Company registration number 10433510 (England and Wales)
CONSOLIDATED HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONSOLIDATED HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr L Kirschel
Company number
10433510
Registered office
3rd Floor
114a Cromwell Road
London
SW7 4AG
Auditor
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
CONSOLIDATED HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Director's report
5
Director's responsibilities statement
6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 47
CONSOLIDATED HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the year ended 31 December 2023.

Principal Activity and Reivew of Business

The principal activities of the group are property investment as well as a media enterprise called Outernet, specialising in content creation and digital advertisement.

 

Business Model

The group holds a combination of both freehold and leasehold properties which are primarily located in Central London. These properties comprise of both commercial and residential elements. The group’s main objective for the property investment side of the business is to hold the investment properties in order to earn rental income and achieve capital appreciation.

 

The group continues to evaluate its property portfolio enabling it to maintain high occupancy levels and strong rental yields.

 

The Group is also involved in London’s content creation and digital advertisement field through its Outernet division based in the West End of London. Named as "London's most visited tourist attraction" by The Times newspaper, it is the largest digital exhibition space in Europe with the "world's largest LED screen”.

 

Post Balance Sheet Events

Since the balance sheet date, the Group has undergone several significant developments.

 

Control and management of the two major trading subsidiaries, Consolidated Developments Limited and Outernet London Limited and their immediate parent undertakings, has transferred to the senior lender under a settlement agreement. These entities were primarily responsible for the Group’s reported losses in 2023, driven by high rent obligations and substantial gearing.

 

Furthermore, the remaining entities within the Group successfully completed a major refinancing initiative. This transaction involved a sale and leaseback agreement, covering certain investment properties owned by the group.

 

The refinancing generated approximately £100 million in proceeds - £93 million from the sale and leaseback, and £7 million from a new five-year loan facility. These funds were used to repay existing loans across several Group entities. This restructuring is expected to significantly enhance the Group’s cash flow.

 

In addition at the date of approval of the financial statements the group is in the process of refinancing a major asset. The director is in advance talks with the bank and believes that this refinancing should be completed on terms as set out in the financing documents.

CONSOLIDATED HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Financial Key Performance Indicators

In the fiscal year ending 31 December 2023, the Group achieved impressive revenue growth, with most of its revenue still being generated from rental income, however the largest areas of growth have been in advertising, accommodation, and events. This is due to advertising division being in the start-up phase, having launched in late 2022.

 

2023

2022

 

£

£

Rental income

16,012,695

11,000,467

Management charges

291,133

554,388

Advertising

8,027,999

3,466,795

Accommodation revenue

3,537,073

1,651,630

Events

5,312,126

1,199,900

Food and Beverages

854,756

113,516

Other

1,601,918

446,816

Total

35,637,700

18,433,512

The group's loss before tax increased to £143,232,065 in 2023 from £33,947,134 in 2022. This increase is despite an improvement in revenue to £35.6m (2022: £18.4m) driven by an increase in turnover in the subsidiaries Outernet London Limited and Chateau Denmark Limited.

 

The other main key performance indicator is the fair value of the property portfolio at the end of each year.

 

The fair value of the investment property portfolio has been arrived at on the basis of a valuation carried out on 31 December 2023 by the Director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The revaluation of the group’s investment properties at the year-end resulted in a deficit of £80.1m (2022: £1.7m ) after accounting for additions in the year. The investment property market is currently operating within a challenging economic climate due to high inflation and rising interest rates. In the short term, this has led to increased uncertainty amongst businesses causing downward pressure on valuations. However, demand for commercial property within Central London remains high and there is confidence that the market valuations will recover in the future.

CONSOLIDATED HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Financial Key Performance Indicators (continued)

The fair value of the property portfolio over the last three years are:

 

Valuation Date

Market value

At 31 December 2023

£726,464,428

At 31 December 2022

£803,864,428

At 31 December 2021

£798,484,946

 

Principal Risks and Uncertainties

In the opinion of the directors the key business risk and uncertainties affecting the group are the resilience of the commercial property market and appetite of financial institutions to provide finance for commercial property. The principal business risks, which are predominantly external are summarised below:

 

CONSOLIDATED HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Going concern assessment by management

The Director, together with senior management of the Group (being Consolidated Holdings Limited and its subsidiaries), has assessed the Group’s ability to continue as a going concern. This assessment has considered the Group’s current financial position, recent developments, and forecasts for the twelve-month period from the date of approval of these financial statements.

 

During 2023, the Group experienced financial pressures due to rising interest rates and the operational impact of newly established entities.

 

Since the balance sheet date, the Group has implemented a number of significant measures to address these challenges:

 

 

 

 

 

Based on this assessment, the Director has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

On behalf of the board

Mr L Kirschel
Director
28 May 2025
CONSOLIDATED HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The director presents his annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activities of the group is that of property investment as well as content creation and digital advertisement.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr L Kirschel
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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr L Kirschel
Director
28 May 2025
CONSOLIDATED HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

CONSOLIDATED HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONSOLIDATED HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of Consolidated Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise 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:

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.

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 director is 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:

CONSOLIDATED HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSOLIDATED HOLDINGS LIMITED
- 8 -
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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

CONSOLIDATED HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSOLIDATED HOLDINGS LIMITED
- 9 -

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Matthew Eade (Senior Statutory Auditor)
For and on behalf of Bright Grahame Murray, Statutory Auditor
Chartered Accountants
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
28 May 2025
CONSOLIDATED HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
35,637,700
18,433,512
Cost of sales
(7,448,265)
(7,702,398)
Gross profit
28,189,435
10,731,114
Administrative expenses
(35,027,778)
(36,657,952)
Other operating income
126,159
667,524
Operating loss
4
(6,712,184)
(25,259,314)
Share of results of joint ventures
25
(1,962,043)
(2,062,579)
Interest receivable and similar income
8
219,691
49,565
Interest payable and similar expenses
9
(39,332,706)
(35,548,805)
Fair value gains and losses on derivative financial instruments
10
(15,313,240)
30,567,088
Fair value gains and losses on investment properties
15
(80,131,583)
(1,693,089)
Loss before taxation
(143,232,065)
(33,947,134)
Tax on loss
11
12,879,953
17,695,299
Loss for the financial year
29
(130,352,112)
(16,251,835)
Loss for the financial year is attributable to:
- Owner of the parent company
(123,214,418)
(7,648,660)
- Non-controlling interests
(7,137,694)
(8,603,175)
(130,352,112)
(16,251,835)
Total comprehensive loss for the year is attributable to:
- Owner of the parent company
(123,214,418)
(7,648,660)
- Non-controlling interests
(7,137,694)
(8,603,175)
(130,352,112)
(16,251,835)
CONSOLIDATED HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
2,327,163
3,408,427
Tangible assets
14
42,801,264
50,118,308
Investment property
15
726,464,428
803,864,428
771,592,855
857,391,163
Current assets
Stocks
20
115,534
584,325
Debtors
21
55,770,444
70,138,419
Cash at bank and in hand
4,197,246
19,221,879
60,083,224
89,944,623
Creditors: amounts falling due within one year
22
(95,083,444)
(88,991,393)
Net current (liabilities)/assets
(35,000,220)
953,230
Total assets less current liabilities
736,592,635
858,344,393
Creditors: amounts falling due after more than one year
23
(526,714,417)
(507,188,099)
Provisions for liabilities
Provisions
25
5,155,204
3,201,215
Deferred tax liability
26
90,796,143
103,676,096
(95,951,347)
(106,877,311)
Net assets
113,926,871
244,278,983
Capital and reserves
Called up share capital
28
205
205
Profit and loss reserves
29
129,457,115
252,671,533
Equity attributable to owner of the parent company
129,457,320
252,671,738
Non-controlling interests
(15,530,449)
(8,392,755)
Total equity
113,926,871
244,278,983
CONSOLIDATED HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 28 May 2025
28 May 2025
Mr L Kirschel
Director
Company registration number 10433510 (England and Wales)
CONSOLIDATED HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
38,848
44,994
Tangible assets
14
19,119
20,179
Investments
16
410
7,954,416
58,377
8,019,589
Current assets
Debtors
21
8,353,481
255,013,980
Cash at bank and in hand
625,920
3,557,425
8,979,401
258,571,405
Creditors: amounts falling due within one year
22
(59,696,073)
(45,616,710)
Net current (liabilities)/assets
(50,716,672)
212,954,695
Net (liabilities)/assets
(50,658,295)
220,974,284
Capital and reserves
Called up share capital
28
205
205
Share premium account
29
2,528,921
2,528,921
Profit and loss reserves
29
(53,187,421)
218,445,158
Total equity
(50,658,295)
220,974,284

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 £271,632,579 (2022 - £990,835 loss).

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

The financial statements were approved and signed by the director and authorised for issue on 28 May 2025
28 May 2025
Mr L Kirschel
Director
Company registration number 10433510 (England and Wales)
CONSOLIDATED HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
205
260,386,877
260,387,082
143,736
260,530,818
Year ended 31 December 2022:
Loss and total comprehensive income
-
(7,648,660)
(7,648,660)
(8,603,175)
(16,251,835)
Capital contributions
28
-
(66,684)
(66,684)
66,684
-
Balance at 31 December 2022
205
252,671,533
252,671,738
(8,392,755)
244,278,983
Year ended 31 December 2023:
Loss and total comprehensive income
-
(123,214,418)
(123,214,418)
(7,137,694)
(130,352,112)
Balance at 31 December 2023
205
129,457,115
129,457,320
(15,530,449)
113,926,871
CONSOLIDATED HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
205
2,528,921
219,435,993
221,965,119
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(990,835)
(990,835)
Balance at 31 December 2022
205
2,528,921
218,445,158
220,974,284
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(271,632,579)
(271,632,579)
Balance at 31 December 2023
205
2,528,921
(53,187,421)
(50,658,295)
CONSOLIDATED HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
35
16,114,319
(9,026,638)
Interest paid
(24,924,195)
(25,965,614)
Net cash outflow from operating activities
(8,809,876)
(34,992,252)
Investing activities
Purchase of intangible assets
(351,747)
(1,419,245)
Purchase of tangible fixed assets
(1,022,083)
(9,669,188)
Proceeds from disposal of tangible fixed assets
-
295,171
Purchase of investment property
(2,731,583)
(7,072,571)
Advances to the director
(2,329,864)
-
Interest received
219,691
49,565
Net cash used in investing activities
(6,215,586)
(17,816,268)
Net decrease in cash and cash equivalents
(15,025,462)
(52,808,520)
Cash and cash equivalents at beginning of year
19,221,879
72,030,399
Cash and cash equivalents at end of year
4,196,417
19,221,879
Relating to:
Cash at bank and in hand
4,197,246
19,221,879
Bank overdrafts included in creditors payable within one year
(829)
-
CONSOLIDATED HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
36
(584,992)
(8,757,406)
Investing activities
Purchase of tangible fixed assets
(16,674)
-
0
Purchase of subsidiary
-
(12,645)
Advances to the director
(2,329,864)
-
Net cash used in investing activities
(2,346,538)
(12,645)
Net decrease in cash and cash equivalents
(2,931,530)
(8,770,051)
Cash and cash equivalents at beginning of year
3,557,425
12,327,476
Cash and cash equivalents at end of year
625,895
3,557,425
Relating to:
Cash at bank and in hand
625,920
3,557,425
Bank overdrafts included in creditors payable within one year
(25)
-
CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
1
Accounting policies
Company information

Consolidated Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 3rd Floor, 114a Cromwell Road, London, SW7 4AG.

 

The group consists of Consolidated Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. 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 Consolidated 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 December 2023. 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.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The Director, together with senior management of the Group (being Consolidated Holdings Limited and its subsidiaries), has assessed the Group’s ability to continue as a going concern. This assessment has considered the Group’s current financial position, recent developments, and forecasts for the twelve-month period from the date of approval of these financial statements.

 

During 2023, the Group experienced financial pressures due to rising interest rates and the operational impact of newly established entities.

 

Since the balance sheet date, the Group has implemented a number of significant measures to address these challenges:

 

 

 

 

 

Based on this assessment, the Director has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

1.5
Turnover

Turnover for the group consists of the following categories, and is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -

Goods:

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (upon purchase of the food or beverage), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Services:

 

Revenue from contracts for the provision of professional services (Management fees, property rental, advertising etc.) is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 

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.

 

In respect to accommodation revenue, revenue is recognised when the guests stay, net of trade discounts and VAT. When payment is received at the time of room booking, prior to arrival date, a liability for prepaid room purchases is recognised and held on the balance sheet as a contract liability. Revenue is recognised when the customer stays. A proportion of the prepaid room purchases would be non-refundable on cancellation of the room booking, with revenue being recognised once the booking is cancelled or the stay date passes.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
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.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.8
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, which is included within administrative expenses in the statement of comprehensive income, 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
20% - 30% straight line
Patents & licences
Playout period
Brand development costs
20% straight line / annual review
Trademark & domain costs
10% - 20% straight line
Website costs
20% straight line
1.9
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 land and buildings
Over length of lease
Leasehold improvements
Over length of lease
Plant and equipment
5 - 7 year straight line
Fixtures and fittings
5 year straight line
Computers
5 year straight line
Motor vehicles
4 year 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.

 

The freehold land is not depreciated.

1.10
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.11
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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.12
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.13
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.14
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.

1.15
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 25 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

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

1.17
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.18
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 26 -
1.19
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.

1.20
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.21
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of investment properties

The group uses internal and external professional valuers to determine the relevant amounts. The primary source of evidence for property valuations should be recent, comparable market transactions on an arm’s length basis. However, the valuation of the Group’s property portfolio is inherently subjective, as it is based upon valuer assumptions and estimations that form part of the key unobservable inputs of the valuation, which may prove to be inaccurate.

Recognition of deferred tax assets

Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

Provisions

The amount recognised as a provision, including tax, legal, contractual and other exposures or obligations, is the best estimate of the consideration required to settle the related liability, including any related interest charges, taking into account the risks and uncertainties surrounding the obligation. The group assesses its liabilities and contingencies based upon the best information available, relevant tax laws and other appropriate requirements.

Key sources of estimation uncertainty

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

Determining the useful economic lives of property, plant and equipment

The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation and product life cycles.

Establishing recoverable values of impaired assets

Investments in subsidiaries, associates and other investments, loans receivables and property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. If an asset’s recoverable amount is less than the asset’s carrying amount, an impairment loss is recognised. Loans and receivables are evaluated based on collectability. Changes in estimates could impact recoverable values of these assets.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Management charges
291,133
554,388
Rental income
16,012,695
11,000,468
Advertising
8,027,999
3,466,795
Branded content
592,612
32,500
Sponsorship
322,996
359,187
Events
5,312,126
1,199,900
Accommodation revenue
3,537,073
1,651,630
Beverage sales
765,298
113,516
Other
686,310
55,128
Food sales
89,458
-
35,637,700
18,433,512
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
35,637,700
18,433,512
2023
2022
£
£
Other revenue
Interest income
219,691
49,565
4
Operating loss
2023
2022
£
£
Operating loss for the year is stated after charging:
Exchange losses
29,988
104,096
Depreciation of owned tangible fixed assets
8,339,127
7,328,965
Impairment of owned tangible fixed assets
-
1,948,805
Amortisation of intangible assets
1,386,011
776,492
Loss on disposal of intangible assets
47,000
35,415
Stocks impairment losses recognised or reversed
494,957
-
0
Operating lease charges
2,416,611
2,382,650
CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
30,000
43,125
Audit of the financial statements of the company's subsidiaries
101,065
85,590
131,065
128,715
For other services
Taxation compliance services
75,500
-
Other taxation services
25,215
188,267
All other non-audit services
24,283
-
124,998
188,267
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
32
29
30
29
Digital services
64
50
-
-
Hospitality
77
54
-
-
Total
173
133
30
29

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
7,423,768
6,959,989
1,351,557
1,318,632
Social security costs
924,011
913,916
259,179
251,918
Pension costs
167,350
103,097
27,110
27,193
8,515,129
7,977,002
1,637,846
1,597,743
7
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
840,648
814,460
CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Director's remuneration
(Continued)
- 30 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
840,648
814,460

The director's remuneration of £840,648 (2022: £814,460) was in the form of benefits.

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
18,386
3,773
Other interest income
201,305
45,792
Total income
219,691
49,565
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
219,691
49,565
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
37,337,892
33,893,237
Other interest on financial liabilities
1,994,814
1,655,568
39,332,706
35,548,805
10
Fair value gains/(losses) on financial instruments
2023
2022
£
£
(Loss)/gain on hedge item in a fair value hedge
(15,313,240)
30,567,088
CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
11
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(15,083,536)
5,559,819
Under/(over) provision of deferred tax in respect of prior periods
2,203,583
(23,225,118)
Total deferred tax
(12,879,953)
(17,665,299)

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(143,232,065)
(33,947,134)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(33,688,970)
(6,449,955)
Tax effect of expenses that are not deductible in determining taxable profit
663,080
1,262,029
Change in unrecognised deferred tax assets
18,834,964
10,173,388
Changes in tax rates
(892,615)
1,574,357
Under/(over) provision of deferred tax in respect of current period
-
(1,000,000)
Under/(over) provision of deferred tax in respect of prior periods
2,203,588
(23,255,118)
Taxation credit
(12,879,953)
(17,695,299)

Factors that may affect future tax charges

 

From 1 April 2023 the corporation tax rate in the UK was increased to 25%. The rate of 25% is therefore used to measure UK deferred taxes in both 2022 and 2023, to the extent the related timing differences are expected to reverse in 2024 or later.

 

At 31 December 2023 the group has tax losses of approximately £48.5 million. No deferred tax asset has been recognised in these financial statements in respect of these losses as their recoverability is not virtually certain.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Property, plant and equipment
14
-
1,948,805
Stocks
20
494,957
-
Recognised in:
Cost of sales
494,957
-
Administrative expenses
-
1,948,805

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
13
Intangible fixed assets
Group
Goodwill
Software
Patents & licences
Brand development costs
Trademark & domain costs
Website costs
Total
£
£
£
£
£
£
£
£
Cost
At 1 January 2023
6,097,102
2,718,532
471,584
13,571
811,743
44,012
183,025
10,339,569
Additions
-
0
45,730
293,912
-
0
12,105
-
0
-
351,747
Disposals
-
0
(43,892)
-
0
-
0
(1,326)
(2,400)
-
(47,618)
At 31 December 2023
6,097,102
2,720,370
765,496
13,571
822,522
41,612
183,025
10,643,698
Amortisation and impairment
At 1 January 2023
6,097,102
619,620
18,205
-
0
117,557
7,487
71,171
6,931,142
Amortisation charged for the year
-
0
560,726
630,278
1,357
155,697
1,828
36,125
1,386,011
Disposals
-
0
-
0
-
0
-
0
(222)
(396)
-
(618)
At 31 December 2023
6,097,102
1,180,346
648,483
1,357
273,032
8,919
107,296
8,316,535
Carrying amount
At 31 December 2023
-
0
1,540,024
117,013
12,214
549,490
32,693
75,729
2,327,163
At 31 December 2022
-
0
2,098,912
453,379
13,571
694,186
36,525
111,854
3,408,427
CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
Company
Software
£
Cost
At 1 January 2023 and 31 December 2023
74,057
Amortisation and impairment
At 1 January 2023
29,063
Amortisation charged for the year
6,146
At 31 December 2023
35,209
Carrying amount
At 31 December 2023
38,848
At 31 December 2022
44,994

More information on impairment movements in the year is given in note 12.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 January 2023
5,210,202
352,301
19,177,295
32,341,171
4,174,572
302,467
115,811
61,673,819
Additions
-
0
-
0
746,300
108,752
167,031
-
0
-
0
1,022,083
At 31 December 2023
5,210,202
352,301
19,923,595
32,449,923
4,341,603
302,467
115,811
62,695,902
Depreciation and impairment
At 1 January 2023
1,948,805
33,166
530,305
6,855,152
1,863,072
213,027
111,984
11,555,511
Depreciation charged in the year
-
0
89,453
1,161,154
6,493,596
554,104
36,993
3,827
8,339,127
At 31 December 2023
1,948,805
122,619
1,691,459
13,348,748
2,417,176
250,020
115,811
19,894,638
Carrying amount
At 31 December 2023
3,261,397
229,682
18,232,136
19,101,175
1,924,427
52,447
-
0
42,801,264
At 31 December 2022
3,261,397
319,135
18,646,990
25,486,019
2,311,500
89,440
3,827
50,118,308
CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
Company
Fixtures and fittings
£
Cost
At 1 January 2023
72,133
Additions
16,674
At 31 December 2023
88,807
Depreciation and impairment
At 1 January 2023
51,954
Depreciation charged in the year
17,734
At 31 December 2023
69,688
Carrying amount
At 31 December 2023
19,119
At 31 December 2022
20,179

More information on impairment movements in the year is given in note 12.

15
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023 and 31 December 2023
803,864,428
-
Additions through external acquisition
2,731,583
-
Net gains or losses through fair value adjustments
(80,131,583)
-
At 31 December 2023
726,464,428
-

The investment properties which have a combined fair value of £726,464,248 are based on the valuations by independent valuers, who are are not connected with the group and who have had recent experience in the location and class of the investment properties valued. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The historical cost of the investment properties is £324,803,919 (2022: £322,072,336).

16
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
410
7,954,416
CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Fixed asset investments
(Continued)
- 37 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
7,954,416
Additions
202
At 31 December 2023
7,954,618
Impairment
At 1 January 2023
-
Impairment losses
7,954,208
At 31 December 2023
7,954,208
Carrying amount
At 31 December 2023
410
At 31 December 2022
7,954,416
17
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Subsidiaries
(Continued)
- 38 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Consolidated Development Holdings Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
100.00
Consolidated Developments Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
100.00
Consolidated Hotels Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
100.00
Consolidated Neal Street Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
100.00
Consolidated Property Corporation Inc. Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
100.00
Consolidated Soho Square Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
100.00
-
Consolidated Wedderburn Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
100.00
-
CPC Inc Company Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
100.00
CPC Inc Holdings Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
100.00
-
Consolidated Hotels Holdings Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
100.00
Neal Street Mezzanine Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
100.00
-
Soho Hotel Mezzanine Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
100.00
-
Soho Hotel Obligor Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
100.00
Wardour Street Mezzanine Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
100.00
Wardour Street Obligor Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
100.00
Mirenview Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
100.00
-
Noumena Outernet Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
100.00
-
Outernet Global Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
83.00
-
Outernet Europe Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
83.00
Outernet London Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
83.00
Outernet London Holdings Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
83.00
Outernet Venue Mezzanine Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
100.00
-
Outernet Venue Obligor Holdings Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
100.00
Outernet Venue Obligor Limited
50a Norbury Road, Thornton Heath, Croydon, CR7 8JN
Ordinary
0
100.00
St Giles Mezzanine Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
100.00
-
St Giles Obligor Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
100.00
Chateau Denmark Bar Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary
0
66.67
Chateau Denmark Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
A Ordinary
66.67
-
18
Joint ventures

Details of joint ventures at 31 December 2023 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Outernet Venue Limited
3rd Floor 114a Cromwell Road, London, SW7 4AG
Ordinary shares
50.00
CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
19
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
22,270,233
37,583,473
-
-
20
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
90,082
-
-
-
Food, beverages and other consumables
25,452
584,325
-
0
-
0
115,534
584,325
-
-
21
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,631,404
5,720,831
5,225
-
0
Corporation tax recoverable
952,526
-
0
634,454
-
0
Amounts owed by group undertakings
-
-
538,101
251,850,098
Amounts owed by undertakings in which the company has a participating interest
-
-
-
639,167
Derivative financial instruments
22,270,233
37,583,473
-
-
Other debtors
19,532,074
18,835,929
4,262,049
2,272,033
Prepayments and accrued income
7,591,679
6,976,491
2,913,652
252,682
54,977,916
69,116,724
8,353,481
255,013,980
Amounts falling due after more than one year:
Other debtors
792,528
1,021,695
-
0
-
0
Total debtors
55,770,444
70,138,419
8,353,481
255,013,980
CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
22
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
24
2,841,911
7,958,889
25
-
0
Trade creditors
4,076,292
4,176,327
983,356
556,132
Amounts owed to group undertakings
-
0
-
0
11,386,666
2,774,761
Corporation tax payable
952,526
-
0
634,454
-
0
Other taxation and social security
933,521
1,650,582
38,541
72,939
Other creditors
73,113,302
56,707,974
46,423,099
41,780,178
Accruals and deferred income
13,165,892
18,497,621
229,932
432,700
95,083,444
88,991,393
59,696,073
45,616,710
23
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
24
526,714,417
507,188,099
-
0
-
0
24
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
529,555,499
515,146,988
-
0
-
0
Bank overdrafts
829
-
0
25
-
0
529,556,328
515,146,988
25
-
Payable within one year
2,841,911
7,958,889
25
-
0
Payable after one year
526,714,417
507,188,099
-
0
-
0
CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
24
Loans and overdrafts
(Continued)
- 41 -

Consolidated Developments Limited: The bank loans of £438,810,604 (2022: £435,587,880) are secured by first legal charges over the assets of the company, the parent company, the shareholders and a fellow group undertaking's property.

 

Consolidated Hotels Limited: The bank loan of £59,243,692 (2022: £58,824,818) is secured by a first legal charge over the freehold investment properties and a debenture over the assets of the company.

 

Consolidated Neal Street Limited: The bank loan of £2,841,082 (2022: £2,833,332) is secured by a fixed charge over the company's investment property and a floating charge over the assets of the company.

 

Consolidated Property Corporation Inc Limited: The bank loan of £18,726,767 (2022: £7,958,889) is secured by fixed charge over the company's freehold investment property and debenture over the assets of the company.

 

Consolidated Soho Square Limited: The bank loan of £7,013,520 (2022: £7,026,131) is secured by fixed and floating charges over the assets of the company. The company and Consolidated Holdings Limited, the company's parent undertaking, have also provided a multilateral guarantee. In addition the director has provided a personnel guarantee to the bank to the extent of £750,000.

 

Consolidated Wedderburn Limited: The bank loan of £2,919,834 (2022: £2,915,938) is secured by a first legal charge over the investment property and a personal guarantee from the director in the sum of £2,925,000.

25
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Penalty claim provision
346,650
354,704
-
-
Losses in joint venture
4,808,554
2,846,511
-
-
5,155,204
3,201,215
-
-
Movements on provisions:
Penalty claim provision
Losses in joint venture
Total
Group
£
£
£
At 1 January 2023
346,650
2,846,511
3,193,161
Additional provisions in the year
-
1,962,043
1,962,043
At 31 December 2023
346,650
4,808,554
5,155,204

The penalty claim provision is in regard to ongoing litigation with one of the subsidiaries of the Group. The figure included in the accounts is based on management's best estimate of the foreseeable fine in case it came to be applied, multiplied by the expected probability of the companies being applied the fine. The timing or amount of any economic outflows will be determined by the outcome of the litigation.

 

Provision for losses in joint venture represent the group's obligatory share that has exceeded the investment in the joint venture.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 42 -
26
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
1,250,829
1,438,318
Tax losses carried forward
-
(2,894,425)
Interest restriction losses carried forward
(15,250,000)
(22,500,000)
Other short term timing differences
-
(24,322)
Investment properties
100,971,510
120,004,407
Financial instruments
3,823,804
7,652,118
90,796,143
103,676,096
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
103,676,096
-
Credit to profit or loss
(12,879,953)
-
Liability at 31 December 2023
90,796,143
-

At 31 December 2023, the group has further losses of £48.5m available to carry forward indefinitely and set against profits or capital gains (of which £5.3m is losses of the JV). It also has a further £107m of interest disallowed under the corporate interest restriction rules, to carry forward and reactivate when conditions allow.

 

No deferred tax asset has been recognised in these financial statements in respect of these items as their recoverability is not virtually certain.

27
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
167,350
103,097

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.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 43 -
28
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
205
205
205
205

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

29
Reserves

The Group's profit and loss reserve of £129,457,115 (2022: £252,671,533 ) includes all current and prior period profits and losses. £301,245,382 (2022: £361,344,069) of the profit and loss reserve is non distributable. The non distributable element of the profit and loss reserve relates to investment property revaluation gains, net of related deferred taxation.

30
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
2023
2022
2023
2022
£
£
£
£
Within one year
2,662,723
2,662,723
200,000
200,000
Between two and five years
9,594,479
9,982,252
296,111
496,111
In over five years
26,158,556
28,439,586
-
-
38,415,758
41,084,561
496,111
696,111
31
Events after the reporting date

On 4 April 2025, the Group entered into a Settlement Deed between the director and shareholder, Mr L Kirschel and its senior lender. This agreement marked a significant milestone in the Group’s post-year-end restructuring and resolved a number of outstanding matters, including:

 

 

As part of the restructuring, management and control of Consolidated Developments Limited and Outernet London Limited as well as their parent entities formally passed to the senior lender, in accordance with the Group’s financing arrangements. These entities had previously been under the control of Laurence Kirschel, who, following the transaction, ceased to be a director of either company and now retains a shareholding in each.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 44 -
32
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
1,104,494
1,229,511
Transactions with related parties

During the year the group entered into the following transactions with related parties:

 

Total related party sales for the group comprised of £291,133 (2022: £535,194) of management fee income and £2,974,627 (2022: £2,341,852) of rental income. These transactions were conducted under normal market conditions, were unsecured and were to be settled in cash.

Sales
Sales
2023
2022
£
£
Group
Entities over which the group has control, joint control or significant influence
2,974,627
2,341,852
Other related parties
291,133
535,194
Company
Other related parties
291,133
535,194
Interest received
Interest paid
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
-
-
2,762,970
1,200,071
Company
Entities over which the entity has control, joint control or significant influence
1,868,203
1,206,796
-
-
Other related parties
-
-
2,762,970
1,200,071

 

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Other related parties
7,591,679
42,852,819
CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
32
Related party transactions
(Continued)
- 45 -
Company
Entities over which the company has control, joint control or significant influence
11,386,666
2,774,761
Other related parties
46,423,099
41,748,341

Of the total amounts due to related parties, £33,945,865 (2022: £30,586,052) accrues interest at 3% per annum, £12,477,234 (2022: £11,162,289) accrues interest at 4% per annum, and the remaining is interest-free.

 

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Entities over which the group has control, joint control or significant influence
-
1,176,810
Other related parties
4,993,282
2,232,467
Company
Entities over which the company has control, joint control or significant influence
538,101
252,489,265
Other related parties
521,832
1,796,554
33
Directors' transactions

At the balance sheet date £2,329,864 (2022: creditor of £842) was owed by the director to the parent company. During the year advances of £4,536,591 (2022: £2,036,468) were made and £2,205,885 (2022: £4,677,783) was repaid. The balance is unsecured and is repayable on demand. During the year interest received of £Nil (2022: £44,683) was recognised in the statement of comprehensive income.

34
Controlling party

The ultimate controlling party is Laurence Kirschel.

CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 46 -
35
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Loss after taxation
(130,352,112)
(16,251,835)
Adjustments for:
Share of results of associates and joint ventures
1,962,043
2,062,576
Taxation credited
(12,879,953)
(17,695,299)
Finance costs
39,332,706
35,548,805
Investment income
(219,691)
(49,565)
Loss on disposal of intangible assets
47,000
35,415
Fair value loss on investment properties
80,131,583
1,693,089
Amortisation and impairment of intangible assets
1,386,011
776,492
Depreciation and impairment of tangible fixed assets
8,339,127
9,277,770
Other gains and losses
15,313,240
(30,567,088)
Decrease in provisions
(8,054)
(700,736)
Movements in working capital:
Decrease/(increase) in stocks
468,791
(335,389)
Decrease/(increase) in debtors
2,337,125
(8,754,300)
Increase in creditors
10,256,503
15,933,427
Cash generated from/(absorbed by) operations
16,114,319
(9,026,638)
36
Cash absorbed by operations - company
2023
2022
£
£
Loss after taxation
(271,632,579)
(990,835)
Adjustments for:
Finance costs
1,322,084
1,201,180
Investment income
(2,135,740)
(1,306,290)
Amortisation and impairment of intangible assets
6,146
7,841
Depreciation and impairment of tangible fixed assets
17,734
13,490
Impairment of investments
7,954,006
-
Impairment of group balances
264,320,310
-
Movements in working capital:
Increase in debtors
(12,559,753)
(2,033,260)
Increase/(decrease) in creditors
12,122,800
(5,649,532)
Cash absorbed by operations
(584,992)
(8,757,406)
CONSOLIDATED HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 47 -
37
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
19,221,879
(15,024,633)
4,197,246
Bank overdrafts
-
0
(829)
(829)
19,221,879
(15,025,462)
4,196,417
Borrowings excluding overdrafts
(515,146,988)
(14,408,511)
(529,555,499)
(495,925,109)
(29,433,973)
(525,359,082)
38
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,557,425
(2,931,505)
625,920
Bank overdrafts
-
0
(25)
(25)
3,557,425
(2,931,530)
625,895
2023-12-312023-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr L 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