Company registration number 03702599 (England and Wales)
1ST LOCATE (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
1ST LOCATE (UK) LIMITED
COMPANY INFORMATION
Directors
Mr A Barclay
Mr D A Guest
Company number
03702599
Registered office
Apson House
Bullerthorpe Lane
Leeds
West Yorkshire
LS15 9JN
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
1ST LOCATE (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
1ST LOCATE (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Review of the business

The Group provides outsourced revenue management services, including billing collection, account maintenance, investigation and collection services to the Utility, Telecoms, Public Sector/​​Central Government and Financial Services sectors across two sites in the UK. The Group is uniquely positioned to undertake large volume highly complex account management, correction, and resolution tasks on behalf of clients in the specific sectors mentioned above. The Group has continued to develop these services, over a period of 25 years, built upon a policy of treating customers as you would expect to be treated yourself and approaching complex queries or situations in a positive and empathetic manner. This approach has enabled the Group to collaborate better with its client base, interact more adeptly with its client’s customer base and lead the way in an ever-changing social and economic environment.

 

Group sales increased by around 15%. The Directors consider this a positive achievement considering the labour market difficulties recruiting, retaining, and providing the level of resourcing required to maximise all contractual opportunities.

 

The Group is now fully accredited by the Living Wage Foundation as a real living wage employer.  

 

Costs have been relatively stable during the year. Savings have been made in postage, print and fulfilment because of new letter strategies being implemented. We have also benefited from reduced energy companywide, and cost savings from the closure of offices in Leeds.

Principal risks and uncertainties

As a result of normal business activities, the Group is exposed to a range of risks, the most significant being operational and conduct risk. Operational risks are defined as financial loss or impairment to reputation as a result of failure of internal processes. The Group places reliance on their Actius system and there would be a significant impact if the system went down. This risk is mitigated through the Group’s Data Recovery Plan. The Board of Directors define and establish the internal control framework and line managers manage the day-to-day operational risks within this framework. Conduct risk is the risk of actions, conduct, behaviours, and decisions leading to inappropriate or inadequate customer outcomes. Conduct risk is managed by a risk, audit and compliance framework which monitors and reports on staff activity to ensure compliance with all legal, regulatory, and contractual obligations. The Group meets these obligations through adopting the 6 Treating Customers Fairly principles and ensuring that fair outcomes for consumers are at the heart of the business’s objectives and activities.

Development and performance

Revenue has increased from £13.5m to £15.5m, a growth of almost 15% This has been as a result of increases in both numbers of clients and the volume of accounts serviced on their behalf. The business earned £0.9m of operating profit, a significant increase on the previous year due to tighter cost controls in addition to decreased employment costs and reduced rent and rates costs from the release of offices in Leeds. Net assets at year-end continue to grow and increased to £3.8m (2023: £3.3m).

Key performance indicators

The main KPIs used within the business to judge performance in the financial year were client and company level analyses of allocations of work received, payments collected, commission rates, cost/income ratios and EBITDA. These are used alongside key operational data points to measure productivity, compliance, and staff metrics.

 

1ST LOCATE (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Other information and explanations

The Group has continued to develop and invest heavily in new self-service technologies with a primary goal to offer customers a greater service choice and increased autonomy. Similarly, further developing our ability to identify and sensitively manage Customers with vulnerabilities or additional service needs has merited increased investment in systems, processes, and people in order to continue moving our service offering forward in this area. The Group is well positioned for a very strong new financial year, having relocated the remainder of the Leeds-based workforce to Apson House which will allow the onboarding of new contract opportunities and realise further cost reductions having now fully released all offices in Leeds city centre.

 

 

On behalf of the board

Mr A Barclay
Director
24 January 2025
1ST LOCATE (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the group continued to be that of outsourced revenue management services, including billing collections, account maintenance, investigation and collection services to the Utility, Telecoms, Public Sector/Central Government and Financial Services Sectors accross three sites in the UK.

Results and dividends

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

No ordinary interim dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr A Barclay
Mr D A Guest
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

1ST LOCATE (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
On behalf of the board
Mr A Barclay
Director
24 January 2025
1ST LOCATE (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -

The directors are responsible for preparing the Annual 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 company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are 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. They are 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.

1ST LOCATE (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF 1ST LOCATE (UK) LIMITED
- 6 -
Opinion

We have audited the financial statements of 1st Locate (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise 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 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 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 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 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:

1ST LOCATE (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 1ST LOCATE (UK) LIMITED
- 7 -
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 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:

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 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 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.

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.

1ST LOCATE (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 1ST LOCATE (UK) LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we 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.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk 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.

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.

Jessica Lawrence (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
27 January 2025
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
1ST LOCATE (UK) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
15,455,083
13,472,597
Cost of sales
(9,216,712)
(9,467,599)
Gross profit
6,238,371
4,004,998
Administrative expenses
(5,451,590)
(3,849,464)
Other operating income
79,314
120,744
Operating profit
4
866,095
276,278
Interest receivable and similar income
7
936
-
0
Interest payable and similar expenses
8
(83,744)
(47,036)
Profit before taxation
783,287
229,242
Tax on profit
9
(251,186)
(103,938)
Profit for the financial year
532,101
125,304
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

1ST LOCATE (UK) LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
3,885
4,663
Other intangible assets
10
-
0
825
Total intangible assets
3,885
5,488
Tangible assets
11
1,814,592
1,877,404
1,818,477
1,882,892
Current assets
Debtors
13
3,321,275
3,457,182
Cash at bank and in hand
2,595,513
196,869
5,916,788
3,654,051
Creditors: amounts falling due within one year
15
(3,178,801)
(1,406,580)
Net current assets
2,737,987
2,247,471
Total assets less current liabilities
4,556,464
4,130,363
Creditors: amounts falling due after more than one year
16
(596,167)
(694,167)
Provisions for liabilities
Deferred tax liability
17
171,000
179,000
(171,000)
(179,000)
Net assets
3,789,297
3,257,196
Capital and reserves
Called up share capital
19
37,500
37,500
Profit and loss reserves
3,751,797
3,219,696
Total equity
3,789,297
3,257,196
The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
24 January 2025
Mr A Barclay
Director
Company registration number 03702599 (England and Wales)
1ST LOCATE (UK) LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
-
0
825
Tangible assets
11
1,814,592
1,877,404
Investments
12
72,149
72,149
1,886,741
1,950,378
Current assets
Debtors
13
3,312,248
3,409,406
Cash at bank and in hand
2,479,515
130,835
5,791,763
3,540,241
Creditors: amounts falling due within one year
15
(3,176,882)
(1,419,663)
Net current assets
2,614,881
2,120,578
Total assets less current liabilities
4,501,622
4,070,956
Creditors: amounts falling due after more than one year
16
(596,167)
(694,167)
Provisions for liabilities
Deferred tax liability
17
171,000
179,000
(171,000)
(179,000)
Net assets
3,734,455
3,197,789
Capital and reserves
Called up share capital
19
37,500
37,500
Profit and loss reserves
3,696,955
3,160,289
Total equity
3,734,455
3,197,789

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 £536,666 (2023 - £160,907 profit).

The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
24 January 2025
Mr A Barclay
Director
Company registration number 03702599 (England and Wales)
1ST LOCATE (UK) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
37,500
3,094,392
3,131,892
Year ended 30 April 2023:
Profit and total comprehensive income
-
125,304
125,304
Balance at 30 April 2023
37,500
3,219,696
3,257,196
Year ended 30 April 2024:
Profit and total comprehensive income
-
532,101
532,101
Balance at 30 April 2024
37,500
3,751,797
3,789,297
1ST LOCATE (UK) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
37,500
2,999,382
3,036,882
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
160,907
160,907
Balance at 30 April 2023
37,500
3,160,289
3,197,789
Year ended 30 April 2024:
Profit and total comprehensive income
-
536,666
536,666
Balance at 30 April 2024
37,500
3,696,955
3,734,455
1ST LOCATE (UK) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
2,650,160
(481,234)
Interest paid
(83,744)
(47,036)
Income taxes refunded/(paid)
11,150
(29,161)
Net cash inflow/(outflow) from operating activities
2,577,566
(557,431)
Investing activities
Purchase of tangible fixed assets
(81,858)
(78,825)
Interest received
936
-
0
Net cash used in investing activities
(80,922)
(78,825)
Financing activities
Repayment of bank loans
(98,000)
(98,000)
Net cash used in financing activities
(98,000)
(98,000)
Net increase/(decrease) in cash and cash equivalents
2,398,644
(734,256)
Cash and cash equivalents at beginning of year
196,869
931,125
Cash and cash equivalents at end of year
2,595,513
196,869
1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information

1st Locate (UK) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Apson House, Bullerthorpe Lane, Leeds, West Yorkshire, LS15 9JN.

 

The group consists of 1st Locate (UK) 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 £1.

The financial statements have been prepared under the historical cost convention, modified to include the certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company 1st Locate (UK) 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 30 April 2024. 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.

1.3
Going concern

The directors have considered all factors, including in the wider economy, as part of their assessment of going concern. Budgets and cashflows have been prepared using assumptions for customer demand and supply chain costs as well as expectations for legal and regulatory environmental impacts. These budgets and cashflows indicate continuing profitability and cash generation, consequently the directors believe on balance that they have sufficient resources to enable trading to continue for a period of at least one year from the date of approval of the financial statements. Accordingly, these financial statements have been prepared on the going concern basis.

1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. The company recognises revenue when the service provided to the client or customer is complete. Revenue is both commission based calculated on payments collected and fixed fees.

1.5
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 10 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.

 

Goodwill also includes goodwill on consolidation. Goodwill on consolidation is valued at cost less accumulated amortisation and accumulated impairment provisions. Amortisation is calculated to write off the cost in equal annual instalments over its estimated useful life of twenty years. Impairment reviews of goodwill are carried out where there is any indication of impairment.

1.6
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:

Website development
3 - 5 years straight line basis
1.7
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.

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:

Freehold land and buildings
50 years straight line basis
Leasehold improvements
Over the life of the lease
Fixtures and fittings
6.5 years straight line basis
Computer equipment
3 years straight line basis

Freehold land is not depreciated.

1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -

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.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities 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.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

1.9
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.

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.

1.10
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.

1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.11
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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

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.

1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
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.

Derecognition of financial liabilities

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

1.12
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.

1.13
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.

1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
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.

1.14
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.

1.15
Retirement benefits

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

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17

Client money and client liabilities

Through the normal course of business, the company collects and holds money on behalf of clients. This client money is held in seperate bank accounts to company money. A client liability is recorded against the cash held and are excluded from the balance sheet as amounts are not available to the Company. No interest is earned or changed against client monies.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Bad debt provision

Outstanding trade debtor balances are reviewed on a line by line basis by management to identify possible amounts where a provision is required. Management closely manage the collection of trade debtors and are therefore able to identify balances where there is uncertainty about its recoverability, and determine what provision is required (if any).

Provisions

Provisions are made against historic amounts for customer payments collected not yet paid to clients. These provisions require management's best estimate of liability that may be present.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Collection based comissions
12,972,354
11,660,411
Other sales
2,482,729
1,812,186
15,455,083
13,472,597
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,455,083
13,472,597
2024
2023
£
£
Other revenue
Interest income
936
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
144,670
169,402
Amortisation of intangible assets
1,603
7,410
Operating lease charges
323,533
416,787
1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
22,695
21,150
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
2
2
2
2
Operational
183
210
183
210
Administration
45
52
45
52
Total
230
264
230
264

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,446,563
6,854,871
8,307,754
6,700,992
Social security costs
582,075
562,328
582,075
562,328
Pension costs
100,437
106,284
100,437
106,284
9,129,075
7,523,483
8,990,266
7,369,604
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
936
-
0
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
83,744
47,036
1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
253,000
13,938
Adjustments in respect of prior periods
6,186
-
0
Total current tax
259,186
13,938
Deferred tax
Origination and reversal of timing differences
(8,000)
47,119
Changes in tax rates
-
0
42,881
Total deferred tax
(8,000)
90,000
Total tax charge
251,186
103,938

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

2024
2023
£
£
Profit before taxation
783,287
229,242
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
195,822
44,702
Tax effect of expenses that are not deductible in determining taxable profit
31,584
13,839
Adjustments in respect of prior years
1,008
-
0
Effect of change in corporation tax rate
-
42,881
Depreciation on assets not qualifying for tax allowances
16,035
11,633
Deferred tax adjustments in respect of prior years
5,823
-
0
Other tax adjustments
914
(9,117)
Taxation charge
251,186
103,938
1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
10
Intangible fixed assets
Group
Goodwill
Website development
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
7,775
33,232
41,007
Amortisation and impairment
At 1 May 2023
3,112
32,407
35,519
Amortisation charged for the year
778
825
1,603
At 30 April 2024
3,890
33,232
37,122
Carrying amount
At 30 April 2024
3,885
-
0
3,885
At 30 April 2023
4,663
825
5,488
Company
Website development
£
Cost
At 1 May 2023 and 30 April 2024
33,232
Amortisation and impairment
At 1 May 2023
32,407
Amortisation charged for the year
825
At 30 April 2024
33,232
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
825
1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
1,731,149
68,056
295,495
466,376
2,561,076
Additions
19,941
4,248
4,538
53,131
81,858
At 30 April 2024
1,751,090
72,304
300,033
519,507
2,642,934
Depreciation and impairment
At 1 May 2023
84,101
45,316
147,576
406,679
683,672
Depreciation charged in the year
54,962
8,398
35,855
45,455
144,670
At 30 April 2024
139,063
53,714
183,431
452,134
828,342
Carrying amount
At 30 April 2024
1,612,027
18,590
116,602
67,373
1,814,592
At 30 April 2023
1,647,048
22,740
147,919
59,697
1,877,404
Company
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
1,731,149
68,056
295,495
466,376
2,561,076
Additions
19,941
4,248
4,538
53,131
81,858
At 30 April 2024
1,751,090
72,304
300,033
519,507
2,642,934
Depreciation and impairment
At 1 May 2023
84,101
45,316
147,576
406,679
683,672
Depreciation charged in the year
54,962
8,398
35,855
45,455
144,670
At 30 April 2024
139,063
53,714
183,431
452,134
828,342
Carrying amount
At 30 April 2024
1,612,027
18,590
116,602
67,373
1,814,592
At 30 April 2023
1,647,048
22,740
147,919
59,697
1,877,404
1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
24
-
0
-
0
72,149
72,149

Analysed as:

Actius (International) Limited    £80

Henriksen Limited         £72,069

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
72,149
Carrying amount
At 30 April 2024
72,149
At 30 April 2023
72,149
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,374,615
1,991,529
2,400,254
1,991,914
Corporation tax recoverable
-
0
17,336
-
0
17,336
Other debtors
312,890
672,451
283,018
633,493
Prepayments and accrued income
633,770
775,866
628,976
766,663
3,321,275
3,457,182
3,312,248
3,409,406
1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
14
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
694,167
792,167
694,167
792,167
Payable within one year
98,000
98,000
98,000
98,000
Payable after one year
596,167
694,167
596,167
694,167

The group has one long term loan. The loan is a fixed term mortgage and interest is charged at a rate of 3%.

 

Post year end the company repaid the existing mortgage by taking out new funding as detailed in note 21.

Bank loans are secured against the assets of the 1st Locate (UK) Limited.

15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
14
98,000
98,000
98,000
98,000
Trade creditors
372,923
389,343
367,596
386,711
Corporation tax payable
253,000
-
0
253,000
-
0
Other taxation and social security
772,861
551,543
772,861
563,824
Other creditors
16,327
17,877
19,762
21,311
Accruals and deferred income
1,665,690
349,817
1,665,663
349,817
3,178,801
1,406,580
3,176,882
1,419,663

Bank loans are secured as detailed in note 14.

16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
14
596,167
694,167
596,167
694,167

Bank loans are secured as detailed in note 14.

1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
176,000
184,000
Revaluations
(5,000)
(5,000)
171,000
179,000
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
176,000
184,000
Revaluations
(5,000)
(5,000)
171,000
179,000
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
179,000
179,000
Credit to profit or loss
(8,000)
(8,000)
Liability at 30 April 2024
171,000
171,000

The UK corporation tax rate was 25% for the year.

 

Deferred tax balances at the reporting date are therefore measured at 25% (2023: 25%).

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
100,437
106,284

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.

1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' Shares of £1 each
30,000
30,000
30,000
30,000
Ordinary 'B' Shares of £1 each
5,250
5,250
5,250
5,250
Ordinary 'C' Shares of £1 each
2,250
2,250
2,250
2,250
37,500
37,500
37,500
37,500
20
Operating lease commitments
Lessee

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
2024
2023
2024
2023
£
£
£
£
Within one year
155,180
219,043
155,180
219,043
Between two and five years
170,837
428,899
170,837
428,899
326,017
647,942
326,017
647,942
21
Events after the reporting date

Post year end the company obtained additonal finance currently totalling £5m. This finance consisted of a £3.5m revolving facility and a long term loan facility totalling £1.5m.

 

Following the year end the company drew down the new RBS mortgage borrowings amounting to £700,000 triggering the pre signed mortgage agreement. Subsequently settling the Santander mortgage borrowing.

22
Related party transactions
Remuneration of key management personnel

The company has taken advantage of the disclosure exemptions of Section 33.1A of FRS 102 which permits it to not present details of its transactions with members of the group headed by 1st Locate (UK) Limited where relevant group companies are all wholly owned.

 

At 30 April 2024 an amount of £nil (2023: £55,842) was owed by Darren Guest and an amount of £104,711 (2023: £298,718) was owed by Andrew Barclay.

23
Controlling party

The ultimate controlling party is Mr A Barclay by virtue of his shareholding.

1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
24
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Henriksen Limited
England and Wales
Debt collection activities
Ordinary
100.00
Actius (International) Limited
England and Wales
Dormant
Ordinary
80.00

The registered office of these companies is Apson House, Bullerthorpe Lane, Leeds, LS15 9JN.

25
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
2,760,696
1,046,505
Company pension contributions to defined contribution schemes
1,321
1,321
2,762,017
1,047,826
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
2,292,000
831,960
26
Parent company guarantee of subsidiaries

1st Locate (UK) Limited has, in accordance with s479C of the Companies Act 2006, provided a guarantee over the liabilities of its subsidiary, Henriksen Limited (company registration number 04850416; registered in England & Wales; registered office address Apson House, Bullerthorpe Lane, Leeds, LS15 9JN) which permits the subsidiary to not obtain an audit of their individual financial statements for the year ended 30 April 2024, in accordance with the exemptions conferred by s479A Companies Act 2006.

1ST LOCATE (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
27
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
532,101
125,304
Adjustments for:
Taxation charged
251,186
103,938
Finance costs
83,744
47,036
Investment income
(936)
-
0
Amortisation and impairment of intangible assets
1,603
7,410
Depreciation and impairment of tangible fixed assets
144,670
169,402
Movements in working capital:
Decrease/(increase) in debtors
118,571
(703,334)
Increase/(decrease) in creditors
1,519,221
(230,990)
Cash generated from/(absorbed by) operations
2,650,160
(481,234)
28
Analysis of changes in net funds/(debt) - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
196,869
2,398,644
2,595,513
Borrowings excluding overdrafts
(792,167)
98,000
(694,167)
(595,298)
2,496,644
1,901,346
2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.210Mr A BarclayMr D A 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