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Registered number: 12502570














CONRAD GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
CONRAD GROUP HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
D Sitwell 
J O Sitwell 
L M Sitwell 
P C Clark 




Registered number
12502570



Registered office
Sopher + Co LLP
Connaught House

1-3 Mount Street

London

W1K 3NB




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
CONRAD GROUP HOLDINGS LIMITED
 

CONTENTS



Page
Chairman's Statement
 
1
Group Strategic Report
 
2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Statement of Financial Position
 
10
Company Statement of Financial Position
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14 - 15
Consolidated Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 34


 
CONRAD GROUP HOLDINGS LIMITED
 
 
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The chairman presents his statement for the period.

Conrad (CGHL) is our holding company. Its purpose is to become home for a group of successful and growing digital marketing services and similar businesses.  

We have begun our latest journey in the capable hands of Louie and Jack Sitwell. With their enthusiastic and contemporary approach, I can report the signs are positive, both from a target and lending perspective.

My gratitude goes to the Board for their wise counsel and all of our employees for their hard work and commitment.

We look forward to completing our first acquisition during the coming year. 


NameD C Sitwell
Chairman

Date19 June 2025

Page 1

 
CONRAD GROUP HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report and financial statements for the year ended 30 September 2024.
The consolidated financial statements present the results of the Company and its subsidiaries (together "the Group") as if they formed a single entity. 

Business review
 
The directors are pleased to report another year of profit growth as the company continues its return to pre-pandemic levels of profitability. Operating profit after share of associates profits and losses has increased by 82% despite another year where macro-economic and political events have presented a challenge to most business sectors. While turnover reduced due to some clients moving spend from offline media, increased fee income (specifically on digital and creative projects) resulted in an increase in gross profit.
Despite the ongoing impact of outlier events, the directors are confident of sustainable growth. Significant new business won in the latter part of the financial year will contribute materially to the next financial year, across both online and offline media.
Retaining and recruiting high quality staff remains a priority of the Board, as evidenced by the very low staff turnover during the year. Our staff provide innovative and effective services and support to our many clients, and produce work that continues to be award winning.      

Principal risks and uncertainties
 
The principal risks and uncertainties facing the Group include :-
 
Liquidity risks – management of the group’s cash flow has been of paramount importance and will continue to be so. The directors are confident that all current and future liabilities will continue to be met, even with conservative forecasts of future trading.
Market risk – the advertising landscape continues to change, but there remains a place for traditional media alongside the various digital channels. The company will continue to offer its clients an appropriate mix of media to meet their requirements, while investing in training its staff to take advantage of developments as they are introduced by the major digital media. Google continues to recognise Accord as a Premier Partner, a much-valued accolade awarded to a very small number of advertising agencies in the UK.

Financial key performance indicators
 
The director consider the turnover and operating profit or loss of the Group as the key performance indicator as set out in the Statement of Comprehensive Income on page 9.

Funding
 
The Group’s liquidity remains strong. The directors are confident that all liabilities will continue to be met, and that there will be sufficient working capital to facilitate the return to growth.


This report was approved by the board on 5 June 2025 and signed on its behalf.



D Sitwell
Director

Page 2

 
CONRAD GROUP HOLDINGS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Results and dividends

The profit for the year, after taxation, amounted to £673,000 (2023 - £264,000).

No dividend was paid during the year (2023: £Nil)

Directors

The directors who served during the year were:

D Sitwell 
J O Sitwell (appointed 4 March 2024)
L M Sitwell (appointed 4 March 2024)

P C Clark was appointed as director on 01 October 2024. 

Future developments

There are no plans which will significantly change the activities and risks of the Group.

Qualifying third party indemnity provisions

The Group maintains insurance policies on behalf of the directors against liability arising from negligence, breach of duty and breach of trust in relation to the Group.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group 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 for the Group's financial statements and then apply them consistently;

make judgments 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 will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
CONRAD GROUP HOLDINGS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Events after the reporting date

There have been no significant events affecting the Group since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 5 June 2025 and signed on its behalf.
 





D Sitwell
Director

Page 4

 
CONRAD GROUP HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONRAD GROUP HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Conrad Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 of the parent Company's affairs as at 30 September 2024 and of the Group's profit 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.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the 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.


Page 5

 
CONRAD GROUP HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONRAD GROUP HOLDINGS LIMITED (CONTINUED)

Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.


In connection with our audit of the financial statementsour 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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.


Page 6

 
CONRAD GROUP HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONRAD GROUP HOLDINGS LIMITED (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 Auditors' 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 Group financial statements.


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the marketing and advertising sector; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 
Page 7

 
CONRAD GROUP HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONRAD GROUP HOLDINGS LIMITED (CONTINUED)

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.





Stephen Iseman FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

5 June 2025
Page 8

 
CONRAD GROUP HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
28,750
32,027

Cost of sales
  
(22,008)
(25,328)

Gross profit
  
6,742
6,699

Administrative expenses
  
(5,593)
(5,985)

Operating profit
 5 
1,149
714

Share of loss of associates
  
-
(81)

Total operating profit
  
1,149
633

Amounts written off investments
  
-
(44)

Interest receivable and similar income
 9 
6
15

Interest payable and similar expenses
 10 
(146)
(175)

Profit before taxation
  
1,009
429

Tax on profit
 11 
(336)
(165)

Profit for the financial year
  
673
264

Profit for the year attributable to:
  

Owners of the parent Company
  
673
264

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 34 form part of these financial statements.

Page 9

 
CONRAD GROUP HOLDINGS LIMITED
REGISTERED NUMBER:12502570

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Intangible assets
 13 
9,937
10,222

Tangible assets
 14 
74
139

Fixed asset investments
 15 
17
17

  
10,028
10,378

Current assets
  

Debtors due within 1 year
 16 
5,072
4,506

Cash at bank and in hand
  
1,575
966

  
6,647
5,472

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(8,949)
(8,002)

Net current liabilities
  
 
 
(2,302)
 
 
(2,530)

Total assets less current liabilities
  
7,726
7,848

Creditors: amounts falling due after more than one year
 18 
(7,719)
(8,514)

Net assets/(liabilities)
  
7
(666)


Capital and reserves
  

Share capital
 21 
-
-

Profit and loss account
 22 
7
(666)

Equity attributable to owners of the parent Company
  
7
(666)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 June 2025.




D Sitwell
Director

The notes on pages 16 to 34 form part of these financial statements.

Page 10

 
CONRAD GROUP HOLDINGS LIMITED
REGISTERED NUMBER:12502570

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Investments
 15 
23,000
23,000

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(5,153)
(4,865)

Total assets less current liabilities
  
17,847
18,135

  

Creditors: amounts falling due after more than one year
 18 
(7,084)
(7,334)

Net assets
  
10,763
10,801


Capital and reserves
  

Share capital
 21 
-
-

Share premium account
 22 
10,927
10,927

Profit and loss account
 22 
(164)
(126)

  
10,763
10,801


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 June 2025.


D Sitwell
Director

The notes on pages 16 to 34 form part of these financial statements.

Page 11

 
CONRAD GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Profit and loss account
Equity attributable to owners of parent Company
Total equity

£000
£000
£000


At 1 October 2022
(930)
(930)
(930)



Profit for the year
264
264
264



At 1 October 2023
(666)
(666)
(666)



Profit for the year
673
673
673


At 30 September 2024
7
7
7


The notes on pages 16 to 34 form part of these financial statements.

Page 12

 
CONRAD GROUP HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Share premium account
Profit and loss account
Total equity

£000
£000
£000


At 1 October 2022
10,927
(102)
10,825



Loss for the year
-
(24)
(24)



At 1 October 2023
10,927
(126)
10,801



Loss for the year
-
(38)
(38)


At 30 September 2024
10,927
(164)
10,763


The notes on pages 16 to 34 form part of these financial statements.

Page 13

 
CONRAD GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£000
£000

Cash flows from operating activities

Profit for the financial year
673
264

Adjustments for:

Amortisation of intangible assets
306
355

Depreciation of tangible assets
76
116

Gain on disposal of tangible assets
-
(6)

Interest payable
146
174

Interest receivable
(6)
(15)

Taxation charge
336
165

(Increase)/decrease in debtors
(566)
623

Increase/(decrease) in creditors
507
(1,903)

Share of operating loss in associates
-
81

Corporation tax paid
(142)
(179)

Impairment of investment in associates
-
44

Net cash generated from operating activities

1,330
(281)


Cash flows from investing activities

Purchase of intangible fixed assets
(21)
(37)

Purchase of tangible fixed assets
(13)
(127)

Sale of tangible fixed assets
-
6

Interest received
6
15

Net cash used in investing activities

(28)
(143)

Cash flows from financing activities

Repayment of bank loans
(534)
(698)

Repayment of other loans
-
(225)

Finance lease (repaid)/received
(13)
87

Interest paid
(146)
(174)

Net cash used in financing activities
(693)
(1,010)

Net increase/(decrease) in cash and cash equivalents
609
(1,434)

Cash and cash equivalents at beginning of year
966
2,400

Cash and cash equivalents at the end of year
1,575
966


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,575
966

Page 14

 
CONRAD GROUP HOLDINGS LIMITED
 


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£000

£000

£000

Cash at bank and in hand

966

609

1,575

Debt due after 1 year

(8,439)

783

(7,656)

Debt due within 1 year

(633)

-

(633)

Finance leases

(87)

13

(74)


(8,193)
1,405
(6,788)

The notes on pages 16 to 34 form part of these financial statements.

Page 15

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Conrad Group Holdings Limited is a private limited liability company registered in England and Wales, with its registered office address at 2nd Floor Connaught House 1-3 Mount Street, London,W1K 3NB and principal place of business at 1 Waterhouse Square, London, EC1N 2ST.
The principal activity of the Group is that of a marketing agency.
The Group's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of Group and its own subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Participating interests

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.

Page 16

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Going concern

The directors have considered market conditions and their ongoing impact on the Group's operations and is taking all necessary action to ensure that the Group continues to be able meet its running costs and liabilities as they fall due for at least 12 months from the date of their approval of these financial statements. Based on their current assessment of the situation, the directors considers it appropriate to prepare the financial statements on a going concern basis.

 
2.5

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.
Revenue from production 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 are recoverable.
Media sales are recognised when services are delivered.

 
2.6

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the acquisition of a business and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life which is 20 years.
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.
 
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:
 
           Development costs                      - 4 years

 
2.7

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Page 17

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is recognised as as to write off the cost or valuation of assets less their residual values over their useful lives, and is provided for on the following basis:

Motor vehicles
-
3 years straight line
Computer equipment
-
3-4 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.

 
2.8

Valuation of investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
The Group's share of profits less losses of associated undertakings is included in the Consolidated Statement of Comprehensive Income and the Group's share of their net assets is included in the Consolidated Statement of Financial Position. 

Page 18

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.9

Impairment of fixed assets

At each reporting end date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.11

Financial instruments

The Group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets 
Basic financial assets, which include trade and other receivables 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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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. Debt
Page 19

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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. The impairment loss is recognised in profit or loss.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 20

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.16

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.17

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.18

Pensions

Defined contribution pension plan
The main trading subsidiary contributes to defined contribution plans for its employees. A defined contribution plan is a pension plan under which the subsidiary pays fixed contributions into a separate entity. Once the contributions have been paid the subsidiary has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.19

Debtors

Short term debtors are measured at the transaction price, less any impairment.

Page 21

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Amortisation
The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. The value in use calculation requires the entity to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value. See note 13 for the carrying amount of the intangible assets.

Page 22

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£000
£000

Sales
22,008
25,322

Rendering of services
6,742
6,705

28,750
32,027


Analysis of turnover by country of destination:

2024
2023
£000
£000

United Kingdom
28,486
32,027

Rest of Europe
63
-

Rest of the world
201
-

28,750
32,027



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Other operating lease rentals
169
495


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£000
£000

Fees payable to the Company's auditors for the audit of the Group and Company's financial statements
18
20

Page 23

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£000
£000


Wages and salaries
3,430
3,324

Social security costs
384
408

Cost of defined contribution scheme
68
64

3,882
3,796


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Management
8
6
3
1



Administration
6
6
-
-



Other
57
56
-
-

71
68
3
1


8.


Directors' remuneration



The highest paid director received remuneration of £216,000 (2023 - £258,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).


9.


Interest receivable

2024
2023
£000
£000


Other interest receivable
6
15

Page 24

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Interest payable and similar expenses

2024
2023
£000
£000


Bank interest payable
125
145

Other loan interest payable
18
19

Other interest payable
3
11

146
175


11.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
343
188

Adjustments in respect of previous periods
(7)
-


Total current tax
336
188

Deferred tax


Origination and reversal of timing differences
-
(23)

Total deferred tax
-
(23)


Tax on profit
336
165
Page 25

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard (2023 - composite) rate of corporation tax in the UK of 25% (2023 - 22.01%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
1,009
430


Profit on ordinary activities multiplied by standard (2023 - composite)  rate of corporation tax in the UK of 25% (2023 - 22.01%)
252
95

Effects of:


Non-tax deductible amortisation of goodwill and impairment
72
68

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
12
35

Difference between capital allowance and depreciation
7
(9)

Adjustments to tax charge in respect of prior periods
(7)
-

Deferred tax
-
(23)

Non-taxable income
-
(1)

Total tax charge for the year
336
165


Factors that may affect future tax charges

There were no other material factors that may affect future tax charges.


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £38,000 (2023 - loss £24,000).

Page 26

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Intangible assets

Group and Company





Development expenditure
Computer software
Goodwill
Total

£000
£000
£000
£000



Cost


At 1 October 2023
42
86
11,326
11,454


Additions
-
21
-
21



At 30 September 2024

42
107
11,326
11,475



Amortisation


At 1 October 2023
40
44
1,149
1,233


Charge for the year on owned assets
-
18
287
305



At 30 September 2024

40
62
1,436
1,538



Net book value



At 30 September 2024
2
45
9,890
9,937



At 30 September 2023
2
42
10,178
10,222



Page 27

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Tangible fixed assets

Group






Motor vehicles
Computer equipment
Total

£000
£000
£000



Cost


At 1 October 2023
112
79
191


Additions
-
13
13



At 30 September 2024

112
92
204



Depreciation


At 1 October 2023
22
31
53


Charge for the year on owned assets
37
40
77



At 30 September 2024

59
71
130



Net book value



At 30 September 2024
53
21
74



At 30 September 2023
90
49
139

Page 28

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Fixed asset investments

Group





Investments in associates

£000



Cost


At 1 October 2023
60



At 30 September 2024

60



Impairment


At 1 October 2023
44



At 30 September 2024

44



Net book value



At 30 September 2024
16



At 30 September 2023
17

Company





Investments in subsidiary companies

£000



Cost


At 1 October 2023
23,000



At 30 September 2024

23,000






Net book value



At 30 September 2024
23,000



At 30 September 2023
23,000

Page 29

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Class of shares

Holding

Accord Marketing Limited
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Class of shares

Holding

Conrad Advertising Limited
Ordinary
100%
Artavia Advertising Limited
Ordinary
100%
MKH Advertising Limited
Ordinary
100%
Boyne Publicity Limited
Ordinary
100%
Senior King Communications Group Limited
Ordinary
100%
Accord Holdings Limited
Ordinary
100%
Travelads Limited
Ordinary
100%
Tourism Publishing Limited
Ordinary
100%
Ian Wyness Advertising Limited
Ordinary
100%
Conrad Advertising (North) Limited
Ordinary
100%
Michael K Howard (Milton Keynes) Limited
Ordinary
100%
Michael K Howard (Northampton) Limited
Ordinary
100%
Michael K Howard (Southern) Limited
Ordinary
100%
Michael K Howard (Thames Valley) Limited
Ordinary
100%
Netizen Digital Limited
Ordinary
100%
G&P Advertising Limited
Ordinary
100%
Gregory Mackenzie & Co Limited
Ordinary
100%
Media Options Limited
Ordinary
100%
Intrinsic Media Group Limited
Ordinary
100%
Senior King Limited
Ordinary
100%
Senior King Solutions Limited
Ordinary
100%
Accord Search Limited
Ordinary
100%
Netizen Limited
Ordinary
100%
Senior King Interactive Limited
Ordinary
100%
Senior King Print & Design Limited
Ordinary
100%
The MMA (UK) Limited
Ordinary
100%

All of the above companies have their registered office at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom, WD6 1JD.
The principal activity of Accord Marketing Limited is that of a marketing agency. 

Page 30

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Associates


The following were associates of the Company:


Name

Registered office

Principal activity

Class of shares

Holding

TAN Media Limited
Aston House, Cornwall Avenue, London, N3 1LF
Advertising services
Ordinary
29%
Search Engine Rescue Limited
1st Floor Healthaid House, Marlborough Hill, Harrow, Middlesex, HA1 1UD
IT consultancy services
Ordinary
16%


16.


Debtors

Group
Group
2024
2023
£000
£000


Trade debtors
4,761
4,201

Other debtors
201
175

Prepayments and accrued income
110
130

5,072
4,506


Page 31

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Bank loans
533
533
-
-

Trade creditors
6,074
4,957
-
-

Amounts owed to group undertakings
-
-
5,037
4,761

Corporation tax
383
188
-
-

Other taxation and social security
678
318
-
-

Obligations under finance lease and hire purchase contracts
11
13
-
-

Other creditors
205
674
1
1

Accruals and deferred income
1,065
1,319
115
103

8,949
8,002
5,153
4,865


The bank loans are secured by way of an unscheduled mortgage debenture incorporating a fixed and floating charge over the current and future assets of the Group.
Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Bank loans
572
1,106
-
-

Other loans
7,084
7,334
7,084
7,334

Net obligations under finance leases and hire purchase contracts
63
74
-
-

7,719
8,514
7,084
7,334


The bank loans are secured by way of an unscheduled mortgage debenture incorporating a fixed and floating charge over the current and future assets of the Group.

Page 32

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Amounts falling due within one year

Bank loans
533
533
-
-

Amounts falling due 1-2 years

Bank loans
487
533
-
-

Other loans
7,084
7,334
7,084
7,334

Amounts falling due 2-5 years

Bank loans
85
573
-
-


8,189
8,973
7,084
7,334



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£000
£000

Within one year
11
13

Between 1-2 years
63
11

Between 2-5 years
-
63

74
87


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary shares of £0.001 each
100
100



22.


Reserves

Profit and loss account

This reserve represents the cumulative balance of retained profits and losses to the Statement of Financial Position date.

Page 33

 
CONRAD GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

23.


Pension commitments

The Group contributes to defined contributions pension schemes for all qualifying employees. The assets of the schemes are held separately from those of the Company  in an independently administered fund. 
The pension cost charge represents contributions payable by the Group to the fund and amounted to £68,236 (2023: £64,301). Contributions totaling £13,203 (2023: £12,213) were payable to the funds at the reporting date and are included in creditors.


24.


Commitments under operating leases

At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£000
£000

Not later than 1 year
120
45

Later than 1 year and not later than 5 years
10
3

130
48

25.


Related party transactions

The Company has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
During the period the following related party transactions were entered into by Accord Marketing Limited: 
D C Sitwell
During the year £20,000 (2023: £60,000) was paid in respect of rental on a property owned by D C Sitwell. At 30 September 2024 £100,000 (2023: £100,000) was owed to D C Sitwell. 
Steed Advertising Limited
At 30 September 2024 £14,112 (2023: £14,112) was owed to Steed Advertising Limited, a company of which D C Sitwell is a shareholder.
Interesting Investments Limited
During the period, £90,000 (2023: £NIL) was paid by Accord Marketing Limited in respect of consultancy fees to Interest Investments Limited, a company owned by D C Sitwell. No balance was outstanding as at 30 September 2024 (2023: £NIL).
Key management personnel
During the year, remuneration totalling £977,000 (2023: £1,008,000) was paid to key management personnel.


26.


Controlling party

A director, D Sitwell, is the ultimate controlling party.

 
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