Company registration number 11639220 (England and Wales)
RAGLAN HOUSE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
RAGLAN HOUSE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr H Evans
Mr S Howell
Mr D Howell
Mr J Underwood
Mr N D J Samuels
Company number
11639220
Registered office
Hodge House
114 - 116 St Mary Street
Cardiff
United Kingdom
CF10 1DY
Auditor
Azets Audit Services
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
Wales
CF23 8AB
RAGLAN HOUSE HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8
Parent company statement of financial position
9
Group statement of changes in equity
10
Parent company statement of changes in equity
11
Group statement of cash flows
12
Notes to the group financial statements
13 - 30
RAGLAN HOUSE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

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

Principal activities

The Raglan House Holdings Group (‘the group’ or ‘Raglan House’) comprises Raglan House Holdings Limited (the ‘company’) and its subsidiary undertakings.

 

The group’s principal activity is the provision of public relations and marketing services.

 

Results and dividends

The results for the year are set out on page 7.

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:

Mr H Evans
Mr S Howell
Mr D Howell
Ms E A Neagle
(Resigned 20 November 2024)
Mr J Underwood
Mr N D J Samuels
Directors' insurance

As permitted by the Companies Act 2006, Raglan House Holdings Limited has directors’ and officers’ liability insurance.

Supplier payment policy

The group agrees payment terms with its suppliers when it enters into binding purchase contracts. The group seeks to abide by the payment terms agreed with suppliers whenever it is satisfied that the supplier has provided the goods or services in accordance with the agreed terms and conditions. The group seeks to treat all of its suppliers fairly. At the end of the financial year, creditor days based on undisputed balances were 45 for the group (2023: 26).

 

 

Political donations

During the period, the group did not make any political donations (2023: Nil) and made charitable donations of £1,060 (2023: £1,535). The Political Parties, Elections and Referendums Act 2000 (the ‘Act’) requires disclosure of any donations to an EU political organisation (including a registered political party in the UK) or EU political expenditure in excess of £200. The terms ‘donation’, ‘EU political organisation’ and ‘EU political expenditure’ are given broad definitions by the Act. As part of its normal work on behalf of clients and as part of its own marketing, the group attends and sponsors events that are organised by political parties or other political organisations.

 

Financial instruments

A commentary on the financial instruments held by the group and the group’s exposure to credit, interest rate and liquidity risk is provided in note 16 to the financial statements.

RAGLAN HOUSE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

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 and therefore continue to adopt the going concern basis.

 

In reaching this conclusion, the directors considered the company’s and the group’s recent and forecast financial performance and the arrangements in place with the company’s and the group’s bankers.

On behalf of the board
Mr H Evans
Director
10 March 2025
RAGLAN HOUSE HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom and have also chosen to prepare the parent company financial statements in accordance with Financial Reporting Standard (FRS) 101 'Reduced Disclosure Framework'. 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 company and of the profit or loss of the company for that period.

 

In preparing the group financial statements, International Accounting Standard 1 requires that directors:

 

In preparing the parent company financial statements, the directors are required to:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RAGLAN HOUSE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RAGLAN HOUSE HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Raglan House Holdings Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2024 which comprise the group statement of comprehensive income, the group and parent company statement of financial position, the group and parent company statement of changes in equity, the group statement of cash flows and the group and parent company notes to the financial statements, including significant accounting policies.

 

The financial reporting framework that has been applied in the preparation of the group financial statements is applicable law and UK adopted international accounting standards. The financial reporting framework that has been applied in the preparation of the parent company financial statements is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

RAGLAN HOUSE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAGLAN HOUSE HOLDINGS LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

RAGLAN HOUSE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAGLAN HOUSE HOLDINGS LIMITED
- 6 -

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:

 

 

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.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Howells (Senior Statutory Auditor)
For and on behalf of Azets Holdings Limited
10 April 2025
Chartered Accountants
Statutory Auditor
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
Wales
CF23 8AB
RAGLAN HOUSE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
2024
2023
Notes
£
£
Revenue
4
3,323,130
4,711,100
Cost of sales
(630,962)
(1,328,189)
Gross profit
2,692,168
3,382,911
Administrative expenses
(3,128,060)
(3,154,621)
Operating (loss)/profit
5
(435,892)
228,290
Investment revenues
8
127
2,067
Finance costs
9
(33,765)
(35,101)
(Loss)/profit before taxation
(469,530)
195,256
Income tax expense
10
-
-
(Loss)/profit and total comprehensive income for the year
(469,530)
195,256
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
RAGLAN HOUSE HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024
31 August 2024
- 8 -
2024
2023
Notes
£
£
Non-current assets
Goodwill
12
1,711,752
1,711,752
Intangible assets
12
5,274
11,028
Property, plant and equipment
13
631,399
755,231
2,348,425
2,478,011
Current assets
Trade and other receivables
17
1,055,824
907,577
Cash and cash equivalents
216,556
379,523
1,272,380
1,287,100
Current liabilities
Trade and other payables
18
558,016
404,837
Lease liabilities
20
47,996
48,354
Deferred revenue
21
405,392
184,379
1,011,404
637,570
Net current assets
260,976
649,530
Non-current liabilities
Lease liabilities
20
408,940
457,550
Net assets
2,200,461
2,669,991
Equity
Called up share capital
22
1,592,013
1,592,013
Share premium account
24
281,437
281,437
Retained earnings
327,011
796,541
Total equity
2,200,461
2,669,991

The notes on pages 13 to 30 form part of these group financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 10 March 2025 and are signed on its behalf by:
Mr H Evans
Director
Company registration number 11639220 (England and Wales)
RAGLAN HOUSE HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024
31 August 2024
- 9 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
15
2,481,841
2,481,841
Current assets
Cash and cash equivalents
324
324
Current liabilities
19
(406,503)
(406,503)
Net current liabilities
(406,179)
(406,179)
Total assets less current liabilities
2,075,662
2,075,662
Equity
Called up share capital
23
1,592,013
1,592,013
Share premium account
281,437
281,437
Retained earnings
202,212
202,212
Total equity
2,075,662
2,075,662

The notes on form part of these parent financial statements.

As permitted by trues408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £0 (2023 - £750000 profit).

The financial statements were approved by the board of directors and authorised for issue on 10 March 2025 and are signed on its behalf by:
10 March 2025
Mr H Evans
Director
Company registration number 11639220 (England and Wales)
RAGLAN HOUSE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 September 2022
1,585,818
276,481
966,867
2,829,166
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
195,256
195,256
Transactions with owners:
Issue of share capital
6,195
4,956
-
11,151
Dividends
11
-
-
(365,582)
(365,582)
Balance at 31 August 2023
1,592,013
281,437
796,541
2,669,991
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
(469,530)
(469,530)
Balance at 31 August 2024
1,592,013
281,437
327,011
2,200,461
RAGLAN HOUSE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 September 2022
1,585,818
276,481
(182,207)
1,680,092
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
750,000
750,000
Transactions with owners:
Issue of share capital
23
6,195
4,956
-
11,151
Dividends
-
-
(365,581)
(365,581)
Balance at 31 August 2023
1,592,013
281,437
202,212
2,075,662
Year ended 31 August 2024:
Balance at 31 August 2024
1,592,013
281,437
202,212
2,075,662
RAGLAN HOUSE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(69,234)
455,843
Interest paid
(33,765)
(35,101)
Net cash (outflow)/inflow from operating activities
(102,999)
420,742
Investing activities
Purchase of property, plant and equipment
(11,127)
(198,674)
Proceeds from disposal of property, plant and equipment
-
0
1
Interest received
127
2,067
Net cash used in investing activities
(11,000)
(196,606)
Financing activities
Proceeds from issue of shares
-
0
11,151
Payment of lease liabilities
(48,968)
(57,267)
Dividends paid to equity shareholders
-
0
(365,582)
Net cash used in financing activities
(48,968)
(411,698)
Net decrease in cash and cash equivalents
(162,967)
(187,562)
Cash and cash equivalents at beginning of year
379,523
567,085
Cash and cash equivalents at end of year
216,556
379,523
RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
1
Accounting policies
Company information

Raglan House Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is . The company's principal activities and nature of its operations are disclosed in the directors' report.

 

The group consists of Raglan House Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the group. 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 group financial statements consist of the financial statements of the parent company Raglan House 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 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
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 and therefore continue to adopt the going concern basis.true

 

In reaching this conclusion the directors considered the company’s and the group’s recent and forecast financial performance and the arrangements in place with the company’s and the group’s bankers.

RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Revenue

In line with IFRS 15 Revenue from Contracts with Customers, revenue is recognised for services performed over time based on as a reasonable assessment of the extent to which the performance obligations have been delivered.

 

Revenue comprises professional fees and mark-ups and is stated exclusive of value added tax. The company's revenue relates wholly to the rendering of services and is measured using the stage of completion method. A contract's stage of completion determines the proportion of services delivered (under the contractual terms) and hence the revenue that should be recognised. Specific methods adopted to determine the stage of completion reliably, vary between contracts that involve a significant act of fulfilment and contracts that are earned over a period of time. Where the company is party to a single service contract that takes place over time, revenue is recognised as performance takes place. In this situation costs are measured proportionately to work done and to the total cost of the contract. In some scenarios a contract involves an indeterminate number of acts over a specified time. For practical purposes, revenue is recognised on a straight line basis unless there is evidence that some other method gives a better reflection of the stage of completion at each year end. In such situations, costs are recognised as incurred and neither accrued nor deferred, unless they qualify for recognition as a liability or an asset. Where the company is party to a contract that implies a significant act, revenue is recognised at the time the act has occurred. This arises when recognising revenue relating to an event management day or a conference.

 

Amounts billed to clients in advance are carried in the statement of financial position as deferred income until the related service has been provided or the related cost incurred. Work carried out and costs incurred that are to be marked up and passed on to clients that have yet to be invoiced are included in accrued income.

1.5
Goodwill

Goodwill is stated at cost less accumulated impairment losses. Goodwill acquired in a business combination is allocated from the date of acquisition to the cash generating units (CGUs) that are expected to benefit from the synergies of the combination. In the event of the subsequent reorganisation of the cash generating units to which it has been allocated, goodwill is correspondingly reallocated. Cash generating units to which goodwill has been allocated are tested for impairment annually and whenever there is an indication that the unit may be impaired. An impairment review consists of comparing the carrying value of a cash generating unit to its value in use representative of the fair value of its trade and assets. The carrying value of a cash generating unit includes all of its operating assets and goodwill and its corresponding value in use is the present value of the future cash flows it is expected to generate from those assets. If the carrying amount of a cash generating unit exceeds its value in use an impairment loss is recognised, firstly, by reducing the carrying amount of goodwill, and then by reducing the carrying value of the other assets of the cash generating unit on a pro rata basis. Impairment losses are recognised in the statement of comprehensive income. Impairments of goodwill are not subsequently reversed.

1.6
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

 

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:

 

RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
1.7
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Leasehold land and buildings
20% straight line
Fixtures and fittings
10% - 25% reducing balance or on a straight-line basis over the lease period where applicable

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 income statement.

1.8
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and 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.

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 tangible and intangible assets

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

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -

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.

 

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 include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial assets

Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the group’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The parent company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

 

For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

 

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.12
Financial liabilities

The group recognises financial debt when the group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.

1.13
Equity instruments

Equity instruments issued by the parent company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer payable at the discretion of the company.

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 inventories or non-current 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 group 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

At inception, the group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the group is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the group's estimate of the amount expected to be payable under a residual value guarantee; or the group's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 19 -

The group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.17

Operating Segments

IFRS 8 requires that segmental information be disclosed on the basis of information reported to the chief operating decision maker. The group considers that the role of chief operating decision maker is performed by the group's board of directors. IAS 14 required segmental information to be reported for business segments and geographical segments based on assets and operations that provide products and services subject to different risks and returns.

Although the group has within it different entities located around the United Kingdom operating as wholly-owned subsidiaries, their primary activities materially focus on the provision of public relations and marketing services. It is on this basis the directors consider the group to be one business segment assessable only by its performance as a whole and for the purpose of making decisions about its resources.

2
Adoption of new and revised standards and changes in accounting policies

Adoption of standards effective in 2023-24

 

There have been no standards, amendments, and interpretations to IFRSs that were effective for the first time in the current accounting period and have been adopted.

 

Standards and Interpretations issued but not yet effective

 

There are no standards, amendments and interpretations that have been issued but are not yet effective that are anticipated to have a material impact on the financial statements in the future.

3
Critical accounting estimates and judgements

In the application of the company’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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

 

• the recognition of revenue in relation to contracts which straddle the year end; and

• the valuation of goodwill, investments and other intangible assets

 

These estimates are discussed in more detail both above and in the relevant notes to the financial statements.

4
Revenue
2024
2023
£
£
Revenue analysed by class of business
Provision of services
3,323,130
4,711,100
RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
5
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Depreciation of property, plant and equipment
134,959
139,868
(Profit)/loss on disposal of property, plant and equipment
-
787
Amortisation of intangible assets (included within administrative expenses)
5,754
5,754
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
25,500
18,000
Audit of the financial statements of the company's subsidiaries
-
7,500
25,500
25,500
For other services
Tax services
4,125
4,125
7
Employees

The average monthly number of persons (including directors) employed by the group during the year was:

2024
2023
Number
Number
Directors
3
4
Administrative
4
6
Public Relations and Marketing Services
27
32
Total
34
42

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,697,668
1,757,016
Social security costs
178,224
201,309
Pension costs
69,165
137,237
1,945,057
2,095,562
RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
8
Investment income
2024
2023
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
127
2,067
9
Finance costs
2024
2023
£
£
Other interest payable
33,765
35,101
10
Income tax expense
2024
2023
£
£

The charge for the year can be reconciled to the loss per the income statement as follows:

2024
2023
£
£
(Loss)/profit before taxation
(469,530)
195,256
Expected tax (credit)/charge based on a corporation tax rate of 25.00% (2023: 21.52%)
(117,383)
42,019
Effect of expenses not deductible in determining taxable profit
1,468
8,823
Effect of change in UK corporation tax rate
-
7,257
Deferred tax not recognised
115,915
(52,136)
Enhanced capital allowances
-
(5,963)
Taxation charge for the year
-
-
11
Dividends
2024
2023
2024
2023
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Final dividend paid
-
0.02
-
365,582
RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
12
Intangible assets
Goodwill
Internal website
Total
£
£
£
Cost
At 1 September 2022
1,711,752
27,261
1,739,013
At 31 August 2023
1,711,752
27,261
1,739,013
At 31 August 2024
1,711,752
27,261
1,739,013
Amortisation and impairment
At 1 September 2022
-
0
10,479
10,479
Charge for the year
-
0
5,754
5,754
At 31 August 2023
-
0
16,233
16,233
Charge for the year
-
0
5,754
5,754
At 31 August 2024
-
21,987
21,987
Carrying amount
At 31 August 2024
1,711,752
5,274
1,717,026
At 31 August 2023
1,711,752
11,028
1,722,780
RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
12
Intangible assets
(Continued)
- 23 -

The group’s goodwill is classified as having an indefinite useful life. See below notes on measurement of goodwill.

 

All amortisation charges are recognised as expenses in the statement of comprehensive income within administrative expenses. No intangible assets are pledged as security for the group’s liabilities.

 

All intangible fixed assets are held in Freshwater UK Limited.

 

Impairment review

 

Impairment testing of cash generating units to which goodwill has been allocated.

 

The group is run as one cash generating unit. In accordance with the group’s accounting policy, the carrying value of the cash generating unit operating assets including the carrying value of goodwill, has been tested for impairment. This was done by calculating its value in use using certain key assumptions. The key assumptions applied were as follows and were the same as last year:

 

• Future time period - 10 years

• A positive growth rate of 4.0%

• A discount factor of 13.0%

• Use of an EBITDA forecast, adjusted for forecast movements in working capital and capital expenditure as a reasonable estimate for future cash flow

 

Projected EBITDA is calculated based on a 4 year business plan of which the first year is prepared at a detailed level, and growth assumptions based on expected overall sector growth for up to 10 years. A 10 year period is broadly consistent with business life spans quoted by other organisations in the industry in their most recent statutory accounts. Expected future cash flows were based on the group’s budget for the financial year ending 31 August 2025 and an assumption of growth thereafter at 4.0% per annum.

 

The cash generating unit value in use was calculated using average annual discounted cash flows reflective of its cash generation throughout each future financial year and using a pre-tax discount factor of 13.0%.

 

The group’s carrying value of goodwill is unchanged from its carrying value as at 31 August 2024, as the value in use of the cash generating unit exceeds its carrying value by £2.7m.

 

Sensitivity analysis

 

As described above, the test performed did not result in the impairment of goodwill with the estimated recoverable amount exceeding the carrying value.

 

As part of the impairment review management tested the key growth, EBITDA forecast and futire time period assumptions. Management found that if the rate of growth reduced to 1.5% for 5 years based on a reduction of 60% EBITDA forecast, the outcome from the review meant that the company still had headroom of £0.5m.

RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
13
Property, plant and equipment
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2022
830,740
198,021
1,028,761
Additions
-
0
198,674
198,674
Disposals
(278,487)
(22,710)
(301,197)
At 31 August 2023
552,253
373,985
926,238
Additions
-
0
11,127
11,127
At 31 August 2024
552,253
385,112
937,365
Accumulated depreciation and impairment
At 1 September 2022
272,963
58,585
331,548
Charge for the year
65,351
74,517
139,868
Eliminated on disposal
(278,487)
(21,922)
(300,409)
At 31 August 2023
59,827
111,180
171,007
Charge for the year
55,226
79,733
134,959
At 31 August 2024
115,053
190,913
305,966
Carrying amount
At 31 August 2024
437,200
194,199
631,399
At 31 August 2023
492,426
262,805
755,231
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Freshwater UK Limited
Hodge House
114 - 116 St Mary Street
Cardiff
CF10 1DY
United King
Ordinary
100.00
-
Freshwater (UK Regions) Limited
Hodge House
114 - 116 St Mary Street
Cardiff
CF10 1DY
United King
Ordinary
0
100.00
The Waterfront Conference Company Limited
Hodge House
114 - 116 St Mary Street
Cardiff
CF10 1DY
United King
Ordinary
0
100.00
RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
15
Investments
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Investments in subsidiaries
-
0
-
0
2,481,841
2,481,841
Classified as part of a disposal group held for sale
-
-
-
-

The company has not designated any financial assets that are not classified as held for trading as financial assets at fair value through profit or loss.

Fair value of financial assets carried at amortised cost

The directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Investment in subsidiary undertakings

Details of the company's principal operating subsidiaries are included in note14.

Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023 & 31 August 2024
2,481,841
Carrying amount
At 31 August 2024
2,481,841
At 31 August 2023
2,481,841
RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
16
Financial assets and liabilities
The following table analyses the carrying value of financial assets and liabilities in the group's statement of financial position. Further information on the classes that make up each category is provided in the notes indicated. The carrying value of each category is considered a reasonable approximation of its fair value. All amounts are due within one year.
2024
2023
£
£
Trade receivables
714,161
608,240
Other receivables and prepayments
309,788
299,340
Cash and cash equivalents
216,556
379,523
Total financial assets
1,240,505
1,287,103
Trade payables
202,299
131,533
Other payables and accrued expenses
146,214
273,306
Financial liabilities at amortised cost
348,513
404,839
Total financial liabilities
348,513
404,839
The group  faces credit risk and liquidity risk as a result of its financial assets and liabilities. There have been no significant changes in the risks, the objectives, processes and policies for managing the risks or the methods used to measure the risks since the last financial year.
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The group faces credit risk as a result of offering credit terms to its customers. The group also faces credit risk as a result of advancing funds to other group members and as a result of holding cash and cash equivalents with financial institutions. The group seeks to mitigate the risk that arises from offering credit terms by performing credit checks before terms are advanced and thereafter actively monitoring amounts receivable and denying additional credit when appropriate.  The risk that arises as a result of holding cash and cash equivalents with financial institutions is mitigated by the company holding the majority of such amounts with a recognised UK high street bank. The group's maximum exposure to credit risk is equal to the value of loans and receivables.
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The group's financial liabilities include its trade and other payables. Within the  group the responsibility for monitoring liquidity risk and for ensuring that group members are adequately funded has been centralised and lies with Raglan House Holdings Limited, which leads all capital raising activities.
RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
17
Trade and other receivables
Current
2024
2023
£
£
Trade receivables
714,161
608,240
714,161
608,240
VAT recoverable
31,875
-
Other receivables
36
4,100
Prepayments and accrued income
309,752
295,237
1,055,824
907,577

None of the balances bear interest. An aged analysis of unimpaired trade receivables is provided below. An amount is considered past due if the counterparty has failed to make payment when contractually due. All other receivables are due within one year.

Not past
Past due but not impaired
due or
30-60
60-90
Total
impaired
< 30 days
days
days
> 90 days
£
£
£
£
£
£
31 August 2024
714,161
293,234
284,547
72,166
31,140
33,074
31 August 2023
608,240
278,212
213,153
64,492
17,937
34,446
18
Trade and other payables
2024
2023
£
£
Trade payables
202,299
131,532
Accruals
130,454
116,679
Social security and other taxation
209,503
156,626
Other payables
15,760
-
0
558,016
404,837

None of the balances bear interest. All other payables are due within one year.

19
Liabilities of the company
2024
2023
Notes
£
£
Trade and other payables
406,503
406,503
RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
20
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
47,198
48,354
In two to five years
408,940
457,550
Total undiscounted liabilities
456,138
505,904

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
47,996
48,354
Non-current liabilities
408,940
457,550
456,936
505,904
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
22,948
25,103
21
Deferred revenue
2024
2023
£
£
Arising from Contract agreements that span year end
405,392
184,379
All deferred revenues are expected to be settled within 12 months from the reporting date.
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of 10p each
15,920,128
15,920,128
1,592,013
1,592,013
23
Share capital of company
Refer to note 22 of the group financial statements.
RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
24
Share premium account
2024
2023
£
£
At the beginning of the year
281,437
276,481
Issue of new shares
-
4,956
At the end of the year
281,437
281,437
25
Other leasing information
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:

2024
2023
£
£
Information relating to lease liabilities is included in note 20.
26
Capital risk management

The group is not subject to any externally imposed capital requirements.

Capital is defined as equity plus borrowings. The group’s capital structure is driven by the parent company which drives all assessment of risk and leads in all capital raising activity. In managing its capital structure, the group’s objective is to safeguard the group’s ability to continue as a going concern, managing cash flows so that it can provide returns for shareholders, subject to approval from its bankers where necessary. In order to maintain or adjust the capital structure the group may adjust the amount of dividends paid to shareholders, issue new shares or sell assets to reduce debt.

27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

2024
2023
£
£
Short-term employee benefits
502,515
547,682
RAGLAN HOUSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 30 -
28
Cash (absorbed by)/generated from operations
2024
2023
£
£
(Loss)/profit for the year before income tax
(469,530)
195,256
Adjustments for:
Finance costs
33,765
35,101
Investment income
(127)
(2,067)
(Gain)/loss on disposal of property, plant and equipment
-
787
Amortisation and impairment of intangible assets
5,754
5,754
Depreciation and impairment of property, plant and equipment
134,959
139,868
Movements in working capital:
Increase in trade and other receivables
(148,247)
(907,577)
Increase in trade and other payables
153,179
404,837
Increase in deferred revenue outstanding
221,013
184,379
Cash (absorbed by)/generated from operations
(69,234)
56,338
2024-08-312023-09-01falseCCH SoftwareCCH Accounts Production 2025.100Mr H EvansMr S HowellMr D HowellMs E A NeagleMr J UnderwoodMr N D J SamuelsMrs 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