Company Registration No. 10918030 (England and Wales)
We Are Catalyst Limited
Unaudited financial statements
for the year ended 30 September 2024
Pages for filing with the registrar
We Are Catalyst Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
We Are Catalyst Limited
Balance sheet
As at 30 September 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
19,887
43,216
Tangible assets
4
113,052
82,971
Investments
5
102
77
133,041
126,264
Current assets
Debtors
6
2,757,253
4,296,362
Cash at bank and in hand
25,175
231,141
2,782,428
4,527,503
Creditors: amounts falling due within one year
7
(145,225)
(262,514)
Net current assets
2,637,203
4,264,989
Total assets less current liabilities
2,770,244
4,391,253
Creditors: amounts falling due after more than one year
8
(8,405)
(17,500)
Provisions for liabilities
(33,235)
(31,547)
Net assets
2,728,604
4,342,206
Capital and reserves
Called up share capital
9
4
4
Profit and loss reserves
2,728,600
4,342,202
Total equity
2,728,604
4,342,206
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
We Are Catalyst Limited
Balance sheet (continued)
As at 30 September 2024
2
The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
Chris Fairfax
Director
Company Registration No. 10918030
We Are Catalyst Limited
Statement of changes in equity
For the year ended 30 September 2024
3
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
4
3,403,286
3,403,290
Year ended 30 September 2023:
Profit and total comprehensive income
-
1,123,416
1,123,416
Dividends
-
(184,500)
(184,500)
Balance at 30 September 2023
4
4,342,202
4,342,206
Year ended 30 September 2024:
Loss and total comprehensive income
-
(1,410,102)
(1,410,102)
Dividends
-
(203,500)
(203,500)
Balance at 30 September 2024
4
2,728,600
2,728,604
We Are Catalyst Limited
Notes to the financial statements
For the year ended 30 September 2024
4
1
Accounting policies
Company information
We Are Catalyst Limited is a private company limited by shares incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, Dorset, BH2 5QY.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for recharge of central and head office services provided to its group, as well as providing finance facilities to real estate investment trusts. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
1.3
Intangible fixed 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:
Software
3 years straight line
1.4
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.
We Are Catalyst Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
5
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Computers
33% 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 credited or charged to profit or loss.
1.5
Fixed asset 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 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 company holds a long-term interest and where the company has significant influence. The company 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 company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. 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.
We Are Catalyst Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
6
1.7
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.
1.8
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
We Are Catalyst Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
7
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
We Are Catalyst Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
8
1.14
Finance broking assets and liabilities
Where the company acts as agent in broking the provision of short term commercial loans, the company is not liable as principal to the third party lenders for any risks attached to the funding provided.
As such the company only recognises its own interest margin as turnover and not that paid to the third party lender. All loan capital is a direct contractual relationship between the third party lender and end customer and therefore are not recognised on the company statement of financial position.
Where the company acts as principal in providing short term commercial loans, the company bears the significant risks and rewards of providing such services. As such the company recognises the interest received gross as turnover with a corresponding cost of sale representing interest paid to any third party funding obtained.
The funding provided is recognised gross and shown within other debtors on the company statement of financial position.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
27
26
3
Intangible fixed assets
Other
£
Cost
At 1 October 2023 and 30 September 2024
67,765
Amortisation and impairment
At 1 October 2023
24,549
Amortisation charged for the year
23,329
At 30 September 2024
47,878
Carrying amount
At 30 September 2024
19,887
At 30 September 2023
43,216
We Are Catalyst Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
9
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
129,574
Additions
70,413
At 30 September 2024
199,987
Depreciation and impairment
At 1 October 2023
46,603
Depreciation charged in the year
40,332
At 30 September 2024
86,935
Carrying amount
At 30 September 2024
113,052
At 30 September 2023
82,971
5
Fixed asset investments
2024
2023
£
£
Investment in subsidiaries
102
77
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
77
Additions
25
At 30 September 2024
102
Carrying amount
At 30 September 2024
102
At 30 September 2023
77
We Are Catalyst Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
10
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,418,847
4,097,977
Other debtors
338,406
198,385
2,757,253
4,296,362
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
32,852
16,857
Amounts owed to group undertakings
16,113
176,357
Taxation and social security
35,429
49,882
Other creditors
50,831
9,418
145,225
262,514
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,405
17,500
Included in bank loans is a Bounceback loan received in the period as part of the Governments Coronavirus support scheme. The loan had an initial interest free and capital repayment holiday period of 12 months. An interest rate will be fixed at 2.5% following this initial 12 months.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
200
200
2
2
Ordinary B shares of 1p each
80
80
1
1
Ordinary C shares of 1p each
120
120
1
1
400
400
4
4
Each share class holds the same voting rights and rights to dividend.
Chris Fairfax maintains control of the group through his majority shareholding in Arlan Holdings Limited.
We Are Catalyst Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
11
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
20,866
60,174
11
Related party transactions
Transactions with related parties
The Company has taken advantage of the exemption available in section 33.1A of FRS 102 from the requirement to disclose transactions with group companies where they are wholly owned.
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities under common control
329,237
238,442
12
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director's loan account
2.25
57,680
64,447
1,936
(124,063)
-
57,680
64,447
1,936
(124,063)
-
13
Parent company
The ultimate controlling party by way of its shareholding is Arlan Holdings Limited, a company that is jointly controlled by Mr C Fairfax.
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