Company registration number 06898873 (England and Wales)
QUINT GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
QUINT GROUP LIMITED
COMPANY INFORMATION
Directors
Mr G Cox
Mr M Ransom
Mr E Chapman
Company number
06898873
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 GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 33
QUINT GROUP LIMITED
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 Group is an award-winning Fintech group which builds and scales Fintechs that solve key challenges in credit and payments.
The Group has had another positive year, executing a number of its key strategic objectives as well as delivering meaningful growth in difficult market conditions.
Overall, the results for the year show a slight increase in turnover to £30.489m from £29.538m in 2023, which is up 3.2% year-on-year. Gross profit over the year also increased to £11.140m from £9.981m in 2023, which is up 11.6% 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 £1.641m 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 the Group. 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.
Please note the numbers and businesses reported in this report relate to Quint Group Limited & its subsidiaries and does not include businesses that form part of the wider ‘Quint Group’.
Group Businesses
During the year, the Group has continued to significantly invest in and develop its existing businesses:
Infinian, the Group’s real time data business, grew strongly year-on-year and continued to develop its suite of real time data products. The business made significant progress winning new customers in its target markets of credit, financial services & gaming.
Monevo UK has continued to make progress in the UK market despite difficult trading conditions, as it leverages its technology platform & market position. The business continues to remain focused on the personal credit market and has won a number of key new contracts with leading banks and financial institutions. The business is expected to deliver strong growth in the coming financial years as it benefits from new contracts won and leverages its technology, investment in people and the ongoing strategic partnership with TransUnion.
Monevo USA has had a positive year, delivering strong year-on-year growth with a number of new contracts won in market. It has continued to develop its strategic partnership with TransUnion to drive competitive advantage, developing its product offering to solve key problems faced by lenders and aggregators in the US credit card market. Further strong growth is expected in the coming year.
Monevo Australia has continued to develop its proposition in market, having signed a new partnership with illion, a leading Australian credit bureau, since the end of the year. This partnership will help the business create competitive advantage in market and better serve its customers in the future.
The Group remains confident about its long-term strategy and expects to see continued growth in its businesses and overall revenues in the coming financial years.
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.
QUINT GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties
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.
Mr M Ransom
Director
28 March 2025
QUINT GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
The directors present their report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activities of the group continued to be that of operating a regulated lending market place and platform in four countries, 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.
Results and dividends
The results for the year are set out on page 8. Dividends of £nil were paid to the shareholders 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
Mr M Ransom
Mr E Chapman
Research and development
Technology is at the heart of everything the group does and the group has continued to invest 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 expect 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 M Ransom
Director
28 March 2025
QUINT GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
QUINT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUINT GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of Quint Group Limited (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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
QUINT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUINT GROUP LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
QUINT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUINT GROUP LIMITED
- 7 -
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.
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 GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
30,488,923
29,537,909
Cost of sales
(19,348,553)
(19,556,764)
Gross profit
11,140,370
9,981,145
Administrative expenses
(12,628,422)
(12,117,301)
Other operating income
630,399
-
Operating loss
4
(857,653)
(2,136,156)
Interest receivable and similar income
8
75,000
37,509
Interest payable and similar expenses
9
(858,336)
(439,735)
Loss before taxation
(1,640,989)
(2,538,382)
Tax on loss
10
290,675
1,290,109
Loss for the financial year
(1,350,314)
(1,248,273)
Loss for the financial year is attributable to:
- Owners of the parent company
(1,707,180)
(1,257,695)
- Non-controlling interests
356,866
9,422
(1,350,314)
(1,248,273)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
QUINT GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
£
£
Loss for the year
(1,350,314)
(1,248,273)
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
51,772
(49,834)
Cash flow hedges gain arising in the year
Total comprehensive income for the year
(1,298,542)
(1,298,107)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(1,655,408)
(1,307,529)
- Non-controlling interests
356,866
9,422
(1,298,542)
(1,298,107)
QUINT GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
8,673,128
7,315,199
Tangible assets
14
447,655
517,851
9,120,783
7,833,050
Current assets
Debtors
18
11,096,169
9,452,619
Cash at bank and in hand
575,594
1,002,873
11,671,763
10,455,492
Creditors: amounts falling due within one year
19
(11,289,859)
(7,240,059)
Net current assets
381,904
3,215,433
Total assets less current liabilities
9,502,687
11,048,483
Creditors: amounts falling due after more than one year
21
(4,066,302)
(4,318,600)
Provisions for liabilities
Deferred tax liability
23
24,102
19,058
(24,102)
(19,058)
Net assets
5,412,283
6,710,825
Capital and reserves
Called up share capital
25
1,143
1,143
Share premium account
25
477,016
477,016
Other reserves
238,558
238,558
Profit and loss reserves
3,692,264
5,347,672
Equity attributable to owners of the parent company
4,408,981
6,064,389
Non-controlling interests
25
1,003,302
646,436
5,412,283
6,710,825
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 M Ransom
Director
QUINT GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
1,736,841
7,309,890
Tangible assets
14
365,507
425,516
Investments
15
352,700
352,700
2,455,048
8,088,106
Current assets
Debtors
18
16,835,378
11,808,725
Cash at bank and in hand
8,805
210,902
16,844,183
12,019,627
Creditors: amounts falling due within one year
19
(14,329,647)
(9,773,564)
Net current assets
2,514,536
2,246,063
Total assets less current liabilities
4,969,584
10,334,169
Creditors: amounts falling due after more than one year
21
(4,036,646)
(4,088,839)
Provisions for liabilities
Deferred tax liability
23
8,883
7,538
(8,883)
(7,538)
Net assets
924,055
6,237,792
Capital and reserves
Called up share capital
25
1,143
1,143
Share premium account
25
477,016
477,016
Profit and loss reserves
445,896
5,759,633
Total equity
924,055
6,237,792
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £5,313,737 (2023 - £4,400,169 loss).
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 M Ransom
Director
Company Registration No. 06898873
QUINT GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 April 2022
1,143
477,016
238,558
8,507,755
9,224,472
637,014
9,861,486
Year ended 31 March 2023:
Loss for the year
-
-
-
(1,257,695)
(1,257,695)
9,422
(1,248,273)
Other comprehensive income:
Currency translation differences
-
-
-
(49,834)
(49,834)
-
(49,834)
Total comprehensive income
-
-
-
(1,307,529)
(1,307,529)
9,422
(1,298,107)
Dividends
11
-
-
-
(1,852,554)
(1,852,554)
-
(1,852,554)
Balance at 31 March 2023
1,143
477,016
238,558
5,347,672
6,064,389
646,436
6,710,825
Year ended 31 March 2024:
Loss for the year
-
-
-
(1,707,180)
(1,707,180)
356,866
(1,350,314)
Other comprehensive income:
Currency translation differences
-
-
-
51,772
51,772
-
51,772
Total comprehensive income
-
-
-
(1,655,408)
(1,655,408)
356,866
(1,298,542)
Balance at 31 March 2024
1,143
477,016
238,558
3,692,264
4,408,981
1,003,302
5,412,283
QUINT GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
1,143
477,016
12,012,357
12,490,516
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(4,400,170)
(4,400,170)
Dividends
11
-
-
(1,852,554)
(1,852,554)
Balance at 31 March 2023
1,143
477,016
5,759,633
6,237,792
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
(5,313,737)
(5,313,737)
Balance at 31 March 2024
1,143
477,016
445,896
924,055
QUINT GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
4,122,755
1,698,538
Interest paid
(858,336)
(439,735)
Income taxes refunded
23,140
627,026
Net cash inflow from operating activities
3,287,559
1,885,829
Investing activities
Purchase of intangible assets
(3,536,536)
(3,230,059)
Purchase of tangible fixed assets
(62,793)
(113,761)
Drawdown/(Repayment) of other investing activities
(7,372)
112,940
Interest received
75,000
37,509
Net cash used in investing activities
(3,531,701)
(3,193,371)
Financing activities
Drawdown/(Repayment) of bank loans
(190,575)
193,045
Drawdown/(Payment) of finance leases obligations
(44,841)
133,972
Dividends paid to equity shareholders
(1,852,554)
Net cash used in financing activities
(235,416)
(1,525,537)
Net decrease in cash and cash equivalents
(479,558)
(2,833,079)
Cash and cash equivalents at beginning of year
1,002,873
3,880,639
Effect of foreign exchange rates
52,265
(44,687)
Cash and cash equivalents at end of year
575,580
1,002,873
Relating to:
Cash at bank and in hand
575,594
1,002,873
Bank overdrafts included in creditors payable within one year
(14)
-
QUINT GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
33
(3,132,196)
2,645,399
Interest paid
(820,816)
(392,281)
Income taxes (paid)/refunded
-
938,460
Net cash (outflow)/inflow from operating activities
(3,953,012)
3,191,578
Investing activities
Purchase of intangible assets
(3,230,059)
Proceeds on disposal of intangibles
3,748,096
Purchase of tangible fixed assets
(19,968)
(39,616)
Drawdown/(Repayment) of other investing activities
(7,372)
119,239
Interest received
75,000
37,509
Net cash generated from/(used in) investing activities
3,795,756
(3,112,927)
Financing activities
Drawdown/(Repayment) of bank loans
-
372,705
Increase/(Payment) of finance leases obligations
(44,841)
133,972
Dividends paid to equity shareholders
-
(1,852,554)
Net cash used in financing activities
(44,841)
(1,345,877)
Net decrease in cash and cash equivalents
(202,097)
(1,267,226)
Cash and cash equivalents at beginning of year
210,902
1,478,128
Cash and cash equivalents at end of year
8,805
210,902
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
1
Accounting policies
Company information
Quint Group Limited (“the company”) is a 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 Group Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The consolidated financial statements incorporate those of Quint Group Limited and all of its subsidiaries (ie 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.
1.3
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.
1.4
Turnover
Turnover represents amounts received for financial intermediary services recognised at a point when end users take out a product with lenders.
1.5
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.
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.6
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.
1.7
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
Computer equipment
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.
1.8
Fixed asset investments
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
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.
1.9
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.
Recoverable amount is the higher of fair value less costs to sell and value in use.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets.
1.11
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.
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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, 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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. 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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.15
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.
1.16
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.
2
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.
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
30,488,923
29,537,909
2024
2023
£
£
Other revenue
Interest income
75,000
37,509
2024
2023
£
£
Turnover analysed by geographical market
UK
21,046,067
21,465,550
Non UK
9,442,856
8,072,359
30,488,923
29,537,909
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
4
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
110,696
103,642
Depreciation of tangible fixed assets held under finance leases
21,800
21,800
Amortisation of intangible assets
1,457,287
1,183,587
Impairment of intangible assets
721,320
537,840
Operating lease charges
455,842
502,472
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
40,000
30,000
Audit of the financial statements of the company's subsidiaries
125,000
100,000
165,000
130,000
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
103
106
33
34
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,602,341
5,572,344
2,369,005
2,589,556
Social security costs
444,774
539,385
245,187
314,894
Pension costs
295,607
268,435
281,256
241,256
6,342,722
6,380,164
2,895,448
3,145,706
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
259,663
322,558
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
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
37,509
Other interest income
75,000
-
Total income
75,000
37,509
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
37,509
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
442,094
387,740
Interest payable to group undertakings
395,183
41,666
837,277
429,406
Other finance costs:
Other interest
21,059
10,329
Total finance costs
858,336
439,735
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(385,769)
(969,494)
Adjustments in respect of prior periods
76,240
Total current tax
(309,529)
(969,494)
Deferred tax
Origination and reversal of timing differences
18,854
(320,615)
Total tax credit
(290,675)
(1,290,109)
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
(1,640,989)
(2,538,382)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(410,247)
(482,293)
Tax effect of expenses that are not deductible in determining taxable profit
299,761
111,414
Unutilised tax losses carried forward
59,212
19,730
Adjustments in respect of prior years
24,248
Group relief
173,329
(18,550)
Depreciation on assets not qualifying for tax allowances
15,280
(1,668)
Amortisation on assets not qualifying for tax allowances
364,322
224,882
Research and development tax credit
(309,529)
(1,069,814)
Effect of overseas tax rates
(144,693)
246,805
Other tax adjustments
18,854
(320,615)
Research and development tax relief
(381,212)
Taxation credit
(290,675)
(1,290,109)
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
1,852,554
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
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
13
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.
13
Intangible fixed assets
Group
Development Costs
Domain names
Total
£
£
£
Cost
At 1 April 2023
12,037,090
107,908
12,144,998
Additions
3,536,536
3,536,536
Disposals
(1,303,008)
(1,303,008)
At 31 March 2024
14,270,618
107,908
14,378,526
Amortisation and impairment
At 1 April 2023
4,829,799
4,829,799
Amortisation charged for the year
1,457,287
1,457,287
Impairment losses
721,320
721,320
Disposals
(1,303,008)
(1,303,008)
At 31 March 2024
5,705,398
5,705,398
Carrying amount
At 31 March 2024
8,565,220
107,908
8,673,128
At 31 March 2023
7,207,291
107,908
7,315,199
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Intangible fixed assets
(Continued)
- 24 -
Company
Development Costs
Domain names
Total
£
£
£
Cost
At 1 April 2023
10,729,131
102,599
10,831,730
Transfers
(6,284,655)
(6,284,655)
At 31 March 2024
4,444,476
102,599
4,547,075
Amortisation and impairment
At 1 April 2023
3,521,840
3,521,840
Amortisation charged for the year
1,103,633
1,103,633
Impairment losses
721,320
721,320
Transfers
(2,536,559)
(2,536,559)
At 31 March 2024
2,810,234
2,810,234
Carrying amount
At 31 March 2024
1,634,242
102,599
1,736,841
At 31 March 2023
7,207,291
102,599
7,309,890
More information on impairment movements in the year is given in note 12.
At the year end, management have re-allocated intangible fixed asset development costs from the parent company (Quint Group Ltd) to Monevo Ltd, Credit Intelligence Ltd and Infinian Data Solutions Ltd at written down value as at 31 March 2024.
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
14
Tangible fixed assets
Group
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
1,045,556
8,493
1,054,049
Additions
62,793
62,793
Disposals
(1,390)
(1,390)
Exchange adjustments
(805)
(805)
At 31 March 2024
1,106,154
8,493
1,114,647
Depreciation and impairment
At 1 April 2023
533,441
2,757
536,198
Depreciation charged in the year
129,665
2,831
132,496
Eliminated in respect of disposals
(1,390)
(1,390)
Exchange adjustments
(312)
(312)
At 31 March 2024
661,404
5,588
666,992
Carrying amount
At 31 March 2024
444,750
2,905
447,655
At 31 March 2023
512,115
5,736
517,851
Company
Fixtures, fittings & equipment
£
Cost
At 1 April 2023
613,753
Additions
19,968
At 31 March 2024
633,721
Depreciation and impairment
At 1 April 2023
188,237
Depreciation charged in the year
79,977
At 31 March 2024
268,214
Carrying amount
At 31 March 2024
365,507
At 31 March 2023
425,516
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Tangible fixed assets
(Continued)
- 26 -
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
152,600
174,400
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
352,700
352,700
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
352,700
Carrying amount
At 31 March 2024
352,700
At 31 March 2023
352,700
16
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 Intelligence Limited
UK
Ordinary
100.00
-
Infinian Data Solutions Limited
UK
Ordinary
100.00
-
Credit Technologies Limited
UK
Ordinary
100.00
-
Insurio Limited
UK
Ordinary
100.00
-
Monevo Incorporated
USA
Ordinary
-
70.00
Monevo Limited
UK
Ordinary
70.00
-
Monevo PTY Limited
AUS
Ordinary
-
70.00
Credit Builder Loans Limited
UK
Ordinary
100.00
-
Monevo Technology Limited
UK
Ordinary
-
70.00
Credit Angel Limited
UK
Ordinary
100.00
-
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Subsidiaries
(Continued)
- 27 -
During the year 31 March 2024, Monevo Sp.Zo.o (Poland company), which was a subsidiary of the company with an indirect holding of 70.00%, was dissolved.
All of the above subsidiary undertakings are included in these consolidated financial statements.
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
6,840,983
6,003,759
14,897,534
10,371,821
Carrying amount of financial liabilities
Measured at amortised cost
14,994,516
11,304,030
18,236,688
13,786,501
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,218,969
1,603,147
16,416
Corporation tax recoverable
1,379,343
1,069,814
993,574
1,069,814
Amounts owed by group undertakings
3,059,236
3,021,710
13,354,192
9,005,986
Other debtors
1,589,322
1,416,434
1,559,243
1,372,422
Prepayments and accrued income
2,492,332
1,970,738
794,599
210,317
10,739,202
9,081,843
16,701,608
11,674,955
Amounts falling due after more than one year:
Deferred tax asset (note 23)
356,967
370,776
133,770
133,770
Total debtors
11,096,169
9,452,619
16,835,378
11,808,725
Amounts owed by group undertakings relate to balances with connected companies outside of the group.
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
194,603
185,059
Obligations under finance leases
22
52,485
45,133
52,485
45,133
Trade creditors
4,078,079
2,590,467
336,517
159,451
Amounts owed to group undertakings
3,604,527
1,192,796
12,898,659
8,482,944
Corporation tax payable
66,642
43,501
Other taxation and social security
295,003
211,128
129,605
75,902
Other creditors
459,326
477,226
457,160
473,059
Accruals and deferred income
2,539,194
2,494,749
455,221
537,075
11,289,859
7,240,059
14,329,647
9,773,564
The group's bank loans has fixed and floating charges over the group assets.
Amounts owed to group undertakings relate to balances with connected companies outside of the group.
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
4,224,245
4,414,820
4,000,000
4,000,000
Bank overdrafts
14
4,224,259
4,414,820
4,000,000
4,000,000
Payable within one year
194,603
185,059
Payable after one year
4,029,656
4,229,761
4,000,000
4,000,000
The bank holds fixed and floating charges over the company's property and undertakings.
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
4,029,656
4,229,761
4,000,000
4,000,000
Obligations under finance leases
22
36,646
88,839
36,646
88,839
4,066,302
4,318,600
4,036,646
4,088,839
The group's bank loans has fixed and floating charges over the group assets.
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
45,133
172,295
52,485
172,295
In two to five years
88,839
-
36,646
-
89,131
172,295
89,131
172,295
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.
23
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
19,058
-
-
Tax losses
-
-
356,967
370,776
24,102
19,058
356,967
370,776
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
8,883
7,538
-
-
Tax losses
-
-
133,770
133,770
8,883
7,538
133,770
133,770
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 April 2023
(351,718)
(126,232)
Charge to profit or loss
18,853
1,345
Asset at 31 March 2024
(332,865)
(124,887)
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
23
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.
The deferred Assets shown above represent Group losses available for offset against future profits.
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
295,607
268,435
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.
25
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Authorised
128,139 Ordinary Shares of 0.892p each
1,143
1,143
26
Share premium account
The share premium account represents the excess over the nominal value of the shares which was paid. As at the balance sheet date the share premium was unpaid.
Non-controlling interests
The non-controlling interest relates to the 30% sale of the Monevo group to TransUnion.
The profit attributable to the non-controlling interest is in relation to the profits in the Monevo group.
The loss attributable to the owners of the parent company has arisen due to the wider group (outside of the Monevo group) being loss making and these losses aren't attributable to the non-controlling interest.
27
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
346,035
358,795
141,128
141,128
Between two and five years
310,849
745,994
131,328
282,257
656,884
1,104,789
272,456
423,385
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
28
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
Provision of services during the year
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
250,000
250,000
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 the group
3,351,920
1,189,875
Entities with control, joint control or significant influence over subsidiaries in the group
375,050
556,495
Other related parties
2,290
2,290
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
3,832,337
3,771,078
Other information
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.
There were no other related party transactions which require disclosure.
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
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
Directors' transactions
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors
1,430
17,721
(10,350)
8,801
1,430
17,721
(10,350)
8,801
31
Controlling party
The parent company is Quint Holdings Limited, a company registered in England and Wales (company number 08483809, same registered office). Quint Group Limited is consolidated into Quint Holdings Limited publicly available accounts which are available from the Registrar of Companies.
The Ultimate Controlling Party is Gregory Cox.
32
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(1,350,314)
(1,248,273)
Adjustments for:
Taxation credited
(290,675)
(1,290,109)
Finance costs
858,336
439,735
Investment income
(75,000)
(37,509)
Amortisation and impairment of intangible assets
2,178,607
1,721,427
Depreciation and impairment of tangible fixed assets
132,496
125,442
Movements in working capital:
(Increase)/decrease in debtors
(1,340,458)
286,246
Increase in creditors
4,009,763
1,701,579
Cash generated from operations
4,122,755
1,698,538
QUINT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
33
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Loss after taxation
(5,313,737)
(4,400,170)
Adjustments for:
Taxation charged/(credited)
77,585
(1,343,397)
Finance costs
820,816
392,281
Investment income
(75,000)
(37,509)
Amortisation and impairment of intangible assets
1,824,953
1,566,068
Depreciation and impairment of tangible fixed assets
79,977
77,959
Movements in working capital:
(Increase)/decrease in debtors
(5,095,521)
475,661
Increase in creditors
4,548,731
5,914,506
Cash (absorbed by)/generated from operations
(3,132,196)
2,645,399
34
Analysis of changes in net debt - group
1 April 2023
Cash flows
Exchange rate movements
31 March 2024
£
£
£
£
Cash at bank and in hand
1,002,873
(479,651)
52,372
575,594
Bank overdrafts
(14)
-
(14)
1,002,873
(479,665)
52,372
575,580
Borrowings excluding overdrafts
(4,414,820)
190,575
-
(4,224,245)
Obligations under finance leases
(133,972)
44,841
-
(89,131)
(3,545,919)
(244,249)
52,372
(3,737,796)
35
Analysis of changes in net debt - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
210,902
(202,097)
8,805
Borrowings excluding overdrafts
(4,000,000)
-
(4,000,000)
Obligations under finance leases
(133,972)
44,841
(89,131)
(3,923,070)
(157,256)
(4,080,326)
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