Company registration number 05228068 (England and Wales)
DEBRETT'S LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
DEBRETT'S LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 12
DEBRETT'S LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
5
176,887
238,484
Tangible assets
6
1,087
1,740
Investments
7
676,362
1,062,567
854,336
1,302,791
Current assets
Stocks
55,749
49,939
Debtors
9
129,383
484,191
Cash at bank and in hand
3,228
45,672
188,360
579,802
Creditors: amounts falling due within one year
10
(6,396,306)
(7,314,067)
Net current liabilities
(6,207,946)
(6,734,265)
Total assets less current liabilities
(5,353,610)
(5,431,474)
Creditors: amounts falling due after more than one year
11
(29,784)
(35,740)
Net liabilities
(5,383,394)
(5,467,214)
Capital and reserves
Called up share capital
12
8,484
8,484
Share premium account
2,043,094
2,043,094
Profit and loss reserves
(7,434,972)
(7,518,792)
Total equity
(5,383,394)
(5,467,214)
DEBRETT'S LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

The Director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 25 July 2025
D Eales
Director
Company Registration No. 05228068
DEBRETT'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Debrett's Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fifth Floor, Clareville House, 26-27 Oxendon Street, St James's, London, SW1Y 4EL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied, other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated financial statements on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The parent company has agreed not to request the repayment of its loan unless the company has surplus funds after allowing it to meet its other liabilities. In view of this support, the director considertrues it appropriate to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.

Revenue from contracts for the provision of professional services 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 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.

1.4
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.

1.5
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its useful economic life, which the director estimates to be 20 years.

DEBRETT'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
Straight line over 10 years
Trademarks and brands
Straight line over 10 years
Website and database
Reducing balance over 3 years
1.7
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.

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:

Computer equipment
33.3% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.

1.8
Fixed asset investments

Interests in subsidiaries 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.

1.9
Impairment of fixed assets

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

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

 

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

DEBRETT'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -

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.

1.10
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.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors 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.

Classification of financial liabilities

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

DEBRETT'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

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

 

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

 

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

1.13
Equity instruments

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

1.14
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. 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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Research and development tax credit claims

Tax credits arising on research and development tax credit claims are recognised once the computations have been prepared and the associated claims submitted to HM Revenue and Customs.

DEBRETT'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
1.15
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.

1.16
Retirement benefits

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

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Gain on disposal of associate

The company disposed of part of its investment in an associate during the year, which gave rise to a profit on disposal of £78,959.

4
Employees

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

2024
2023
Number
Number
Total
2
3
DEBRETT'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
5
Intangible fixed assets
Goodwill
Development costs
Trademarks and brands
Website and database
Total
£
£
£
£
£
Cost
At 1 July 2023
1,022,017
175,174
112,241
364,007
1,673,439
Additions
-
0
-
0
20,933
-
0
20,933
At 30 June 2024
1,022,017
175,174
133,174
364,007
1,694,372
Amortisation and impairment
At 1 July 2023
945,367
69,894
81,094
338,600
1,434,955
Amortisation charged for the year
51,101
13,024
9,937
8,468
82,530
At 30 June 2024
996,468
82,918
91,031
347,068
1,517,485
Carrying amount
At 30 June 2024
25,549
92,256
42,143
16,939
176,887
At 30 June 2023
76,650
105,280
31,147
25,407
238,484
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
17,452
Disposals
(5,941)
At 30 June 2024
11,511
Depreciation and impairment
At 1 July 2023
15,712
Depreciation charged in the year
503
Eliminated in respect of disposals
(5,791)
At 30 June 2024
10,424
Carrying amount
At 30 June 2024
1,087
At 30 June 2023
1,740
DEBRETT'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
55
102
Other investments other than loans
377,176
419,670
Loans
299,131
642,795
676,362
1,062,567
Movements in fixed asset investments
Shares in subsidiaries and associates
Other investments
Loans
Total
£
£
£
£
Cost or valuation
At 1 July 2023
102
419,670
642,795
1,062,567
Reclassification
(6)
6
-
-
Loans repaid
-
-
(301,164)
(301,164)
Disposals
(41)
(42,500)
(42,500)
(85,041)
At 30 June 2024
55
377,176
299,131
676,362
Carrying amount
At 30 June 2024
55
377,176
299,131
676,362
At 30 June 2023
102
419,670
642,795
1,062,567
8
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Debrett's Consultancy Limited
England & Wales
Dormant
Ordinary
100.00
Debrett's Private Equity Limited
England & Wales
Dormant
Ordinary
100.00
Debrett's Wealth Limited
England & Wales
Dormant
Ordinary
100.00
Debrett's World Limited
England & Wales
Dormant
Ordinary
100.00
Debrett's Education Limited
England & Wales
Educational support services
Ordinary
51.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
DEBRETT'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Subsidiaries
(Continued)
- 10 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Debrett's Consultancy Limited
1
-
0
Debrett's Private Equity Limited
1
-
0
Debrett's Wealth Limited
1
-
0
Debrett's World Limited
1
-
0
Debrett's Education Limited
(61,885)
0
(61,985)
0

Debrett's Consultancy Limited, Debrett's Private Equity Limited and Debrett's World Limited prepare annual financial statements to 31 December. The Capital and Reserves and Profit/(Loss) information set out above is for the year ended 31 December 2023.

 

Debrett's Wealth Limited prepares annual financial statements to 30 June and the Capital and Reserves and Profit/(Loss) information set out above is for the year ended 30 June 2024.

 

Debrett's Education Limited prepares annual financial statements to 31 July and the Capital and Reserves and Profit/(Loss) information set out above is for the year ended 31 July 2023.

 

The registered office of the above subsidiaries is the same as that of this company with the exception of Debrett's Education Limited, whose registered office is 34 Anyards Road, Cobham, England, KT11 2LA.

9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
24,452
69,190
Other debtors
104,931
415,001
129,383
484,191
DEBRETT'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan
5,957
5,957
Trade creditors
66,170
56,947
Taxation and social security
603
1,418
Other creditors
6,323,576
7,249,745
6,396,306
7,314,067

There is a cross guarantee between the parent company and this company in favour of parent company loan note holders carrying a fixed and floating charge over all of the assets of the group.

 

The director of Ensco 908 Limited waived the company's entitlement to accumulated interest accrued as at 30 June 2024 of £200,000 (2023: £200,000), on the B, C & D loan notes.

 

The loan notes do not have a fixed repayment date, although the C loan and D loan notes are repayable in preference to B loan notes. The A, B, C and D loan notes are secured by way of a fixed, floating charge over all of the assets of the company and by cross guarantee between the companies.

11
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
29,784
35,740

The bank loan, including accrued interest, totals £35,741 (2023: £41,697) and is repayable by instalments. £5,957 (2023: £11,913) of the above balance is repayable after five years.

12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,484
8,484
8,484
8,484
13
Related party transactions

The company has taken advantage of the exemption available under FRS 102 Related Party Disclosures not to disclose transactions with other wholly owned group companies.

 

Included in other creditors is £393,000 (2023: £393,000) due to a company under common control. Included in other creditors is £555,722 (2023: £1,483,472, as restated) due to the director of the company.

 

Included in other debtors is £14,148 (2023: £65,000) due from a subsidiary company. Included in other debtors is £Nil (2023: £98,500) due from an associate company.

 

During the year, the company considered amounts totalling £120,907 (2023: £4,334) due from a fellow subsidiary of the parent company and a subsidiary of the company to be non-recoverable and these amounts have been provided against and expensed.

DEBRETT'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
14
Parent company

The parent company is Ensco 908 Limited, a company registered in England & Wales and registered at the same address as this company.

15
Prior period adjustment

An accounting error arose in the prior financial year’s financial statements as interest income was included in turnover in error.  This error has been corrected via the inclusion of a prior period adjustment to the comparative amounts included in these financial statements. The effect of correcting this error on the 2023 comparative financial statements is to increase interest income by £37,603 with a corresponding reduction in turnover.

 

A further accounting error arose in the prior financial year’s financial statements whereby certain transactions settled by a director on behalf of the company were omitted from the company’s 2023 financial statements in error.  This error has been corrected via the inclusion of a prior period adjustment to the comparative amounts included in these financial statements. The effect of correcting this error on the 2023 comparative financial statements is to increase fixed asset investments by £1,017,512, other debtors by £250,000 and the amount owed by the company to the director by £1,267,512.

 

The above prior period adjustments had no impact on the opening reserves at 1 July 2022.

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