REGISTERED NUMBER: 13834234 (England and Wales) |
Stable Group Holdings Limited |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
REGISTERED NUMBER: 13834234 (England and Wales) |
Stable Group Holdings Limited |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
Stable Group Holdings Limited (Registered number: 13834234) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Income and Retained Earnings | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Cash Flows | 13 |
Notes to the Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Financial Statements | 15 |
Stable Group Holdings Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
Highdale House |
7 Centre Court |
Treforest Industrial Estate |
Pontypridd |
Rhondda Cynon Taff |
CF37 5YR |
Stable Group Holdings Limited (Registered number: 13834234) |
Group Strategic Report |
for the Year Ended 31 January 2024 |
Introduction from the Directors |
As we reflect on the past year, we are proud of how Stable has continued to grow and adapt in an ever-changing environment. By maintaining a careful balance between financial discipline and our commitment to innovation, we have achieved sustainable growth while remaining steadfast in our company vision: enabling the future of work through technology, inclusivity, and innovation. |
This year's performance highlights the resilience of our business and our people. Our ability to adapt swiftly to external challenges and change, combined with the collaborative strength of our unique Team of Teams methodology, has allowed us to deliver strong outcomes and maintain profitability. These results not only underscore our financial stability but also affirm the strength of our approach, centred on empowering our clients and shaping a more inclusive, innovative future. |
BUSINESS REVIEW |
This year has been one of significant progress and achievement for Stable. We are proud to report a year of strong financial performance, driven by our ability to adapt, diversify, and invest in the future of our business. |
Key performance indicators for the year are summarised below:* |
2024 | 2023 | Change |
Turnover | 13,225,437 | 10,919,663 | 2,305,774 |
Gross Profit | 3,102,978 | 1,951,420 | 1,151,558 |
Gross Profit % | 23.46% | 17.87% | 5.59% |
EBITDA | 604,155 | 631,500 | -27,345 |
EBITDA % | 4.57% | 5.78% | -1.21% |
*These results reflect not only our financial resilience but also our strategic focus on diversifying our offerings and expanding our capabilities. Gross profit increased by £1.1m compared to the previous year, supported by the successful growth of our resourcing arm and investments in our team. |
During the year, we welcomed an additional 10 employees and enhanced our consultant base, enabling us to meet growing client demand while maintaining our commitment to quality and innovation. While these investments contributed to a slight decrease in operating profit (£52,000), they form part of our broader strategy to strengthen Stable's capacity to deliver impactful, customer-centred solutions. |
Our balance sheet remains strong, with consistent current assets and liabilities compared to the previous year. Credit risk concentration and bad debt remain low, highlighting our disciplined financial management and trusted client relationships. |
EBITDA, a key performance measure, represents profit adjusted for the effects of depreciation and certain non-cash items, as measured using UK GAAP principles. This year, EBITDA decreased by £27k compared to the previous period, reflecting Stable's continued focus on investing for sustainable growth and efficiency. |
Stable Group Holdings Limited (Registered number: 13834234) |
Group Strategic Report |
for the Year Ended 31 January 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Stable operates in a dynamic environment influenced by economic and competitive factors. However, our ability to adapt and thrive is deeply rooted in the trust we have built with our partners over many years. This trust positions us as a valued and reliable advisor, strengthening our resilience in challenging times. |
Economic factors remain a key consideration for the business. Stable's diversified expertise across industries and clients, combined with a recurring revenue base from established partnerships, provides a robust foundation of stability. In an environment where technology is a driving force behind economic and business growth, our ability to combine technical innovation with people-centred solutions ensures we remain not only relevant but essential to our clients' success. |
The competitive environment brings both challenges and opportunities. While we face established players and new entrants, our unique strength lies in the seamless integration of our three core pillars-Solutions, Learning, and People. This fusion empowers us to deliver bespoke, impactful solutions tailored to evolving client needs. It is this distinctive approach, paired with the trust we've earned as a strategic advisor, that continues to differentiate Stable in a crowded market and secure our position for the future. |
CORPORATE RESPONSIBILITY |
At Stable, corporate responsibility is more than an obligation-it is integral to who we are and how we operate. We are proud of our achievements to date and remain committed to building on this foundation to enhance our reputation as a company that prioritises people, innovation, and meaningful change. |
Our vision is to pioneer the integration of social value into everything we do, making it an intrinsic part of our operations and outcomes. By working with trusted partners, including third-sector organisations, we aim to amplify our efforts and address societal challenges collaboratively and sustainably. |
Through our commitment to inclusivity, sustainability, and innovation, we strive to deliver outcomes that matter-to our employees, our clients, and the communities we serve. Whether it's through the solutions we deliver, the learning we foster, or the people we empower, our goal is to create lasting, positive change while strengthening Stable's role as a trusted partner. |
ON BEHALF OF THE BOARD: |
Stable Group Holdings Limited (Registered number: 13834234) |
Report of the Directors |
for the Year Ended 31 January 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 January 2024 will be £113,500 (2023: £49,400). |
FUTURE DEVELOPMENTS |
At Stable, we are dedicated to advancing our technology offerings and strengthening our strategic partnership with Microsoft to provide our clients with best-in-class solutions. Looking ahead, we will continue to leverage Microsoft’s cloud, AI, and productivity tools, integrating them seamlessly into our offerings to enhance scalability, security, and efficiency. By staying at the cutting edge of Microsoft’s innovations, we aim to deliver next-generation solutions that help businesses drive digital transformation, streamline operations, and improve overall performance. Our ongoing collaboration with Microsoft will empower us to stay agile, respond to evolving market demands, and unlock new opportunities for our clients in an increasingly connected world. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
CHARITABLE DONATIONS AND EXPENDITURE |
During the year the company made charitable donations totalling £18,645 (2023 £24,707). |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 company and the group and of 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 judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Stable Group Holdings Limited (Registered number: 13834234) |
Report of the Directors |
for the Year Ended 31 January 2024 |
AUDITORS |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Stable Group Holdings Limited |
Opinion |
We have audited the financial statements of Stable Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, 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 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: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 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; and |
- | 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 Auditors' 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Stable Group Holdings Limited |
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 Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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. |
Report of the Independent Auditors to the Members of |
Stable Group Holdings Limited |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws |
and regulations we have considered the following: |
- The nature of the industry and sector, control environment and business performance; |
- Results of the enquiries of management about their own identification and assessment of the risks of |
irregularities; |
- Any matters we have identified having obtained and reviewed the company's documentation of their policies and procedures relating to: |
-- identifying, evaluating and complying with laws and regulations and whether they were aware of any |
instances of noncompliance; |
-- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
-- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
-- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income.. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, health and safety and tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
Audit response to risks identified |
Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance |
with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- reviewing correspondence with HMRC; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is |
limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities |
that result from error. |
As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Stable Group Holdings Limited |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Other matters which we | required to address |
The financial statements for the prior period have not been audited. This is the first year that the Group is required to undergo an audit, as it has exceeded the thresholds set by applicable regulations for audit purposes. As a result, the prior period financial statements were prepared in accordance with the applicable accounting framework but have not been subject to an external 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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
Highdale House |
7 Centre Court |
Treforest Industrial Estate |
Pontypridd |
Rhondda Cynon Taff |
CF37 5YR |
Stable Group Holdings Limited (Registered number: 13834234) |
Consolidated |
Statement of Income and |
Retained Earnings |
for the Year Ended 31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
TURNOVER | 13,225,437 | 10,919,663 |
Cost of sales | 10,122,459 | 8,968,243 |
GROSS PROFIT | 3,102,978 | 1,951,420 |
Administrative expenses | 2,552,109 | 1,348,032 |
550,869 | 603,388 |
Other operating income | 506 | 193 |
OPERATING PROFIT | 4 | 551,375 | 603,581 |
Interest receivable and similar income | - | 2,759 |
551,375 | 606,340 |
Interest payable and similar expenses | 5 | 20,124 | 18,737 |
PROFIT BEFORE TAXATION | 531,251 | 587,603 |
Tax on profit | 6 | 149,432 | 74,308 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year | 959,597 | 495,702 |
Dividends | 8 | (113,500 | ) | (49,400 | ) |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
1,227,916 |
959,597 |
Profit attributable to: |
Owners of the parent | 381,819 | 513,295 |
Stable Group Holdings Limited (Registered number: 13834234) |
Consolidated Statement of Financial Position |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 3,683 | 4,983 |
Tangible assets | 10 | 677,395 | 434,874 |
Investments | 11 | - | - |
681,078 | 439,857 |
CURRENT ASSETS |
Debtors | 12 | 2,443,694 | 2,463,780 |
Cash at bank | 297,745 | 382,831 |
2,741,439 | 2,846,611 |
CREDITORS |
Amounts falling due within one year | 13 | 1,931,316 | 2,028,900 |
NET CURRENT ASSETS | 810,123 | 817,711 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,491,201 |
1,257,568 |
CREDITORS |
Amounts falling due after more than one year | 14 | (187,401 | ) | (247,529 | ) |
PROVISIONS FOR LIABILITIES | 16 | (75,882 | ) | (50,440 | ) |
NET ASSETS | 1,227,918 | 959,599 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 2 | 2 |
Retained earnings | 18 | 1,227,916 | 959,597 |
SHAREHOLDERS' FUNDS | 1,227,918 | 959,599 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by: |
D E Aspden - Director |
Stable Group Holdings Limited (Registered number: 13834234) |
Company Statement of Financial Position |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 12 |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 351,070 | 164,000 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Stable Group Holdings Limited (Registered number: 13834234) |
Consolidated Statement of Cash Flows |
for the Year Ended 31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 758,001 | 527,401 |
Interest paid | (20,124 | ) | (18,737 | ) |
Tax paid | (120,759 | ) | (43,645 | ) |
Net cash from operating activities | 617,118 | 465,019 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (294,001 | ) | (235,253 | ) |
Interest received | - | 2,759 |
Net cash from investing activities | (294,001 | ) | (232,494 | ) |
Cash flows from financing activities |
Loan repayments in year | (60,128 | ) | (79,663 | ) |
Amount introduced by directors | 467,017 | 211,963 |
Amount withdrawn by directors | (707,032 | ) | (264,222 | ) |
Equity dividends paid | (113,500 | ) | (49,400 | ) |
Net cash from financing activities | (413,643 | ) | (181,322 | ) |
(Decrease)/increase in cash and cash equivalents | (90,526 | ) | 51,203 |
Cash and cash equivalents at beginning of year | 2 | 342,516 | 291,313 |
Cash and cash equivalents at end of year | 2 | 251,990 | 342,516 |
Stable Group Holdings Limited (Registered number: 13834234) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 31 January 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.1.24 | 31.1.23 |
£ | £ |
Profit before taxation | 531,251 | 587,603 |
Depreciation charges | 52,780 | 27,919 |
Finance costs | 20,124 | 18,737 |
Finance income | - | (2,759 | ) |
604,155 | 631,500 |
Decrease/(increase) in trade and other debtors | 260,101 | (830,784 | ) |
(Decrease)/increase in trade and other creditors | (106,255 | ) | 726,685 |
Cash generated from operations | 758,001 | 527,401 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 297,745 | 382,831 |
Bank overdrafts | (45,755 | ) | (40,315 | ) |
251,990 | 342,516 |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 382,831 | 325,570 |
Bank overdrafts | (40,315 | ) | (34,257 | ) |
342,516 | 291,313 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank | 382,831 | (85,086 | ) | 297,745 |
Bank overdrafts | (40,315 | ) | (5,440 | ) | (45,755 | ) |
342,516 | (90,526 | ) | 251,990 |
Debt |
Debts falling due within 1 year | (55,382 | ) | (2,498 | ) | (57,880 | ) |
Debts falling due after 1 year | (247,529 | ) | 60,128 | (187,401 | ) |
(302,911 | ) | 57,630 | (245,281 | ) |
Total | 39,605 | (32,896 | ) | 6,709 |
Stable Group Holdings Limited (Registered number: 13834234) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Stable Group Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements consolidate the financial statements of the reporting entity and its subsidiary undertakings drawn up to the balance sheet date. |
A subsidiary is an entity controlled by the reporting entity. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
In February 2022, following a share for share exchange, Stable Group Holdings Limited was introduced as the parent company and a Group was formed. |
The consolidated financial statements have been prepared using merger accounting principles in accordance with Section 19.27 of FRS 102. |
Inter-company transactions, balances, and unrealised gains on transactions between the reporting entity and its subsidiaries, which are related parties, are eliminated in full. |
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. |
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Stable Group Holdings Limited (Registered number: 13834234) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the company'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. |
The directors consider that the following are the most significant areas of judgement and estimation: |
Tangible Fixed Assets |
The useful economic lives of tangible fixed assets, their residual values and the impairment reviews is a significant area requiring management judgement. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other relevant factors. |
Debtor Recoverability |
The directors continually review the recoverability of debtors and a provision is made where there is uncertainty about recoverability. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Long leasehold | - |
Fixtures and fittings | - |
Computer equipment | - |
Stable Group Holdings Limited (Registered number: 13834234) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Group has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to offset 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 |
Financial assets are assessed for indicators of impairment at each reporting date. |
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial assets have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the assets original effective interest rate. |
If there is a favourable change in relation to events surrounding the impairment loss, then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. |
Basic financial liabilities |
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. |
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. |
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If payment is due in more than one year, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. |
Classification |
The company holds the following financial instruments: |
- Short term trade and other debtors and creditors; |
- Bank loans; |
- Intercompany balances; and |
- Cash and bank balances. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Stable Group Holdings Limited (Registered number: 13834234) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The Group operates a defined contribution pension scheme for its employees. A defined contribution scheme is a pension scheme which the Group pays fixed contributions into a separate entity. Once the contributions have been paid, the Group has no further obligations. |
Contributions payable to the Group's pension scheme are charged to profit or loss in the period to which they relate. Amounts not paid are shown as a liability in the Statement of Financial Position. The assets of the scheme are held separately from the Group in independently administered funds. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
31.1.24 | 31.1.23 |
£ | £ |
Wages and salaries | 9,238,866 | 8,564,218 |
Social security costs | 145,686 | 84,211 |
Other pension costs | 26,761 | 14,585 |
9,411,313 | 8,663,014 |
The average number of employees during the year was as follows: |
31.1.24 | 31.1.23 |
Core staff | 29 | 19 |
Other staff | 50 | 50 |
The average number of employees by undertakings that were proportionately consolidated during the year was 79 (2023 - 69 ) . |
31.1.24 | 31.1.23 |
£ | £ |
Directors' remuneration | 85,512 | 78,078 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.1.24 | 31.1.23 |
£ | £ |
Hire of plant and machinery | 1,350 | 504 |
Other operating leases | 57,306 | 39,638 |
Depreciation - owned assets | 51,480 | 26,620 |
Computer software amortisation | 1,300 | 1,300 |
Stable Group Holdings Limited (Registered number: 13834234) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.1.24 | 31.1.23 |
£ | £ |
Loan | 17,729 | 18,737 |
Interest payable | 2,395 | - |
20,124 | 18,737 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.1.24 | 31.1.23 |
£ | £ |
Current tax: |
UK corporation tax | 123,990 | 43,645 |
Deferred tax | 25,442 | 30,663 |
Tax on profit | 149,432 | 74,308 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.1.24 | 31.1.23 |
£ | £ |
Profit before tax | 531,251 | 587,603 |
Profit multiplied by the standard rate of corporation tax in the UK of 24.030 % (2023 - 19 %) |
127,660 |
111,645 |
Effects of: |
Expenses not deductible for tax purposes | 5,604 | 4,569 |
Capital allowances in excess of depreciation | (9,274 | ) | (41,790 | ) |
Adjustments to tax charge in respect of previous periods | - | (30,779 | ) |
Deferred tax | 25,442 | 30,663 |
Total tax charge | 149,432 | 74,308 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
31.1.24 | 31.1.23 |
£ | £ |
Ordinary shares of 1 each |
Interim | 113,500 | 49,400 |
Stable Group Holdings Limited (Registered number: 13834234) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
software |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 | 6,500 |
AMORTISATION |
At 1 February 2023 | 1,517 |
Amortisation for year | 1,300 |
At 31 January 2024 | 2,817 |
NET BOOK VALUE |
At 31 January 2024 | 3,683 |
At 31 January 2023 | 4,983 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Long | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 | 166,447 | 219,034 | 131,642 | 517,123 |
Additions | 204,998 | 25,132 | 63,871 | 294,001 |
At 31 January 2024 | 371,445 | 244,166 | 195,513 | 811,124 |
DEPRECIATION |
At 1 February 2023 | - | 25,796 | 56,453 | 82,249 |
Charge for year | - | 29,877 | 21,603 | 51,480 |
At 31 January 2024 | - | 55,673 | 78,056 | 133,729 |
NET BOOK VALUE |
At 31 January 2024 | 371,445 | 188,493 | 117,457 | 677,395 |
At 31 January 2023 | 166,447 | 193,238 | 75,189 | 434,874 |
Stable Group Holdings Limited (Registered number: 13834234) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiary |
Stable Resources Ltd |
Registered office: 1 Talbot Street, Pontcanna, Glamorgan, Wales, CF11 9BW |
Nature of business: |
% |
Class of shares: | holding |
Ordinary | 100.00 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.1.24 | 31.1.23 | 31.1.24 | 31.1.23 |
£ | £ | £ | £ |
Trade debtors | 744,789 | 1,327,956 |
Amounts owed by group undertakings | - | - |
Other debtors | 26,152 | 11,374 |
Directors' current accounts | 353,179 | 113,164 | 353,179 | 113,163 |
Prepayments and accrued income | 1,319,574 | 1,011,286 |
2,443,694 | 2,463,780 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.1.24 | 31.1.23 | 31.1.24 | 31.1.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 103,635 | 95,697 |
Trade creditors | 185,196 | 155,876 |
Tax | 199,837 | 60,639 |
Social security and other taxes | 236,309 | 293,223 |
VAT | 443,219 | 565,432 | - | - |
Other creditors | 584,494 | 791,200 |
Accrued expenses | 178,626 | 66,833 |
1,931,316 | 2,028,900 |
Stable Group Holdings Limited (Registered number: 13834234) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans (see note 15) | 187,401 | 247,529 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.1.24 | 31.1.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts | 45,755 | 40,315 |
Bank loans | 57,880 | 55,382 |
103,635 | 95,697 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 57,880 | 55,382 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 111,984 | 148,211 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 17,537 | 43,936 |
16. | PROVISIONS FOR LIABILITIES |
Group |
31.1.24 | 31.1.23 |
£ | £ |
Deferred tax | 75,882 | 50,440 |
Group |
Deferred |
tax |
£ |
Balance at 1 February 2023 | 50,440 |
Provided during year | 25,442 |
Balance at 31 January 2024 | 75,882 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.24 | 31.1.23 |
value: | £ | £ |
Ordinary | 1 | 2 | 2 |
Stable Group Holdings Limited (Registered number: 13834234) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
18. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 February 2023 | 959,597 |
Profit for the year | 381,819 |
Dividends | (113,500 | ) |
At 31 January 2024 | 1,227,916 |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023: |
31.1.24 | 31.1.23 |
£ | £ |
D E Aspden and A M Aspden |
Balance outstanding at start of year | 113,163 | 60,905 |
Amounts advanced | 707,032 | 264,221 |
Amounts repaid | (467,016 | ) | (211,963 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 353,179 | 113,163 |
20. | ULTIMATE CONTROLLING PARTY |
The directors are considered to be the ultimate controlling party by virtue of their ability to act in concert in respect of the operational and financial policies of the company. |