Inner Circle Consulting Limited
Annual Report and Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 March 2024
Company Registration No. 06799707 (England and Wales)
Inner Circle Consulting Limited
Company Information
Directors
J P Ounan
C J Twigg
A Starkie
Company number
06799707
Registered office
Unit 3 9 Bell Yard Mews,
London
United Kingdom
SE1 3UY
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
Unit 3 9 Bell Yard Mews,
London
United Kingdom
SE1 3UY
Inner Circle Consulting Limited
Contents
Page
Directors' report
1 - 2
Balance sheet
3 - 4
Notes to the financial statements
5 - 10
Inner Circle Consulting Limited
Directors' Report
For the year ended 31 March 2024
Page 1
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The company’s principal activity continued to be that of offering a range of services to public organization and their partners in the sectors of corporate transformation, regeneration, construction, education, social care, and health.
Review of the business
We are a 21st-century consultancy for 21st-century challenges, aiming to deliver strong public services and thriving places so everyone can live a good life. The big missions of local government and its partners are our purpose. We work tirelessly to support public sector leaders to unlock a better future, so the future is better for all. We do this by working together to deliver prosperous places for good lives, moving the public sector from crisis to prevention, and raising the bar for transformation in public services.
In 2024, we experienced our third consecutive year of double digit growth with revenues up by 15% from the previous year. We also invested in our growth by expanding our leadership team, each appointee with experience in diverse areas to support our missions. Additionally, we extended our market reach, working on over 140 projects for 65 different clients.
We continue cementing our reputation as the go-to Trusted Advisor in the sector by being active members of several established work-commissioning frameworks, where we know we are highly commended and sought after. We have had another successful year for awards, being recognised at the prestigious Management Consultancies Association, Planning Awards and the Institute for Economic Development Awards.
Our talent strategy focuses on finding the best, most capable, and diverse people, hiring exceptional
individuals, providing contemporary learning and development opportunities for all our staff, and creating outstanding positive internal experiences to fulfil our team members’ personal and professional aspirations.
At year-end, our female staff made up 51% of our population, with a senior executive woman joining the leadership group and our internal board. We celebrated 13 promotions and delivered over 400 internal training hours for our team.
As part of our growth strategy, we have worked diligently in several strategic activities including:
1. Appointing a Managing Director to lead our Place business unit and a Finance Director.
2. Investing in our commercial management skills across the organisation
3. Professionalising further our approach to marketing and sales
We retained our ISO9001 and ISO14001 accreditations and membership of the United Nations Framework Convention on Climate Change (UNFCCC) Race to Zero and continue to take significant steps towards achieving carbon neutrality by 2030.
Our priorities for the coming year are to continue to grow sustainably, consolidate our position as a
transformation partner of choice and develop our combined offers for people and place.
Inner Circle Consulting Limited
Directors' Report (Continued)
For the year ended 31 March 2024
Page 2
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J P Ounan
C J Twigg
A Starkie
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
C J Twigg
Director
28 March 2025
Inner Circle Consulting Limited
Balance Sheet
As at 31 March 2024
Page 3
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
127,165
133,558
Current assets
Debtors
4
2,517,536
1,998,653
Cash at bank and in hand
38,533
910,131
2,556,069
2,908,784
Creditors: amounts falling due within one year
5
(1,511,182)
(1,515,123)
Net current assets
1,044,887
1,393,661
Total assets less current liabilities
1,172,052
1,527,219
Creditors: amounts falling due after more than one year
6
(225,000)
(325,000)
Provisions for liabilities
7
(30,826)
Net assets
947,052
1,171,393
Capital and reserves
Called up share capital
9
110
110
Profit and loss reserves
946,942
1,171,283
Total equity
947,052
1,171,393
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Inner Circle Consulting Limited
Balance Sheet (Continued)
As at 31 March 2024
Page 4
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
C J Twigg
Director
Company Registration No. 06799707
Inner Circle Consulting Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 5
1
Accounting policies
Company information
Inner Circle Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 9 Bell Yard Mews, London, United Kingdom, SE1 3UY.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
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
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 fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
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
25% straight line
Fixtures and fittings
20% - 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash at bank and in hand
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.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
Inner Circle Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 6
1.6
Equity instruments
Equity instruments issued by the company 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 company.
1.7
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 company’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 when the company has 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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Share-based payments
The fair value of equity-settled share based payments to employees is determined at the date of grant and is expensed on a straight-line basis over the vesting period based on the company's estimate of shares or options which will eventually vest. No change has been recognised as it is not material.
Inner Circle Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 7
1.11
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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
71
55
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
361,182
361,182
Additions
53,949
9,633
63,582
Disposals
(3,283)
(3,283)
At 31 March 2024
53,949
367,532
421,481
Depreciation and impairment
At 1 April 2023
227,624
227,624
Depreciation charged in the year
7,238
60,337
67,575
Eliminated in respect of disposals
(883)
(883)
At 31 March 2024
7,238
287,078
294,316
Carrying amount
At 31 March 2024
46,711
80,454
127,165
At 31 March 2023
133,558
133,558
Inner Circle Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,928,576
1,474,034
Other debtors
108,889
17,906
Prepayments and accrued income
449,103
506,713
2,486,568
1,998,653
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
30,968
Total debtors
2,517,536
1,998,653
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
100,000
100,000
Trade creditors
447,627
332,555
Corporation tax
127,235
152,107
Other taxation and social security
556,218
495,602
Other creditors
50,788
48,319
Accruals and deferred income
229,314
386,540
1,511,182
1,515,123
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
225,000
325,000
The assets of the company are subject to fixed and floating charges registered to HSBC as security for borrowings.
Inner Circle Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 9
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
30,826
8
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 April 2023
892
1,192
0.01
0.01
Granted
324
0.01
Forfeited
(162)
0.01
Exercised
(300)
0.01
Outstanding at 31 March 2024
1,054
892
0.01
0.01
Exercisable at 31 March 2024
The options outstanding at 31 March 2024 had an exercise price of £0.01 and a remaining contractual life of 4-5 years.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
11,000
11,000
110
110
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
323,188
84,197
Inner Circle Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 10
11
Related party transactions
Included within other debtors is an amount of £67,719 (2023: £1 in other creditors) due from directors of the company.
During the year, the company made purchases of £221,823 (2023: £170,602) from companies in which close family relatives have an interest. At the year end balances owing to those companies were £6,006 (2023: £7,098). All transactions were at arms length.
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