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Registration number: 08644504

The Pioneers, Management Innovation Consultants Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

The Pioneers, Management Innovation Consultants Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Unaudited Financial Statements

6 to 11

Detailed Profit and Loss Account

12 to 14

 

The Pioneers, Management Innovation Consultants Limited

Company Information

Directors

Mr M Grimshaw

Mrs B Heller

Company secretary

Mrs A L Grimshaw

Registered office

30 St Giles'
Oxford
OX1 3LE

Accountants

Wenn Townsend
Chartered Accountant30 St Giles'
Oxford
OX1 3LE

 

The Pioneers, Management Innovation Consultants 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.

Directors of the company

The directors who held office during the year were as follows:

Mr M Grimshaw

Mrs B Heller

Principal activity

The principal activity of the company is management consultancy.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 16 June 2025 and signed on its behalf by:
 

.........................................
Mrs B Heller
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Pioneers, Management Innovation Consultants Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Pioneers, Management Innovation Consultants Limited for the year ended 30 September 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Pioneers, Management Innovation Consultants Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Pioneers, Management Innovation Consultants Limited and state those matters that we have agreed to state to the Board of Directors of The Pioneers, Management Innovation Consultants Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Pioneers, Management Innovation Consultants Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Pioneers, Management Innovation Consultants Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Pioneers, Management Innovation Consultants Limited. You consider that The Pioneers, Management Innovation Consultants Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Pioneers, Management Innovation Consultants Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Wenn Townsend
Chartered Accountant
30 St Giles'
Oxford
OX1 3LE

16 June 2025

 

The Pioneers, Management Innovation Consultants Limited

Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

 

183,156

180,142

Cost of sales

 

(57,395)

(28,170)

Gross profit

 

125,761

151,972

Administrative expenses

 

(56,595)

(106,728)

Other operating income

 

4,059

14,572

Operating profit

 

73,225

59,816

Interest payable and similar expenses

 

(5,903)

(15)

Profit before tax

4

67,322

59,801

Tax on profit

 

(15,611)

(10,907)

Profit for the financial year

 

51,711

48,894

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

The Pioneers, Management Innovation Consultants Limited

(Registration number: 08644504)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

2,384

8,800

Tangible assets

6

1,812

1,134

 

4,196

9,934

Current assets

 

Debtors

7

30,823

48,783

Cash at bank and in hand

 

42,788

29,671

 

73,611

78,454

Creditors: Amounts falling due within one year

8

(38,284)

(36,630)

Net current assets

 

35,327

41,824

Total assets less current liabilities

 

39,523

51,758

Creditors: Amounts falling due after more than one year

8

(26,435)

(41,631)

Net assets

 

13,088

10,127

Capital and reserves

 

Called up share capital

9

105

105

Share premium reserve

9,995

9,995

Retained earnings

2,988

27

Shareholders' funds

 

13,088

10,127

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 16 June 2025 and signed on its behalf by:
 

.........................................

Mrs B Heller
Director

 

The Pioneers, Management Innovation Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
30 St Giles'
Oxford
OX1 3LE

These financial statements were authorised for issue by the Board on 16 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

The Pioneers, Management Innovation Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss.

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 operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

2 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development costs

2 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

 

The Pioneers, Management Innovation Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,200

4,370

Amortisation expense

6,416

8,734

 

The Pioneers, Management Innovation Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Intangible assets

Website development costs
 £

Total
£

Cost or valuation

At 1 October 2023

43,457

43,457

At 30 September 2024

43,457

43,457

Amortisation

At 1 October 2023

34,657

34,657

Amortisation charge

6,416

6,416

At 30 September 2024

41,073

41,073

Carrying amount

At 30 September 2024

2,384

2,384

At 30 September 2023

8,800

8,800

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

18,739

18,739

Additions

1,878

1,878

At 30 September 2024

20,617

20,617

Depreciation

At 1 October 2023

17,605

17,605

Charge for the year

1,200

1,200

At 30 September 2024

18,805

18,805

Carrying amount

At 30 September 2024

1,812

1,812

At 30 September 2023

1,134

1,134

 

The Pioneers, Management Innovation Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Debtors

2024
£

2023
£

Trade debtors

30,252

33,754

Other debtors

571

15,029

30,823

48,783

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

9,252

-

Trade creditors

 

11,713

4,444

Taxation and social security

 

15,611

16,407

Accruals and deferred income

 

-

15,000

Other creditors

 

1,708

779

 

38,284

36,630

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

26,435

41,631

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

70

70

70

70

A Ordinary of £1 each

10

10

10

10

B Ordinary of £1 each

25

25

25

25

105

105

105

105

 

The Pioneers, Management Innovation Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

23,120

32,492

Other borrowings

3,315

9,139

26,435

41,631

Current loans and borrowings

2024
£

2023
£

Other borrowings

9,252

-

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £170.00 (2023 - £500.00) per each Ordinary

11,900

35,000

Interim dividend of £3,050.00 (2023 - £Nil) per each A Ordinary

30,500

-

Interim dividend of £254.00 (2023 - £1,170.00) per each B Ordinary

6,350

29,250

48,750

64,250

 

The Pioneers, Management Innovation Consultants Limited

Detailed Profit and Loss Account for the Year Ended 30 September 2024

2024
£

2023
£

Turnover (analysed below)

183,156

180,142

Cost of sales (analysed below)

(57,395)

(28,170)

Gross profit

125,761

151,972

Gross profit (%)

68.66%

84.36%

Administrative expenses

Employment costs (analysed below)

(16,562)

(68,973)

Establishment costs (analysed below)

(21,811)

(2,366)

General administrative expenses (analysed below)

(10,606)

(22,278)

Finance charges (analysed below)

-

(7)

Depreciation costs (analysed below)

(7,616)

(13,104)

(56,595)

(106,728)

Other operating income (analysed below)

4,059

14,572

Operating profit

73,225

59,816

Interest payable and similar expenses (analysed below)

(5,903)

(15)

Profit before tax

67,322

59,801

 

The Pioneers, Management Innovation Consultants Limited

Detailed Profit and Loss Account for the Year Ended 30 September 2024

2024
£

2023
£

   

Turnover

Rendering of services, UK

183,156

180,142

   

Cost of sales

Direct costs

(57,395)

(28,170)

   

Employment costs

Wages and salaries (excluding directors)

(6,822)

(29,379)

Staff NIC (Employers)

(247)

(1,805)

Directors remuneration

(7,348)

(35,408)

Staff pensions (Defined contribution)

(2,145)

(2,381)

(16,562)

(68,973)

   

Establishment costs

Rent

(19,258)

-

Insurance

(2,553)

(2,366)

(21,811)

(2,366)

   

General administrative expenses

Telephone and fax

(1,487)

(1,186)

Computer software and maintenance costs

(1,077)

(1,699)

Printing, postage and stationery

(181)

(41)

Trade subscriptions

(47)

(581)

Charitable donations

(25)

-

Sundry expenses

(23)

(6)

Travel and subsistence

(5,873)

(14,544)

Advertising

-

(755)

Staff entertaining (allowable for tax)

-

(126)

Accountancy fees

(1,800)

(3,300)

Consultancy fees

(40)

(40)

Legal and professional fees

(53)

-

(10,606)

(22,278)

   

Finance charges

Bank charges

-

(7)

   

Depreciation costs

Amortisation of development costs

(6,416)

(8,734)

Depreciation of office equipment (owned)

(1,200)

(4,370)

(7,616)

(13,104)

   

Other operating income

Other operating income

4,059

14,572

 

The Pioneers, Management Innovation Consultants Limited

Detailed Profit and Loss Account for the Year Ended 30 September 2024

2024
£

2023
£

   

Interest payable and similar expenses

Bank loan interest payable

(5,777)

-

Other interest payable

(112)

-

Foreign currency (gains)/losses

(14)

(15)

(5,903)

(15)