Company registration number 13272978 (England and Wales)
TIGERBOND HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
TIGERBOND HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Ms E Brown
Mr C Gilmour
Ms R Gladwin
Ms J Spence
Ms L Woods
Mrs L Mitchell
Company number
13272978
Registered office
4 Great James Street
Holborn
London
WC1N 3DB
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
TIGERBOND HOLDINGS 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
Notes to the financial statements
15 - 31
TIGERBOND HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -
The directors present the strategic report for the year ended 31 July 2024.
Review of the business
Tigerbond is an award-winning PR, Social and Digital agency headquartered in London with offices rooted in the regions of the UK and coast to coast in Canada.
For the year ended 31 July 2024, the group recorded revenue of £8.76m (2023 - £9.99m), gross profit of £3.8m (2023 - £4.3m) and a gross margin of 43.7% (2023 – 43.2%) reflecting continued work to re-focus the agency’s value proposition amidst a challenging economic time for the marketing and communications sector and set it up for long term growth and success.
At the period end, the group maintained net assets of £2.04m (2023 - £2.2m) and held strong cash reserves.
Key performance indicators
Our key performance indicators are revenue and gross profit as noted above.
Principal risks and uncertainties
The group is exposed to various risks arising from its operations. The directors have policies in place to ensure such risks are managed.
Credit and forex risk
The group is subject to moderate foreign exchange risk through its Canadian subsidiary with transactions in both Canadian $ and GBP £ which are managed closely with reference to rate movements. The group’s credit risk relates to its receivables ledger and is managed through credit approval of new clients, adjustment of terms to reflect client risk and diligent credit control.
Liquidity risk
Financial risk management objectives are to ensure there is sufficient working capital and cash flow to meet the operating needs of the group and to ensure there is sufficient support for its growth strategy. This is achieved through careful management of our cash resources and obtaining bank funding where necessary. The group also maintains a low gearing position and is thus exposed to minimal interest rate risk. No Treasury transactions or derivatives are entered into.
General economic concerns
While there are green shoots of recovery for our sector, the challenging economic climate in general continues to present barriers to investment from key client industries with budgets reduced, price challenged and decisions delayed. Staying true to where we win while delivering client value across the integrated marketing mix has allowed us to hold our own without compromising our margin.
People risk
As a service based business, the directors continue to invest in our talented workforce in recognition that our people are our most important asset. We have built on the strong foundations laid in the previous two financial years to ensure we remain a dynamic, attractive employer, relaunching our benefits, rewards and wellness package to attract and retain best in class talent. This is an ongoing strategy that will be maintained and strengthened over time.
Future outlook
Despite the challenges facing every agency in our sector, we are confident that our growth strategy is the right one. With a laser like focus on our value proposition and how we win, we are playing to our strengths and genuine USPs to continue to build our long-term core client base, drive innovation and set ourselves up for profitable growth and success. After a few years of working hard on the business behind the scenes, we’re ready for aggressive growth as we re-launch our brand and embark on a strategic marketing plan of our own. The future is bright.
TIGERBOND HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Ms L Woods
Director
31 January 2025
TIGERBOND HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company and group was that of the provision of integrated marketing and communication services.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms E Brown
Mr C Gilmour
Ms R Gladwin
Ms J Spence
Ms L Woods
Mrs L Mitchell
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
The directors have truechosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management and exposure to risks and uncertainties.
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
Ms L Woods
Director
31 January 2025
TIGERBOND HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 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.
TIGERBOND HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TIGERBOND HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of Tigerbond Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 July 2024 and of the group's loss for the period 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 period 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.
TIGERBOND HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TIGERBOND HOLDINGS 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.
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.
TIGERBOND HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TIGERBOND HOLDINGS LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Alan Brown
For and on behalf of Azets Audit Services
10 February 2025
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
TIGERBOND HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
8,757,961
9,994,288
Cost of sales
(4,928,623)
(5,676,040)
Gross profit
3,829,338
4,318,248
Administrative expenses
(3,372,654)
(2,771,672)
Other operating income
94,470
117,707
Operating profit
4
551,154
1,664,283
Interest receivable and similar income
7
44,099
10,796
Interest payable and similar expenses
8
(386,101)
(400,674)
Profit before taxation
209,152
1,274,405
Tax on profit
9
(300,890)
(488,115)
(Loss)/profit for the financial year
21
(91,738)
786,290
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(128,203)
638,295
- Non-controlling interests
36,465
147,995
(91,738)
786,290
TIGERBOND HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
2023
£
£
(Loss)/profit for the year
(91,738)
786,290
Other comprehensive income
Currency translation loss taken to retained earnings
(22,302)
(38,306)
Total comprehensive income for the year
(114,040)
747,984
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(144,929)
610,528
- Non-controlling interests
30,889
137,456
(114,040)
747,984
TIGERBOND HOLDINGS LIMITED
GROUP BALANCE SHEET
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
3,914,634
4,487,508
Tangible assets
11
2,532,794
2,595,621
6,447,428
7,083,129
Current assets
Debtors
14
1,322,080
1,354,487
Cash at bank and in hand
2,886,740
2,903,878
4,208,820
4,258,365
Creditors: amounts falling due within one year
15
(1,471,411)
(1,618,773)
Net current assets
2,737,409
2,639,592
Total assets less current liabilities
9,184,837
9,722,721
Creditors: amounts falling due after more than one year
16
(6,862,570)
(7,229,941)
Provisions for liabilities
Deferred tax liability
18
278,787
284,916
(278,787)
(284,916)
Net assets
2,043,480
2,207,864
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
21
1,738,040
1,882,969
Equity attributable to owners of the parent company
1,738,140
1,883,069
Non-controlling interests
305,340
324,795
2,043,480
2,207,864
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
31 January 2025
Ms L Woods
Director
Company registration number 13272978 (England and Wales)
TIGERBOND HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
8,776,078
8,776,078
Current assets
Cash at bank and in hand
42,338
49,459
Creditors: amounts falling due within one year
15
(373,198)
(384,521)
Net current liabilities
(330,860)
(335,062)
Total assets less current liabilities
8,445,218
8,441,016
Creditors: amounts falling due after more than one year
16
(6,854,237)
(7,211,608)
Net assets
1,590,981
1,229,408
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
21
1,590,881
1,229,308
Total equity
1,590,981
1,229,408
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 £361,573 (2023 - £544,598 profit).
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
31 January 2025
Ms L Woods
Director
Company registration number 13272978 (England and Wales)
TIGERBOND HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 August 2022
100
1,272,441
1,272,541
252,753
1,525,294
Year ended 31 July 2023:
Profit for the year
-
638,295
638,295
147,995
786,290
Other comprehensive income:
Currency translation differences
-
(38,306)
(38,306)
-
(38,306)
Amounts attributable to non-controlling interests
-
10,539
10,539
(10,539)
-
Total comprehensive income
-
610,528
610,528
137,456
747,984
Dividends
-
-
-
(65,414)
(65,414)
Balance at 31 July 2023
100
1,882,969
1,883,069
324,795
2,207,864
Year ended 31 July 2024:
Loss for the year
-
(128,203)
(128,203)
36,465
(91,738)
Other comprehensive income:
Currency translation differences
-
(22,302)
(22,302)
-
(22,302)
Amounts attributable to non-controlling interests
-
5,576
5,576
(5,576)
-
Total comprehensive income
-
(144,929)
(144,929)
30,889
(114,040)
Dividends
-
-
-
(50,344)
(50,344)
Balance at 31 July 2024
100
1,738,040
1,738,140
305,340
2,043,480
TIGERBOND HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 August 2022
100
684,710
684,810
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
544,598
544,598
Balance at 31 July 2023
100
1,229,308
1,229,408
Year ended 31 July 2024:
Profit and total comprehensive income
-
361,573
361,573
Balance at 31 July 2024
100
1,590,881
1,590,981
TIGERBOND HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,349,682
2,441,111
Interest paid
(595)
(1,073)
Income taxes paid
(525,604)
(618,644)
Net cash inflow from operating activities
823,483
1,821,394
Investing activities
Purchase of tangible fixed assets
(35,379)
(59,475)
Proceeds from disposal of tangible fixed assets
1,035
20,093
Payments of deferred consideration
(750,000)
(950,000)
Interest received
44,099
10,796
Net cash used in investing activities
(740,245)
(978,586)
Financing activities
Repayment of bank loans
(27,730)
(50,487)
Dividends paid to non-controlling interests
(50,344)
(65,414)
Net cash used in financing activities
(78,074)
(115,901)
Net increase in cash and cash equivalents
5,164
726,907
Cash and cash equivalents at beginning of year
2,903,878
2,215,277
Effect of foreign exchange rates
(22,302)
(38,306)
Cash and cash equivalents at end of year
2,886,740
2,903,878
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
1
Accounting policies
Company information
Tigerbond Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4 Great James Street, Holborn, London, WC1N 3DB.
The group consists of Tigerbond Holdings 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.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Tigerbond Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
In satisfaction of this responsibility, they have reviewed the current and future financial position of the group and its ability to meet its liabilities as they fall due. This assessment considers the group's principal risks and uncertainties, its level of resources and future anticipated profit forecasts.
Following their review, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.
As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for integrated marketing and communication services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover is recognised when the service is provided with a deferment or accrual of income where appropriate to reflect this.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
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:
Freehold land and buildings
1% straight line
Leasehold land and buildings
10% reducing balance
Fixtures and fittings
20% reducing balance & 20% straight line
Motor vehicles
25% reducing balance
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
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
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.
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 20 -
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
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.
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 21 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.17
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.
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
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.
Critical estimates and judgements
The following estimates and judgements have had the most significant effect on amounts recognised in the financial statements.
Revenue
Recognised amounts of revenues and related accrued or deferred income reflect management’s best estimate of each project's outcome and stage of completion. Estimates of revenues or stage of completion are revised as circumstances change. Any resulting increases or decreases in estimates are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management
Business combinations
There were various estimates and judgements applied in the acquisition of Tigerbond Group Limited in prior years. These included:
The estimate of fair values of certain assets and liabilities acquired in the business combination.
The effective discount rate applied to expected future payments to determine the value of deferred consideration.
The useful life of goodwill.
Fair values of assets & liabilities acquired in business combinations were assessed by Management based on their knowledge of the industry and physical conditions of the assets acquired.
The business combination consisted of deferred consideration. On initial recognition, deferred consideration provided on an interest free or below market rate basis is required to be booked at fair value. As there was no active market, the fair value was estimated by Management by discounting the amounts payable to the present value using a market rate for a similar instrument.
Management assessed the useful life of goodwill arising on the business combination and are amortising the goodwill over this period. Based on knowledge of the industry, management assessed this as being 10 years.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
UK
6,754,331
7,589,284
Canada
2,003,630
2,405,004
8,757,961
9,994,288
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3
Turnover and other revenue
(Continued)
- 23 -
2024
2023
£
£
Other revenue
Interest income
44,099
10,796
All turnover relates to marketing and communication services provided.
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
7,591
19,934
Depreciation of owned tangible fixed assets
74,229
64,927
Loss/(profit) on disposal of tangible fixed assets
22,942
(8,341)
Amortisation of intangible assets
572,874
572,874
Operating lease charges
198,450
218,860
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
12,500
11,300
Audit of the financial statements of the company's subsidiaries
24,000
23,200
36,500
34,500
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
Directors
6
6
6
6
Marketing consultants
80
79
-
-
Head office
10
10
-
-
Total
96
95
6
6
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
6
Employees
(Continued)
- 24 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,433,541
4,275,117
Social security costs
385,905
390,785
-
-
Pension costs
156,627
158,962
4,976,073
4,824,864
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
44,099
10,796
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
722
Other interest on financial liabilities
385,506
399,061
Interest on finance leases and hire purchase contracts
595
891
Total finance costs
386,101
400,674
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
306,985
493,742
Adjustments in respect of prior periods
34
(138)
Total current tax
307,019
493,604
Deferred tax
Origination and reversal of timing differences
(6,129)
(5,489)
Total tax charge
300,890
488,115
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
9
Taxation
(Continued)
- 25 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
209,152
1,274,405
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
52,288
267,625
Tax effect of expenses that are not deductible in determining taxable profit
242,207
206,786
Adjustments in respect of prior years
32
153
Permanent capital allowances in excess of depreciation
5,564
4,218
Tax at marginal rate
(268)
Remeasurement of deferred tax for change in tax rates
28
Remeasurement of overseas tax rate
1,067
9,305
Taxation charge
300,890
488,115
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
5,728,735
Amortisation and impairment
At 1 August 2023
1,241,227
Amortisation charged for the year
572,874
At 31 July 2024
1,814,101
Carrying amount
At 31 July 2024
3,914,634
At 31 July 2023
4,487,508
The company had no intangible fixed assets at 31 July 2024 or 31 July 2023.
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
2,465,203
51,973
134,745
47,295
2,699,216
Additions
35,379
35,379
Disposals
(14,667)
(28,552)
(11,245)
(54,464)
Exchange adjustments
(2,040)
(2,040)
At 31 July 2024
2,465,203
37,306
139,532
36,050
2,678,091
Depreciation and impairment
At 1 August 2023
55,956
9,874
30,232
7,533
103,595
Depreciation charged in the year
27,061
6,740
31,416
9,012
74,229
Eliminated in respect of disposals
(8,353)
(15,435)
(7,532)
(31,320)
Exchange adjustments
(1,207)
(1,207)
At 31 July 2024
83,017
8,261
45,006
9,013
145,297
Carrying amount
At 31 July 2024
2,382,186
29,045
94,526
27,037
2,532,794
At 31 July 2023
2,409,247
42,099
104,513
39,762
2,595,621
The company had no tangible fixed assets at 31 July 2024 or 31 July 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
8,776,078
8,776,078
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
8,776,078
Carrying amount
At 31 July 2024
8,776,078
At 31 July 2023
8,776,078
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
13
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Tigerbond Group Limited
18 Glasgow Road, Uddingston, Glasgow, G71 7AS
Ordinary
95.00
-
Tartanbond Communications Limited
248 Fort Street, Victoria, BC, Canada
Ordinary
-
75.00
Tigerbond Ireland Limited
River House, 48-60 High Street, Belfast, BT1 2BE
Ordinary
-
70.00
Tigerbond Communications Partnership LLP
4 Great James Street, Holborn, London, WC1N 3DB
Member
50.00
50.00
All of the following subsidiaries were dissolved during the year.
Tigerbond Media Limited Dissolved 1 August 2023
Tigerbond New Media Limited Dissolved 1 August 2023
Beattie Communications Limited Dissolved 1 August 2023
Eleventen Limited Dissolved 15 August 2023
Eleventen Direct Limited Dissolved 15 August 2023
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
984,635
1,154,795
Corporation tax recoverable
75,867
Other debtors
3,750
3,750
Prepayments and accrued income
257,828
195,942
1,322,080
1,354,487
-
-
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
10,000
27,730
Trade creditors
242,981
225,888
20
20
Amounts owed to group undertakings
6,500
5,950
Corporation tax payable
99,973
242,691
Other taxation and social security
305,162
353,410
-
-
Other creditors
417,429
430,710
366,678
373,801
Accruals and deferred income
395,866
338,344
4,750
1,471,411
1,618,773
373,198
384,521
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
8,333
18,333
Other creditors
6,854,237
7,211,608
6,854,237
7,211,608
6,862,570
7,229,941
6,854,237
7,211,608
Other creditors relates to deferred consideration in respect of the acquisition of Tigerbond Group Limited. Deferred consideration is payable in instalments over a ten year period with a lump sum instalment at the end of that period.
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
18,333
46,063
Payable within one year
10,000
27,730
Payable after one year
8,333
18,333
The bank facilities are secured by a bond and floating charge over the assets of the certain group companies.
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
12,480
15,857
Business combination fair values
266,307
269,059
278,787
284,916
The company has no deferred tax assets or liabilities.
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
18
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
284,916
-
Credit to profit or loss
(6,129)
-
Liability at 31 July 2024
278,787
-
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
156,627
158,962
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.
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
21
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
1,882,969
1,272,441
1,229,308
684,710
Profit/(loss) for the year
(128,203)
638,295
361,573
544,598
Currency translation differences
(22,302)
(38,306)
Amounts attributable to non-controlling interests
5,576
10,539
-
-
At the end of the year
1,738,040
1,882,969
1,590,881
1,229,308
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 30 -
22
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
133,741
124,569
-
-
Between two and five years
78,622
99,834
-
-
212,363
224,403
-
-
23
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
996,034
1,024,701
Other information
Dividends of £50,345 (2023: £65,414) were declared by subsidiary companies in respect of shares held directly by directors in those entities.
24
Cash generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(91,738)
786,290
Adjustments for:
Taxation charged
300,890
488,115
Finance costs
386,101
400,674
Investment income
(44,099)
(10,796)
Loss/(gain) on disposal of tangible fixed assets
22,942
(8,341)
Amortisation and impairment of intangible assets
572,874
572,874
Depreciation and impairment of tangible fixed assets
74,229
64,927
Movements in working capital:
Decrease in debtors
108,274
556,324
Increase/(decrease) in creditors
20,209
(408,956)
Cash generated from operations
1,349,682
2,441,111
TIGERBOND HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 31 -
25
Analysis of changes in net funds - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
2,903,878
(17,138)
2,886,740
Borrowings excluding overdrafts
(46,063)
27,730
(18,333)
2,857,815
10,592
2,868,407
2024-07-312023-08-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Ms E BrownMr C GilmourMs R GladwinMs J SpenceMs L WoodsMrs L 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