Company registration number 04318632 (England and Wales)
COPYRIGHT CLEARANCE CENTER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
COPYRIGHT CLEARANCE CENTER LIMITED
COMPANY INFORMATION
Directors
Mr Richard Ruf
Mr Haralambos Marmanis
Mrs Tracey Armstrong
Ms Catherine Rowland
Mr Jason Edmondson
(Appointed 15 December 2024)
Secretary
Corporation Service Company (UK) Limited
Company number
04318632
Registered office
C/O Corporation Service Company (UK) Limited
5 Churchill Place
10th Floor
London
E14 5HU
Auditor
Charlton & Co
Saville Chambers
4 Saville Street
South Shields
Tyne & Wear
NE33 2PR
COPYRIGHT CLEARANCE CENTER LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 29
COPYRIGHT CLEARANCE CENTER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
When Ixxus was originally acquired by the parent company CCC, one of the longer-term goals was to leverage Ixxus knowledge and expertise across the CCC Group. This would include the creation of teams consisting of both Ixxus and CCC staff, using Ixxus staff to enhance CCC products and aid CCC sales efforts by enabling a compelling Ixxus product component to be included in the offering.
As a part of the integration with the Copyright Clearance Center Inc. as of March 23rd, 2021, the name of Ixxus UK based entity was changed from Ixxus Limited to Copyright Clearance Center Limited.
During FY24 the turnover from the conventional pipeline (consisting of the provision of Alfresco Development and Consultancy services, sales of Ixxus Publishing Modules subscriptions of Ixxus Applications Maintenance and Support which now included Ringgold database service) amounted to 5% of the total revenue figure. Ixxus group continued to provide value to the wider CCC group in using its Software Professional Service expertise, spanning from IT support, Infrastructure services to Software Design and Development including UI/UX and Project management across the Business Units. Ixxus staff contributed to the revenue generated by products involving cutting edge CCC solutions such as RightFind Navigate, Rightfind Enterprise, RightsLinks, RightsLink Open Access as well as Learning Content Management.
The group turnover increased to £19.6M in FY24 from £16.3M in FY23, while the operating profit increased to £1.7M from £1.4 M last year. The group generated net profit of £1.5M in FY24 in comparison to net profit of £1.2M recorded in FY23.
Cash reserves increased to £1.2 million at the period end compared to £0.8 million at the end of the prior period and the group recorded positive net cashflows from operating activities (the change from £(0.2)M in FY23 to £0.8M in FY24).
The current ratio has changed from 2.54 in FY23 to 2.51 in FY24 and the total net assets increased by 31% in comparison to the prior period.
Sales to the US accounted for 95% of turnover compared to 93% in the previous period and the group had a gross profit percentage which increased from 98% to 99% in the period.
COPYRIGHT CLEARANCE CENTER LIMITED
STRATEGIC REPORT (continued)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties
The key risks to the business are considered to be:
Slower economic growth:
The UK economy is forecast to grow at 0.1%, a downgrade from the previous 0.2% forecast, driven by tax increases and rising wage pressures. This slowdown could signal recessionary conditions and restrict company expansion.
Increasing operating costs:
Increased expenses in energy, transportation and other services, compounded by global geopolitical tensions, continue to exert pressure on the business.
Persistent inflation and cost-of-living pressures:
Ongoing inflation and the high cost-of-living impact to staff, potentially affecting overall productivity and performance.
The group is mitigating these risks by use of the following strategies:
• Financial resilience and diversification:
Develop and model financial resilience under low-growth scenarios while exploring opportunities for our product and service diversification.
• Strategic adjustments:
Adjust SPS quarterly discretionary budget and maintain the strategic focus on transitioning towards hybrid engagements that combine software, professional services and product offerings.
• Talent development and retention:
Invest in employee training and retention programs, adopt automation solutions where feasible and implement flexible working arrangements to attract and retain top talent.
• Business development:
Strengthen business development and solution sales initiatives to capitalise on client opportunities and expand the group’s sales pipeline.
Key performance indicators
The directors track profitability and period on period growth as the key performance indicators. The gross profit percentage for the period was 99 %, compared to 98 % in the prior period, whilst EBITDA stayed constant at 10 % year over year. Revenue growth was 17 %.
Mr Jason Edmondson
Director
11 March 2025
COPYRIGHT CLEARANCE CENTER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activities of the company were unchanged during the year and consist of the development of computer software.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Richard Ruf
Mr Haralambos Marmanis
Mrs Tracey Armstrong
Ms Catherine Rowland
Mr Jason Edmondson
(Appointed 15 December 2024)
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Financial instruments
Treasury operations and financial instruments
The group does not make use of complex financial instruments. In the course of its normal operations, various financial assets and liabilities such as trade debtors and trade creditors will arise. Consequently the risk from treasury operations is considered low.
Liquidity risk
Management carefully monitor cash reserves and funding requirements to ensure adequate continuity of funding in the short to medium term.
Foreign currency risk
The company has exposure in its trading operations to the risk of changes in foreign currency exchange rates, with transactions in the year being undertaken in dollars, sterling and euros. Where transactions are undertaken in foreign currencies, appropriate forms of risk management are considered depending on the relative size and incidence of such transactions.
Credit risk
The company's exposure to credit risk is in respect of its principal financial assets, namely trade debtors and bank balances. The company's credit risk is primarily attributable to its trade debtors. Credit risk is managed by monitoring the aggregate amount and duration of exposures to any one customer. The amounts presented in the balance sheet are net of allowances for doubtful debts, estimated by the company's management. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
Research and development
During the period, the company has been developing a growing range of publishing modules to support its core solutions and increase its differentiation against competitors.
COPYRIGHT CLEARANCE CENTER LIMITED
DIRECTORS' REPORT (continued)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Future developments
Looking ahead, the group plans to drive innovation by leveraging emerging technologies to enhance information discovery and pursue new market opportunities.
By placing a strong emphasis on data, the organisation will build integrated data resources and cultivate a culture that prioritises data-driven decision-making. At the same time, it will continuously develop its product offerings to ensure ongoing innovation and maintain a competitive edge.
Statement of directors' responsibilities
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.
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.
Disclosure of information in the strategic report
In accordance with 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, certain information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, being the review of the business and a description of the principal risks and uncertainties facing the business, have been included in the Strategic Report.
On behalf of the board
Mr Jason Edmondson
Director
11 March 2025
COPYRIGHT CLEARANCE CENTER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COPYRIGHT CLEARANCE CENTER LIMITED
- 5 -
Opinion
We have audited the financial statements of Copyright Clearance Center Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, 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 30 June 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
COPYRIGHT CLEARANCE CENTER LIMITED
INDEPENDENT AUDITOR'S REPORT (continued)
TO THE MEMBERS OF COPYRIGHT CLEARANCE CENTER LIMITED
- 6 -
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We have obtained an understanding of the legal and regulatory frameworks that are applicable to the company and consider the most significant are those that relate to the financial reporting framework (FRS102, the Companies Act 2006 and UK tax legislation). We have also considered the opportunities and incentives that exist within the company for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to revenue recognition, with a particular risk in relation to completeness, and the potential for management to manipulate financial performance by the processing of manual adjustments or through significant or one-off unusual transactions.
Audit procedures performed by the engagement team included:
Enquiries of management and those charged with governance about their own consideration of known or suspected incidences of non-compliance with laws and regulations and fraud;
Reviewing the appropriateness of the company's accounting policies;
Detailed transactional testing and analytical procedures with regard to the recognition of revenue;
Testing the appropriateness of journal entries and other manual adjustments;
Reviewing large or unusual transactions.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one arising as a result of error, as fraud may involve deliberate concealment by, for example, forgery, intentional misrepresentation, or through collusion.
COPYRIGHT CLEARANCE CENTER LIMITED
INDEPENDENT AUDITOR'S REPORT (continued)
TO THE MEMBERS OF COPYRIGHT CLEARANCE CENTER LIMITED
- 7 -
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.
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.
Mark Charlton FCA (Senior Statutory Auditor)
For and on behalf of Charlton & Co
11 March 2025
Chartered Accountants
Statutory Auditor
Saville Chambers
4 Saville Street
South Shields
Tyne & Wear
NE33 2PR
COPYRIGHT CLEARANCE CENTER LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
19,672,394
16,286,514
Cost of sales
(120,812)
(278,521)
Gross profit
19,551,582
16,007,993
Administrative expenses
(17,770,480)
(14,541,463)
Other operating expenses
(10,772)
(17,481)
Operating profit
3
1,770,330
1,449,049
Interest receivable and similar income
6
52
Profit before taxation
1,770,382
1,449,049
Tax on profit
8
(235,034)
(189,760)
Profit for the financial year
19
1,535,348
1,259,289
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(41,500)
400
Total comprehensive income for the year
1,493,848
1,259,689
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
COPYRIGHT CLEARANCE CENTER LIMITED
GROUP BALANCE SHEET
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
502,052
231,214
Current assets
Stocks
14
3,967
47,470
Debtors
15
8,433,285
6,607,914
Cash at bank and in hand
1,156,848
841,391
9,594,100
7,496,775
Creditors: amounts falling due within one year
16
(3,825,398)
(2,951,083)
Net current assets
5,768,702
4,545,692
Net assets
6,270,754
4,776,906
Capital and reserves
Called up share capital
18
8,047
8,047
Share premium account
19
899,744
899,744
Capital redemption reserve
19
1,552
1,552
Profit and loss reserves
19
5,361,411
3,867,563
Total equity
6,270,754
4,776,906
The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
11 March 2025
Mr Jason Edmondson
Director
Company registration number 04318632 (England and Wales)
COPYRIGHT CLEARANCE CENTER LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
61,492
40,876
Investments
11
5,754
5,754
67,246
46,630
Current assets
Stocks
14
3,967
47,470
Debtors
15
4,074,115
3,005,321
Cash at bank and in hand
612,167
359,258
4,690,249
3,412,049
Creditors: amounts falling due within one year
16
(1,966,459)
(1,333,490)
Net current assets
2,723,790
2,078,559
Net assets
2,791,036
2,125,189
Capital and reserves
Called up share capital
18
8,047
8,047
Share premium account
19
899,744
899,744
Capital redemption reserve
19
1,552
1,552
Profit and loss reserves
19
1,881,693
1,215,846
Total equity
2,791,036
2,125,189
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 £665,847 (2023 - £564,589 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
11 March 2025
Mr Jason Edmondson
Director
Company registration number 04318632 (England and Wales)
COPYRIGHT CLEARANCE CENTER LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 July 2022
8,047
899,744
1,552
2,607,874
3,517,217
Year ended 30 June 2023:
Profit for the year
-
-
-
1,259,289
1,259,289
Other comprehensive income:
Currency translation differences
-
-
-
400
400
Total comprehensive income
-
-
-
1,259,689
1,259,689
Balance at 30 June 2023
8,047
899,744
1,552
3,867,563
4,776,906
Year ended 30 June 2024:
Profit for the year
-
-
-
1,535,348
1,535,348
Other comprehensive income:
Currency translation differences
-
-
-
(41,500)
(41,500)
Total comprehensive income
-
-
-
1,493,848
1,493,848
Balance at 30 June 2024
8,047
899,744
1,552
5,361,411
6,270,754
COPYRIGHT CLEARANCE CENTER LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 July 2022
8,047
899,744
1,552
651,257
1,560,600
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
564,589
564,589
Balance at 30 June 2023
8,047
899,744
1,552
1,215,846
2,125,189
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
665,847
665,847
Balance at 30 June 2024
8,047
899,744
1,552
1,881,693
2,791,036
COPYRIGHT CLEARANCE CENTER LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
1,058,480
(56,919)
Income taxes paid
(246,779)
(160,365)
Net cash inflow/(outflow) from operating activities
811,701
(217,284)
Investing activities
Purchase of tangible fixed assets
(454,795)
(165,474)
Proceeds from disposal of tangible fixed assets
-
(990)
Interest received
52
Net cash used in investing activities
(454,743)
(166,464)
Net increase/(decrease) in cash and cash equivalents
356,958
(383,748)
Cash and cash equivalents at beginning of year
841,391
1,224,740
Effect of foreign exchange rates
(41,501)
399
Cash and cash equivalents at end of year
1,156,848
841,391
COPYRIGHT CLEARANCE CENTER LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
309,332
(376,217)
Investing activities
Purchase of tangible fixed assets
(56,475)
(19,248)
Interest received
52
Net cash used in investing activities
(56,423)
(19,248)
Net increase/(decrease) in cash and cash equivalents
252,909
(395,465)
Cash and cash equivalents at beginning of year
359,258
754,723
Cash and cash equivalents at end of year
612,167
359,258
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
1
Accounting policies
Company information
Copyright Clearance Center Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is C/O Corporation Services Company (UK) Limited, 5 Churchill Place, 10th Floor, London, EH14 5HU.The company's principal place of business is Ivory House, St Katherine Docks, East Smithfield, London, E1W 1AT.
The group consists of Copyright Clearance Center Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Copyright Clearance Center Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.4
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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(continued)
- 16 -
In respect of uninvoiced work in progress, revenue is recognised when, and to the extent that, a right to consideration in exchange for contractual performance is obtained.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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 five 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.
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.
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:
Other intangible assets
Straight line over five years
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 improvements
Straight line over the life of the lease
Fixtures and fittings
Straight line over 3 years
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.
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(continued)
- 17 -
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.
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
Work in progress is valued at the expected hourly sales rate of time spent on contracts that were not complete at the year end. Provision is made for any foreseeable losses where appropriate.
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.
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(continued)
- 18 -
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.
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(continued)
- 19 -
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.
1.16
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.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
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.
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(continued)
- 20 -
1.19
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.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transaction took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
19,672,394
16,286,514
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
515,714
763,346
United States of America
18,748,583
15,172,461
Rest of the world
408,097
350,707
19,672,394
16,286,514
2024
2023
£
£
Other revenue
Interest income
52
-
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
10,772
18,711
Depreciation of owned tangible fixed assets
165,501
156,188
Loss on disposal of tangible fixed assets
18,456
29,716
Operating lease charges
362,219
351,382
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
4
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
19,250
18,950
5
Employees
The average monthly number of persons (excluding directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
15
14
4
4
Other
231
190
46
44
Total
246
204
50
48
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
13,283,912
11,015,325
4,925,875
4,377,794
Social security costs
2,296,961
1,875,725
584,786
530,275
Pension costs
333,555
267,469
214,512
180,021
15,914,428
13,158,519
5,725,173
5,088,090
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
52
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
52
-
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
7
Research and development
During the year, the company incurred costs of £386,581 (2023 - £327,922) in respect of research and development activities.
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
235,034
189,760
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,770,382
1,449,049
Expected tax charge based on the standard rate of corporation tax in the UK of 23.66% (2023: 21.94%)
418,872
317,921
Tax effect of income not taxable in determining taxable profit
(43,007)
(23,902)
Tax effect of utilisation of tax losses not previously recognised
(164,557)
(119,645)
Adjustments in respect of prior years
25,528
11,422
Permanent capital allowances in excess of depreciation
(3,315)
2,734
Depreciation on assets not qualifying for tax allowances
1,410
1,170
Rounding
103
60
Taxation charge
235,034
189,760
The parent company has tax losses of approximately £6.0 million available to carry forward and offset against any future profits.
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
9
Intangible fixed assets
Group
Goodwill
Other intangible assets
Total
£
£
£
Cost
At 1 July 2023
503,168
54,741
557,909
Disposals
(54,741)
(54,741)
At 30 June 2024
503,168
503,168
Amortisation and impairment
At 1 July 2023
503,168
54,741
557,909
Disposals
(54,741)
(54,741)
At 30 June 2024
503,168
503,168
Carrying amount
At 30 June 2024
At 30 June 2023
Company
Goodwill
Other intangible assets
Total
£
£
£
Cost
At 1 July 2023
503,168
54,741
557,909
Disposals
(54,741)
(54,741)
At 30 June 2024
503,168
503,168
Amortisation and impairment
At 1 July 2023
503,168
54,741
557,909
Disposals
(54,741)
(54,741)
At 30 June 2024
503,168
503,168
Carrying amount
At 30 June 2024
At 30 June 2023
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
10
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2023
66,610
689,103
755,713
Additions
9,193
445,602
454,795
Disposals
(5,083)
(42,351)
(47,434)
At 30 June 2024
70,720
1,092,354
1,163,074
Depreciation and impairment
At 1 July 2023
52,524
471,975
524,499
Depreciation charged in the year
8,905
156,596
165,501
Eliminated in respect of disposals
(5,083)
(23,895)
(28,978)
At 30 June 2024
56,346
604,676
661,022
Carrying amount
At 30 June 2024
14,374
487,678
502,052
At 30 June 2023
14,086
217,128
231,214
Company
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2023
56,404
205,266
261,670
Additions
9,193
47,282
56,475
Disposals
(6,074)
(6,074)
At 30 June 2024
65,597
246,474
312,071
Depreciation and impairment
At 1 July 2023
45,757
175,037
220,794
Depreciation charged in the year
7,516
23,929
31,445
Eliminated in respect of disposals
(1,660)
(1,660)
At 30 June 2024
53,273
197,306
250,579
Carrying amount
At 30 June 2024
12,324
49,168
61,492
At 30 June 2023
10,647
30,229
40,876
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
5,754
5,754
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
5,754
Carrying amount
At 30 June 2024
5,754
At 30 June 2023
5,754
12
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Ixxus Europe SRL
14A Sigismund Toduta Street, Cluj Napoca, 400699, Romania
Ordinary
100.00
0
Ixxus Spain SLU
Glorieta Fernando Quiñones s/n, Edificio Centris, Planta -2, Módulo 8, 41940, Tomares (Sevilla), Spa
Ordinary
100.00
0
Ixxus Director Limited
C/O Corporation Service Company (UK) Limited, 5 Churchill Place, 10th Floor, London, United Kingdom,
Ordinary
100.00
0
13
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
8,160,894
6,505,826
3,945,228
2,944,953
Carrying amount of financial liabilities
Measured at amortised cost
2,946,131
2,161,764
1,686,650
1,107,554
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
3,967
47,470
3,967
47,470
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
136,435
58,631
136,436
58,632
Amounts owed by group undertakings
7,927,720
6,379,213
3,769,856
2,876,181
Other debtors
205,277
107,351
43,467
16,115
Prepayments and accrued income
163,853
62,719
124,356
54,393
8,433,285
6,607,914
4,074,115
3,005,321
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
45,869
37,525
40,569
18,135
Amounts owed to group undertakings
145,429
145,434
1
Corporation tax payable
83,818
95,563
Other taxation and social security
795,449
693,756
279,809
225,936
Accruals and deferred income
2,754,833
2,124,239
1,500,647
1,089,418
3,825,398
2,951,083
1,966,459
1,333,490
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
333,555
267,469
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.
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
18
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
524,390 Ordinary A shares of 1p each
5,244
5,244
215,153 Ordinary B shares of 1p each
2,152
2,152
91,198 Ordinary C shares of 0.1p each
91
91
56,000 Ordinary D shares of 1p each
560
560
8,047
8,047
The holders of A ordinary shares are entitled to full voting rights and participation in dividends and returns of capital.
The holders of B ordinary shares are entitled to full voting rights and participation in dividends and returns of capital, other than in respect of a share sale, admission or asset sale, when their entitlement would be reduced by the amount due to holders of C ordinary shares.
The holders of C ordinary shares are not entitled to receive a dividend, receive notice of or vote at general meetings. They are also not entitled to participate in a return of capital unless this is in respect of a share sale, admission or asset sale, and their entitlements arising upon one of these events are restricted.
The holders of D ordinary shares are entitled to receive a dividend of 1/1,000,000th of any profits that the Board resolve to distribute and, on a return of capital, are only entitled to receive the paid up value of the share.
19
Reserves
Share premium
This reserve records the amount above the nominal value received for shares sold, less transaction costs.
Capital redemption reserve
This is a statutory, non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own shares.
Profit and loss reserves
This reserve records retained earnings and accumulated losses.
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
20
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
268,340
328,280
141,912
210,240
Between two and five years
1,236,334
306,841
905,200
87,600
1,504,674
635,121
1,047,112
297,840
22
Controlling party
The company is a wholly owned subsidiary of Copyright Clearance Center Holdings Inc, whose registered office is at 222 Rosewood Drive, Danvers, MA 01923, United States of America.
The ultimate holding company is Copyright Clearance Center Inc, whose registered office is at 222 Rosewood Drive, Danvers, MA 01923, United States of America.
23
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
1,535,348
1,259,289
Adjustments for:
Taxation charged
235,034
189,760
Investment income
(52)
Loss on disposal of tangible fixed assets
18,456
29,716
Depreciation and impairment of tangible fixed assets
165,501
156,188
Movements in working capital:
Decrease in stocks
43,504
-
Increase in debtors
(1,825,371)
(2,471,502)
Increase in creditors
886,060
779,630
Cash generated from/(absorbed by) operations
1,058,480
(56,919)
COPYRIGHT CLEARANCE CENTER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
24
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit for the year after tax
665,847
564,589
Adjustments for:
Investment income
(52)
Loss on disposal of tangible fixed assets
4,414
1,167
Depreciation and impairment of tangible fixed assets
31,445
34,644
Movements in working capital:
Decrease in stocks
43,503
-
Increase in debtors
(1,068,794)
(1,245,286)
Increase in creditors
632,969
268,669
Cash generated from/(absorbed by) operations
309,332
(376,217)
25
Analysis of changes in net funds - group
1 July 2023
Cash flows
Exchange rate movements
30 June 2024
£
£
£
£
Cash at bank and in hand
841,391
356,958
(41,501)
1,156,848
26
Analysis of changes in net funds - company
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
359,258
252,909
612,167
2024-06-302023-07-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr Richard RufMr Haralambos MarmanisMrs Tracey ArmstrongMs Catherine RowlandMr Jason EdmondsonCorporation Service Company (UK) 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