Company registration number 08369121 (England and Wales)
STOBBS (IP) LTD AND ITS SUBSIDIARIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
STOBBS (IP) LTD AND ITS SUBSIDIARIES
COMPANY INFORMATION
Directors
Mr J E B Stobbs
Mr T B Alexander
(Appointed 6 June 2023)
Secretary
Mr J E B Stobbs
Company number
08369121
Registered office
Building 1000
Cambridge Research Park
Cambridge
CB25 9PD
Auditor
Ensors Accountants LLP
Victory House
Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
STOBBS (IP) LTD AND ITS SUBSIDIARIES
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13 - 14
Company balance sheet
15 - 16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Company statement of cash flows
20
Notes to the financial statements
21 - 46
STOBBS (IP) LTD AND ITS SUBSIDIARIES
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
The directors present the strategic report for the year ended 29 February 2024.
Fair review of the business
Since the formation of Stobbs we have grown between 7-39% year on year, and the profile and status of the business is such that we would think this would continue. Considering the continued economic instability, we would expect:
Mar20-Feb21 – 7% growth
Mar21-Feb22 – 39% growth
Mar22-Feb23 – 31% growth
Mar23-Feb24 – 16% growth
Mar24-Mar25 - 15% growth
Mar25-Mar26 – 10% growth
Reputation of business has continued to grow and win awards:
2020 – MIP UK Trademark Litigation Firm of the Year
2020 – Stobbs was recognised as the UK World Trademark Review UK Trademark Firm of the Year.
2020 – Legal 500 TMT East Anglia: Firm of the Year
2021 – MIP UK Trade Mark Litigation Firm of the Year
2022 – Julius was named a Diversity Champion in IP by WIPR - World IP Review
2022 – MIP UK Trade Mark Litigation Firm of the Year
2023 – MIP UK Trademark Disputes Firm of the Year this year
2024 – MIP UK Trade Mark Litigation Firm of the Year
2024 – MIP Top tier ranking
2024 – WTR Top tier ranking
2024 – Legal 500 Top tier ranking
We are the largest filers of trade marks in the UK.
We continue to grow our breadth of offering, developing
Growth and development of litigation and OBE teams.
Increased offering for valuation and licencing functionalities.
Continued growth as Amazon IP Accelerator’s premium partner.
Evolution of new Ireland and Netherlands offices.
Spin-out (and continued growth) or the complimentary systems businesses.
Growing presence in the US: Silicon Review – selected as one of 5 Best Law Firms to Watch.
Continued benefits from the significant system investment with improved efficiency.
We continue to invest in people and systems to expand the breadth of our expertise. We expect to see increased turnover across the group next year with increased profit also.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
Principal risks and uncertainties
Our new Netherlands and Ireland offices have continued to provide further coverage and increased opportunities for European work. We are still benefiting from increased opportunities for UK TM filings (as post-Brexit they are required in addition to European protection).
We have continued to work proactively with our clients following the challenges present by Brexit, covid and other economic events. Client loses have been insignificant. Listed below in the analysis section we have detailed significant client wins in the last year. We continue with the hybrid model of working with all staff required to be in the office two days per week. The change in working across the country meant we benefited from low rent prices for our new London office which we moved into in July 2022.
A restructure of fee earning teams and roll out of revised compensation scheme has resulted in improved performance, which we expect to continue.
Competition from other firms as ever, but we are the disruptive force in our industry.
2024 has seen uncertainty from a political and general economic point of view. High inflation and interest rates continue to create pressure for us and for our clients, and we are seeing clients lose a little confidence in relation to investment in their projects. However, we continue to generate work against our market which outweighs these negative wider market factors.
Price pressure on legal services generally, and in relation to certain more admin based tasks (such as TM filings) – in 2024 we introduced our new ‘Atlas’ function, designed specifically to target and benefit from work of this nature.
With many overseas partners and clients exchange rate fluctuations can have a high impact. We have developed our own strategy on exchange. This is proving to be effective in protecting us from exchange losses. We continue to watch and analyse closely.
The nature of our client base and large disbursement portion of our income means cashflow will always be a challenge. In April 2024 we moved banks from HSBC to Barclays to benefit from improved relationship and facilities. This together with refined management from our new Revenue Controller has resulted in improvement in our cash position.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
Development and performance
Reputation (see above)
Staff numbers have continued to grow with good retention rates:
| | | | | | |
Average monthly number of staff | | | | | | |
| | | | | | |
Turnover and profit:
Functions of IAM (see above).
Our significant client acquisition in the year include:
Instant Brands (EMEA) Limited
IB Appliances US Holdings, LLC
Mintec Limited
Levito AG
Jellycat Limited
Premier Padel LLC
Wella International Operations Switzerland Sàrl
Zift Solutions, Inc.
Conde Nast Holdings Ltd
A NELSON & CO LIMITED
The Wilde Collection Ltd
Stronger performance this year with income increasing as costs remained largely flat.
Set for continued growth and opportunities in coming years:
We are working towards B-Corp status and continue to champion diversity. Further growth and investment in our People Team has resulted in improvements to employee management and resources and benefits available to them.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
Key performance indicators
The directors manage and monitor the business using key performance indicators. These are turnover and operating profit.
In the year:
- Turnover has increased from £17.3m to £20.0m
- Operating profit has decreased from £969k to £5k.
Stobbs has continued to grow in the way that it has done every year since it was created in 2013. The growth in turnover was 16% this year. We continue to work towards the vision we have for Stobbs - to be the best global brand advisory firm. This requires investment in different offerings rather than maximisation of profit. The development of our European offering is key in the wake of Brexit, and our investment in technology (Obviously) is also key in remaining relevant over the coming 5 years. These things have naturally led to a slight reduction in operating profit.
We also hit a stage of having over 200 people and had some growth pains in relation to our management of the team. This caused some efficiency issues which hit at the beginning of the 2023 financial year and led to a profitability drop. We addressed these with some structural changes and efforts in relation to cost control and this impacted our profitability very positively in the second half of the financial year and has continued into 2024/25.
Mr J E B Stobbs
Secretary
26 February 2025
STOBBS (IP) LTD AND ITS SUBSIDIARIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
The directors present their annual report and financial statements for the year ended 29 February 2024.
Principal activities
The principal activity of the company continued to be that of IP consultants.
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £402,000. The directors do not recommend payment of a further 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 J E B Stobbs
Mr T B Alexander
(Appointed 6 June 2023)
Financial instruments
Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
Foreign currency risk
The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Post reporting date events
Post year end, an interim dividends of £430,000 was declared.
Following the balance sheet date, the banking facility held at the balance sheet date was terminated and a new banking facility was undertaken with a different bank.
Also following the year end, trade and assets were transferred to the Obviously Limited Group with respect to subsidiary companies within the Group. The subsidiary companies of which trade and assets were transferred included Snap Vision Limited and WBCAP limited. Following the transfer, the person of significant control ceased to be Stobbs (IP) Limited.
Auditor
The auditor, Ensors Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
By order of the board
Mr J E B Stobbs
Secretary
26 February 2025
STOBBS (IP) LTD AND ITS SUBSIDIARIES
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STOBBS (IP) LTD AND ITS SUBSIDIARIES
- 8 -
Opinion
We have audited the financial statements of Stobbs (IP) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the group profit and loss account, 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, the company 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 29 February 2024 and of the group's loss 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.
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 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.
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:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STOBBS (IP) LTD AND ITS SUBSIDIARIES
- 9 -
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the group operates in and how the group are complying with the legal and regulatory framework;
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the group's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STOBBS (IP) LTD AND ITS SUBSIDIARIES
- 10 -
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.
James Francis (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP
26 February 2025
Chartered Accountants
Statutory Auditor
Victory House
Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
STOBBS (IP) LTD AND ITS SUBSIDIARIES
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 11 -
2024
2023
as restated
Notes
£
£
Turnover
3
20,005,272
17,303,214
Cost of sales
(10,822,308)
(9,980,823)
Gross profit
9,182,964
7,322,391
Administrative expenses
(9,573,742)
(6,462,022)
Other operating income
396,032
108,573
Operating profit
4
5,254
968,942
Interest receivable and similar income
8
1,454
1,021
Interest payable and similar expenses
9
(145,259)
(49,222)
(Loss)/profit before taxation
(138,551)
920,741
Tax on (loss)/profit
10
(321,204)
(357,270)
(Loss)/profit for the financial year
(459,755)
563,471
(Loss)/profit for the financial year is attributable to:
- Owner of the parent company
(370,146)
629,680
- Non-controlling interests
(89,609)
(66,209)
(459,755)
563,471
STOBBS (IP) LTD AND ITS SUBSIDIARIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
2024
2023
£
£
(Loss)/profit for the year
(459,755)
563,471
Other comprehensive income
Currency translation gain/(loss) arising in the year
54,684
(7,593)
Cash flow hedges gain arising in the year
Total comprehensive income for the year
(405,071)
555,878
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(315,462)
622,087
- Non-controlling interests
(89,609)
(66,209)
(405,071)
555,878
STOBBS (IP) LTD AND ITS SUBSIDIARIES
GROUP BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
940,813
262,700
Other intangible assets
12
16,668
Total intangible assets
957,481
262,700
Tangible assets
13
121,648
181,778
1,079,129
444,478
Current assets
Stocks
16
1,572,102
1,404,161
Debtors falling due after more than one year
17
-
71,715
Debtors falling due within one year
17
13,153,148
12,743,877
Cash at bank and in hand
1,005,562
1,065,870
15,730,812
15,285,623
Creditors: amounts falling due within one year
19
(14,068,025)
(12,317,510)
Net current assets
1,662,787
2,968,113
Total assets less current liabilities
2,741,916
3,412,591
Creditors: amounts falling due after more than one year
20
(411,711)
(275,000)
Provisions for liabilities
Provisions
22
39,507
32,674
Deferred tax liability
23
7,148
(39,507)
(39,822)
Net assets
2,290,698
3,097,769
Capital and reserves
Called up share capital
25
1
1
Other reserves
47,091
(7,593)
Profit and loss reserves
2,399,424
3,171,570
Equity attributable to owner of the parent company
2,446,516
3,163,978
Non-controlling interests
(155,818)
(66,209)
Total equity
2,290,698
3,097,769
STOBBS (IP) LTD AND ITS SUBSIDIARIES
GROUP BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 14 -
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
26 February 2025
Mr J E B Stobbs
Director
Company registration number 08369121 (England and Wales)
STOBBS (IP) LTD AND ITS SUBSIDIARIES
COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
16,668
Tangible assets
13
103,184
167,513
Investments
14
542,070
17,380
661,922
184,893
Current assets
Stocks
16
1,495,643
1,366,261
Debtors
17
13,999,271
13,323,941
Cash at bank and in hand
554,894
669,090
16,049,808
15,359,292
Creditors: amounts falling due within one year
19
(13,343,578)
(11,867,691)
Net current assets
2,706,230
3,491,601
Total assets less current liabilities
3,368,152
3,676,494
Creditors: amounts falling due after more than one year
20
(289,836)
(275,000)
Provisions for liabilities
Provisions
22
39,507
32,674
Deferred tax liability
23
7,148
(39,507)
(39,822)
Net assets
3,038,809
3,361,672
Capital and reserves
Called up share capital
25
1
1
Profit and loss reserves
3,038,808
3,361,671
Total equity
3,038,809
3,361,672
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 £79,137 (2023 - £692,369 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
COMPANY BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 16 -
The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
26 February 2025
Mr J E B Stobbs
Director
Company registration number 08369121 (England and Wales)
STOBBS (IP) LTD AND ITS SUBSIDIARIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 17 -
Share capital
Currency translation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 March 2022
1
2,956,890
2,956,891
-
2,956,891
Year ended 28 February 2023:
Profit for the year
-
-
629,680
629,680
(66,209)
563,471
Other comprehensive income:
Currency translation differences
-
(7,593)
(7,593)
-
(7,593)
Total comprehensive income
-
(7,593)
629,680
622,087
(66,209)
555,878
Dividends
11
-
-
(415,000)
(415,000)
-
(415,000)
Balance at 28 February 2023
1
(7,593)
3,171,570
3,163,978
(66,209)
3,097,769
Year ended 29 February 2024:
Loss for the year
-
-
(370,146)
(370,146)
(89,609)
(459,755)
Other comprehensive income:
Currency translation differences
-
54,684
54,684
-
54,684
Total comprehensive income
-
54,684
(370,146)
(315,462)
(89,609)
(405,071)
Dividends
11
-
-
(402,000)
(402,000)
-
(402,000)
Balance at 29 February 2024
1
47,091
2,399,424
2,446,516
(155,818)
2,290,698
STOBBS (IP) LTD AND ITS SUBSIDIARIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 18 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2022
1
3,084,302
3,084,303
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
692,369
692,369
Dividends
11
-
(415,000)
(415,000)
Balance at 28 February 2023
1
3,361,671
3,361,672
Year ended 29 February 2024:
Profit and total comprehensive income
-
79,137
79,137
Dividends
11
-
(402,000)
(402,000)
Balance at 29 February 2024
1
3,038,808
3,038,809
STOBBS (IP) LTD AND ITS SUBSIDIARIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 19 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
1,607,315
237,865
Interest paid
(145,259)
(49,222)
Income taxes paid
(55,020)
(431,324)
Net cash inflow/(outflow) from operating activities
1,407,036
(242,681)
Investing activities
Purchase of subsidiary
(476,473)
-
Purchase of business
(507,702)
-
Purchase of intangible assets
(18,484)
(7,437)
Purchase of tangible fixed assets
(50,391)
(170,422)
Proceeds from disposal of tangible fixed assets
-
6,815
Repayment of loans
303,366
13,257
Interest received
1,454
1,021
Net cash used in investing activities
(748,230)
(156,766)
Financing activities
Increase in other borrowings
340,000
-
Repayment of bank loans
44,680
(650,389)
Dividends paid to equity shareholders
(402,000)
(415,000)
Net cash used in financing activities
(17,320)
(1,065,389)
Net increase/(decrease) in cash and cash equivalents
641,486
(1,464,836)
Foreign currency translation
54,684
(7,593)
Cash and cash equivalents at beginning of year
(646,914)
825,515
Cash and cash equivalents at end of year
49,256
(646,914)
Relating to:
Cash at bank and in hand
1,005,562
1,065,870
Bank overdrafts included in creditors payable within one year
(956,306)
(1,712,784)
STOBBS (IP) LTD AND ITS SUBSIDIARIES
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 20 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
35
1,130,008
(137,558)
Interest paid
(96,993)
(49,187)
Income taxes paid
(1)
(377,750)
Net cash inflow/(outflow) from operating activities
1,033,014
(564,495)
Investing activities
Purchase of intangible assets
(18,484)
Purchase of tangible fixed assets
(39,540)
(155,094)
Proceeds from disposal of tangible fixed assets
6,815
Investment in subsidiary
(524,690)
(17,180)
Repayment of loans
203,366
13,257
Interest received
5,936
32,151
Net cash used in investing activities
(373,412)
(120,051)
Financing activities
Repayment of borrowings
340,000
-
Repayment of bank loans
44,680
(650,389)
Dividends paid to equity shareholders
(402,000)
(415,000)
Net cash used in financing activities
(17,320)
(1,065,389)
Net increase/(decrease) in cash and cash equivalents
642,282
(1,749,935)
Cash and cash equivalents at beginning of year
(1,043,694)
706,241
Cash and cash equivalents at end of year
(401,412)
(1,043,694)
Relating to:
Cash at bank and in hand
554,894
669,090
Bank overdrafts included in creditors payable within one year
(956,306)
(1,712,784)
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 21 -
1
Accounting policies
Company information
Stobbs (IP) Ltd (“the company”) is a private limited company by shares domiciled and incorporated in England and Wales. The registered office is Building 1000, Cambridge Research Park, Cambridge, CB25 9PD.
The group consists of Stobbs (IP) Ltd and 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 £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Stobbs (IP) 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 29 February 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.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 22 -
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.
The group has considered the impact on it’s forecasts and working capital requirements for a period of 12 months from the date of these financial statements.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity, significant risks and rewards have been of ownership have been transferred to the client and the revenue and costs can be reliably measured. Income is billed in arrears.
If, at the Balance Sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the group), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance Sheet date are carried forward as work in progress less and impairment for costs not deemed recoverable.
Royality income from license agreements is recognised when the income is receivable as per the license agreement.
Where acting as an agent on behalf of clients with respect to disbursements, the net value retained is recognised within revenue. The point of recognition is when the final purchase invoice from the supplier is received by Stobbs. Sales invoices as raised by Stobbs are done so in advance of the final purchase invoice being obtained by the Stobbs from the supplier.
1.6
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 5 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.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 23 -
1.7
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:
Software
20% straight-line basis
1.8
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:
Leasehold land and buildings
Over lease term
Fixtures and fittings
20% straight-line
Motor vehicles
25% straight-line
Office equipment
50% straight-line
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.
1.9
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.
1.10
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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 24 -
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.
1.11
Stocks
Closing work in progress comprise of three separate classes and measures at follow:
Time Recordal System
Work in progress with respect to time recordal comprises unbilled amounts for client work, measured at fair value less provisions for foreseeable losses.
Renewals
Work in progress with respect to the renewal of intellectual property rights is calculated based upon the total cases due for renewal falling in the year following the balance sheet date, multiplied by the expected renewal rate, average charge per case and the estimated spread of workflow.
Licensing
Income with respect to licensing represents fixed royalties received by the group per licence agreements. The cost for drafting the agreement occurs in advance of royalty income being received. As to match income to expenditure, royalty income receivable for the year following the balance sheet date has been accrued as work in progress at the balance sheet date.
1.12
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.
1.13
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.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 25 -
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.
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.
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.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 26 -
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.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.14
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.
1.15
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.
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.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 27 -
1.16
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.17
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.
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.19
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.
1.20
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.21
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 28 -
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Decision to recognise a provision for doubtful debts
FRS 102 requires the trade debtors to be assessed for impairment at each balance sheet date and an impairment provision is required if the expected present value of the cash flow is less than the carrying amount.
As such, management have reviewed the outstanding debtor balances as at the year end and have adjusted the requisite provision for doubtful debts given their view on the recoverability of these given balances.
The provision for doubtful debts as at the year end had a value of £237,544 (2023: £236,573).
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 29 -
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.
Valuation of WIP with regards to renewals
As noted within accounting policy 1.11, work in progress comprises unbilled amounts for client work, measured at fair value less provisions for foreseeable losses. Included within total WIP at the year end is a balance of £875,882 (2023 - £1,051,324) with respect to work in progress regarding trademark renewals.
Work in progress with regards to renewals is calculated based upon the total cases due for renewal in the following year, multiplied by the expected renewal rate, average charge and estimated spread of workflow. There are some instances where the respective deadlines for cases due for renewal in the following year have yet to pass as they fall after the date of the Directors Report. Subsequently there is an estimation of uncertainty with regards to the rate of renewals and the average charge per renewal. Management have also estimated that the spread of work across the year as undertaken with regards to processing the renewals application, as the system for recording the chargeable time does not provide sufficient data with respect to this.
Valuation of disbursements creditor
As noted within accounting policy 1.13, basic financial liabilities, including creditors 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.
The disbursements creditor as disclosed within other creditors, recognises both the estimated value of creditors balances with respect to disbursement costs and disbursement costs where the final bill has been received by Stobbs but the respective client has yet to settle the reimbursement. Stobbs act as an agent on behalf of their client with respect to disbursements. Stobbs bill the respective clients for the reimbursement of the disbursement costs in advance of the final supplier bill being received by Stobbs, Subsequently the estimated cost that supplier is expected to bill with regards to the disbursement is initially recognised within other creditors. Once the final bill is received, the difference between the final bill and the estimated cost is recognised within the profit and loss. Management therefore consider that there is material uncertainty with respect to the difference between estimates disbursements costs where the final invoice has yet to be received and the actual cost once the final bill is received.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Professional fees
18,108,353
15,950,621
Disbursements
1,896,919
1,352,593
20,005,272
17,303,214
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
3
Turnover and other revenue
(Continued)
- 30 -
2024
2023
£
£
Turnover analysed by geographical market
UK
12,107,137
10,282,263
Europe
1,935,159
1,302,053
Rest of World
5,962,976
5,718,898
20,005,272
17,303,214
2024
2023
£
£
Other revenue
Interest income
1,454
1,021
Grants received
215,744
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
127,893
(656,501)
Government grants
(215,744)
-
Depreciation of owned tangible fixed assets
110,521
213,455
(Profit)/loss on disposal of tangible fixed assets
-
167
Amortisation of intangible assets
412,492
235,279
Operating lease charges
568,142
454,046
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
37,800
27,475
For other services
Taxation compliance services
9,430
3,850
All other non-audit services
24,715
24,445
34,145
28,295
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 31 -
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
Admin
66
61
54
54
Fee earners
149
131
136
121
Director
2
1
2
1
Total
217
193
192
176
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
12,392,852
10,355,404
10,477,514
9,229,812
Social security costs
1,464,520
1,194,006
1,251,113
1,074,558
Pension costs
736,412
493,244
652,678
448,279
14,593,784
12,042,654
12,381,305
10,752,649
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
25,202
9,128
Company pension contributions to defined contribution schemes
490
345
25,692
9,473
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,454
1,021
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
8
Interest receivable and similar income
(Continued)
- 32 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,454
1,021
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
96,993
49,222
Other interest on financial liabilities
41,620
-
138,613
49,222
Other finance costs:
Other interest
6,646
-
Total finance costs
145,259
49,222
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
264,670
330,832
Adjustments in respect of prior periods
92,276
Total current tax
264,670
423,108
Deferred tax
Origination and reversal of timing differences
56,534
(65,838)
Total tax charge
321,204
357,270
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
10
Taxation
(Continued)
- 33 -
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(138,551)
920,741
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
(33,931)
174,941
Tax effect of expenses that are not deductible in determining taxable profit
44,931
19,470
Effect of change in corporation tax rate
(3,961)
(1,485)
Depreciation on assets not qualifying for tax allowances
58,668
45,616
Under/(over) provided in prior years
453
92,276
Deferred tax adjustments in respect of prior years
(2,711)
Foreign exchange differences
6,466
20,265
Deferred tax timing differences
118,669
Timing differences not recognised in the computation
132,620
6,187
Taxation charge
321,204
357,270
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
402,000
415,000
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 34 -
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 March 2023
2,067,314
2,067,314
Additions
1,088,645
18,484
1,107,129
Exchange adjustments
144
144
At 29 February 2024
3,156,103
18,484
3,174,587
Amortisation and impairment
At 1 March 2023
1,804,614
1,804,614
Amortisation charged for the year
410,676
1,816
412,492
At 29 February 2024
2,215,290
1,816
2,217,106
Carrying amount
At 29 February 2024
940,813
16,668
957,481
At 28 February 2023
262,700
262,700
Company
Goodwill
Software
Total
£
£
£
Cost
At 1 March 2023
889,391
889,391
Additions
18,484
18,484
At 29 February 2024
889,391
18,484
907,875
Amortisation and impairment
At 1 March 2023
889,391
889,391
Amortisation charged for the year
1,816
1,816
At 29 February 2024
889,391
1,816
891,207
Carrying amount
At 29 February 2024
16,668
16,668
At 28 February 2023
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 35 -
13
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 March 2023
405,756
251,526
41,906
301,547
1,000,735
Additions
406
21,545
5,000
23,735
50,686
Exchange adjustments
(295)
(295)
At 29 February 2024
406,162
272,776
46,906
325,282
1,051,126
Depreciation and impairment
At 1 March 2023
386,613
175,518
41,906
214,920
818,957
Depreciation charged in the year
8,227
31,808
(11)
70,497
110,521
At 29 February 2024
394,840
207,326
41,895
285,417
929,478
Carrying amount
At 29 February 2024
11,322
65,450
5,011
39,865
121,648
At 28 February 2023
19,143
76,008
86,627
181,778
Company
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 March 2023
405,756
233,616
41,906
301,547
982,825
Additions
406
10,399
5,000
23,735
39,540
At 29 February 2024
406,162
244,015
46,906
325,282
1,022,365
Depreciation and impairment
At 1 March 2023
386,613
171,873
41,906
214,920
815,312
Depreciation charged in the year
8,227
25,156
(11)
70,497
103,869
At 29 February 2024
394,840
197,029
41,895
285,417
919,181
Carrying amount
At 29 February 2024
11,322
46,986
5,011
39,865
103,184
At 28 February 2023
19,143
61,743
86,627
167,513
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 36 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
542,070
17,380
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023
17,380
Additions
524,690
At 29 February 2024
542,070
Carrying amount
At 29 February 2024
542,070
At 28 February 2023
17,380
15
Subsidiaries
Details of the company's subsidiaries at 29 February 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Stobbs Lite Limited (Registration No. 11151499)
UK
Ordinary
100.00
Valuation Consultants Limited (Registration No. 11542020)
UK
Ordinary
100.00
WBCAP Limited (Registration No. 14361071)
UK
Ordinary
100.00
Stobbs Ireland Limited
Ireland
Ordinary
100.00
Stobbs Netherlands B.V.
Netherlands
Ordinary
60.00
Snap Vision Ltd (Registration No. 12411246)
UK
Ordinary
100.00
All of the UK based subsidiary companies have taken advantage under the Companies Act 2006 S479A to claim exemption from audit.
Post year end, the group has disposed off its interest in WBCAP Limited and Snap Vision Ltd to another related group.
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
1,572,102
1,404,161
1,495,643
1,366,261
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 37 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
8,810,176
8,834,647
8,098,264
8,322,972
Corporation tax recoverable
149,304
26,463
84,304
24,204
Amounts owed by group undertakings
-
-
1,825,276
1,403,911
Amounts owed by related parties
2,523,471
1,902,945
2,523,471
1,902,945
Other debtors
842,113
1,160,708
706,186
909,488
Prepayments and accrued income
825,928
819,114
759,614
760,421
13,150,992
12,743,877
13,997,115
13,323,941
Deferred tax asset (note 23)
2,156
2,156
13,153,148
12,743,877
13,999,271
13,323,941
Amounts falling due after more than one year:
Deferred tax asset (note 23)
71,715
Total debtors
13,153,148
12,815,592
13,999,271
13,323,941
18
Cash and cash equivalent
At balance sheet date, Stobbs (IP) Ltd held a client deposit account with HSBC bank.
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
1,618,990
2,055,788
1,618,990
2,055,788
Other borrowings
21
50,164
50,164
Trade creditors
7,575,942
6,021,591
7,489,425
6,000,221
Amounts owed to undertakings in which the group has a participating interest
91,976
58,986
91,976
58,986
Corporation tax payable
588,274
261,660
378,589
150,797
Other taxation and social security
938,808
889,537
744,306
727,604
Deferred income
457,820
271,242
457,820
231,242
Other creditors
1,545,397
1,333,348
1,406,200
1,339,662
Accruals and deferred income
1,200,654
1,425,358
1,106,108
1,303,391
14,068,025
12,317,510
13,343,578
11,867,691
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 38 -
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
275,000
275,000
Other borrowings
21
289,836
289,836
Other creditors
121,875
411,711
275,000
289,836
275,000
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
662,684
618,004
662,684
618,004
Bank overdrafts
956,306
1,712,784
956,306
1,712,784
Other loans
340,000
340,000
1,958,990
2,330,788
1,958,990
2,330,788
Payable within one year
1,669,154
2,055,788
1,669,154
2,055,788
Payable after one year
289,836
275,000
289,836
275,000
Bank loans and overdrafts are denominated in sterling and secured with a fixed charge over all present freehold and leasehold properties; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future.
Bank loans carrying an interest rate ranging from 3.99% to 8.51%.
Several of the bank loan agreements are subject to covenant clauses. These state that the group and company are required to meet certain prescribed key financial ratios. At the year end date, the group and company did not meet the requirements of these financial ratios and were therefore in breach of them. However the group and company has changed banking facility post year end. Due to the breach and change in banking facility, all the bank loans are classified as current liability as at 29 February 2024.
Other loans carrying an interest of £2,676 per month and the loan including interest is repayable in monthly instalments of £15,217 by March 2027.
22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidations provision
39,507
32,674
39,507
32,674
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
22
Provisions for liabilities
(Continued)
- 39 -
Movements on provisions:
Dilapidations provision
Group
£
At 1 March 2023
32,674
Additional provisions in the year
6,833
At 29 February 2024
39,507
Dilapidations provision
Company
£
At 1 March 2023
32,674
Additional provisions in the year
6,833
At 29 February 2024
39,507
The provision has been recognised for estimated costs associated with the reinstatement of leased premises to their original condition at the end of the lease term, in accordance with the lease agreement. The provision is based on management's best estimate of the expected costs. The estimate is reviewed periodically and adjusted as necessary.
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
-
7,148
2,156
71,715
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
-
7,148
2,156
-
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
23
Deferred taxation
(Continued)
- 40 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 March 2023
(64,567)
7,148
Charge/(credit) to profit or loss
62,411
(9,304)
Asset at 29 February 2024
(2,156)
(2,156)
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
736,412
493,244
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. The liability as at the year end is £101,269 (2023 - £90,880).
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
1
1
1
1
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 41 -
26
Acquisition of a business
Snap Vision Ltd
On 21 June 2023 the group acquired 100 percent of the issued capital of Snap Vision Ltd.
Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
1,230
-
1,230
Goodwill (a)
30,435
(30,435)
-
Trade and other receivables
(61,105)
-
(61,105)
Cash and cash equivalents
48,217
-
48,217
Trade and other payables
(44,595)
-
(44,595)
Total identifiable net assets
(25,818)
(30,435)
(56,253)
Goodwill
580,943
Total consideration
524,690
The consideration was satisfied by:
£
Cash
56,220
Completion payment
385,000
Deferred consideration
40,000
Legal fees
43,470
524,690
The adjustments arising on acquisition were in respect of the following:
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
61,800
Loss after tax
(186,951)
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
26
Acquisition of a business
(Continued)
- 42 -
WBCAP Limited - Web Capio
On 31 March 2023 the group acquired the Web Capio business of IT security solutions including provision of brand and content protection of IP owners using proprietary software to find and report infringing material from Web Capio Limited.
The strategic acquisition of Web Capio business has created a goodwill of £507,702 under business purchase agreement for use of business intellectual property rights, business name, business information, fixed assets and all moveable assets.
Fair Value
Net assets acquired
£
Goodwill
507,702
Total consideration
507,702
The consideration was satisfied by:
£
Cash
243,750
Deferred consideration
243,750
Legal fees
20,202
507,702
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
498,194
Loss after tax
(23,079)
27
Financial commitments, guarantees and contingent liabilities
Stobbs (IP) Ltd, Valuation Consultants Limited, Stobbs Lite Limited and WBCAP Limited have together provided unlimited multilateral guarantee to their bankers for bank borrowings with these group of companies.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 43 -
28
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
468,640
435,289
445,630
432,876
Between two and five years
1,146,540
1,236,089
1,146,540
1,236,089
In over five years
55,790
317,750
55,790
317,750
1,670,970
1,989,128
1,647,960
1,986,715
29
Events after the reporting date
Post year end, an interim dividends of £430,000 was declared.
Following the balance sheet date, the banking facility held at the balance sheet date was terminated. In place if this, a new banking facility was undertaken with a different bank.
Also following the year end, trade and assets were transferred to the Obviously Limited Group with respect to subsidiary companies within the Stobbs (IP) Limited Group. The subsidiary companies of which trade and assets were transferred included Snap Vision Limited and WBCAP limited. Following the transfer, the person of significant control ceased to be Stobbs (IP) Limited. As a result, the investments of £524,790 were disposed off.
30
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
262,848
251,824
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
30
Related party transactions
(Continued)
- 44 -
Transactions with related parties
During the year the Group has net recharged expenses of £253,118 (2023: £247,088) to Obviously Group Limited . At the balance sheet date Obviously Group Limited owed £2,455,971 (2023 - £1,902,945) to the group. J E Stobbs is a director of Obviously Group Limited.
During the year Brand Intelligence Limited provided professional services to the Group of £26,241 (2023 - £122,490). At the balance sheet date the amount due to Brand Intelligence Limited was £91,976 (2023 - £58,985). J E Stobbs is a director of Brand Intelligence Ltd.
During the year Stobbs Netherland B.V. provided professional services to the parent company of £95,025 (2023 - £nil) and recharged expenses of £46,605 (£37,877). At the balance sheet date the amount due from Stobbs Netherland B.V. was £602,999 (2023 - £329,763).
During the year Stobbs IP has obtained services from a related party to J Stobbs of £3,000 (2023 - £29,505). The balance due to them at the year end was £Nil (2023 - £1,000).
31
Directors' transactions
During the year J E Stobbs charged the group rent of £26,064 (2023 - £26,524) for use of an apartment.
J E Stobbs maintains a loan account with the group. At 29 February 2024 J E Stobbs owed £557,774 (2023 - £861,140) to the group . The loan is interest free and repayable on demand. During the year, J E Stobbs received a dividend of £402,000 (2023 - £415,000) from the group.
During the year B Alexander received reimbursed expenses of £15,620 (2023 - £nil) from the Group. As at the year end the Group owed £84 (2023 - £nil) to B Alexander.
32
Controlling party
The company and group is controlled by the director Mr J E Stobbs by virtue of his controlling shareholding.
33
Restatement of comparatives
A disclosure adjustment with respect the prior year has been recognised for the purposes of consistency with respect to cost of sales which was understated and administration costs which was overstated by £9,980,823 respectively. This is to reflect that wage costs with respect to fee earners is now recognised within cost of sales, with wage costs for non fee earners continuing to be recognised within administration costs.
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 45 -
34
Cash generated from group operations
2024
2023
£
£
(Loss)/profit after taxation
(459,755)
563,471
Adjustments for:
Taxation charged
321,204
357,270
Finance costs
145,259
49,222
Investment income
(1,454)
(1,021)
(Gain)/loss on disposal of tangible fixed assets
-
167
Amortisation and impairment of intangible assets
412,492
235,279
Depreciation and impairment of tangible fixed assets
110,521
213,455
Increase in provisions
6,833
1,111
Movements in working capital:
Increase in stocks
(167,941)
(587,556)
Increase in debtors
(647,659)
(3,506,074)
Increase in creditors
1,701,237
2,742,906
Increase in deferred income
186,578
162,042
Cash generated from operations
1,607,315
230,272
35
Cash generated from/(absorbed by) operations - company
2024
as restated
£
£
Profit for the year after tax
79,137
692,369
Adjustments for:
Taxation charged
158,389
305,598
Finance costs
96,993
49,187
Investment income
(5,936)
(32,151)
(Gain)/loss on disposal of tangible fixed assets
-
167
Amortisation and impairment of intangible assets
1,816
-
Depreciation and impairment of tangible fixed assets
103,869
211,059
Impairment of intercompany loan balance
264,230
-
Increase in provisions
6,833
1,111
Movements in working capital:
Increase in stocks
(129,382)
(506,406)
Increase in debtors
(1,080,670)
(3,543,554)
Increase in creditors
1,408,151
2,665,419
Increase in deferred income
226,578
122,042
Cash generated from/(absorbed by) operations
1,130,008
(35,159)
STOBBS (IP) LTD AND ITS SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 46 -
36
Analysis of changes in net debt - group
1 March 2023
Cash flows
29 February 2024
£
£
£
Cash at bank and in hand
1,065,870
(60,308)
1,005,562
Bank overdrafts
(1,712,784)
756,478
(956,306)
(646,914)
696,170
49,256
Borrowings excluding overdrafts
(618,004)
(384,680)
(1,002,684)
(1,264,918)
311,490
(953,428)
37
Analysis of changes in net debt - company
1 March 2023
Cash flows
29 February 2024
£
£
£
Cash at bank and in hand
669,090
(114,196)
554,894
Bank overdrafts
(1,712,784)
756,478
(956,306)
(1,043,694)
642,282
(401,412)
Borrowings excluding overdrafts
(618,004)
(384,680)
(1,002,684)
(1,661,698)
257,602
(1,404,096)
2024-02-292023-03-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr T B AlexanderMr T B AlexanderMr J E B 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