Company registration number 08483809 (England and Wales)
QUINT HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
QUINT HOLDINGS LTD
COMPANY INFORMATION
Directors
Mr G Cox
Mrs K Cleavely
Company number
08483809
Registered office
Glasshouse
Alderley Park
Nether Alderley
Cheshire
SK10 4ZE
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Glasshouse
Alderley Park
Nether Alderley
Cheshire
SK10 4ZE
QUINT HOLDINGS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 33
QUINT HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

Quint Holdings' primary activity is holding interests in and investing in Fintech businesses.

Overall, the results for the year show an increase in turnover to £30.519m from £29.615m in 2023, which is 3.1% up year-on-year. Gross profit over the year also increased to £11.150m from £9.725m in 2023, which is up 14.7% year-on-year. As a result of the Group's continued investment in its technology, infrastructure and earlier-stage businesses, a loss before tax of £1.868m was made in the year.

 

Since year-end, the Group has reached a definitive agreement with TransUnion to sell the remaining 70% shareholding of Monevo Limited held by Quint Group Limited. This will result in the Group having sold 100% of Monevo for a total consideration of £69.1m. The acquisition will be paid for in cash and is expected to close on April 1, 2025.

 

At the end of the financial year, the Group's businesses were performing well, and the board expects them to grow strongly in the next financial year.

Post Balance sheet events

Other than the acquisition of the remaining 70% shareholding of Monevo Limited by TransUnion from Monevo's parent company, Quint Group Limited, to be completed in April 2025 and as detailed above, there were no other post balance sheet events which require disclosure at the balance sheet date.

 

Principal risk and uncertainities

The directors closely monitor the performance and financial risks of the Group by reviewing the detailed monthly management accounts, KPI reports and forecasts that are produced, and if necessary, action is taken.

 

 

On behalf of the board

Mr G Cox
Director
28 March 2025
QUINT HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the group to be that of operating a regulated lending market place and platform in four countries, operating a regulated credit comparison business, providing credit risk and other related data to lenders and other large credit bureaus and the provision of credit reporting services to UK consumers.

 

The directors are pleased with the performance of all the group's activities during the year.

Directors

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

Mr G Cox
Mrs K Cleavely
Results and dividends

The results for the year are set out on page 8. Dividends of £52,000 were paid out to the shareholders of Quint Holdings Limited during the year.

Research and development

Technology is at heart of everything the group does and group has invested in innovating and strengthening our technology platforms so we continue to deliver market leading technologies and products.

Future developments

Subsequent to the year-end, the directors are pleased to report that the group's profitability and growth has continued. The Group's operations in its emerging markets are all experiencing further growth.

 

The directors remain very positive as to the future prospects of the group and expert to report further significant growth in the current financial year.

Auditor

Lopian Gross Barnett & Co were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006,a resolution proposing that they be re-appointed will be put at a General Meeting.

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.

On behalf of the board
Mr G Cox
Director
28 March 2025
QUINT HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

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.

QUINT HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUINT HOLDINGS LTD
- 4 -
Opinion

We have audited the financial statements of Quint Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 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, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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:

QUINT HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUINT HOLDINGS LTD
- 5 -
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.

QUINT HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUINT HOLDINGS LTD
- 6 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

 

 

 

 

 

 

 

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

 

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.

Jason Selig BA ACA CTA DChA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co
1 April 2025
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
QUINT HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
30,518,690
29,615,398
Cost of sales
(19,368,420)
(19,890,790)
Gross profit
11,150,270
9,724,608
Administrative expenses
(13,434,656)
(12,823,948)
Other operating income
630,398
-
Operating loss
9
(1,653,988)
(3,099,340)
Interest receivable and similar income
7
350,275
147,932
Interest payable and similar expenses
8
(581,903)
(398,069)
Fair value movements on fixed asset investments
10
17,382
1,458
Loss before taxation
(1,868,234)
(3,348,019)
Tax on loss
11
363,053
1,415,631
Loss for the financial year
(1,505,181)
(1,932,388)
Loss for the financial year is attributable to:
- Owners of the parent company
(1,673,299)
(1,695,551)
- Non-controlling interests
168,118
(236,837)
(1,505,181)
(1,932,388)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

QUINT HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
£
£
Loss for the year
(1,505,181)
(1,932,388)
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
51,772
(49,834)
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
(1,453,409)
(1,982,222)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(1,621,527)
(1,745,385)
- Non-controlling interests
168,118
(236,837)
(1,453,409)
(1,982,222)
QUINT HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
14
10,384,840
10,979,797
Other intangible assets
14
9,899,426
8,294,786
Total intangible assets
20,284,266
19,274,583
Tangible assets
15
453,999
519,706
Investments
17
303,595
65,458
21,041,860
19,859,747
Current assets
Debtors
19
13,035,849
9,447,087
Cash at bank and in hand
2,315,537
6,274,460
15,351,386
15,721,547
Creditors: amounts falling due within one year
21
(8,698,716)
(7,023,637)
Net current assets
6,652,670
8,697,910
Total assets less current liabilities
27,694,530
28,557,657
Creditors: amounts falling due after more than one year
22
(4,956,302)
(4,318,600)
Provisions for liabilities
Deferred tax liability
24
24,102
19,522
(24,102)
(19,522)
Net assets
22,714,126
24,219,535
Capital and reserves
Called up share capital
26
1
1
Other reserves
477,016
477,016
Profit and loss reserves
24,014,884
25,688,411
Equity attributable to owners of the parent company
24,491,901
26,165,428
Non-controlling interests
24
(1,777,775)
(1,945,893)
22,714,126
24,219,535
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:
28 March 2025
Mr G Cox
Director
QUINT HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
15
-
0
1,856
Investments
17
18,609,393
18,392,422
18,609,393
18,394,278
Current assets
Debtors
19
9,646,200
5,386,621
Cash at bank and in hand
1,436,029
5,263,025
11,082,229
10,649,646
Creditors: amounts falling due within one year
21
(855,391)
(861,286)
Net current assets
10,226,838
9,788,360
Total assets less current liabilities
28,836,231
28,182,638
Provisions for liabilities
Deferred tax liability
24
-
0
464
-
(464)
Net assets
28,836,231
28,182,174
Capital and reserves
Called up share capital
26
1
1
Profit and loss reserves
28,836,230
28,182,173
Total equity
28,836,231
28,182,174

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 £706,057 (2023 - £445,138 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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:
28 March 2025
Mr G Cox
Director
Company registration number 08483809 (England and Wales)
QUINT HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Non-controlling interest
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2022
1
477,016
27,435,796
27,912,813
143,498
28,056,311
Year ended 31 March 2023:
Loss for the year
-
-
(1,695,551)
(1,695,551)
(236,837)
(1,932,388)
Other comprehensive income:
Currency translation differences
-
-
(49,834)
(49,834)
-
(49,834)
Total comprehensive income
-
-
(1,745,385)
(1,745,385)
(236,837)
(1,982,222)
Dividends
13
-
-
(2,000)
(2,000)
(1,852,554)
(1,854,554)
Balance at 31 March 2023
1
477,016
25,688,411
26,165,428
(1,945,893)
24,219,535
Year ended 31 March 2024:
Loss for the year
-
-
(1,673,299)
(1,673,299)
168,118
(1,505,181)
Other comprehensive income:
Currency translation differences
-
-
51,772
51,772
-
51,772
Total comprehensive income
-
-
(1,621,527)
(1,621,527)
168,118
(1,453,409)
Dividends
13
-
-
(52,000)
(52,000)
-
(52,000)
Balance at 31 March 2024
1
477,016
24,014,884
24,491,901
(1,777,775)
22,714,126
QUINT HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
1
27,739,035
27,739,036
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
445,138
445,138
Dividends
13
-
(2,000)
(2,000)
Balance at 31 March 2023
1
28,182,173
28,182,174
Year ended 31 March 2024:
Profit and total comprehensive income
-
706,057
706,057
Dividends
13
-
(52,000)
(52,000)
Balance at 31 March 2024
1
28,836,230
28,836,231
QUINT HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
33
694,696
(2,892,661)
Interest paid
(581,903)
(398,069)
Income taxes refunded
149,126
786,989
Net cash inflow/(outflow) from operating activities
261,919
(2,503,741)
Investing activities
Expenditure on development activities
(3,946,211)
(3,654,289)
Purchase of tangible fixed assets
(69,609)
(117,472)
Expenditure on Fixed Asset Investment additions
(220,755)
(65,458)
Movement of other investing activities
(99,405)
(877,060)
Interest received
350,275
149,390
Net cash used in investing activities
(3,985,705)
(4,564,889)
Financing activities
Drawdown/(Repayment) of bank loans
(190,575)
193,045
Drawdown/(Repayment) of finance leases obligations
(44,841)
133,972
Dividends paid to controlling party
(52,000)
(2,000)
Dividends paid to non-controlling interests
-
(1,852,554)
Net cash used in financing activities
(287,416)
(1,527,537)
Net decrease in cash and cash equivalents
(4,011,202)
(8,596,167)
Cash and cash equivalents at beginning of year
6,274,460
14,915,314
Effect of foreign exchange rates
52,265
(44,687)
Cash and cash equivalents at end of year
2,315,523
6,274,460
Relating to:
Cash at bank and in hand
2,315,537
6,274,460
Bank overdrafts included in creditors payable within one year
(14)
-
QUINT HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
34
(4,035,082)
(4,954,963)
Investing activities
Purchase of tangible fixed assets
-
0
(3,711)
Purchase of investments
(199,589)
-
Movement of loans
(92,033)
(1,001,458)
Interest received
551,708
197,297
Net cash generated from/(used in) investing activities
260,086
(807,872)
Financing activities
Dividends paid to equity shareholders
(52,000)
(2,000)
Net cash used in financing activities
(52,000)
(2,000)
Net decrease in cash and cash equivalents
(3,826,996)
(5,764,835)
Cash and cash equivalents at beginning of year
5,263,025
11,027,860
Cash and cash equivalents at end of year
1,436,029
5,263,025
QUINT HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

2
Accounting policies
Company information

Quint Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Glasshouse, Alderley Park, Nether Alderley, Cheshire, SK10 4ZE.

 

The group consists of Quint Holdings Ltd and all of its subsidiaries.

2.1
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.

2.2
Basis of consolidation

The consolidated financial statements incorporate those of Quint Holdings Ltd and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 March 2024.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

Subsidiaries have been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

 

2.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

2.4
Turnover

Turnover represents amounts received for financial intermediary services recognised at a point when end users take out a product with lenders.

QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 16 -
2.5
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.

2.6
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 25 years.

 

Goodwill is tested annually for impairment and any impairment losses are recognised in the profit and loss account.

2.7
Intangible fixed assets other than goodwill

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
10% straight line

No amortisation has been recognised in the year for the Domain Name as management have assessed that the residual value of the Domain Name is greater than cost.

2.8
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:

Fixtures, fittings & equipment
33% on cost
Computers
33% on cost

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.

2.9
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.

2.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

2.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets.

QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 17 -
2.12
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.

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.

2.13
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.

2.14
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.

QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 18 -
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. 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.

2.15
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.

 

2.16
Retirement benefits

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

2.17
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.

2.18
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.

2.19

Foreign currency translation

The results of the consolidated accounts include overseas subsidiaries whose results for the year were translated using rates obtained from reliable sources.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Consumer credit activity
30,498,698
29,596,406
Other
19,992
18,992
30,518,690
29,615,398
QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Other revenue
Interest income
350,275
147,932
2024
2023
£
£
Turnover analysed by geographical market
UK
21,075,834
21,543,039
Non UK
9,442,856
8,072,359
30,518,690
29,615,398
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,000
5,000
Audit of the financial statements of the company's subsidiaries
170,000
140,000
175,000
145,000
5
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
108
111
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,670,833
5,649,673
-
0
-
0
Social security costs
453,550
547,777
722
-
Pension costs
299,287
270,067
-
0
-
0
6,423,670
6,467,517
722
-
0
QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
259,663
332,558
Company pension contributions to defined contribution schemes
21,000
21,600
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
259,663
322,558
Company pension contributions to defined contribution schemes
21,000
21,000
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
159,879
129,325
Other interest income
190,396
18,607
Total income
350,275
147,932
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
159,879
129,325
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
560,844
387,740
Other finance costs:
Other interest
21,059
10,329
Total finance costs
581,903
398,069
QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
9
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange (gains)/losses
(19,321)
3,926
Depreciation of owned tangible fixed assets
113,023
105,497
Depreciation of tangible fixed assets held under finance leases
21,800
21,800
Amortisation of intangible assets
2,215,208
1,901,837
Impairment of intangible assets
721,320
537,840
Operating lease charges
455,842
502,472
10
Movements on fixed asset investments
2024
2023
£
£
Gains/(losses) on fixed asset investments
Gain on fixed asset investments
17,382
1,458
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(457,683)
(1,095,480)
Adjustments in respect of prior periods
76,240
-
0
Total current tax
(381,443)
(1,095,480)
Deferred tax
Origination and reversal of timing differences
18,390
(320,151)
Total tax credit
(363,053)
(1,415,631)
QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Taxation
(Continued)
- 22 -

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(1,868,234)
(3,348,019)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(467,059)
(636,124)
Tax effect of expenses that are not deductible in determining taxable profit
296,574
102,754
Gains not taxable
(4,346)
(276)
Unutilised tax losses carried forward
108,527
19,730
Adjustments in respect of prior years
24,248
-
0
Depreciation on assets not qualifying for tax allowances
14,159
(2,231)
Amortisation on assets not qualifying for tax allowances
553,802
361,350
Research and development tax credit
(381,443)
(1,195,800)
Effect of overseas tax rates
(144,693)
246,805
Other tax movements
18,390
(311,839)
Research and development tax relief
(381,212)
-
0
Taxation credit
(363,053)
(1,415,631)
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Intangible assets
14
721,320
537,840
Recognised in:
Administrative expenses
721,320
537,840

Impairment losses relate to impairment of development costs capitalised and were recognised in the profit and loss account.

QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
13
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
52,000
2,000
2024
2023
Recognised as distributions to non-controlling interest
£
£
Final paid
-
1,852,554
14
Intangible fixed assets
Group
Goodwill
Development costs
Domain name
Total
£
£
£
£
Cost
At 1 April 2023
14,873,913
13,257,059
109,548
28,240,520
Additions
-
0
3,946,211
-
0
3,946,211
Disposals
-
0
(1,303,008)
-
0
(1,303,008)
At 31 March 2024
14,873,913
15,900,262
109,548
30,883,723
Amortisation and impairment
At 1 April 2023
3,894,116
5,071,821
-
0
8,965,937
Amortisation charged for the year
594,957
1,620,251
-
0
2,215,208
Impairment losses
-
0
721,320
-
0
721,320
Disposals
-
0
(1,303,008)
-
0
(1,303,008)
At 31 March 2024
4,489,073
6,110,384
-
0
10,599,457
Carrying amount
At 31 March 2024
10,384,840
9,789,878
109,548
20,284,266
At 31 March 2023
10,979,797
8,185,238
109,548
19,274,583
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.

More information on impairment movements in the year is given in note 12.

QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
15
Tangible fixed assets
Group
Fixtures, fittings & equipment
Computers
Total
£
£
£
Cost
At 1 April 2023
1,049,265
8,493
1,057,758
Additions
69,609
-
0
69,609
Disposals
(1,390)
-
0
(1,390)
Exchange adjustments
(805)
-
0
(805)
At 31 March 2024
1,116,679
8,493
1,125,172
Depreciation and impairment
At 1 April 2023
535,295
2,757
538,052
Depreciation charged in the year
131,992
2,831
134,823
Eliminated in respect of disposals
(1,390)
-
0
(1,390)
Exchange adjustments
(312)
-
0
(312)
At 31 March 2024
665,585
5,588
671,173
Carrying amount
At 31 March 2024
451,094
2,905
453,999
At 31 March 2023
513,970
5,736
519,706
Company
Fixtures, fittings & equipment
£
Cost
At 1 April 2023 and 31 March 2024
3,711
Depreciation and impairment
At 1 April 2023
1,855
Depreciation charged in the year
1,856
At 31 March 2024
3,711
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
1,856
QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Tangible fixed assets
(Continued)
- 25 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Fixtures, fittings & equipment
152,600
174,400
-
0
-
0
16
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
52,485
45,133
-
0
-
0
In two to five years
36,646
88,839
-
0
-
0
89,131
133,972
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. No restrictions have been placed on the use of the assets and the average lease term remaining is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
17
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
18
-
0
-
0
18,380,964
18,380,964
Other investments
303,595
65,458
228,429
11,458
303,595
65,458
18,609,393
18,392,422
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2023
65,458
Additions
219,005
Valuation changes
19,132
At 31 March 2024
303,595
Carrying amount
At 31 March 2024
303,595
At 31 March 2023
65,458
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
18,380,964
11,458
18,392,422
Additions
-
197,839
197,839
Valuation changes
-
19,132
19,132
At 31 March 2024
18,380,964
228,429
18,609,393
Carrying amount
At 31 March 2024
18,380,964
228,429
18,609,393
At 31 March 2023
18,380,964
11,458
18,392,422
QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
18
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Credit Angel Limited
UK
Ordinary
-
87.46
Infinian Data Solutions Limited
UK
Ordinary
-
87.46
Credit Technologies Limited
UK
Ordinary
-
87.46
Insurio Limited
UK
Ordinary
-
87.46
Monevo Incorporated
USA
Ordinary
-
61.22
Monevo Limited
UK
Ordinary
-
61.22
Monevo PTY Limited
AUS
Ordinary
-
61.22
Money Guru Limited
UK
Ordinary
100.00
-
Quint Group Limited
UK
Ordinary
87.46
-
Credit Builder Loans Limited
UK
Ordinary
-
87.46
Cred Technologies Limited
UK
Ordinary
95.00
-
Credit Intelligence Limited
UK
Ordinary
-
87.46
Monevo Technology Limited
UK
Ordinary
-
61.22

During the year 31 March 2024, Monevo Sp.Zo.o (Poland company), which was a subsidiary of the company with an indirect holding of 61.22%, was dissolved.

 

All of the above subsidiary undertakings are included in these consolidated financial statements.

19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,223,345
1,606,780
3,999
1,998
Corporation tax recoverable
1,451,257
1,195,800
-
0
-
0
Amounts owed by group undertakings
-
-
4,724,266
2,473,782
Other debtors
6,539,712
4,288,893
4,913,769
2,867,091
Prepayments and accrued income
2,464,568
1,984,838
4,166
43,750
12,678,882
9,076,311
9,646,200
5,386,621
Amounts falling due after more than one year:
Deferred tax asset (note 24)
356,967
370,776
-
0
-
0
Total debtors
13,035,849
9,447,087
9,646,200
5,386,621
QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
20
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
8,656,158
5,809,330
9,642,034
5,342,871
Instruments measured at fair value through profit or loss
228,429
11,458
228,429
11,458
Carrying amount of financial liabilities
Measured at amortised cost
13,272,186
11,072,650
854,435
860,311
21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
23
194,603
185,059
-
0
-
0
Obligations under finance leases
16
52,485
45,133
-
0
-
0
Trade creditors
4,173,037
2,631,829
244
6,120
Amounts owed to group undertakings
-
0
-
0
100
100
Corporation tax payable
66,642
43,501
-
0
-
0
Other taxation and social security
316,190
226,086
956
975
Other creditors
1,308,419
1,326,322
849,091
849,091
Accruals and deferred income
2,587,340
2,565,707
5,000
5,000
8,698,716
7,023,637
855,391
861,286
22
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
23
4,029,656
4,229,761
-
0
-
0
Obligations under finance leases
16
36,646
88,839
-
0
-
0
Other creditors
890,000
-
0
-
0
-
0
4,956,302
4,318,600
-
-
QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
23
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
4,224,245
4,414,820
-
0
-
0
Bank overdrafts
14
-
0
-
0
-
0
4,224,259
4,414,820
-
-
Payable within one year
194,603
185,059
-
0
-
0
Payable after one year
4,029,656
4,229,761
-
0
-
0

The bank holds fixed and floating charges over the group's assets.

24
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
24,102
19,522
-
-
Tax losses
-
-
356,967
370,776
24,102
19,522
356,967
370,776
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
-
464
-
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 April 2023
(351,254)
464
Charge/(credit) to profit or loss
18,389
(464)
Asset at 31 March 2024
(332,865)
-
QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
24
Deferred taxation
(Continued)
- 30 -

The deferred tax liability set out above is expected to reverse within 36 months and relates to accelerated capital allowances that are expected to mature within the same period.

 

Deferred tax asset has arisen due to losses being carried forward following utilisation of group relief.

25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
299,287
270,067

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.

26
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
1,000 ordinary of £0.001 each
1
1
27
Non-controlling interest

The non-controlling interest relate to the following:

 

The reserve relates to profits and losses arising in the relevant entities which are due to the these non-controlling interests.

28
Operating lease commitments
Lessee

Operating lease commitments include rentals payable by the group for some of its property.

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
346,035
358,795
-
-
Between two and five years
310,849
745,994
-
-
656,884
1,104,789
-
-
QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
29
Events after the reporting date

Other than the acquisition of the remaining 70% shareholding of Monevo Limited by TransUnion from Monevo's parent company, Quint Group Limited, expected to be completed in April 2025 and as detailed in the strategic report shown earlier in the financial statements, there were no other post balance sheet events which require disclosure at the balance sheet date.

30
Controlling party

The ultimate controlling party is Gregory Cox.

31
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Entities with control, joint control or significant influence over subsidiaries in the group
245,000
-
1,313,078
1,471,742

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities with control, joint control or significant influence over subsidiaries in the group
375,050
556,495

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Key management personnel
117,514
117,514
Other related parties
3,456,735
1,979,760
QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
31
Related party transactions
(Continued)
- 32 -

Included within other related parties, is a convertible loan note with Acquired Limited, a connected company, of £750,000 (2023 - £750,000). Dependant upon certain outcomes from this funding, this could be converted to the issue of shares to Quint Group Limited in the future. The loan carries a 10% interest rate and is fully convertible up to the maturity date. At the balance sheet date the loan was repayable after more than 12 months.

 

Included within other debtors for the year ended 31 March 2024 is an amount £250,000 (2023 - £250,000) owing to Quint Holdings Limited from Acquired Limited, a connected company. The loan carries a 10% interest rate and is fully repayable 18 months after drawdown. At the balance sheet date this loan was repayable within one year.

 

Other related party balances include loans made to entities connected to the ultimate controlling party.

 

There were no other related party transactions which require disclosure.

32
Directors Transactions
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors
142,340
1,190,223
(1,090,820)
241,743
142,340
1,190,223
(1,090,820)
241,743
33
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Loss for the year after tax
(1,505,181)
(1,932,388)
Adjustments for:
Taxation credited
(363,053)
(1,415,631)
Finance costs
581,903
398,069
Investment income
(350,275)
(20)
Amortisation and impairment of intangible assets
2,936,528
2,439,677
Depreciation and impairment of tangible fixed assets
134,823
110,881
Fair value movements on fixed asset investments
(17,382)
(1,458)
Movements in working capital:
Increase in debtors
(3,247,709)
(1,841,542)
Increase/(decrease) in creditors
2,525,042
(518,754)
Cash generated from/(absorbed by) operations
694,696
(2,761,166)
QUINT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
34
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
706,057
445,138
Adjustments for:
Taxation (credited)/charged
(464)
464
Investment income
(551,708)
(195,839)
Depreciation and impairment of tangible fixed assets
1,856
1,855
Fair value movements on fixed asset investments
(17,382)
(1,458)
Movements in working capital:
Increase in debtors
(4,167,546)
(3,514,208)
Decrease in creditors
(5,895)
(1,690,915)
Cash absorbed by operations
(4,035,082)
(4,954,963)
35
Analysis of changes in net funds - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
5,263,025
(3,826,996)
1,436,029
36
Analysis of changes in net funds/(debt) - group
1 April 2023
Cash flows
Exchange
rate movements
31 March 2024
£
£
£
£
Cash at bank and in hand
6,274,460
(4,011,295)
52,372
2,315,537
Bank overdrafts
-
0
(14)
-
(14)
6,274,460
(4,011,309)
52,372
2,315,523
Borrowings excluding overdrafts
(4,414,820)
190,575
-
(4,224,245)
Obligations under finance leases
(133,972)
44,841
-
(89,131)
1,725,668
(3,775,893)
52,372
(1,997,853)
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