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(
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------------ |
--------- |
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Net cash used in financing activities |
(
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(
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------------ |
--------- |
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Net increase/(decrease) in cash and cash equivalents |
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(
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Cash and cash equivalents at beginning of year |
1,564,161 |
2,076,420 |
------------ |
------------ |
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Cash and cash equivalents at end of year |
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------------ |
------------ |
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Notes to the Financial Statements |
Goodwill |
- |
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Fixtures, fittings and equipment |
- |
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IT Equipment |
- |
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|
2024 |
2023 |
|
£ |
£ |
|
Rendering of services |
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------------- |
------------- |
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2024 |
2023 |
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£ |
£ |
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Amortisation of intangible assets |
|
– |
Depreciation of tangible assets |
|
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Loss on disposal of tangible assets |
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Impairment of trade debtors |
17,000 |
4,875 |
Operating lease rentals |
|
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-------- |
-------- |
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2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
------- |
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Other non-audit services |
|
|
-------- |
------- |
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2024 |
2023 |
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No. |
No. |
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Production staff |
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Administrative staff |
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Management staff |
8 |
6 |
---- |
---- |
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---- |
---- |
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2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
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Social security costs |
|
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Other pension costs |
|
|
------------- |
------------ |
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------------- |
------------ |
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2024 |
2023 |
|
£ |
£ |
|
Remuneration |
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Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
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--------- |
--------- |
|
2024 |
2023 |
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No. |
No. |
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Defined contribution plans |
|
|
---- |
---- |
|
2024 |
2023 |
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£ |
£ |
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Aggregate remuneration |
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Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
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--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
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Interest on bank deposits |
|
– |
Other interest receivable and similar income |
|
|
------- |
------- |
|
|
|
|
------- |
------- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
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Fines and penalties |
– |
|
Other interest payable and similar charges |
|
|
------- |
------- |
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|
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|
------- |
------- |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
|
(
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--------- |
--------- |
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Total current tax |
|
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--------- |
--------- |
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Origination and reversal of timing differences |
(
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|
--------- |
--------- |
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Tax on profit |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------ |
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Profit on ordinary activities by rate of tax |
|
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Adjustment to tax charge in respect of prior periods |
|
(
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Effect of expenses not deductible for tax purposes |
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Effect of capital allowances and depreciation |
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------------ |
------------ |
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Tax on profit |
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------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Dividends paid by i3Works Limited |
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Dividends paid by i3Secure Limited |
289,249
|
247,676
|
Dividends paid by
|
434,239
|
– |
--------- |
--------- |
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--------- |
--------- |
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Group |
Goodwill |
£ |
|
Cost |
|
At 1 August 2023 |
– |
Acquisitions through business combinations |
|
--------- |
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At 31 July 2024 |
|
--------- |
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Amortisation |
|
At 1 August 2023 |
– |
Charge for the year |
|
--------- |
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At 31 July 2024 |
|
--------- |
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Carrying amount |
|
At 31 July 2024 |
|
--------- |
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At 31 July 2023 |
– |
--------- |
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Group |
Fixtures and fittings |
Equipment |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 August 2023 |
|
|
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Additions |
– |
|
|
Disposals |
– |
(
|
(
|
-------- |
--------- |
--------- |
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At 31 July 2024 |
|
|
|
-------- |
--------- |
--------- |
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Depreciation |
|||
At 1 August 2023 |
|
|
|
Charge for the year |
|
|
|
Disposals |
– |
(
|
(
|
-------- |
--------- |
--------- |
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At 31 July 2024 |
|
|
|
-------- |
--------- |
--------- |
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Carrying amount |
|||
At 31 July 2024 |
|
|
|
-------- |
--------- |
--------- |
|
At 31 July 2023 |
|
|
|
-------- |
--------- |
--------- |
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Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 August 2023 |
|
Additions |
|
------------ |
|
At 31 July 2024 |
|
------------ |
|
Impairment |
|
At 1 August 2023 and 31 July 2024 |
– |
------------ |
|
Carrying amount |
|
At 31 July 2024 |
|
------------ |
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At 31 July 2023 |
|
------------ |
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Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
65.33 |
|
Ordinary |
26 |
|
Ordinary |
51 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
– |
Amounts recoverable on ongoing contracts |
|
|
– |
– |
Staff loans |
|
|
– |
– |
Other debtors |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
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|
– |
– |
|
------------ |
------------ |
---- |
---- |
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Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
|
– |
Amounts owed to group undertakings |
– |
– |
|
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Accruals and deferred income |
|
|
|
– |
Corporation tax |
|
|
|
– |
Social security and other taxes |
|
|
|
– |
Pensions |
|
|
– |
– |
Company credit cards |
|
|
– |
– |
Other creditors |
|
– |
|
– |
------------ |
------------ |
------------ |
---- |
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|
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------------ |
------------ |
------------ |
---- |
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Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
Group |
Deferred tax (note 20) |
£ |
|
At 1 August 2023 |
|
Additions |
(
|
-------- |
|
At 31 July 2024 |
|
-------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 19) |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
153 |
|
153 |
---- |
---- |
---- |
---- |
|
At 1 Aug 2023 |
Cash flows |
At 31 Jul 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
2,762,038 |
|
Debt due within one year |
(10,000) |
(440) |
(10,440) |
Debt due after one year |
(23,204) |
10,368 |
(12,836) |
------------ |
------------ |
------------ |
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------------ |
------------ |
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Notes to the Financial Statements (continued) |
Transaction value |
Balance owed by/(owed to) |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
|
(
|
(
|
– |
(
|
-------- |
-------- |
---- |
------- |
|
|
(
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|
– |
|
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(
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|
– |
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(
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|
– |
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|
– |
|
– |
|
|
– |
(
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– |
------------ |
--------- |
--------- |
-------- |
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