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Registered number:
For the Year Ended
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Fourteen IP Group Limited
Company Information
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Fourteen IP Group Limited
Contents
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Fourteen IP Group Limited
Group Strategic Report
For the Year Ended 31 December 2024
Fourteen IP Group Ltd (“Group”) companies have continued their work as system integrators employing in-house expertise to tailor purchased hardware and licensed software to meet the needs of the group’s customers. The companies provide products and associated systems to the hospitality industry, serving several geographic markets, mainly in Europe and North America. Fourteen IP has been one of the leaders in the move in the sector from PBX on-site to Cloud based communications. The drive to include more Cloud based solutions to assist customers will continue, including incorporating the benefits of appropriate artificial intelligence applications. Through its subsidiary Evolution Voice Inc, the group is a global telecom carrier with four Cisco Broadworks platforms hosted in the UK, EU and USA.
Fourteen IP Group has established fully owned subsidiary companies in its major markets, all trading at arm’s length. This structure allows for intergroup purchases of products and services, also at arm’s length.
The UK subsidiaries Fourteen IP Communications Ltd and Fourteen Network Services Ltd service UK customers; the Irish subsidiary, Fourteen IP Hospitality Communications Europe Ltd, continues to service customers in the European Union. In the USA a trading subsidiary company, Fourteen IP Inc, provides services to US customers; similarly, Fourteen IP México S. de R.L. de C.V in Mexico. The Canadian subsidiary company, Fourteen IP Communications (Canada) Ltd, commenced trading in the year. Another USA subsidiary company, Evolution Voice Inc, provides telecom services to all the trading companies in the group and through them to third party customers. The directors attach the highest importance to the health and safety of everybody associated with the group, including its employees, its customers and their customers. During the year, the group continued to operate its important FOURTEEN WAY, a regular collaborative review, to improve its employee communication, training and performance. In the UK, the group has maintained its ISO9001 and Investors in People accreditations. The directors are satisfied to report the group’s consolidated results as follows, which are the principal KPI’s by which the directors assess progress. Consolidated turnover of the group in 2024 was £17.0m, up £0.4m from £16.6m in 2023. Group liquidity remained satisfactory. Cash at bank increased from £1.2m to £2.8m. The group has no borrowings at the year end, nor at the date of this report. Net current assets of £1.0m were £1.2m higher than the previous year (£0.2m net current liabilities). Net assets improved by £0.7m, up to £3.6m from £2.9m previously. At the date of this report, group trading profitability and liquidity in 2025 remain satisfactory.
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Fourteen IP Group Limited
Group Strategic Report (continued)
For the Year Ended 31 December 2024
The directors' monitor the principal risks to the group and comment below.
Currency risk Through its subsidiaries, the group provides its services in many countries and has increasing turnover in North America and Ire. The directors of subsidiaries not trading in Sterling concentrate on making a profit in the local currency. That being the case, many of the reported profits and losses in the consolidated accounts are subject to fluctuating rates as against Sterling but aren’t cash. In all cases, the companies match currency income and expenditure as much as possible to limit this risk. Supplier concentration risk Where possible, the group companies have more than one supplier for goods and services. Customer concentration risk Group companies work hard to keep existing customers by monitoring customer satisfaction and keep it at a high level, efforts now further complemented by the customer experience programme. The group also actively seeks new customers and new subsidiaries extend the geographic area of activity. Data risk The security of group companies' data and that of their customers and suppliers is monitored. The group has maintained its Cyber Essentials Certificate and has taken extra measures to lock down its own data systems and infrastructure. The group has applied additional layers of security and alerts to its systems, to strengthen its defences both internally and externally and engaged expert third party assistance to further bolster employee training in scam avoidance and data security. The group has updated its data asset register and has contacted its key suppliers to create a bolstered outlook on their commitments to cyber incident response plans and cyber insurance. Macro-economic risk Whilst the directors cannot foresee every possible adverse event, group companies seek to sell a high proportion of products and services that maintain an income stream over several financial periods. The directors also follow conservative policies with regard to cash. The combination of these policies assists the group's companies to weather recessions and other economic shocks such as the Covid pandemic, war in Ukraine and interruptions to shipping through Suez. Cost inflation risk Wherever possible, contracts with customers that maintain services over several years, provide for increased prices due to inflation. Fixed price quotations to customers are limited in time and reviewed for pricing before final acceptance. Product development and redundancy risk The group operates in a fast changing technical environment. The directors are alive to the risk that some products it markets may be overtaken by new developments. This often provides the opportunity to offer new products and developments to customers. Overall, the directors regard this as an opportunity rather than a risk.
This report was approved by the board and signed on its behalf.
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Fourteen IP Group Limited
Directors' Report
For the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £1,011,947 (2023 - £1,637,224).
Dividends of £269,996 (2023: £20,000) were paid during the year.
The directors do not recommend the payment of a final dividend.
The group continued to supply its established services and continues to offer its customers new products to assist the group’s customers, the customers’ customers and group trading. During the year, the group continued its companies’ wide customer experience programme to further train group staff in pleasing customers and meet customers’ needs.
The directors are of the opinion that these results show a satisfactory year of trading. More details are in the strategic report in these accounts.
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Fourteen IP Group Limited
Directors' Report (continued)
For the Year Ended 31 December 2024
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.
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 judgements 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 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 2006. They 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.
The group has continued in its core business and traded profitably. It has continued to meet its obligations to all parties and maintained satisfactory liquidity. The group continues to research, develop and market products and services that stem from the continuing digital revolution and its telecom carrier services.
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Fourteen IP Group Limited
Directors' Report (continued)
For the Year Ended 31 December 2024
After the year end, the shareholders of the Company, entered into a series of transactions ("Transaction") which resulted in Beech Tree General Partner IV LLP ("BTPE") effectively acquiring majority ownership and control through its shareholding in Forte Topco 2025 Limited, which became the new ultimate holding company for the Company. BTPE brings a wealth of experience and resources to enable the Company to fully exploit the opportunities ahead. The Transaction included the raising of a new £10m funding facility from National Westminster Bank plc available to be drawn down in various tranches to fund general working capital as well as targeted acquisitions.
This report was approved by the board and signed on its behalf.
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Fourteen IP Group Limited
Independent Auditors' Report to the Members of Fourteen IP Group Limited
We have audited the financial statements of Fourteen IP Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows 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 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.
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.
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.
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Fourteen IP Group Limited
Independent Auditors' Report to the Members of Fourteen IP Group Limited (continued)
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.
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.
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Fourteen IP Group Limited
Independent Auditors' Report to the Members of Fourteen IP Group 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 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:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Antibribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of
material misstatement due to fraud.
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Fourteen IP Group Limited
Independent Auditors' Report to the Members of Fourteen IP Group Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members
and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors
3 Stockport Exchange
SK1 3GG
Date:
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Fourteen IP Group Limited
Consolidated Statement of Income and Retained Earnings
For the Year Ended 31 December 2024
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Fourteen IP Group Limited
Registered number: 10102467
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 32 form part of these financial statements.
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Fourteen IP Group Limited
Registered number: 10102467
Company Balance Sheet
As at
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 profit for the parent company for the year was £214,452 (2023 - £654,405). The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 32 form part of these financial statements.
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Fourteen IP Group Limited
Consolidated Statement of Cash Flows
For the Year Ended 31 December 2024
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Fourteen IP Group Limited
Consolidated Analysis of Net Debt
For the Year Ended 31 December 2024
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Fourteen IP Group Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Unit 4, Lock Flight Buildings, Wheatlea Industrial Estate, Wheatlea Road, Wigan, Lancashire, WN3 6XP. The company number is 10102467.
The nature of the Group's operation and principal activity is that of the provision of hotel communication solutions.
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 Group management to exercise judgement 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 Income and Retained Earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The financial statements have been prepared on a going concern basis. The following paragraphs set out the
basis of which the directors have reached their conclusion. The Group has a profit before tax of £1,604,878 (2023: £1,820,808) and net assets totalling £3,596,805 (2023: £2,854,353) at 31 December 2024. The Group currently meets its working capital requirements through its cash balances and credit facilities. Based on the Group's forecasts and projections, the directors believe they have sufficient facilities to trade through the next 12 month period. Therefore, the directors believe it is appropriate to prepare the accounts to 31 December 2024 on a going concern basis and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements.
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or
receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
∙When the outcome of contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion at the end of the reporting period.
∙Reliable estimation of the outcome of contracts requires reliable estimates of the stage of completion, future costs, and collectability of billings.
∙When the outcome of a contract cannot be estimated reliably, revenue is only recognised to the extent of contract costs incurred that it is probable will be recoverable.
∙When it is probable that the total contract costs will exceed total contract revenue on a contract, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract.
Where costs incurred plus recognised profits less recognised losses exceed progress billing, the balance is shown as due from customers on contracts within debtors. Where progress billings exceed costs incurred plus recognised profits less recognised losses, the balance is shown as due to customers on contracts within creditors.
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
asset and amortised over 5 years.
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. Intangible assets are amortised on a straight line basis over their useful economic lives, which is between 5 and 10 years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
In the Consolidated Statement of Cash Flows, cash is shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans torelated parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the period. Actual outcomes may differ from these judgements, estimates and assumptions. The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amounts of the assets and liabilities within the next financial year.
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Analysis of turnover by country of destination:
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £106,467 (2023: £147,883). Contributions totalling £17,473 (2023: £13,646) were payable to the fund at the balance sheet date and are included in creditors.
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Fourteen IP Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
A director had advances totalling £62,590 (2023: £62,560) at the beginning of the year. Amounts advanced during the period totalled £Nil (2023: £Nil) and amounts repaid totalled £46,497 (2023: £Nil). Interest was charged in the year of £nil (2023: £10,560) at a rate of 3% per annum.
The balance outstanding at year end was £16,063 (2023: £62,560) and included in other debtors. The maximum amount outstanding during the period was £62,560 (2023: £62,560). The balance is repayable on demand.
No individual shareholder holds a majority of voting rights. Therefore, there is no parent entity or ultimate controlling party by virtue of shareholdings.
Post year end, Beech Tree General Partner IV LLP ("BTPE") acquired majority ownership and control through its shareholding in Forte Topco 2025 Limited, which became the new ultimate holding company for the Company.
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