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Registration number: 04222727

AdviserPlus Business Solutions Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

AdviserPlus Business Solutions Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Profit and Loss Account

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 23

 

AdviserPlus Business Solutions Limited

Company Information

Directors

S R Fowler

J E Harley

S Hinchliff

Registered office

Pioneer House
Pioneer Business Park
North Road
Ellesmere Port
CH65 1AD

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

Bankers

Virgin Money
48-50 Market Street
Manchester
M1 1PW

 

AdviserPlus Business Solutions Limited

Strategic Report for the Year Ended 30 June 2024

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


Principal activities

AdviserPlus demonstrated continued growth in the financial year to 30 June 2024 thanks to our innovative employee relations (ER) technology and expertise in ER services.

Our flagship market-leading ER platform, empower® was developed by harnessing our expertise in employee relations. We support existing ER teams in their day to day activities but also empower line managers to deal with many matters themselves driving sizeable qualitative and quantitative benefits across enterprise level clients. Allied to our own expertise in supporting such clients this enables us to offer complete technology and services solutions that drive growth in our own business and deliver significant benefits to our clients.

The empower® platform frees HR teams from tactical delivery and enables them to take a data-driven approach to their ER strategies. The benefits of the platform include:

Digital guided journeys which improve consistency, reduce risk and enhance compliance, resulting in fewer tribunal claims and potentially lowering legal costs and risk.

Employee experiences are improved as managers are better equipped to manage employee relations matters confidently and consistently, reducing the volume of ER matters that escalate to formal proceedings.

Improvements in key metrics, such as sickness absence rates, case durations and the total HR cost delivers a positive impact on the bottom line for clients.

This proven value proposition has enabled us to secure a number of new UK enterprise clients in the year and to treble our pipeline underpinning our growth into 2025. Our strong track record of maintaining and developing long-term relationships with clients has been demonstrated by our outstanding renewals rate and adoption of the empower platform by existing clients.


Business Review

We continue to invest in product and service improvements, developing new features to enhance efficiency and attract new opportunities. Our product roadmap for FY25 has been developed in line with feedback from client engagement sessions and advances in Al technology.

We also continued our success in expanding the services we provide to both new and existing clients through wider ER consultancy and training services both directly and through our sister companies in the Empowering People Group.

While facing industry-wide competition for talent we have enhanced compensation and benefits to support engagement and talent retention. Our people-first culture positions us for continued success in the evolving marketplace.
 

 

AdviserPlus Business Solutions Limited

Strategic Report for the Year Ended 30 June 2024


Financial key performance indicators

The underlying results for the year show a small increase in turnover and a reduction in underlying Earnings before tax, depreciation and amortisation ('EBITDA') principally due to continuing investment in sales and marketing activities and service development.
 

2024
£ 000

2023
£ 000

Turnover

13,237

13,078

Underlying EBITDA

1,393

1,364

Cash at bank and in hand

354

350

*Underlying EBITDA excludes exceptional expenses, other income and group management charges of £83,000 (2023: £88,000) and is a key metric used in managing the business.


Principal risks and uncertainties

The company boasts a high-quality client base of large enterprise organisations in the public and private sectors with which it has secured long term contracts to supply its ER technology and advisory services. In addition, it also provides one off consultancy services to those clients and to other, non-contracted, businesses. The continued success and growth of the business is dependent on retaining and extending the scope of these existing relationships which the company does through maintaining high quality service delivery, continuing to innovate and driving continued cost efficiency to secure new contracts.

With its emphasis on providing high quality services, the company needs to be able to attract, train, engage and retain its increasingly location agnostic workforce. With an internal Talent Management team and a people strategy focused on engagement, career development, well-being and inclusivity, the company invests considerable effort in employee engagement and in maintaining a fun, positive and inclusive culture.

In the delivery of its professional ER advisory services the company must ensure that it meets its legal liability monitoring and aligning to legislative changes and new developments and meeting or exceeding the contract terms and service levels it has agreed with each client to protect its client relationships. The company has historically undertaken fixed price implementation contracts for new and existing clients installing empower®. This creates a risk of overruns adversely impacting profitability as seen by the impact of one such contract in the current year results.

The company has mitigated this risk moving forwards by moving in the main to a time and expenses basis for future implementations and strengthening corporate governance around contract management through regular senior management reviews of all ongoing implementations and investment in enhanced project management training for its staff.

The company aims to mitigate liquidity risk through tight management of cash generation in the operation, applying cash collection targets and managing cash reserves on a group basis.

Approved by the Board on 5 March 2025 and signed on its behalf by:


S Hinchliff
Director

 

AdviserPlus Business Solutions Limited

Directors' Report for the Year Ended 30 June 2024

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


Results and dividends

The loss for the year, after taxation, amounted to £388,000 (2023 profit for the year: £315,000).

The directors did not recommend the payment of dividend in the year (2023: £Nil).

Directors of the company
 

The directors who held office during the year were as follows:

S R Fowler (appointed 4 September 2023)

J E Harley

S Hinchliff (appointed 6 November 2023)

Y L Wilcock (resigned 4 August 2023)


Going Concern

In determining the appropriate basis of preparation for these financial statements, the Board has assessed the group's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The Board has prepared forecasts on a group basis and Aplus Topco (the parent) has provided a letter of support to all group entities which covers a period of at least 12 months from the date of signing these accounts.

The financial statements have been prepared on a going concern basis which the directors believe to be appropriate for the following reasons:

• The group has prepared detailed financial forecasts through to 30 June 2026.
• The group has long term banking and shareholder loan facilities to meet all of its liabilities as they fall due and this is consistent with the financial forecasts both on a base case and on a reasonable downside scenario.
• The investors and bank are fully supportive of the business and in particular its ongoing investment in product development and business development.
• The banking facilities are subject to covenants and the group is currently, and forecast to remain, in compliance with these covenants throughout the forecast period.

Based on the above the directors have a reasonable expectation that the group and the company will have sufficient funds to enable them to operate within existing facilities and settle liabilities as they fall due for at least the next twelve months. Therefore, it is appropriate to adopt a going concern basis of preparation for the financial statements.
 

Future developments


The key focus for the company is to continue to provide outstanding service to existing clients, to enhance the empower ® platform and to expand its client base. To this end significant investment in marketing, business development and technology development resources are planned for the coming years.

Research and development


The company continued to invest in research and development in the year to 30 June 2024 and this will continue into future years. The main focus is investment in the continued development of the new technology to stay
ahead of changing client and market requirements to maintain its current market leading status and be the preferred option to enable ER Transformation in businesses of all sizes.

 

AdviserPlus Business Solutions Limited

Directors' Report for the Year Ended 30 June 2024

Employee involvement


Employees are kept regularly informed on matters affecting them and on business performance through a variety of communication tools including weekly team briefings, regular email and intranet updates, social media, executive updates, annual staff satisfaction survey and twice yearly all hands events. In addition, groups of employees work together to support the group’s employee well-being, diversity and inclusivity agendas.

Employment of disabled persons


AdviserPlus is proud to be a Disability Confident Leader business in the UK. Attaining this standard recognizes the proactive support we provide to line managers in our client base and to our own employees to develop the skills, knowledge and competence to recruit and retain a diverse workforce including disabled employees. We help employers and employees to understand how they can create a disability confident culture that eradicates the organisational barriers which can prevent work place inclusion for disabled people.

Through a range of media, events and workshops we help to raise awareness of pan disability issues focusing on how best to create an inclusive culture that supports disabled employees, including those with Hidden Impairments, who may be reluctant to disclose their conditions, including people with Autistic Spectrum Conditions, Attention Deficit Hyperactivity Disorder, Dyslexia, Dyspraxia, Dyscalculia, Speech and Language, Mental Health issues and learning difficulties. By understanding people as individuals workplace adjustment solutions can be identified at the earliest intervention and put in place to enable disabled talent to meet their full potential.

The company has a recruitment policy to ensure that all applications for employment, including those made by disabled persons, are given full and fair consideration in light of the applicants’ aptitudes and abilities. There is also an equal opportunities policy to ensure that all employees are treated equally in terms of employment, training, career development and promotion. Where an employee develops a disability during their employment every effort is made to make reasonable adjustment as far as is reasonably practicable to enable them to continue their employment.


Qualifying third party indemnity provisions

The company has qualifying third party insurance provisions in place to provide indemnity cover for the directors and officers of the company both during the financial year and up to the date of signing these financial statements.


Matters covered in the Strategic report

In accordance with section 414C(11) of the Companies Act, certain matters required to be detailed in the Directors' Report are detailed in the Strategic Report where the Director considers them to be of strategic importance to the company.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Appointment of auditors

Hazlewoods LLP were appointed as auditors to the company during the period, following the resignation of Grant Thornton UK LLP, and have expressed their willingness to continue in office.

Approved by the Board on 5 March 2025 and signed on its behalf by:


S Hinchliff
Director

 

AdviserPlus Business Solutions Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Strategic Report, Directors' 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

AdviserPlus Business Solutions Limited

Independent Auditor's Report to the Members of AdviserPlus Business Solutions Limited

Opinion

We have audited the financial statements of AdviserPlus Business Solutions Limited (the 'company') for the year ended 30 June 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and 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 company's affairs as at 30 June 2024 and of its 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

AdviserPlus Business Solutions Limited

Independent Auditor's Report to the Members of AdviserPlus Business Solutions Limited

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 6, 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 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 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those 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.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

AdviserPlus Business Solutions Limited

Independent Auditor's Report to the Members of AdviserPlus Business Solutions Limited

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





James Morter (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

6 March 2025

 

AdviserPlus Business Solutions Limited

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£'000

2023
£'000

Turnover

3

13,237

13,078

Cost of sales

 

(7,727)

(8,015)

Gross profit

 

5,510

5,063

Administrative expenses

 

(4,873)

(4,475)

Exceptional items

5

(845)

(465)

Other operating income

120

90

Operating (loss)/profit

4

(88)

213

Interest payable and similar expenses

6

-

(2)

(Loss)/profit before tax

 

(88)

211

Tax on (loss)/profit

10

(300)

104

(Loss)/profit for the financial year

 

(388)

315

The above results were derived from continuing operations.

The company has no other comprehensive income for the year other than the results above.

 

AdviserPlus Business Solutions Limited

(Registration number: 04222727)
Balance Sheet as at 30 June 2024

Note

2024
£'000

2023
£'000

Fixed assets

 

Intangible assets

11

3,526

3,620

Tangible assets

12

106

140

 

3,632

3,760

Current assets

 

Debtors

13

9,021

7,141

Cash at bank and in hand

 

354

350

 

9,375

7,491

Creditors: Amounts falling due within one year

14

(11,155)

(9,001)

Net current liabilities

 

(1,780)

(1,510)

Total assets less current liabilities

 

1,852

2,250

Provisions for liabilities

15

(736)

(746)

Net assets

 

1,116

1,504

Capital and reserves

 

Called up share capital

16

16

Retained earnings

1,100

1,488

Shareholders' funds

 

1,116

1,504

Approved and authorised by the Board on 5 March 2025 and signed on its behalf by:
 


S Hinchliff
Director

 

AdviserPlus Business Solutions Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share Capital
£'000

Retained earnings
£'000

Total
£'000

At 1 July 2023

16

1,488

1,504

Loss for the year

-

(388)

(388)

At 30 June 2024

16

1,100

1,116

Share capital
£ 000

Retained earnings
£ 000

Total
£ 000

At 1 July 2022

16

1,173

1,189

Profit for the year

-

315

315

At 30 June 2023

16

1,488

1,504

 

AdviserPlus Business Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Pioneer House
Pioneer Business Park
North Road
Ellesmere Port
CH65 1AD

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest thousand Pound.

Summary of disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

- the requirements of Section 7 Statement of cash flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
- the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c),;
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b), and 12.29A;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7..

Name of parent of group

These financial statements are consolidated in the financial statements of Aplus Topco Limited.

The financial statements of Aplus Topco Limited may be obtained from Companies House.

 

AdviserPlus Business Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Going concern

In determining the appropriate basis of preparation for these financial statements the Board has assessed the group’s ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The Board have prepared forecasts on a group-basis arid therefore Aplus Topco (the parent) has provided a letter of support which covers a period at least 12 months from the date of signing the accounts.

The financial statements have been prepared on a going concern basis which the directors believe to
be appropriate for the following reasons.

• The group has-prepared detailed financial forecasts through to 30 June 2026.
• The group has long term banking and shareholder loan facilities to meet all of its liabilities as they fall due and this is consistent with the financial forecasts both on a base case and on a reasonable downside scenario.
• The investors and bank are fully supportive of the business and in particular its ongoing investment in product development and business development.
• The banking facilities are subject to covenants and the group is currently, and forecast to remain, in compliance with these covenants throughout the forecast period.

Based on the above the directors have a reasonable expectation that the company will have sufficient funds to enable it to operate within its existing facilities and settle its liabilities as they fall due for at least the next twelve months. Therefore, it is appropriate to adopt a going concern basis of preparation for the financial statements.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

Service fees are recognised on a monthly basis in accordance with the terms of the contract. Implementation fees are recognised depending on the stage of completion of the contract activity at the period end. Channel revenue is recognised based on 1/12 of the annual subscription amounts with any income relating to future periods being deferred.

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

The expected useful economic life of development costs is estimated based on business plans which set out the development plan and time to market for the associated project.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 

AdviserPlus Business Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Pensions

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position.The assets of the plan are held separately from the company in independently administered funds.

Current and deferred tax

The tax expense for the year comprises current and deferred tax.Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other
comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates
and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except-in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Exceptional Items
Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the company. They are items that are material either because of their size or their nature, or that are non-recurring are considered as exceptional items and are presented within the line items which they best relate.

 

AdviserPlus Business Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Asset class

Amortisation method and rate

Computer software

Straight line over 3-6 years

Costs associated with maintaining computer software are recognised as an expense is incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the following criteria are met:

• it is technically feasible to complete the software so that it will be available for use;
• management intends to complete the software and use or sell it;
• there is an ability to use or sell the software;
• it can be demonstrated how the software will generate probable future economic benefits;
• adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
• the expenditure attributable to the software during its development can be reliably measured.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Asset class

Depreciation method and rate

Short-term leasehold property

20% straight line

Fixtures and fittings

20% straight line

Office equipment

33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 

AdviserPlus Business Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's Statement of financial position when the company 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 set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial The company's cash and cash equivalents, trade and most other receivable due within the operating cycle fall into this category of financial instruments.

Impairment of 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 asset(s) 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 asset(s) original effective interest rate.

If there is a favourable change in relation to the 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.

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 company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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 payments 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.

 

AdviserPlus Business Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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.not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Judgements in applying accounting policies and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting polices. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the Directors have made the following judgements:

Impairment of other assets. The company reviews the carrying value of all other assets for indications of impairment at each period end. If indicators of impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds it recoverable amount. This process will usually involve the estimation of future cash flows which are likely to be generated by the asset.

Tax: Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

Capitalisation of development costs: Management estimation is required to determine what costs relating to research and development can be capitalised. This involved a significant level of estimation as management must perform a detailed assessment as to whether the costs meet the criteria of 'development' and can therefore be capitalised in line with IAS guidance.

 

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£'000

2023
£'000

Rendering of services and provision of software licenses

13,237

13,078

The analysis of the company's Turnover for the year by market is as follows:

2024
£'000

2023
£'000

UK

13,169

12,982

Europe

68

96

13,237

13,078

 

AdviserPlus Business Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

4

Operating profit

Arrived at after charging/(crediting)

2024
£'000

2023
£'000

Depreciation expense

73

76

Amortisation expense

737

610

Operating lease expense - properties

204

244

Loss on disposal of property, plant and equipment

29

-

 

5

Exceptional items

2024
 £'000

2023
 £'000

Exceptional expenses

845

465

Exceptional items in the current year relate to restructuring costs, recruitment and bonuses.

Exceptional items in the prior year related to a provision for loss on an onerous contract, restructuring and recruitment costs.

 

6

Interest payable and similar expenses

2024
£'000

2023
£'000

Interest expense on other finance liabilities

-

2

 

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£'000

2023
£'000

Wages and salaries

8,166

7,603

Social security costs

849

833

Pension costs, defined contribution scheme

276

260

9,291

8,696

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Service delivery

138

176

Operations delivery

26

24

Management, sales, IT and administration

78

67

Product development

5

6

247

273

 

AdviserPlus Business Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£'000

2023
£'000

Remuneration

376

185

Contributions paid to money purchase schemes

20

11

396

196

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

1

In respect of the highest paid director:

2024
£ 000

2023
£ 000

Remuneration

145

185

Company contributions to money purchase pension schemes

8

11

 

9

Auditors' remuneration

2024
£'000

2023
£'000

Audit of the financial statements

25

28

Other fees to auditors

All other non-audit services

2

-

 

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£'000

2023
£'000

Current taxation

UK corporation tax

300

(104)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£'000

2023
£'000

(Loss)/profit before tax

(88)

211

Corporation tax at standard rate

(22)

40

Tax increase/(decrease) arising from group relief

41

(46)

Deferred tax expense/(credit) from unrecognised temporary difference from a prior period

10

(1)

Deferred tax expense/(credit) relating to changes in tax rates or laws

271

(91)

Tax decrease from effect of adjustment in research and development tax credit

-

(6)

Total tax charge/(credit)

300

(104)

 

AdviserPlus Business Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£'000

Accelerated capital allowances

766

Short-term timing differences

(6)

Losses and other deductions

(24)

736

2023

Liability
£'000

Accelerated capital allowances

446

Short-term timing differences

(11)

435

 

11

Intangible assets

Computer software
 £'000

Cost or valuation

At 1 July 2023

4,843

Additions acquired separately

643

At 30 June 2024

5,486

Amortisation

At 1 July 2023

1,223

Amortisation charge

737

At 30 June 2024

1,960

Carrying amount

At 30 June 2024

3,526

At 30 June 2023

3,620

 

AdviserPlus Business Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

12

Tangible assets

Short-term leasehold property
£'000

Furniture, fittings and equipment
 £'000

Total
£'000

Cost or valuation

At 1 July 2023

134

1,084

1,218

Additions

-

76

76

Disposals

(41)

(27)

(68)

At 30 June 2024

93

1,133

1,226

Depreciation

At 1 July 2023

104

975

1,079

Charge for the year

9

64

73

Eliminated on disposal

(20)

(12)

(32)

At 30 June 2024

93

1,027

1,120

Carrying amount

At 30 June 2024

-

106

106

At 30 June 2023

31

109

140

 

13

Debtors

2024
£'000

2023
£'000

Trade debtors

1,364

1,608

Amounts owed by group undertakings

6,842

4,790

Other debtors

258

48

Prepayments and accrued income

557

695

9,021

7,141

 

14

Creditors

2024
£'000

2023
£'000

Due within one year

Trade creditors

629

581

Amounts due to group undertakings

7,810

6,048

Social security and other taxes

807

860

Other payables

61

58

Accruals and deferred income

1,848

1,454

11,155

9,001

 

AdviserPlus Business Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

15

Deferred tax and other provisions

Onerous contracts
£'000

Deferred tax
£'000

Total
£'000

At 1 July 2023

310

436

746

Provisions used

(310)

300

(10)

At 30 June 2024

-

736

736

Provisions in the current year relate to deferred tax. In the prior year the company undertook a fixed price migration contract to Empower that became significantly more complex than originally envisaged and which as a consequence became loss making, this was released to the profit and loss in the current year.

 

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £276,000 (2023 - £260,000).

 

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No. 000

£'000

No. 000

£'000

Ordinary shares of £0.01 each

1,563

16

1,563

16

       
 

18

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£'000

As restated
2023
£'000

Not later than one year

141

163

Later than one year and not later than five years

248

141

389

304

 

19

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 9 to the financial statements.

 

20

Parent and ultimate parent undertaking

The company's immediate parent is AdviserPlus Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Aplus Topco Limited, incorporated in England and Wales.

 The ultimate controlling party is Limerston Capital Partners I GP LLP.