Company registration number 12789559 (England and Wales)
STRIVE INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
STRIVE INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
A Harman
J Kelly
Company number
12789559
Registered office
55 Station Road
Beaconsfield
Buckinghamshire
United Kingdom
HP9 1QL
Auditor
Rouse Audit LLP
55 Station Road
Beaconsfield
Buckinghamshire
HP9 1QL
STRIVE INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 31
STRIVE INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

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

Principal activities

The main trading investment held by the company is Academia Limited. Academia Group is one of the fastest growing independent IT service providers in the UK. As a specialist provider of Apple and Microsoft solutions, Academia provides technologies and services across the education sector, public sector, not for profit and business markets.

 

The group also provides leading end to end IT life cycle services including the provision and support of devices to the end-users, including the protection of our customer's security environment and recycling and repurposing of equipment (IT asset disposal or ITAD).

Review of the business

The results for the year and the financial position of the group and company are as shown in the annexed financial statements.

 

Our aim is to deliver exceptional service to our customers and advise our customers on IT strategy and implement the most appropriate technologies and services that enhance our customers IT experience and support their performance whilst protecting their data.

 

The business had another year of significant growth with revenue in services and fulfilment both up 15% on the prior year, following investments made in the company’s sales team. Within its services business, the group’s professional services, telecoms and managed service business units all performed strongly.

 

Operational improvements at the group’s ITAD business has significantly increased profitability within that division, Offering this service is just one of the differentiators Academia has over its competition and continues to open doors to new opportunities as well as offering a valuable service to Academia’s existing portfolio of customers.

Principal risks and uncertainties

The management of the business and the execution of the group's strategy are subject to a number of risks.

 

The key business risks and uncertainties affecting the group are considered to relate to competition from both national and independent businesses, employee retention and product availability.

The group operates in a competitive market and can be impacted by changes in demand or competition from competitors. This market uncertainty is mitigated by the company’s knowledge of markets and solutions and relationships with customers.

 

The group relies on maintaining strong relationship with key vendors to ensure we are able to meet the needs of our customers. The directors manage these relationships closely, ensuring a strong partnership; delivering growth and opportunities for these strategic vendors and product distribution partners.

 

The group is subject to credit risk attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for any doubtful receivables.

 

The group has a policy and procedures to closely manage credit risk that require appropriate credit checks on potential customers before sales are made. Additionally, the company has a credit insurance policy in place to mitigate the risk of loss.

STRIVE INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Key Performance Indicators ("KPI")

The Group assesses the following as key performance indicators:

 

 

 

 

 

Promoting the success of the group
Environmental, Social and Governance (ESG)

The Strive Group continues to increase our focus and efforts across several areas of ESG. Key highlights this year include:

Core values

Our core values (TIIAC) guide our behaviour and approach to working with others, for the benefit of our customers and the wider community that we interact with.

 

Teamwork – everyone’s contribution is valued and we respect one another.

Innovation – we listen to and act upon customer feedback to deliver the most innovative solutions.

Integrity – we build customer and supply chain relationships based on mutual honesty and trust.

Ambition – we strive to be an industry-leading provider, delivering excellent customer service.

Customer – we support and look after our customers throughout their time with us.

People

Showing our commitment to supporting our employees with the rising costs of living, The group are proud to have become an accredited Living Wage Employer, through the Living Wage Foundation.

 

In our next financial year, we will start formal Gender Pay Gap monitoring and reporting, championing transparency and fairness. As part of this activity, we are undertaking a review of our employee benefits packages and will continue monitoring the diversity of our workforce, promoting opportunities for inclusion, women working in the technology sector and candidates with disabilities.

 

We have launched several employee-led committees, including: Sustainability, Wellbeing, Fundraising / Volunteering and Compliance, all of whom sit under the umbrella ESG Committee. Each committee meets regularly and is aligned to a Board Sponsor for governance, budgetary and reporting purposes.

STRIVE INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Social

Investing in our people, we have a team of 15 externally certified Wellbeing Champions. These employees are highly visible within our business and regularly organise charity fundraising and wellbeing activities, such as supporting Mental Health Awareness Week, leading lunchtime wellness walks, after-work running club and a recent sponsored hike on Snowdon. The team have also participated in local area litter-picking sessions and volunteered their time to support community centres with their cleaning, gardening and maintenance activities.

 

The group supported Queens Park Rangers Football Club through an education technology partnership programme. The company has donated IT equipment for the club’s technology classroom and matchday activities.

 

The group also makes annual gifts of toys to children with disabilities or severe illness, working with local trust's community teams to distribute the toys in local children's wards.

 

Environmental

The group has an electric vehicle leasing scheme for company car drivers and undertook an independently-commissioned commuting survey to further understand our mileage and expenditure on company travel.

 

In mid-2023, Academia published its first Carbon Reduction Plan for the group. Baseline emissions and 2023’s results are shown below, showing a 6% reduction in Total Emissions per FTE.

 

Emissions (kg CO2e)

2023

Baseline (2022)

Scope 1

18,942

30,393

Scope 2

30,941

47,317

Scope 3

471,234

289,649

Total Emissions per FTE

2,589

2,759

 

Our commitments are to send zero waste to landfill by 2025 and achieve Net Zero status for scopes 1 and 2 by 2030.

Our objectives include: making year-on-year reductions across CO2 emissions, business mileage, energy usage and waste.

 

Through our subsidiary Charterhouse Muller (Academia Lifecycle Services) we provide an ADISA 8.0 certified secure IT Asset Disposal (ITAD) lifecycle operation for end-of-life IT devices and equipment. Customers using the service receive a CO2 impact report to demonstrate the associated savings of diverting waste from landfill.

Academia and our subsidiary Charterhouse Muller maintained accreditation to ISO 14001:2015 for our environmental management systems.

 

Academia has also signed up to the Net Positive Supplier Engagement and Net Zero Carbon Supplier Tools and regularly updates our progress against stated commitments and targets.

 

Governance and Compliance

Our Board of Management and Senior Management team maintain a risk and compliance register, under our ISO management systems and overarching governance code of conduct.

 

As a responsible business, we have conducted due diligence on our supply chain and will continue this activity into the next financial year. We ask suppliers to report on their sustainability and ethical practices and policies and evidence their adherence to current legislation where appropriate.

 

Academia and our subsidiary Charterhouse Muller maintained our ISO 9001:2015 and ISO 27001:2013 certifications, for our quality management and information security management systems.

 

Academia complies with current relevant WEEE and ISO requirements for the secure and responsible disposal of all waste streams produced from our operational facilities.

 

STRIVE INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

On behalf of the board

J Kelly
Director
27 March 2025
STRIVE INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

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

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £45,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A Harman
J Kelly
Business relationships

The company relies on maintaining strong relationship with key vendors to ensure we are able to meet the needs of our customers. The directors manage these relationships closely, ensuring a strong partnership; delivering growth and opportunities for these strategic vendors and product distribution partners. Further detail can be seen as set out within the Strategic Report.

Post reporting date events

Detail of post balance sheet events have been disclosed in note 24 to the financial statements.

Auditor

The auditor, Rouse Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

 

The Group has set clear targets to measure our progress on sustainability. We are committed to becoming carbon neutral by 2030 (this exceeds the Intergovernmental Panel on Climate Change (IPCC) recommendation of being neutral by 2050).

 

We are always seeking ways in which to improve our internal practices. We have partnered with Ecologi, who plant trees to offset carbon emissions, and have committed to donate 0.01% of spend via the Apple Equipment and Services Framework and the SLRA framework to Ecologi to offset and counterbalance our carbon footprint. This has resulted in over 4000 trees being planted to date, offsetting over 1 tonne of carbon emissions.

 

We are currently publishing a carbon calculator to understand how many carbon emissions are being avoided by our recycling and upcycling efforts. During the period ended 30 June 2023 the group recycled and resold 62,000 devices back into use.

 

The Group already promotes a circular economy and regularly market our ITAD service, in which we collect, refurbish, and resell legacy devices. Please see a link of an example of how we promote this.

https://charterhousemuller.com/the-circular-economy-in-the-world-of-it/

 

We conduct an annual audit at our headquarters to measure how much we are recycling back into the market, conducive to a circular economy.

STRIVE INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
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:

 

 

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.

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.

On behalf of the board
J Kelly
Director
27 March 2025
STRIVE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STRIVE INVESTMENTS LIMITED
- 7 -
Opinion

We have audited the financial statements of Strive Investments 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 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:

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'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.

Other information

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:

STRIVE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STRIVE INVESTMENTS LIMITED
- 8 -
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:

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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

STRIVE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STRIVE INVESTMENTS LIMITED
- 9 -
Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

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.

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.

Carolyn Robson
For and on behalf of
27 March 2025
Rouse Audit LLP
Chartered Accountants
Statutory Auditor
55 Station Road
Beaconsfield
Buckinghamshire
HP9 1QL
STRIVE INVESTMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Year
Year
ended
ended
30 June
30 June
2024
2023
Notes
£
£
Turnover
2
136,399,360
118,847,651
Cost of sales
(119,247,895)
(102,830,007)
Gross profit
17,151,465
16,017,644
Administrative expenses
(13,902,716)
(12,217,774)
Start up costs for business unit
3
(228,581)
(796,844)
Reorganisation costs
3
(313,835)
-
0
Operating profit before amortisation and depreciation
2,706,333
3,003,026
Amortisation and depreciation
(1,438,597)
(1,379,886)
Operating profit
4
1,267,736
1,623,140
Interest receivable and similar income
67,123
24,241
Interest payable and similar expenses
7
(585,042)
(465,554)
Profit before taxation
749,817
1,181,827
Tax on profit
8
(315,690)
(449,182)
Profit for the financial year
434,127
732,645
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is attributable to:
- Owners of the parent company
396,822
564,429
- Non-controlling interests
37,305
168,216
434,127
732,645
STRIVE INVESTMENTS LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
3,131,388
3,672,357
Other intangible assets
10
48,204
73,676
Total intangible assets
3,179,592
3,746,033
Tangible assets
11
1,549,601
1,618,980
4,729,193
5,365,013
Current assets
Stocks
14
182,000
312,005
Debtors
15
18,263,249
16,194,864
Cash at bank and in hand
5,687,693
5,515,303
24,132,942
22,022,172
Creditors: amounts falling due within one year
16
(23,958,925)
(21,542,995)
Net current assets
174,017
479,177
Total assets less current liabilities
4,903,210
5,844,190
Creditors: amounts falling due after more than one year
17
(2,805,533)
(4,067,549)
Provisions for liabilities
Deferred tax liability
20
318,272
364,619
(318,272)
(364,619)
Deferred income
21
(1,345,477)
(1,002,529)
Net assets
433,928
409,493
Capital and reserves
Called up share capital
23
108
100
Profit and loss reserves
433,820
57,810
Equity attributable to owners of the parent company
433,928
57,910
Non-controlling interests
-
351,583
433,928
409,493
STRIVE INVESTMENTS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
2024
2023
Notes
£
£
£
£
Fixed assets
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
J Kelly
Director
Company registration number 12789559 (England and Wales)
STRIVE INVESTMENTS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
7,848,759
7,848,751
Current assets
Debtors
15
488,026
5
Cash at bank and in hand
160,794
341,903
648,820
341,908
Creditors: amounts falling due within one year
16
(4,964,779)
(4,223,348)
Net current liabilities
(4,315,959)
(3,881,440)
Total assets less current liabilities
3,532,800
3,967,311
Creditors: amounts falling due after more than one year
17
(2,743,041)
(4,050,350)
Net assets/(liabilities)
789,759
(83,039)
Capital and reserves
Called up share capital
23
108
100
Profit and loss reserves
789,651
(83,139)
Total equity
789,759
(83,039)

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 £917,790 (2023 - £150,083 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 27 March 2025 and are signed on its behalf by:
27 March 2025
J Kelly
Director
Company registration number 12789559 (England and Wales)
STRIVE INVESTMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
100
342,747
342,847
1,232,874
1,575,721
Year ended 30 June 2023:
Profit for the year
-
732,645
732,645
-
732,645
Other comprehensive income:
Amounts attributable to non-controlling interests
-
(168,216)
(168,216)
168,216
-
Total comprehensive income
-
564,429
564,429
168,216
732,645
Dividends
9
-
-
-
(154,192)
(154,192)
Purchase of shares in subsidiary from non-controlling interest
-
(849,366)
(849,366)
(895,315)
(1,744,681)
Balance at 30 June 2023
100
57,810
57,910
351,583
409,493
Year ended 30 June 2024:
Profit for the year
-
434,127
434,127
-
434,127
Other comprehensive income:
Amounts attributable to non-controlling interests
-
(37,305)
(37,305)
37,305
-
Total comprehensive income
-
396,822
396,822
37,305
434,127
Issue of share capital
23
8
-
8
-
8
Dividends
9
-
(45,000)
(45,000)
(364,700)
(409,700)
Transfer between reserves
-
24,188
24,188
(24,188)
-
Balance at 30 June 2024
108
433,820
433,928
-
0
433,928
STRIVE INVESTMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
100
(233,222)
(233,122)
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
150,083
150,083
Balance at 30 June 2023
100
(83,139)
(83,039)
Year ended 30 June 2024:
Profit and total comprehensive income
-
917,790
917,790
Issue of share capital
23
8
-
8
Dividends
9
-
(45,000)
(45,000)
Balance at 30 June 2024
108
789,651
789,759
STRIVE INVESTMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,469,102
1,173,347
Interest paid
(13,172)
(74,920)
Income taxes paid
(285,024)
(393,301)
Net cash inflow from operating activities
2,170,906
705,126
Investing activities
Purchase of intangible assets
(22,132)
(64,161)
Purchase of tangible fixed assets
(807,578)
(1,058,914)
Proceeds from disposal of tangible fixed assets
84,714
92,868
Interest received
67,123
24,241
Net cash used in investing activities
(677,873)
(1,005,966)
Financing activities
Repayment of borrowings
(853,850)
1,649,201
Amounts withdrawn by directors
-
33,817
Payment of finance leases obligations
(57,093)
(9,359)
Dividends paid to equity shareholders
(45,000)
Dividends paid to non-controlling interests
(364,700)
(154,192)
Net cash (used in)/generated from financing activities
(1,320,643)
1,519,467
Net increase in cash and cash equivalents
172,390
1,218,627
Cash and cash equivalents at beginning of year
5,515,303
4,296,676
Cash and cash equivalents at end of year
5,687,693
5,515,303
STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
1
Accounting policies
Company information

Strive Investments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 55 Station Road, Beaconsfield, Buckinghamshire, United Kingdom, HP9 1QL.

 

The group consists of Strive Investments 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. Investments in subsidiaries are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Strive Investments Limited together with all entities controlled by the parent company.

 

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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

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.

STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Revenue is recognised when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivable is reasonably assured and when the specific criteria for each of the company's activities are met.

 

Revenue from warranty services is recognised when the services are rendered, using the percentage of completion method based on actual service provided as a proportion of the total services to be performed.

 

Deferred income is recognised as income for services on a straight line basis over the length of the contract. The cost of providing these services is spread over the same period as the services provided.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
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 ten 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.

1.8
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:

Development costs
3 years, straight line
1.9
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
10% on cost
Fixtures and fittings
33% on cost
Computers
33% and 20% on cost
Motor vehicles
33% on cost
STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -

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.

1.10
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.11
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

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 loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
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.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

2
Turnover
2024
2023
£
£
Turnover
136,399,360
118,847,651
STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Turnover
(Continued)
- 21 -
2024
2023
£
£
Turnover analysed by geographical market
UK
135,994,500
118,536,931
Europe
337,204
283,969
Rest of world
67,656
26,751
136,399,360
118,847,651
3
Exceptional item
2024
2023
£
£
Expenditure
Start up costs for business unit
228,581
796,844
Reorganisation costs
313,835
-
542,416
796,844
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
2,638
(144,865)
Depreciation of owned tangible fixed assets
851,641
792,415
Profit on disposal of tangible fixed assets
(59,398)
(2,149)
Amortisation of intangible assets
586,956
587,471
Operating lease charges
239,671
209,344
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and companies
48,785
44,000
48,785
44,000
STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
210
196
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
11,072,309
9,864,603
-
0
-
0
Social security costs
1,236,005
1,099,531
-
-
Pension costs
389,255
314,405
-
0
-
0
12,697,569
11,278,539
-
0
-
0

The average number of persons employed by the company during the year includes 1 director.

7
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
7,587
2,791
Loan interest
577,455
462,763
Total finance costs
585,042
465,554
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
499,881
304,661
Adjustments in respect of prior periods
43,298
55,980
Total current tax
543,179
360,641
Deferred tax
Origination and reversal of timing differences
(227,489)
88,541
Total tax charge
315,690
449,182
STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Taxation
(Continued)
- 23 -

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
749,817
1,181,827
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
187,454
242,275
Tax effect of expenses that are not deductible in determining taxable profit
23,837
41,131
Tax effect of income not taxable in determining taxable profit
-
0
(122,313)
Change in unrecognised deferred tax assets
7,174
61,044
Adjustments in respect of prior years
-
0
65,382
Effect of change in corporation tax rate
-
83,259
Permanent capital allowances in excess of depreciation
97,225
100,525
Deferred tax adjustments in respect of prior years
-
0
(22,121)
Taxation charge
315,690
449,182
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
409,700
154,192
10
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 July 2023
5,409,676
219,409
5,629,085
Additions
-
0
22,132
22,132
Disposals
-
0
(17,000)
(17,000)
At 30 June 2024
5,409,676
224,541
5,634,217
Amortisation and impairment
At 1 July 2023
1,737,319
145,733
1,883,052
Amortisation charged for the year
540,969
45,987
586,956
Disposals
-
0
(15,383)
(15,383)
At 30 June 2024
2,278,288
176,337
2,454,625
STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Intangible fixed assets
(Continued)
- 24 -
Carrying amount
At 30 June 2024
3,131,388
48,204
3,179,592
At 30 June 2023
3,672,357
73,676
3,746,033
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
11
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
224,830
607,996
1,462,062
215,307
2,510,195
Additions
79,826
45,453
682,299
-
0
807,578
Disposals
-
0
(3,305)
(174,519)
(30,334)
(208,158)
At 30 June 2024
304,656
650,144
1,969,842
184,973
3,109,615
Depreciation and impairment
At 1 July 2023
62,017
298,780
427,404
103,014
891,215
Depreciation charged in the year
22,767
151,579
635,992
41,303
851,641
Eliminated in respect of disposals
-
0
(3,020)
(157,301)
(22,521)
(182,842)
At 30 June 2024
84,784
447,339
906,095
121,796
1,560,014
Carrying amount
At 30 June 2024
219,872
202,805
1,063,747
63,177
1,549,601
At 30 June 2023
162,813
309,216
1,034,658
112,293
1,618,980
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
7,848,759
7,848,751
STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
7,848,751
Additions
8
At 30 June 2024
7,848,759
Carrying amount
At 30 June 2024
7,848,759
At 30 June 2023
7,848,751
STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
13
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Country
Nature of business
Class of
% Held
shares held
Direct
Indirect
Academia Limited
UK
Provider of Apple and Microsoft Solutions
Ordinary
95.30
-
Charterhouse Muller UK limited
UK
Recycling and re-purposing of IT
Ordinary
-
95.30
Vital York Limited
UK
Managed IT Services
Ordinary
-
62.00
Toucan Computing Limited
UK
Dormant
Ordinary
-
95.30
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Academia Limited
4,866,047
1,173,733
Charterhouse Muller UK limited
632,869
58,878
Vital York Limited
850,993
111,927
Toucan Computing Limited
2
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
182,000
312,005
-
0
-
0
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
16,657,308
13,533,879
-
0
-
0
Amounts owed by group undertakings
-
-
300,000
-
Other debtors
11,067
55,178
6,897
5
Prepayments and accrued income
1,413,745
2,605,807
-
0
-
0
18,082,120
16,194,864
306,897
5
Amounts falling due after more than one year:
Deferred tax asset (note 20)
181,129
-
0
181,129
-
0
Total debtors
18,263,249
16,194,864
488,026
5
STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
21,820
10,020
-
0
-
0
Trade creditors
17,192,051
14,863,250
381,654
259,034
Amounts owed to group undertakings
-
0
-
0
2,583,803
2,739,465
Corporation tax payable
448,365
130,314
330
-
0
Other taxation and social security
981,768
952,986
-
433
Other creditors
1,679,831
2,751,731
602,588
705,215
Accruals and deferred income
3,635,090
2,834,694
1,396,404
519,201
23,958,925
21,542,995
4,964,779
4,223,348
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
62,492
17,199
-
0
-
0
Other borrowings
18
2,743,041
4,050,350
2,743,041
4,050,350
2,805,533
4,067,549
2,743,041
4,050,350
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
2,743,041
4,050,350
2,743,041
4,050,350
Payable after one year
2,743,041
4,050,350
2,743,041
4,050,350

Other loans includes a shareholder loan which is interest bearing at 10% per annum. There are no fixed repayment terms, however the lender must provide the company with written notice of request for repayment giving at least 12 months notice. At the year end, no such notice had been given.

STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
21,820
10,020
-
0
-
0
In two to five years
62,492
17,199
-
0
-
0
84,312
27,219
-
-

Hire purchase contracts are secured over the assets to which they relate.

 

RBS Invoice Finance Limited have a fixed and floating charge over the company Academia Limited including all property assets present and future, including goodwill, fixtures, plant & machinery.

 

National Westminster Bank PLC have a fixed and floating charge over the company Academia Limited including all property assets present and future, including goodwill, fixtures, plant & machinery.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
318,272
364,619
-
-
Short term timing differences
-
-
181,129
-
318,272
364,619
181,129
-
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Short term timing differences
-
-
181,129
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
364,619
-
Credit to profit or loss
(227,476)
(181,129)
Liability/(Asset) at 30 June 2024
137,143
(181,129)
STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
21
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
1,345,477
1,002,529
-
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
389,255
314,405

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.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,817
10,000
108
100

On 13 August 2023 there was an issue of an additional 817 Ordinary shares of 1p each as part of a share for share exchange for shares held in Academia Limited.

24
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
243,928
215,757
-
-
Between two and five years
590,002
726,710
-
-
In over five years
-
40,651
-
-
833,930
983,118
-
-
STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
25
Events after the reporting date

On 1 July 2024, the trade and net assets of its 100% owned subsidiary undertaking, Charterhouse Muller UK Limited, were transferred up to Academia Limited.

 

In October 2024, Academia sold the shares held in Vital York Limited for total consideration of £1,699,558. The consideration received represents the 66.7% shareholding held in the subsidiary.

 

On 8 October 2024, Academia's 100% owned subsidiary undertaking, Toucan Computing Limited, was formally dissolved as a company.

 

On 23 October 2024, Academia acquired a new subsidiary, Smartdesc Limited, a UK-based IT service provider specializing in supporting charities and non-profit organizations.

26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
805,774
768,935
Other information

During the year, there were consultancy fees paid to companies with common directors/shareholders of £300,000 (2023: 200,000), at the year end there were amounts owing in respect of these fees of £375,007.

 

For the year ended 30 June 2024, interest of £571,870 (2023: £390,633) was accrued for in respect of a shareholder loan that is owed by the group. The balance on the loan at the year end is disclosed in note 18 to the financial statements.

27
Controlling party

The ultimate controlling party is A Harman by virtue of his majority shareholding in Strive Investments Limited.

STRIVE INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
28
Cash generated from group operations
2024
2023
£
£
Profit for the year before tax
434,127
732,645
Adjustments for:
Taxation charged
315,690
449,182
Finance costs
585,042
465,554
Investment income
(67,123)
(24,241)
Gain on disposal of tangible fixed assets
(57,781)
(2,149)
Amortisation and impairment of intangible assets
586,956
587,471
Depreciation and impairment of tangible fixed assets
851,641
792,415
Movements in working capital:
Decrease/(increase) in stocks
130,005
(9,043)
Increase in debtors
(1,887,243)
(573,266)
Increase/(decrease) in creditors
1,234,840
(1,709,191)
Increase in deferred income
342,948
463,970
Cash generated from operations
2,469,102
1,173,347
29
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
5,515,303
172,390
5,687,693
Borrowings excluding overdrafts
(4,050,350)
1,307,309
(2,743,041)
Obligations under finance leases
(27,219)
(57,093)
(84,312)
1,437,734
1,422,606
2,860,340
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