Registration number:
for the
Year Ended 31 December 2024
McCutcheon Norveil Consultancy Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
McCutcheon Norveil Consultancy Limited
Company Information
|
Director |
A S McCutcheon |
|
Company secretary |
S J McCutcheon |
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Registered office |
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Auditors |
|
McCutcheon Norveil Consultancy Limited
Strategic Report for the Year Ended 31 December 2024
Introduction
The director presents his report and financial statements for the year ended 31 December 2024.
Business review
The company is an independent media planning and buying agency. There have not been any significant changes in activity during the year and no changes are anticipated in the forthcoming year. The main objectives of the company are to increase turnover and profitability and this will be achieved by continuing to provide an excellent service to our existing client base whilst seeking opportunities for growth.
Principal risks and uncertainties
Turnover
There has been a decrease in turnover in the year to £8.18 million (2023: £15.69 million). The Directors will continue to seek opportunities for growth and focus on increasing turnover and monitor budgets during 2025. The investment in digital services will complement the existing media buying services the group supplies and enable an expanded range of services to be offered to clients.
Liquidity, Cashflow and Credit Risk
The group's main credit risk is attributable to its trade debtors. To minimise the increased risk of default payment in the current climate; firstly, we continually monitor and discuss existing debtor balances with clients to ensure they are open and transparent about their ability to meet their debts. Secondly, credit facilities are no longer offered and payments on account are made by clients continuing to use our services. In depth supplier contract reviews have been conducted and expenditure has been cancelled/reduced where possible. The group has a strong liquidity position and therefore has little to no risk that it cannot fulfil its obligations and operations.
Financial key performance indicators
Turnover has decreased to £8.18 million compared to £15.69 million in the prior year and a pre-tax profit of £1.92 million was made compared to £3.43 million in 2023. Cashflow remains strong and the company continues to maintain a strong cash position.
Approved by the
Director
McCutcheon Norveil Consultancy Limited
Director's Report for the Year Ended 31 December 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
Director's responsibilities statement
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
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• |
select suitable accounting policies for the Company's financial statements and then apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The director is 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 enable to ensure that the financial statements comply with the Companies Act 2006. 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.
Results and dividends
The profit for the year, after taxation, amounted to £1,427,667 (2023 - £2,973,525).
During the year a dividend of £4,500,000 (2023: £nil) was paid to the parent company.
Director of the company
The director who held office during the year was as follows:
Future developments
The company plans to continue to grow its customer base and turnover while keeping a close control of costs.
The company is looking to grow digital capabilities in the digital and media space as customers increasingly spend their advertising budgets on digital advertising.
Disclosure of information to the auditors
The director at the time when this Director's Report is approved has confirmed that:
• so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and
• has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Haysmacintyre LLP be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Approved by the
Director
McCutcheon Norveil Consultancy Limited
Independent Auditor's Report to the Members of McCutcheon Norveil Consultancy Limited
Opinion
We have audited the financial statements of McCutcheon Norveil Consultancy Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, 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).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
McCutcheon Norveil Consultancy Limited
Independent Auditor's Report to the Members of McCutcheon Norveil Consultancy Limited
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
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the financial statements are not in agreement with the accounting records and returns; or |
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certain disclosures of director's remuneration specified by law are not made; or |
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we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the set out on page , the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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:
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations relate to regulatory requirements for the company and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
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Inspecting correspondence with tax authorities; discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |
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Evaluating management’s controls designed to prevent and detect irregularities; |
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Identifying and testing accounting journal entries, in particular those journal entries which exhibited the characteristics we had identified as possible indicators of irregularities; and |
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Challenging assumptions and judgements made by management in their critical accounting estimates. |
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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
McCutcheon Norveil Consultancy Limited
Independent Auditor's Report to the Members of McCutcheon Norveil Consultancy Limited
Use of this 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 auditor’s 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
10 Queen Street Place
EC4R 1AG
McCutcheon Norveil Consultancy Limited
Statement of comprehensive income for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
1,430,729 |
3,254,925 |
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Interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
- |
( |
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Profit before tax |
|
|
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
There was no other comprehensive income for 2024 (2023: £nil).
McCutcheon Norveil Consultancy Limited
(Registration number: 03443010)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
|||
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Tangible assets |
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Other financial assets |
255,626 |
- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
5,000 |
5,000 |
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Capital redemption reserve |
5,000 |
5,000 |
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Retained earnings |
5,006,828 |
8,081,179 |
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Shareholders' funds |
5,016,828 |
8,091,179 |
Approved and authorised by the
Director
McCutcheon Norveil Consultancy Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2024 |
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|
|
|
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Profit for the year |
- |
- |
|
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Dividends |
- |
- |
( |
( |
|
At 31 December 2024 |
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|
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Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2023 |
|
|
|
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Profit for the year |
- |
- |
|
|
|
At 31 December 2023 |
5,000 |
5,000 |
8,081,179 |
8,091,179 |
McCutcheon Norveil Consultancy Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
30 Britton Street
London
EC1M 5UH
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
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 4 Statement of Financial Position paragraph 4.12(a)(iv);
• 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 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), (a)(iv), (b) and (c); the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), (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 Lousin Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
McCutcheon Norveil Consultancy Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 and after eliminating sales within the company.
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.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
|
Leasehold improvements |
10 years straight line |
|
Fixtures and fittings |
15% straight line |
|
Office equipment |
15% 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.
McCutcheon Norveil Consultancy Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
McCutcheon Norveil Consultancy Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Financial instruments
Classification
Recognition and measurement
Impairment
|
Turnover |
The whole of the turnover is attributable to the supply of media advertising and consultancy services.
The analysis of the company's Turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Other operating income |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Foreign exchange (gains)/losses |
( |
|
|
Operating lease expense - property |
|
|
McCutcheon Norveil Consultancy Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other tax advisory services |
|
|
|
All other non-audit services |
|
|
|
|
|
|
Interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on investments |
- |
26,837 |
|
Interest income on bank deposits |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest expense on other finance liabilities |
- |
|
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Sales |
|
|
|
Admin |
|
|
|
Management |
|
|
|
|
|
McCutcheon Norveil Consultancy Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to pension scheme |
|
- |
|
185,100 |
172,465 |
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Adjustment to brought forward value |
- |
|
|
Adjustment to tax charge in respect of prior periods |
- |
( |
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Movement in deferred tax not recognised |
- |
( |
|
Tax decrease arising from group relief |
- |
( |
|
Total tax charge |
|
|
There were no factors that may affect future tax charges.
McCutcheon Norveil Consultancy Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Leasehold improvements |
Fixtures and fittings |
Office equipment |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
- |
|
|
|
|
Additions |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
- |
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2024 |
|
|
|
|
|
At 31 December 2023 |
- |
|
|
|
|
Other financial assets (current and non-current) |
|
Financial assets at cost less impairment |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
Additions |
255,626 |
255,626 |
|
At 31 December 2024 |
255,626 |
255,626 |
|
Carrying amount |
||
|
At 31 December 2024 |
|
255,626 |
|
Debtors |
|
Note |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
- |
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Deferred tax assets |
- |
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
McCutcheon Norveil Consultancy Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accruals and deferred income |
|
|
|
|
|
|
|
Deferred tax |
|
2024 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
|
|
2023 |
Asset |
|
Fixed asset timing differences |
( |
|
Short term timing differences |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
5,000 |
|
5,000 |
The ordinary shares have attached to them full voting, dividend and capital distribution rights, they do not confer any rights of redemption.
|
Dividends |
|
2024 |
2023 |
|
|
Dividends paid |
4,500,000 |
- |
McCutcheon Norveil Consultancy Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Reserves |
Capital redemption reserve
All reserves in respect of capital redemption are non-distributable reserves.
Profit and loss account
All reserves in respect of profit and loss are distributable reserves.
|
Related party transactions |
Transactions with companies under common control
During the year, the company leased its premises from Lousin Investments Ltd, a company under the control of A S McCutcheon and S J McCutcheon, as a rent of £110,000 (2023: £110,000).
At the balance sheet date the company is owed £nil (2023: £724) by Lousin Investments Ltd.
Transactions with directors
At the balance sheet date the company owed £31,796 (2023: £31,796) to A S McCutcheon and S J McCutcheon (company secretary). The loan is unsecured, interest-free and repayable on demand.
Transactions with key management personnel
Key management personnel compensation in the year amounted to £274,726 (2023: £525,674).
|
Non adjusting events after the financial period |
Acquisition of GRWTH Ltd
On 20 January 2025 McCutcheon Norveil Consultancy Limited acquired 100% of the issued share capital of GRWTH Ltd, an agency matchmaking service for startups and scaleups, for a total consideration of £237,446.92. The acquisition was made to support the company’s strategic growth.
As the acquisition occurred after the balance sheet date, it is treated as a non-adjusting event under Section 32 of FRS 102 Events after the End of the Reporting Period. Accordingly, the financial effects of the acquisition have not been reflected in the financial statements for the year ended 31 December 2024.
The company will assess and disclose the fair value of the identifiable assets and liabilities acquired, along with any goodwill arising, in the next reporting period.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is