Company registration number 02123343 (England and Wales)
VALCON GROUP UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
VALCON GROUP UK LIMITED
COMPANY INFORMATION
Directors
G Van Den Goor
J C C Theunissen
(Appointed 26 February 2025)
Company number
02123343
Registered office
55 Loudoun Road
St John's Wood
London
NW8 0DL
Auditor
MGR MAP Limited
55 Loudoun Road
St John's Wood
London
NW8 0DL
VALCON GROUP UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 30
VALCON GROUP UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Principal activities
The principal activity of the Group and Company continued to be that of a consulting, data and technology company focusing on business transformation for clients. Valcon operates across the key industry sectors Infrastructure & transport, Financial Services, Government, Retail and Industrials.
The Group is part of the Valcon Group, a European Group with companies based in the Netherlands, Denmark, Sweden, Croatia, Germany and Serbia.
Review of the business
During the financial year, Valcon continued to strengthen its relationships with both existing and new key clients. Despite market and economic challenges, the company remained resilient, focusing on delivering value-driven solutions across the key sectors.
Principal risks and uncertainties
Financial risk
Liquidity Risk – Management monitor the cash requirements of the group on a weekly basis. Liquidity is forecast on a rolling basis and the directors are confident that the Group will meet all its obligations for at least the next 12 months. The Group is also part of a larger group and will be supported if and when required to enable the Group to meet its liabilities as they fall due.
Credit Risk – The main area the Group is exposed is in relation to the amounts due from clients. The Group has in place internal controls and procedures to mitigate this risk.
Foreign Exchange Risk – The Group had some exposure to transaction foreign exchange risk as a result of its trade being in currencies other than sterling, this is closely monitored and hedging considered if required.
Business risk
In addition to the financial risks facing the Group, there were other risks arising from the operations.
Economic Risk – The Group has historically demonstrated resilience to general economic downturns as opportunities would normally be expected to arise as a result of clients needing to change their processes and systems in response to such economic declines.
Regulatory Risk – The Group does not have a specific ongoing requirement to report into a sector regulator, but where there are regulatory requirements with which the Group needs to comply (eg GDPR), internal procedures are designed and outside expertise procured, to ensure the Group is compliant.
Reputational risk – For a service business, such as that run by the Group, reputational risk is all important, All employees are trained on effective consultancy techniques and professional standards have been designed to ensure consistent engagement with clients and potential clients such that there is a full understanding of what the Group can and cannot do prior to business being agreed. This goes some way to ensuring the Group’s reputation is fully protected and that the business is not misrepresented at any point during the sales process.
Development and performance
The company continues to trade consistently with prior periods.
VALCON GROUP UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators
The Group’s key financial performance indicators during the year were as follows:
Turnover: £36,143,323 (2023: £36,958,918)
Gross profit percentage: 67.07% (2023: 68.15%)
EBITDA £2,643,132 (2023: £3,175,929)
Turnover saw a slight year-on-year decline, accompanied by a reduction in both the gross profit percentage and EBITDA percentage.
Promoting the success of the company
The Board of Valcon Group UK Limited is committed to ensuring that all strategic decisions support the company’s long-term success while considering the interests of key stakeholders, including employees, clients, suppliers, and the broader community.
Clients – We partner with organizations to drive sustainable transformation through combining technology, data and consulting expertise. Leveraging digital innovation and client feedback, we continuously refine our approach to deliver measurable value and lasting impact.
Employees – Our people are at the core of our success. During the year we launched a comprehensive initiative designed to strengthen our company culture, enhance employee engagement, and foster a deeper connection to Valcon. Recognizing the importance of a healthy and supported workforce, we offer a range of well-being programs. Open communication is a priority, with regular All Hands meetings and employee surveys ensuring that staff feedback actively shapes business decisions.
Suppliers & Partners – We foster strong, collaborative relationships with our key partners to deliver the best possible services and solutions to our clients.
Regulatory Compliance & Governance - Ethical consulting is fundamental to our approach. We adhere to industry regulations, maintain transparency in our engagements, and promote responsible business practices. Valcon upholds a formal Code of Conduct and a Whistleblowing Policy, both of which were revised in 2023 and are regularly monitored for effectiveness. We are committed to conducting our business in a lawful, socially responsible, and ethically sound manner.
Community & Sustainability - Valcon is committed to environmental and social responsibility and has taken steps to reduce its carbon footprint by implementing sustainable business travel policies. We have a Corporate Social Responsibility (CSR) policy in place and are actively working towards our goal of achieving net-zero emissions by 2050.
Shareholders & Long-Term Growth – The board ensures sustainable financial performance through strategic decision-making, transparent reporting, and effective risk management.
G Van Den Goor
Director
9 May 2025
VALCON GROUP UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
G Van Den Goor
Ross Williamson
(Appointed 1 April 2024 and resigned 26 February 2025)
P Rolfe
(Resigned 1 April 2024)
J C C Theunissen
(Appointed 26 February 2025)
Financial instruments
The group has a normal level of exposure to price, credit, liquidity and cash flow risk arising from trading activities which are conducted in sterling. The group does not enter into any lending transactions.
Future developments
The Group will continue to grow and invest in its people and its consulting, technology and data and AI capabilities.
The board remains confident in the company’s ability to drive and sustain profitable growth.
Auditor
MGR MAP Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Energy and carbon report
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
VALCON GROUP UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of directors' responsibilities
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 financial statements;
prepare the financial statements 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.
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
G Van Den Goor
Director
9 May 2025
VALCON GROUP UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VALCON GROUP UK LIMITED
- 5 -
Opinion
We have audited the financial statements of Valcon Group UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
VALCON GROUP UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VALCON GROUP UK 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.
VALCON GROUP UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VALCON GROUP UK 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
As part of our planning of the audit work required we obtained an understanding of the legal and regulatory frameworks that are applicable to the entity via enquiries of the company’s management, carried out analytical procedures, held discussions amongst the engagement team and using knowledge of the sector determined that the most significant laws and regulation are those that relate to:
· Health and safety regulations.
· Employment law including right to work in the UK.
· Fire safety.
· Data Protection Laws (GDPR).
· UK Tax legislation.
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as FRS102 and the Companies Act 2006.
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with the laws and regulations and the fraud risks identified. This included enquiries with management to understand their policies and procedures for compliance with those regulations and we completed the following tests:
· Obtained an understanding of relevant controls.
· Reviewed the company’s risk assessments, procedures and systems.
· Checked samples of documentation.
We also assessed the risks of material misstatement in respect of fraud as follows:
· Revenue fraud.
· Unauthorised expenditure and/or payments.
· Management override of controls.
· Manipulation of accounting estimates.
· Related party fraud.
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. This included the risk of management bias and the risk of making inappropriate accounting entries.
No significant issues were identified during our testing
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.
VALCON GROUP UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VALCON GROUP UK LIMITED
- 8 -
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.
Vasuhi Nadarajah-Pillai (Senior Statutory Auditor)
For and on behalf of MGR MAP Limited, Statutory Auditor
Chartered Accountants
55 Loudoun Road
St John's Wood
London
NW8 0DL
9 May 2025
VALCON GROUP UK LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
Turnover
3
36,143,323
36,958,917
Cost of sales
(11,902,956)
(11,771,537)
Gross profit
24,240,367
25,187,380
Administrative expenses
(24,269,988)
(24,679,458)
Operating (loss)/profit
4
(29,621)
507,922
Interest receivable and similar income
8
57,282
2,506
Interest payable and similar expenses
9
(1,116,755)
(1,238,727)
Amounts written off investments
10
102,487
18,905,952
(Loss)/profit before taxation
(986,607)
18,177,653
Tax on (loss)/profit
11
(248,885)
(511,868)
(Loss)/profit for the financial year
(1,235,492)
17,665,785
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 17 to 30 form part of these financial statements.
VALCON GROUP UK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
(Loss)/profit for the year
(1,235,492)
17,665,785
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
Total comprehensive income for the year
(1,235,492)
17,665,785
Total comprehensive income for the year is all attributable to the owners of the parent company.
VALCON GROUP UK LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
Fixed assets
Goodwill
12
19,447,025
22,039,962
Other intangible assets
12
708
Total intangible assets
19,447,025
22,040,670
Tangible assets
13
83,544
124,252
19,530,569
22,164,922
Current assets
Debtors
16
8,733,161
10,883,727
Cash at bank and in hand
4,576,312
3,025,758
13,309,473
13,909,485
Creditors: amounts falling due within one year
17
(8,527,408)
(6,418,201)
Net current assets
4,782,065
7,491,284
Total assets less current liabilities
24,312,634
29,656,206
Creditors: amounts falling due after more than one year
18
(9,800,000)
(13,908,080)
Net assets
14,512,634
15,748,126
Capital and reserves
Called up share capital
22
41,916
41,916
Profit and loss reserves
14,470,718
15,706,210
Total equity
14,512,634
15,748,126
The notes on pages 17 to 30 form part of these financial statements.
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:
09 May 2025
G Van Den Goor
Director
Company registration number 02123343 (England and Wales)
VALCON GROUP UK LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
Fixed assets
Goodwill
12
24,000,000
27,200,000
Other intangible assets
12
708
Total intangible assets
24,000,000
27,200,708
Tangible assets
13
83,545
124,253
Investments
14
1
1
24,083,546
27,324,962
Current assets
Debtors
16
8,642,531
10,674,709
Cash at bank and in hand
4,460,437
2,814,137
13,102,968
13,488,846
Creditors: amounts falling due within one year
17
(11,417,623)
(9,094,244)
Net current assets
1,685,345
4,394,602
Total assets less current liabilities
25,768,891
31,719,564
Creditors: amounts falling due after more than one year
18
(9,800,000)
(13,908,080)
Net assets
15,968,891
17,811,484
Capital and reserves
Called up share capital
22
41,916
41,916
Profit and loss reserves
15,926,975
17,769,568
Total equity
15,968,891
17,811,484
The notes on pages 17 to 30 form part of these financial statements.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,842,592 (2023 - £15,322,163 profit).
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:
09 May 2025
G Van Den Goor
Director
Company registration number 02123343 (England and Wales)
VALCON GROUP UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
41,916
(1,959,575)
(1,917,659)
Year ended 31 December 2023:
Profit and total comprehensive income
-
17,665,785
17,665,785
Balance at 31 December 2023
41,916
15,706,210
15,748,126
Year ended 31 December 2024:
Loss and total comprehensive income
-
(1,235,492)
(1,235,492)
Balance at 31 December 2024
41,916
14,470,718
14,512,634
The notes on pages 17 to 30 form part of these financial statements.
VALCON GROUP UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
41,916
2,447,405
2,489,321
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
15,322,163
15,322,163
Balance at 31 December 2023
41,916
17,769,568
17,811,484
Year ended 31 December 2024:
Profit and total comprehensive income
-
(1,842,593)
(1,842,593)
Balance at 31 December 2024
41,916
15,926,975
15,968,891
The notes on pages 17 to 30 form part of these financial statements.
VALCON GROUP UK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
Cash flows from operating activities
Cash generated from operations
25
4,119,223
3,624,058
Interest paid
(915,271)
(330,647)
Income taxes refunded/(paid)
252,605
(2,028,375)
Net cash inflow from operating activities
3,456,557
1,265,036
Investing activities
Purchase of tangible fixed assets
(38,788)
(83,343)
Proceeds from disposal of subsidiaries, net of cash disposed
75,545
112,748
Repayment of loans
-
(163,239)
Interest received
57,282
2,506
Net cash generated from/(used in) investing activities
94,039
(131,328)
Financing activities
Repayment of borrowings
(2,000,000)
-
Net cash used in financing activities
(2,000,000)
-
Net increase in cash and cash equivalents
1,550,596
1,133,708
Cash and cash equivalents at beginning of year
3,025,716
1,892,008
Cash and cash equivalents at end of year
4,576,312
3,025,716
Relating to:
Cash at bank and in hand
4,576,312
3,025,758
Bank overdrafts included in creditors payable within one year
-
(42)
VALCON GROUP UK LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
Cash flows from operating activities
Cash generated from operations
26
4,217,021
3,034,864
Interest paid
(915,271)
(323,937)
Income taxes refunded/(paid)
252,605
(1,080,000)
Net cash inflow from operating activities
3,554,355
1,630,927
Investing activities
Purchase of tangible fixed assets
(38,788)
(83,344)
Proceeds from disposal of subsidiaries
75,546
112,748
Repayment of loans
(163,239)
Interest received
55,229
2,496
Net cash generated from/(used in) investing activities
91,987
(131,339)
Financing activities
Repayment of borrowings
(2,000,000)
-
Net cash used in financing activities
(2,000,000)
-
Net increase in cash and cash equivalents
1,646,342
1,499,588
Cash and cash equivalents at beginning of year
2,814,095
1,314,507
Cash and cash equivalents at end of year
4,460,437
2,814,095
Relating to:
Cash at bank and in hand
4,460,437
2,814,137
Bank overdrafts included in creditors payable within one year
-
(42)
VALCON GROUP UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information
Valcon Group UK Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .
The group consists of Valcon Group UK Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Valcon Group UK 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 December 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.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
VALCON GROUP UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.5
Turnover
Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.
Turnover in relation to annuity services is recognised in equal instalments over the period of service provision.
Turnover in respect of other services is recognised on delivery of those services.
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 10 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
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:
Computer software
Over 5 years straight line
Computer software (P2CG) Over 3 years straight line
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over 5 years straight line
Fixtures and fittings
Over 4 years straight line
Computers
Over 3 years straight line
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.
VALCON GROUP UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.9
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.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
1.11
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.
1.12
Financial instruments
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.
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.
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.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
VALCON GROUP UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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.
2
Judgements and key sources of estimation uncertainty
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 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.
Amortisation of intangible fixed assets is provided for over the estimated useful life as noted above in note 1.7.
Depreciation is provided for in accordance with the depreciation policies in note 1.8.
Revenue includes fixed price projects that recognises revenue as a percentage complete of the project at that point in time, based on hours completed against the estimated hours forecasted.
VALCON GROUP UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Consulting
34,271,025
35,800,074
Subscription revenue
-
187,857
License revenue
1,759,224
943,900
Recharges
-
27,074
Royalties
-
12
Other revenue
113,074
-
36,143,323
36,958,917
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
31,911,678
34,406,423
Belgium
1,558,173
1,508,506
USA
759,366
671,943
Denmark
286,773
201,451
Netherlands
330,682
170,594
Sweden
143,489
-
Switzerland
546,945
-
Italy
135,754
-
Other
470,463
-
36,143,323
36,958,917
2024
2023
£
£
Other revenue
Interest income
57,282
2,506
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging:
Exchange losses
11,685
89,759
Depreciation of owned tangible fixed assets
79,108
72,237
Loss on disposal of tangible fixed assets
388
Amortisation of intangible assets
2,593,645
2,595,770
Operating lease charges
272,111
230,090
VALCON GROUP UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
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
54,500
85,793
Audit of the financial statements of the company's subsidiaries
8,000
-
62,500
85,793
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
Consultant
78
170
78
170
Developer
41
11
41
11
Management
7
12
7
12
Sales
4
4
4
4
Back Office
10
12
10
12
Data
40
-
40
-
Total
180
209
180
209
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
16,842,111
16,591,664
16,842,111
16,591,664
Social security costs
1,713,945
1,969,982
1,713,945
1,969,982
Pension costs
908,097
934,470
908,097
934,470
19,464,153
19,496,116
19,464,153
19,496,116
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
330,129
339,216
Company pension contributions to defined contribution schemes
28,068
25,871
358,197
365,087
VALCON GROUP UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Directors' remuneration
(Continued)
- 23 -
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 1).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
267,466
339,216
Company pension contributions to defined contribution schemes
21,667
25,871
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
57,282
2,506
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
1,109,564
1,230,211
Other finance costs:
Other interest
7,191
8,516
Total finance costs
1,116,755
1,238,727
10
Amounts written off investments
2024
2023
£
£
Amounts written back to/(written off) current loans
-
(163,239)
Amounts written back to financial liabilities
26,942
18,956,443
Other gains and losses
75,545
112,748
102,487
18,905,952
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
346,114
511,868
Adjustments in respect of prior periods
(97,229)
Total current tax
248,885
511,868
VALCON GROUP UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Taxation
(Continued)
- 24 -
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(986,607)
18,177,653
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
(246,652)
4,271,748
Tax effect of expenses that are not deductible in determining taxable profit
29,656
90,229
Gains not taxable
(25,622)
(4,438,427)
Tax effect of utilisation of tax losses not previously recognised
(49,570)
(63,986)
Unutilised tax losses carried forward
46,595
Effect of change in corporation tax rate
-
43,940
Double tax relief
(23,206)
Group relief
(5,095)
Permanent capital allowances in excess of depreciation
(9,840)
(19,270)
Amortisation on assets not qualifying for tax allowances
648,142
609,340
Under/(over) provided in prior years
(97,229)
Taxation charge
248,885
511,868
12
Intangible fixed assets
Group
Goodwill
Computer software
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
25,929,368
125,520
26,054,888
Amortisation and impairment
At 1 January 2024
3,889,406
124,812
4,014,218
Amortisation charged for the year
2,592,937
708
2,593,645
At 31 December 2024
6,482,343
125,520
6,607,863
Carrying amount
At 31 December 2024
19,447,025
19,447,025
At 31 December 2023
22,039,962
708
22,040,670
VALCON GROUP UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Intangible fixed assets
(Continued)
- 25 -
Company
Goodwill
Computer software
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
32,000,000
125,520
32,125,520
Amortisation and impairment
At 1 January 2024
4,800,000
124,812
4,924,812
Amortisation charged for the year
3,200,000
708
3,200,708
At 31 December 2024
8,000,000
125,520
8,125,520
Carrying amount
At 31 December 2024
24,000,000
24,000,000
At 31 December 2023
27,200,000
708
27,200,708
13
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
55,960
27,036
306,678
389,674
Additions
38,788
38,788
Disposals
(1,075)
(1,075)
At 31 December 2024
55,960
27,036
344,391
427,387
Depreciation and impairment
At 1 January 2024
48,038
24,088
193,296
265,422
Depreciation charged in the year
7,698
1,308
70,102
79,108
Eliminated in respect of disposals
(687)
(687)
At 31 December 2024
55,736
25,396
262,711
343,843
Carrying amount
At 31 December 2024
224
1,640
81,680
83,544
At 31 December 2023
7,922
2,948
113,382
124,252
VALCON GROUP UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
(Continued)
- 26 -
Company
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
55,960
27,036
306,679
389,675
Additions
38,788
38,788
Disposals
(1,075)
(1,075)
At 31 December 2024
55,960
27,036
344,392
427,388
Depreciation and impairment
At 1 January 2024
48,038
24,088
193,296
265,422
Depreciation charged in the year
7,698
1,308
70,102
79,108
Eliminated in respect of disposals
(687)
(687)
At 31 December 2024
55,736
25,396
262,711
343,843
Carrying amount
At 31 December 2024
224
1,640
81,681
83,545
At 31 December 2023
7,922
2,948
113,383
124,253
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
1
1
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1
Carrying amount
At 31 December 2024
1
At 31 December 2023
1
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
VALCON GROUP UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
P2CG Limited
70 Gracechurch Street, London, EC3V 0HR
Ordinary
100.00
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,024,316
7,694,509
7,024,316
7,594,509
Corporation tax recoverable
147,978
639,155
147,978
637,938
Amounts owed by group undertakings
34,354
26,833
34,354
26,833
Other debtors
210,602
192,344
119,972
84,543
Prepayments and accrued income
1,315,911
2,330,886
1,315,911
2,330,886
8,733,161
10,883,727
8,642,531
10,674,709
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
42
42
Other borrowings
19
1,200,000
1,200,000
Trade creditors
1,644,995
1,710,601
1,644,995
1,694,723
Amounts owed to group undertakings
234,011
158,147
3,208,592
3,135,726
Corporation tax payable
10,313
10,018
Other taxation and social security
1,236,253
1,120,004
1,236,253
1,120,004
Deferred income
20
1,169,067
930,696
1,169,067
930,696
Other creditors
1,346,023
421,679
1,261,953
136,021
Accruals and deferred income
1,686,746
2,077,032
1,686,745
2,077,032
8,527,408
6,418,201
11,417,623
9,094,244
Amounts owed to group undertakings are unsecured, interest free, and are repayable on demand.
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
19
9,800,000
13,908,080
9,800,000
13,908,080
VALCON GROUP UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Creditors: amounts falling due after more than one year
(Continued)
- 28 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
5,000,000
-
5,000,000
-
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
42
42
Loans from group undertakings
11,000,000
13,908,080
11,000,000
13,908,080
11,000,000
13,908,122
11,000,000
13,908,122
Payable within one year
1,200,000
42
1,200,000
42
Payable after one year
9,800,000
13,908,080
9,800,000
13,908,080
The loan from the parent undertaking, Valcon Holding BV, was entered into for a period of 15 years commencing on 1 January 2023. Interest is chargeable at 9% p.a. and is payable annually in arrears. The loan is secured by a fixed and floating charge over all assets of the company.
20
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
1,169,067
930,696
1,169,067
930,696
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
908,097
934,470
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.
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
4,191,644
4,191,644
41,916
41,916
VALCON GROUP UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
23
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
179,555
414,570
179,555
205,361
Between two and five years
-
64,630
-
32,315
179,555
479,200
179,555
237,676
24
Controlling party
The immediate parent company is Valcon Holding B.V, a company incorporated in The Netherlands. Copies of Valcon Holding B.V's accounts are available from KVK, De Ruijterkade 5, 1013 AA Amsterdam.
The ultimate parent company is Valcon Topholding B.V which prepares consolidated financial statements. The registered office address of the ultimate parent company is Parijsboulevard 143A, Utrecht, 3541CS.
The smallest and largest group is in which the company is consolidated is Valcon Topholding B.V, whose registered office is Parijsboulevard 143A, Utrecht, 3541CS. Copies of Valcon Topholding B.V's accounts are available from KVK, De Ruijterkade 5, 1013 AA Amsterdam
25
Cash generated from group operations
2024
2023
£
(Loss)/profit after taxation
(1,235,492)
17,665,785
Adjustments for:
Taxation charged
248,885
511,868
Finance costs
1,116,755
1,238,727
Investment income
(57,282)
(2,506)
Loss on disposal of tangible fixed assets
388
-
Amortisation and impairment of intangible assets
2,593,645
2,595,770
Depreciation and impairment of tangible fixed assets
79,108
72,237
Other gains and losses
(102,487)
(18,905,952)
Movements in working capital:
Decrease in debtors
1,659,389
3,612,774
Decrease in creditors
(422,057)
(3,266,015)
Increase in deferred income
238,371
101,370
Cash generated from operations
4,119,223
3,624,058
VALCON GROUP UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
26
Cash generated from operations - company
2024
2023
£
(Loss)/profit after taxation
(1,842,593)
15,322,163
Adjustments for:
Taxation charged
247,373
442,062
Finance costs
1,116,755
1,232,017
Investment income
(55,229)
(2,496)
Loss on disposal of tangible fixed assets
388
-
Amortisation and impairment of intangible assets
3,200,708
3,202,833
Depreciation and impairment of tangible fixed assets
79,108
72,237
Other gains and losses
(102,488)
(17,018,346)
Movements in working capital:
Decrease/(increase) in debtors
1,542,218
(109,203)
Decrease in creditors
(207,590)
(207,773)
Increase in deferred income
238,371
101,370
Cash generated from operations
4,217,021
3,034,864
27
Analysis of changes in net debt - group
1 January 2024
Cash flows
Other non-cash changes
Market value movements
31 December 2024
£
£
£
£
£
Cash at bank and in hand
3,025,758
1,550,554
-
-
4,576,312
Bank overdrafts
(42)
42
-
-
3,025,716
1,550,596
-
-
4,576,312
Borrowings excluding overdrafts
(13,908,080)
3,789,218
26,942
(908,080)
(11,000,000)
(10,882,364)
5,339,814
26,942
(908,080)
(6,423,688)
28
Analysis of changes in net debt - company
1 January 2024
Cash flows
Other non-cash changes
Market value movements
31 December 2024
£
£
£
£
£
Cash at bank and in hand
2,814,137
1,646,300
-
-
4,460,437
Bank overdrafts
(42)
42
-
-
2,814,095
1,646,342
-
-
4,460,437
Borrowings excluding overdrafts
(13,908,080)
3,789,218
26,942
(908,080)
(11,000,000)
(11,093,985)
5,435,560
26,942
(908,080)
(6,539,563)
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