Company registration number 10509546 (England and Wales)
OLR GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
OLR GROUP LIMITED
COMPANY INFORMATION
Director
Mr J H F Spalding
Company number
10509546
Registered office
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Auditor
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Business address
20 St Thomas Street
London
SE1 9RS
OLR GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 4
Director's report
5 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
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
OLR GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The director presents the strategic report for the year ended 30 June 2024.

Review of the business

OLR is a leading specialist end-to-end systems integrator providing clients with wide ranging improvements in corporate performance and customer relationship. As a leading Systems Integrator in the UK, OLR provides expertise in Oracle Retail implementations across EMEA and North America and are proud to have been an Oracle Retail partner for over 20 years. With a commitment to delivering innovative solutions and unparalleled service, we aim to capitalize on emerging opportunities while mitigating potential challenges. This strategic report outlines our principal risks and uncertainties, financial key performance indicators, financial risk and operational initiatives to maintain and strengthen our competitive edge.

Results:

Turnover of the group remained constant year on year at £19,334,146 (2023: £19,464,338). Operating profit increased by 50% in the period to £1,431,382 (2023: £714,210).

 

Exceptional items in the year were £363k (2023: £618k) which relates to legal fees in relation to a particular project. The prior year amount related to a bad debt due to a client entering Chapter 11 in the US and legal fee in relation to the particular project.

 

In addition, the Company continues to invest in Latin America operations as part of the Company’s strategic growth plan. The Company still regards Latin America as an area for further expansion and has been awarded contracts in the year by new clients.

 

Net assets of the group have increased to £5,947,222 (2023: £4,893,018).

 

OLR GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties

1. Cybersecurity Threats:

Risk: Increasingly sophisticated cyber threats pose a significant risk to our systems integration projects and the data of our clients.

Mitigation: Implementing robust cybersecurity measures including ISO27001 certifiction, regular security audits, and employee training programs to enhance awareness and readiness against cyber threats.

2. Market Competition:

Risk: Intense competition within the systems integration sector may lead to pricing pressures, loss of market share, or erosion of profit margins.

Mitigation: continued focus on delivering first class, value for money services, enhancing customer experience and building long-term relationships with clients.

3. Dependency on Suppliers and Partners:

Risk: Reliance on specific external suppliers and partners for services or specialized expertise may lead to supply chain disruptions.

Mitigation: Diversification of supplier base, establishing strong contractual agreements and maintaining close relationships with key partners to mitigate risks and ensure continuity of supply.

4. Project Delivery Risks:

Risk: Complex implementation projects may face challenges related to scope creep, budget overruns, or delays in delivery, impacting client satisfaction and financial performance.

Mitigation: Robust project management methodologies, risk assessment frameworks, and proactive communication with clients to manage expectations and address issues promptly.

5. Global Pandemics and Health Risks:

Risk: Outbreaks of global pandemics or health crises may disrupt operations, supply chains, and client engagements, leading to project cancellations or delays.

Mitigation: Developing robust contingency plans, facilitating remote working capabilities, and implementing health and safety protocols to protect employees and mitigate operational disruptions.

By proactively identifying and addressing these principal risks and uncertainties, OLR can enhance resilience, mitigate potential threats, and seize opportunities for sustainable growth and success in the ever-changing landscape of systems integration.

OLR GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Development and performance

1. Revenue Growth Rate:

Definition – percentage increase or decrease in revenue compared to previous period.

KPI -1%

2. Gross Profit Margin

Definition – percentage of revenue retained after deducting direct costs associated with services sold.

KPI 58%

3. Employee Billing Efficiency

Definition – percentage of employee's billable hours.

KPI 61%

4. Customer Satisfaction Score

Definition – Measure of customer satisfaction based on surveys or feedback.

9 out of 10

Key performance indicators

1. Revenue Volatility:

Risk: Fluctuations in project demand and client spending patterns can lead to revenue volatility, impacting cash flow and financial stability.

Mitigation: maintaining a robust sales pipeline to mitigate revenue concentration risks and where possible have a mix of long-term contracts and shorter-term projects.

2. Credit Risk:

Risk: Exposure to credit risk arises from clients' have an inability to fulfil payment obligations, leading to potential bad debts and liquidity challenges.

Mitigation: Implementing stringent credit assessment procedures, setting credit limits for clients based on their creditworthiness and establishing clear payment terms.

3. Cost Overruns:

Risk: Projects may incur unexpected costs due to scope changes, supply chain disruptions, or inefficiencies in project execution, impacting profitability and margins.

Mitigation: Rigorous project cost estimation and budgeting, implementing effective project management practices to monitor and control costs and maintaining contingency reserves to address unforeseen expenses can mitigate the risk of cost overruns.

By identifying, assessing, and mitigating these financial risks, OLR can enhance financial resilience and protect shareholder value.

OLR GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Other performance indicators

1. Talent Acquisition and Retention:

Difficulty in attracting and retaining skilled talent with Oracle specific expertise may impact project delivery and innovation capabilities. By investing in employee development programs, offering competitive compensation packages, fostering a positive work culture, and implementing succession planning strategies OLR continues to mitigate talent risks.

2. Operational Efficiency:

Streamlined internal processes, workflows and agile working methodologies leading to improved efficiency and reduced costs.

3. Customer Experience

Enhance customer support services to provide proactive assistance and prompt resolution of issues.

Solicit feedback from clients to identify areas for improvement and refine service offerings.

4. Innovation and R&D:

OLR strongly believes in investing for the future and continued investment in research and development opportunities and intellectual property will ensure the Group will not only stay ahead of its competitors but provide improved implementation and customers experience.

Other information and explanations

This strategic report serves as a roadmap for navigating opportunities and challenges, guiding our efforts to maintain our leadership position and exceed customer expectations in the years to come.

In conclusion, OLR is well-positioned to capitalize on the growing demand for integrated solutions. By leveraging our core competencies, embracing innovation, and fostering strategic partnerships, we are poised for sustainable growth and continued success in the dynamic retail landscape.

On behalf of the board

Mr J H F Spalding
Director
28 March 2025
OLR GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

The director presents his annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the group continued to be that of software consultancy, supply and product development.

Results and dividends

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

Ordinary dividends were paid amounting to £10. The director does not recommend payment of a further dividend.

Director

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

Mr J H F Spalding
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

The company has set up a share scheme encouraging the involvement of employees in the company's performance.

Auditor

In accordance with the company's articles, a resolution proposing that Bryden Johnson Limited be reappointed as auditor of the group will be put at a General Meeting.

OLR GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr J H F Spalding
Director
28 March 2025
2025-03-28
OLR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OLR GROUP LIMITED
- 7 -
Opinion

We have audited the financial statements of OLR Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 director's 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 director 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 director is 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:

OLR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OLR GROUP 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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has 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.

Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to taxation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management override of controls. Audit procedures performed by the engagement team included:

 

- Reviewing minutes of meetings of those charged with governance;

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, and

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and testing accounting estimates (because of the risk of management bias).

 

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 resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through 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.

OLR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OLR GROUP LIMITED
- 9 -

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.

Jackie Wilding (Senior Statutory Auditor)
For and on behalf of Bryden Johnson Limited
28 March 2025
Chartered Accountants
Statutory Auditor
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
OLR GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
19,334,146
19,464,338
Cost of sales
(7,971,096)
(8,729,430)
Gross profit
11,363,050
10,734,908
Administrative expenses
(9,567,745)
(9,402,580)
Exceptional item
4
(363,923)
(395,359)
Exceptional item
4
-
0
(222,759)
Operating profit
5
1,431,382
714,210
Interest receivable and similar income
8
452
2,093
Interest payable and similar expenses
9
(56,478)
(8,705)
Profit before taxation
1,375,356
707,598
Tax on profit
10
(313,263)
197,974
Profit for the financial year
1,062,093
905,572
Profit for the financial year is all attributable to the owner of the parent company.
OLR GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
£
£
Profit for the year
1,062,093
905,572
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(7,889)
168,256
Total comprehensive income for the year
1,054,204
1,073,828
Total comprehensive income for the year is all attributable to the owners of the parent company.
OLR GROUP LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
998,290
223,190
Tangible assets
13
285,356
291,778
1,283,646
514,968
Current assets
Debtors
16
5,337,657
6,807,675
Cash at bank and in hand
793,701
565,237
6,131,358
7,372,912
Creditors: amounts falling due within one year
17
(1,322,274)
(2,968,776)
Net current assets
4,809,084
4,404,136
Total assets less current liabilities
6,092,730
4,919,104
Creditors: amounts falling due after more than one year
18
(106,490)
-
Provisions for liabilities
Deferred tax liability
39,018
26,076
(39,018)
(26,076)
Net assets
5,947,222
4,893,028
Capital and reserves
Called up share capital
22
4
4
Share premium account
-
0
10
Profit and loss reserves
5,947,218
4,893,014
Total equity
5,947,222
4,893,028

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 28 March 2025
28 March 2025
Mr J H F Spalding
Director
Company registration number 10509546 (England and Wales)
OLR GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
27,490
27,490
Current assets
Debtors
16
4
14
Net current assets
4
14
Net assets
27,494
27,504
Capital and reserves
Called up share capital
22
4
4
Share premium account
27,490
27,500
Total equity
27,494
27,504

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 £0 (2023 - £0 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 28 March 2025
28 March 2025
Mr J H F Spalding
Director
Company registration number 10509546 (England and Wales)
OLR GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
4
-
0
3,819,186
3,819,190
Year ended 30 June 2023:
Profit for the year
-
-
905,572
905,572
Other comprehensive income:
Currency translation differences
-
-
168,256
168,256
Total comprehensive income
-
-
1,073,828
1,073,828
Issue of share capital
22
-
0
10
-
10
Balance at 30 June 2023
4
10
4,893,014
4,893,028
Year ended 30 June 2024:
Profit for the year
-
-
1,062,093
1,062,093
Other comprehensive income:
Currency translation differences
-
-
(7,889)
(7,889)
Total comprehensive income
-
-
1,054,204
1,054,204
Dividends
11
-
-
(10)
(10)
Other movements
-
(10)
10
-
Balance at 30 June 2024
4
-
0
5,947,218
5,947,222
OLR GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
4
-
0
-
0
4
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
-
0
Issue of share capital
22
-
0
27,500
-
27,500
Balance at 30 June 2023
4
27,500
-
0
27,504
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
-
-
0
Dividends
11
-
-
(10)
(10)
Other movements
-
(10)
10
-
Balance at 30 June 2024
4
27,490
-
0
27,494
OLR GROUP 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/(absorbed by) operations
24
1,333,680
(554,407)
Interest paid
(56,478)
(8,705)
Corporation taxes (paid)/refunded
(115,287)
510,397
Net cash inflow/(outflow) from operating activities
1,161,915
(52,715)
Investing activities
Purchase of intangible assets
(811,012)
(221,176)
Purchase of tangible fixed assets
(141,350)
(226,116)
Proceeds from disposal of tangible fixed assets
22,061
53,357
Repayment of loans
10
(10)
Interest received
452
2,093
Net cash used in investing activities
(929,839)
(391,852)
Financing activities
Share issue costs
-
0
10
Dividends paid to equity shareholders
(10)
-
0
Net cash (used in)/generated from financing activities
(10)
10
Net increase/(decrease) in cash and cash equivalents
232,066
(444,557)
Cash and cash equivalents at beginning of year
565,237
843,297
Effect of foreign exchange rates
(3,602)
166,497
Cash and cash equivalents at end of year
793,701
565,237
OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
1
Accounting policies
Company information

OLR Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.

 

OLR Group Limited 'The company' is the parent undertaking of OLR Group Limited and its subsidiaries (together 'The group'). The parent undertaking is the largest and the smallest group for which consolidated accounts have been prepared. Copies of these accounts can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.

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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

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

OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company OLR Group 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.

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 director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues 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 services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

The following criteria must be met before revenue is recognised.

 

Rendering of services

 

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

 

 

 

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.

OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.7
Intangible fixed assets other than goodwill

Software developments

 

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 

Software development is being amortised evenly over its estimated useful life of 5 years.

 

Where factors, such as technological advancement or changes in market price, indicate that the residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

 

The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

 

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

 

- it is technically feasible to complete the software so that it will be available for use;

- management intends to complete the software and use or sell it;

- there is an ability to use or sell the software;

- it can be demonstrated how the software will generate probable future economic benefits;

- adequate technical, financial and other resources to complete the development and to use or sell the software are available;

- the expenditure attributable to the software during its development can be reliably measured.

 

Other development expenditures that do not meet these criteria are recognised as an expense as incurred.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software development
over 5  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 land and buildings
25% per annum straight line
Fixtures and fittings
10% per annum straight line
Computers
25% per annum straight line

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

 

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 credited or charged to profit or loss.

OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
1.9
Fixed asset investments

Investments in subsidiaries are initially measured at cost less accumulated impairment.

 

Investment in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

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 Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.11
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.

1.12
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 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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
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.

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.

1.13
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.

1.14
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.

OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
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.

1.15
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.

1.16
Retirement benefits

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

1.17
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

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.

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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
United Kingdom
5,373,667
7,101,583
Mexico
1,139,096
764,279
Canada
1,025,162
1,214,466
America
11,796,221
10,384,010
19,334,146
19,464,338
2024
2023
£
£
Other revenue
Interest income
452
2,093
4
Exceptional item
2024
2023
£
£
Expenditure
Legal and professional fees
363,923
395,359
Material bad debts written off
-
222,759
363,923
618,118

Legal and professional fees

 

The group incurred substantial legal and professional fees to ensure that they are in compliance with the relevant laws and regulations governing them in the jurisdiction they trade.

Material bad debt write off

 

The bad debt arose in the previous year due to a customer being unable to pay the amount due as they are in liquidation.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
175,006
376,249
Depreciation of owned tangible fixed assets
118,174
73,468
Loss on disposal of tangible fixed assets
3,272
40,667
Amortisation of intangible assets
35,890
1,038
Operating lease charges
244,296
247,333
OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
6
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
-
-
Audit of the financial statements of the company's subsidiaries
15,000
12,600
7
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
Management and administration
50
37
1
1
IT services
222
221
-
-
Total
272
258
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
10,837,107
10,874,035
-
0
-
0
Social security costs
1,551,177
1,415,920
-
-
Pension costs
185,304
187,985
-
0
-
0
12,573,588
12,477,940
-
0
-
0
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
452
2,093
9
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
89
-
Other interest
56,389
8,705
Total finance costs
56,478
8,705
OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
528,026
(47,927)
Adjustments in respect of prior periods
(240,104)
(162,563)
Total current tax
287,922
(210,490)
Deferred tax
Origination and reversal of timing differences
25,341
12,516
Total tax charge/(credit)
313,263
(197,974)

The actual charge/(credit) 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
1,375,356
707,598
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
343,839
145,058
Tax effect of expenses that are not deductible in determining taxable profit
-
0
33,477
Tax effect of utilisation of tax losses not previously recognised
-
0
(99,310)
Adjustments in respect of prior years
-
0
(103,689)
Depreciation on assets not qualifying for tax allowances
(80,738)
(15,061)
Amortisation on assets not qualifying for tax allowances
8,724
-
0
Research and development tax credit
(242,393)
(256,613)
Deferred tax adjustments in respect of prior years
561
-
0
Foreign exchange differences
(128,152)
62,905
Tax losses utilised
(209,875)
(48,153)
Management expenses carried forward
90,981
22,371
Foreign tax paid
530,316
70,937
Capital allowance enhanced deduction
-
0
(9,896)
Taxation charge/(credit)
313,263
(197,974)
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
10
-
OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
12
Intangible fixed assets
Group
Goodwill
Negative goodwill
Software development
Total
£
£
£
£
Cost
At 1 July 2023
99,880
(2,771,542)
225,256
(2,446,406)
Additions
-
0
-
0
811,012
811,012
Disposals
(99,880)
-
0
-
0
(99,880)
Exchange adjustments
-
0
-
0
(118)
(118)
At 30 June 2024
-
0
(2,771,542)
1,036,150
(1,735,392)
Amortisation and impairment
At 1 July 2023
99,880
(2,771,542)
2,066
(2,669,596)
Amortisation charged for the year
-
0
-
0
35,890
35,890
Disposals
(99,880)
-
0
-
0
(99,880)
Exchange adjustments
-
0
-
0
(96)
(96)
At 30 June 2024
-
0
(2,771,542)
37,860
(2,733,682)
Carrying amount
At 30 June 2024
-
0
-
0
998,290
998,290
At 30 June 2023
-
0
-
0
223,190
223,190
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
13
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 July 2023
4,922
37,613
414,812
457,347
Additions
8,161
1,523
131,666
141,350
Disposals
-
0
(143)
(48,994)
(49,137)
Exchange adjustments
(141)
(953)
(12,208)
(13,302)
At 30 June 2024
12,942
38,040
485,276
536,258
Depreciation and impairment
At 1 July 2023
4,922
12,593
148,054
165,569
Depreciation charged in the year
1,225
4,327
112,622
118,174
Eliminated in respect of disposals
-
0
(143)
(23,661)
(23,804)
Exchange adjustments
(153)
(381)
(8,503)
(9,037)
At 30 June 2024
5,994
16,396
228,512
250,902
Carrying amount
At 30 June 2024
6,948
21,644
256,764
285,356
At 30 June 2023
-
0
25,020
266,758
291,778
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
27,490
27,490

Subsidiary undertakings

 

The following were undertakings of the Group:

 

Name             Class of shares    Holding    Principal activity     Registered Office

- OLR (UK) Limited    Ordinary        100%    Consultancy        UK

- OLR Canada Limited    Ordinary     100%    Consultancy        Canada

- OLR America Inc    Ordinary     100%    Consultancy        America

- OLR India Consulting

Private Limited    Ordinary        100%    Consultancy        India

- OLR Latin America LLC    Ordinary        99%    Consultancy        America

 

OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
27,490
Carrying amount
At 30 June 2024
27,490
At 30 June 2023
27,490
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
OLR Integrated Limited
UK
Investment holding
Ordinary
100.00
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,426,663
4,453,000
-
0
-
0
Corporation tax recoverable
325,609
504,051
-
0
-
0
Other debtors
707,878
714,328
4
14
Prepayments and accrued income
1,781,251
1,113,518
-
0
-
0
5,241,401
6,784,897
4
14
Amounts falling due after more than one year:
Other debtors
96,256
-
0
-
0
-
0
Deferred tax asset (note )
-
0
22,778
-
0
-
0
96,256
22,778
-
-
Total debtors
5,337,657
6,807,675
4
14
OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Trade creditors
246,615
644,385
-
0
-
0
Corporation tax payable
14,775
30,961
-
0
-
0
Other taxation and social security
229,636
287,045
-
-
Deferred income
19
1,943
1,488
-
0
-
0
Other creditors
102,273
1,438,035
-
0
-
0
Accruals and deferred income
727,032
566,862
-
0
-
0
1,322,274
2,968,776
-
0
-
0
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Other creditors
106,490
-
0
-
0
-
0
19
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
1,943
1,488
-
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
185,304
187,985

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.

21
Share-based payment transactions

The group operates Approved and unapproved Share Option Schemes under which eligible key personnel who are vital to the operations of the group, may be granted options to acquire shares in the group. The options granted will be for unissued A Ordinary shares with an exercise price equalling the nominal value of the shares, which are only exercisable on an exit event. There is no maximum term allocated to the share options and the method of settlement on such event would either be in cash or equity. These shares are not entitled to dividends until the shares are exercised. Both share schemes have the same arrangements.

No options were either granted, expired or forfeited in the period and no options were exercisable at the period end. The weighted average exercise price is £nil.

OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Share-based payment transactions
(Continued)
- 30 -
Group
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 July 2023 and 30 June 2024
590,862
590,862
-
-
Exercisable at 30 June 2024
-
-
-
-
Company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 July 2023 and 30 June 2024
590,862
590,862
-
-
Exercisable at 30 June 2024
-
-
-
-
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.001p each
350,001
350,001
4
4
23
Controlling party

The ultimate controlling party is J Spalding by virtue of his interest in the company.

 

OLR GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
24
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
1,062,093
905,572
Adjustments for:
Taxation charged/(credited)
313,263
(197,974)
Finance costs
56,478
8,705
Investment income
(452)
(2,093)
Loss on disposal of tangible fixed assets
3,272
40,667
Amortisation and impairment of intangible assets
35,890
1,038
Depreciation and impairment of tangible fixed assets
118,174
73,468
Movements in working capital:
Decrease in debtors
1,268,788
143,399
Decrease in creditors
(1,524,281)
(1,394,950)
Increase/(decrease) in deferred income
455
(132,239)
Cash generated from/(absorbed by) operations
1,333,680
(554,407)
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
565,237
232,066
(3,602)
793,701
2024-06-302023-07-01falseCCH SoftwareCCH Accounts Production 2024.100Mr J H F 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