Laven Partners Limited - Limited company accounts 20.1

REGISTERED NUMBER: 10915221 (England and Wales)

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30th April 2021

for

Laven Partners Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Consolidated Statement of Comprehensive Income

6

Consolidated Balance Sheet

7

Company Balance Sheet

8

Consolidated Statement of Changes in Equity

9

Company Statement of Changes in Equity

10

Consolidated Cash Flow Statement

11

Notes to the Consolidated Financial Statements

12

DIRECTORS:

J A de Lavenere Lussan

L Guo

Ms I Sloan

REGISTERED OFFICE:

7th Floor (North)

11 Old Jewry

London

EC2R 8DU

REGISTERED NUMBER:

10915221 (England and Wales)

AUDITORS:

Meyer Williams

Chartered Accountants

& Statutory Auditors

Stag House

Old London Road

Hertford

Hertfordshire

SG13 7LA

The directors present their report with the financial statements of the company and the group for the year ended 30th April 2021.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the provision of consultancy, marketing and advisory services.

DIVIDENDS

The total distribution of dividends for the year ended 30th April 2021 will be £50,000 (2020: £nil).

DIRECTORS

J A de Lavenere Lussan has held office during the whole of the period from 1st May 2020 to the date of this report.

Other changes in directors holding office are as follows:

L Guo - appointed 27th April 2021

Ms I Sloan - appointed 27th April 2021

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Meyer Williams, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

L Guo - Director

29th April 2022

Opinion

We have audited the financial statements of Laven Partners Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th April 2021 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement 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 group's and of the parent company affairs as at 30th April 2021 and of the group's 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 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 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 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 and 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Directors.

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:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are 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 directors determine 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 directors are responsible for assessing the group's and the parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the group's policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the group's policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the group's policies in relation to the internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the group. The key laws and regulations we considered in this context included the UK Companies Act 2006, Financial Reporting Standard 102 and applicable tax legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance concerning compliance with such laws and regulations and any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

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 Report of the Auditors.

Use of our 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 a Report of the Auditors 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.

S Heaney (Senior Statutory Auditor)

for and on behalf of Meyer Williams

Chartered Accountants

& Statutory Auditors

Stag House

Old London Road

Hertford

Hertfordshire

SG13 7LA

29th April 2022

TURNOVER

3

2,268,921

2,972,268

Cost of sales

42,984

49,882

GROSS PROFIT

2,225,937

2,922,386

Administrative expenses

2,214,751

2,388,552

11,186

533,834

Other operating income

17,116

4,234

OPERATING PROFIT

5

28,302

538,068

Interest receivable and similar income

8,852

10,000

37,154

548,068

Interest payable and similar expenses

6

10,150

18,048

PROFIT BEFORE TAXATION

27,004

530,020

Tax on profit

7

(50,729

)

67,438

PROFIT FOR THE FINANCIAL YEAR

77,733

462,582

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

77,733

462,582

Profit attributable to:

Owners of the parent

(1,606

)

390,025

Non-controlling interests

79,339

72,557

77,733

462,582

Total comprehensive income attributable to:

Owners of the parent

(1,606

)

390,025

Non-controlling interests

79,339

72,557

77,733

462,582

FIXED ASSETS

Intangible assets

10

1,321,555

1,268,363

Tangible assets

11

104,869

45,579

Investments

12

-

-

1,426,424

1,313,942

CURRENT ASSETS

Debtors

13

1,566,668

1,589,145

Cash at bank

266,035

228,528

1,832,703

1,817,673

CREDITORS

Amounts falling due within one year

14

1,416,627

1,409,879

NET CURRENT ASSETS

416,076

407,794

TOTAL ASSETS LESS CURRENT LIABILITIES

1,842,500

1,721,736

CREDITORS

Amounts falling due after more than one year

15

300,000

125,000

NET ASSETS

1,542,500

1,596,736

CAPITAL AND RESERVES

Called up share capital

20

110

110

Retained earnings

1,573,630

1,625,236

SHAREHOLDERS' FUNDS

1,573,740

1,625,346

NON-CONTROLLING INTERESTS

(31,240

)

(28,610

)

TOTAL EQUITY

1,542,500

1,596,736

The financial statements were approved by the Board of Directors and authorised for issue on 29th April 2022 and were signed on its behalf by:

L Guo - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

160,110

110

160,110

110

CURRENT ASSETS

Debtors

13

889,729

21,235

Cash at bank

49,278

4,744

939,007

25,979

CREDITORS

Amounts falling due within one year

14

798,884

600,921

NET CURRENT ASSETS/(LIABILITIES)

140,123

(574,942

)

TOTAL ASSETS LESS CURRENT LIABILITIES

300,233

(574,832

)

CREDITORS

Amounts falling due after more than one year

15

300,000

125,000

NET ASSETS/(LIABILITIES)

233

(699,832

)

CAPITAL AND RESERVES

Called up share capital

20

110

110

Retained earnings

123

(699,942

)

SHAREHOLDERS' FUNDS

233

(699,832

)

Company's profit/(loss) for the financial year

750,065

(58,873

)

The financial statements were approved by the Board of Directors and authorised for issue on 29th April 2022 and were signed on its behalf by:

L Guo - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1st May 2019

110

1,235,211

1,235,321

38,681

1,274,002

Changes in equity

Total comprehensive income

-

390,025

390,025

72,557

462,582

110

1,625,236

1,625,346

111,238

1,736,584

Drawings from subsidiary LLP

-

-

-

(139,848

)

(139,848

)

Balance at 30th April 2020

110

1,625,236

1,625,346

(28,610

)

1,596,736

Changes in equity

Total comprehensive income

-

(1,606

)

(1,606

)

79,339

77,733

Dividends

-

(50,000

)

(50,000

)

-

(50,000

)

110

1,573,630

1,573,740

50,729

1,624,469

Drawings from subsidiary LLP

-

-

-

(81,969

)

(81,969

)

Balance at 30th April 2021

110

1,573,630

1,573,740

(31,240

)

1,542,500

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st May 2019

110

(641,069

)

(640,959

)

Changes in equity

Total comprehensive income

-

(58,873

)

(58,873

)

Balance at 30th April 2020

110

(699,942

)

(699,832

)

Changes in equity

Dividends

-

(50,000

)

(50,000

)

Total comprehensive income

-

750,065

750,065

Balance at 30th April 2021

110

123

233

Cash flows from operating activities

Cash generated from operations

23

451,489

539,643

Interest paid

(10,150

)

(18,048

)

Net cash from operating activities

441,339

521,595

Cash flows from investing activities

Purchase of intangible fixed assets

(254,099

)

(234,173

)

Purchase of tangible fixed assets

(91,688

)

(37,749

)

Purchase of subsidiary

(160,000

)

-

Cash acquired on purchase of subsidiary

50,072

-

Interest received

8,852

10,000

Net cash from investing activities

(446,863

)

(261,922

)

Cash flows from financing activities

New loans in year

300,000

-

Loan repayments in year

(125,000

)

(166,667

)

Payments to non controlling interests

(81,969

)

(139,848

)

Equity dividends paid

(50,000

)

-

Net cash from financing activities

43,031

(306,515

)

Increase/(decrease) in cash and cash equivalents

37,507

(46,842

)

Cash and cash equivalents at beginning of year

24

228,528

275,370

Cash and cash equivalents at end of year

24

266,035

228,528

1.	STATUTORY INFORMATION

Laven Partners Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements are prepared in sterling which is the parent company and group's functional currency.

Financial Reporting Standard 102 - reduced disclosure exemptions

The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirement of paragraph 33.7.

Basis of consolidation

The consolidated financial statements have been prepared using both acquisition accounting and the merger accounting.

The merger accounting method of consolidation was used on the business combination of the parent company and its subsidiaries that occurred in the year to 30 April 2018. The ownership of the purchaser and the acquiree did not change, and, with all requirements prescribed under FRS 102 for the use of merger accounting being met, no goodwill arose and reserves were treated as though the post merger structure had always been in place.

Goodwill has arisen on an acquisition during the year to 30 April 2021 as shown in note 10.

Going concern

The directors have a reasonable expectation that the group will have adequate resources to continue in operational existence for the foreseeable future. In making this assessment the directors have considered both the net asset position on the balance sheet and the impact of the current coronavirus outbreak ("COVID-19") on the company, its employees, clients and third-party suppliers.

While there is considerable uncertainty about the impact that COVID-19 will have on the global economy the directors do not believe it impacts the use of the going concern basis of preparation nor does it cast significant doubts about the group's ability to continue as a going concern for a period of twelve months from the date of the financial statements being authorised for issue.

The directors consider the group to be sufficiently robust that its operations will not be significantly affected and that it will be able to generate and maintain sufficient levels of cash in order to meet its financial commitments for at least the period under review. The group therefore continues to use the going concern basis in preparing its financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. The nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had a significant effect on amounts recognised in the financial statements:

a)

Management make estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, the factors considered include the current credit rating of the debtor, the ageing profile of debtors and historical experience.

b)

Management make estimates of the useful life of tangible fixed assets and apply an appropriate depreciation policy. Impairment reviews are undertaken regularly and assets are written down as necessary.

c)

Management estimates the useful life of intangible fixed assets and applies an appropriate amortisation policy. Impairment reviews are undertaken regularly and assets are written down as necessary.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of CPA Audit LLP in 2019, is being amortised over its estimated useful life of 10 years. Amortisation of goodwill on the acquisition of MPAC Limited on 22nd April 2021 will be amortised from 1st May 2021.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation or impairment losses.

Development costs relating to internally generated software projects are capitalised when all of the following can be demonstrated:

a) The development project is technically feasible

b) The company has an intention to complete and use or sell the product and the ability to do so

c) The product will generate future economic benefits

d) The company has sufficient technical and financial resources to complete the product's development

e) Expenditure relating to the development project can be measured reliably

Development costs include staff costs, other direct expenses and an appropriate proportion of overheads. Development costs are amortised on a straight line basis over each project's estimated useful life which is considered to be 5 years. Amortisation begins when the software product is available to be launched to its market.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its residual value, over their estimated useful lives as follows:

Leasehold property improvements

- over the period of the lease

Office equipment

- 50% on cost

Motor vehicles

- 20% on cost

Fixtures and fittings

- 25% on cost

Financial instruments

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments, and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, 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 financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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 income statement.

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 the best estimate, 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Transactions in foreign currency are initially recorded in the entity's functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments

The subsidiary company's investment in its LLP subsidiary undertaking is included in the financial statements on an equity accounting basis at a value equal to its members' interest in the subsidiary's financial statements. Investments in subsidiary companies are included in the company financial statements at amortised cost.

Operating leases

Rentals payable under operating leases are charged to the profit and loss on a straight line basis over the lease term. Lease incentives are recognised over the lease term.

Cash and cash equivalents

For the purposes of the cash flow statement, cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk to changes in value.

Non controlling interests

Members' capital in the subsidiary of Laven Hosting Limited is treated as a liability as the LLP does not have any discretionary rights to withhold the repayment of capital to members. However, the non controlling interests in the consolidated balance sheet, representing minority members' interests in the LLP, are included in reserves in accordance with FRS 102.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

30.4.21

30.4.20

£

£

United Kingdom

1,984,901

2,685,003

Europe

218,328

235,763

United States of America

12,792

24,628

Asia

43,200

26,874

Australasia

9,700

-

2,268,921

2,972,268

4.	EMPLOYEES AND DIRECTORS

30.4.21

30.4.20

£

£

Wages and salaries

912,160

796,881

Social security costs

134,092

106,463

Other pension costs

27,475

19,248

1,073,727

922,592

The average number of employees during the year was as follows:

30.4.21

30.4.20

Directors

1

1

Office staff

26

20

27

21

30.4.21

30.4.20

£

£

Directors' remuneration

70,000

70,000

Directors' pension contributions to money purchase schemes

2,100

2,100

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.4.21

30.4.20

£

£

Depreciation - owned assets

34,016

16,539

Goodwill amortisation

68,250

68,250

Development costs amortisation

226,611

226,611

Auditors' remuneration

15,900

15,910

Foreign exchange differences

8,578

(1,182

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.4.21

30.4.20

£

£

Bank loan interest

10,150

18,048

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

30.4.21

30.4.20

£

£

Deferred tax

(50,729

)

67,438

Tax on profit

(50,729

)

67,438

UK corporation tax has been charged at 19 % .