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Registered number:
FOR THE YEAR ENDED 31 JANUARY 2025
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FINDERS GENEALOGISTS LIMITED
COMPANY INFORMATION
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FINDERS GENEALOGISTS LIMITED
CONTENTS
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FINDERS GENEALOGISTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
Founded in 1997, Finders Genealogists Limited, ‘Finders International’ has grown from a small UK-based firm into one of the world’s most respected probate genealogy companies, assisting legal professionals, the public sector, and private individuals in tracing missing heirs, locating assets, and resolving complex estate matters across the globe.
Finders International combines speed, accuracy, and professionalism to deliver accurate and reliable results. The dedicated team of expert genealogists and researchers operates worldwide, using advanced tools and vast networks to solve even the most challenging cases. The Company offers transparent, risk-free pricing options including contingency based services, acting as a trusted partner to its network. On 24 May 2024, the Company underwent a change in ownership after India Topco Limited, backed by Pelican Capital LLP, acquired a 100% interest, providing both capital and strategic support to accelerate growth and drive long-term value creation.
The Company achieved strong revenue growth of 19%, with turnover of £10,860k (2024: £9,152k).
This growth reflects the successful execution of strategic initiatives, including continued investment in technology, a focus on building and maintaining strong professional networks, and an unwavering commitment to service quality. Key drivers of growth included: • Ongoing development and integration of proprietary technology to improve research accuracy and speed and enable process efficiencies; • Expansion of strategic relationships across the legal, professional and public sectors; • Reinforcement of the Company’s reputation as a reliable and ethical partner within the probate sector. The gross profit margin for the year was 33% (2024: 32%), demonstrating a robust underlying business model supported by operational efficiency and client trust. During the financial year, the Company incurred exceptional non-recurring costs of £135k in relation to writing off an intercompany loan from a subsidiary, reflecting its strategic view of the subsidiary as a core component of future operations rather than a standalone entity. With the effects of the COVID pandemic on the probate genealogy market now passed, the Company maintained steady operations and enhanced its market position. The directors consider the overall performance for the year to be strong and aligned with long-term objectives, with a clear foundation for future growth. The financial position of the Company continues to be strong at the year end with a healthy cash balance, while net assets remain in excess of £2,981k.
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FINDERS GENEALOGISTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
The management of the business is subject to a number of risks. The key business risks and uncertainties are considered to relate to cyber risk and a variety of financial risks.
The Company continues to actively address cyber risk by strengthening internal controls and data security measures, supported by ongoing investment in cybersecurity infrastructure and technology. The Company’s operations expose it to a variety of financial risks that include price risk, credit risk, liquidity risk and interest rate risk. The Company has in place a risk management program that seeks to limit adverse effects on the financial performance of the Company.
The Company's principal financial assets consist of cash at bank and trade debtors. The Company's credit risk mainly arises from its trade debtors and is closely managed through stringent credit control procedures. However, the Company retains certain risks and rewards associated with these trade debtors. The amounts presented in the balance sheet are net of impairment and expected credit loss provision.
The cash balance at the year end was £1,640k which provides the Company with adequate working capital. The directors recognise the importance of funding and liquidity under the current economic climate and will continue to monitor the Company's financial resources to ensure that the Company is able to support its activities and future growth.
The Company enters the new financial year with a strong platform for continued growth and operational improvement. Under new ownership, strategic focus will remain on delivering a high standard of service to clients across the probate genealogy sector, expanding market presence and driving efficiency.
A key area of investment will continue to be technology. The Company is committed to enhancing its proprietary systems and research tools to deliver greater precision and efficiency in case handling, enabling faster resolution times and improved outcomes for clients. These improvements are expected to increase internal efficiency and support scalable growth, allowing the Company to manage greater volumes while maintaining quality and compliance standards. The market for probate genealogy services remains stable, with opportunities driven by demographic trends,steadily growing estate values, and a growing need for professional expertise in estate matters. The Company continues to strengthen its position as a trusted partner to the legal, professional, and public sectors built on a reputation for integrity, responsiveness, and high-quality service. Deepening engagement with legal professionals and expanding its referral network remain strategic priorities, alongside sustaining the high levels of reliability and discretion that underpin its work. While external risks such as regulatory changes and competition remain, the directors are confident in the Company’s strategic direction and long-term prospects.
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FINDERS GENEALOGISTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
The directors use a number of financial and non-financial key performance indicators to monitor and assess the Company’s performance against its strategic objectives. The principal financial KPIs during the year were as follows:
Revenue Growth: Revenue increased by 19% compared to the prior year, reflecting strong operational delivery and increased demand for services across both new and existing clients. Gross Profit Margin: The Company achieved a gross margin of 33% (2024: 32%), consistent with its focus on maintaining service quality while improving internal efficiency. Adjusted EBITDA Margin: The adjusted EBITDA margin was 4% (2024: 7%), reflecting the Company’s underlying profitability before exceptional costs and non-operating items. The reduced margin reflects the Group’s commitment to future growth through investment in key capabilities of the group, business development and scalable operations. Management also tracks a number of non-financial KPIs, including client satisfaction, staff retention, case resolution timelines, volume of referrals and client concentration.
This report was approved by the Board on 29 July 2025 and signed on its behalf.
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FINDERS GENEALOGISTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
The directors present their report and the financial statements for the year ended 31 January 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £308,671 (2024 - profit £27,193).
During the year dividends of £Nil (2024 - £1,654,635) were declared.
The directors who served during the year were:
The directors consider that the Company's strong financial position should provide a platform which is conducive to capitalising on both current and future opportunities.
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FINDERS GENEALOGISTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.
This report was approved by the Board on
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FINDERS GENEALOGISTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS GENEALOGISTS LIMITED
We have audited the financial statements of Finders Genealogists Limited (the 'Company') for the year ended 31 January 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Company 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.
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 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.
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FINDERS GENEALOGISTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS GENEALOGISTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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FINDERS GENEALOGISTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS GENEALOGISTS LIMITED (CONTINUED)
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 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:
∙Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;
∙We identified the laws and regulations applicable to the company through discussions with directors, and from our commercial knowledge and experience of the relevant sector;
∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows - Companies Act 2006. FRS 102, Employment legislation and Tax legislation;
∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;
∙Laws and regulations were communicated within the audit team at the planning meeting, and the audit 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; and
∙Considering the internal controls in place to mitigate risks of fraud and non- compliance with laws and regulations;
∙Reviewing the financial statements and testing the disclosures against supporting documentation;
∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
∙Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.
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FINDERS GENEALOGISTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FINDERS GENEALOGISTS LIMITED (CONTINUED)
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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA
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FINDERS GENEALOGISTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
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FINDERS GENEALOGISTS LIMITED
REGISTERED NUMBER: 03501521
BALANCE SHEET
AS AT 31 JANUARY 2025
The financial statements were approved and authorised for issue by the Board and were signed on its behalf on
The notes on pages 13 to 28 form part of these financial statements.
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FINDERS GENEALOGISTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Finders Genealogists Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 6-8 Vestry Street, London, N1 7RE.
The principal activity of the Company is that of genealogist services.
2.Accounting policies
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of India Topco Limited as at 31 January 2025 and these financial statements may be obtained from Companies House.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
This information is included in the consolidated financial statements of India Topco Limited as at 31 January 2025 and these financial statements may be obtained from Companies House.
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
The directors have considered internal forecasts and working capital requirements and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. On this basis the directors consider that the going concern basis of accounting remains appropriate.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
financial instruments.
Basic 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 the deduction of all its liabilities. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities.
Functional and presentation currency
Transactions and balances
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Critical judgments in applying the entity’s accounting policies No significant judgments have had to be made by management in preparing these financial statements. Critical accounting estimates and assumptions (i) Long-term contracts Profit on contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. (ii) Useful economic lives of tangible assets and intangible assets The annual depreciation charge for tangible assets and intangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of the property plant and equipment, note 13 for the carrying amount of intangible fixed assets, note 2.6 and note 2.7 for the useful economic lives for each class of assets. (iii) Impairment of debtors The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 16 for the net carrying amount of the debtors.
The whole of the turnover is attributable to the principal activites of the business.
An analysis of turnover by geographical area is not given as, in the opinion of the directors, such disclosure would be seriously prejudical to the interest of the company
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
10.Taxation (continued)
There were no factors that may affect future tax charges.
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Profit and loss account
and losses net of dividends and other adjustments.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £143,804 (2024 - £103,975). Contributions totalling £26,950 (2024 - £43,747) were payable to the fund at the balance sheet date and are included in creditors.
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FINDERS GENEALOGISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
The Company’s ultimate parent undertaking is India Topco Limited. 89.8% of India Topco Limited's share capital is legally owned by Project Iguazu Nominees Limited. Project Iguazu Nominees Limited is a non trading nominee entity that holds shares on trust for underlying investors. Pelican Capital LLP is considered to be the ultimate controlling party by virtue of its contractual relationships with Project Iguazu Nominees Limited and the underlying investors.
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