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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: D E Aspden
A M Aspden





REGISTERED OFFICE: 1 Talbot Street
Pontcanna
United Kingdom
Glamorgan
CF11 9BW





REGISTERED NUMBER: 13834234 (England and Wales)





AUDITORS: Xeinadin Audit Limited
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:





D E Aspden - Director


28 January 2025

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.

D E Aspden
A M Aspden

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:





D E Aspden - Director


28 January 2025

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.




Gareth Francis (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Chartered Accountants
& Statutory Auditors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR

28 January 2025

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 381,819 513,295

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 2 2
2 2

CURRENT ASSETS
Debtors 12 353,270 115,600

CREDITORS
Amounts falling due within one year 13 1,100 1,000
NET CURRENT ASSETS 352,170 114,600
TOTAL ASSETS LESS CURRENT
LIABILITIES

352,172

114,602

CAPITAL AND RESERVES
Called up share capital 17 2 2
Retained earnings 352,170 114,600
SHAREHOLDERS' FUNDS 352,172 114,602

Company's profit for the financial year 351,070 164,000

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - not provided
Fixtures and fittings - 15% on reducing balance
Computer equipment - 20% on reducing balance

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
79 69

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 2
NET BOOK VALUE
At 31 January 2024 2
At 31 January 2023 2

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 - - 91 2,437
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 2,463,780 353,270 115,600

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 1,100 1,000
1,931,316 2,028,900 1,100 1,000

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: £    £   
2 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.