Green Tomato Cars Limited Company accounts

GREEN TOMATO CARS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05276431

Green Tomato Cars Limited

Financial Statements

31 December 2022

Green Tomato Cars Limited

Financial Statements

Year ended 31 December 2022

Contents	Page

Strategic report	1

Director's report	2

Independent auditor's report to the members	5

Statement of income and retained earnings	10

Statement of financial position	11

Notes to the financial statements	12

Green Tomato Cars Limited

Strategic Report

Year ended 31 December 2022

The Directors present their Strategic Report for Green Tomato Cars Limited for the period ended 31 December 2022. Review and analysis of the business during the current period The company was wholly owned subsidiary of Intercede 2052 Limited for the year. The principal activity of the Company during the period under review was that of private hire transport services. The Directors are not aware, at the date of this report, of any other major changes in the Company's activities in the next period.

Key performance indicators The Company manages its operations in a single geographical region for both B2B and B2C customers. For this reason, the Company's Directors believe that, other than turnover and profit, further key performance indicators for the Company are not necessary for an appropriate understanding of the development, performance or position of the business. Development and financial performance during the period As shown in the company statement of Income and Retained Earning on page 11, the company's turnover has increased by 3%. The Company is showing a profit before tax of £1,521,877 compared to £2,567,339. in the prior year.

Financial position at the reporting date The balance sheet shows that the Company's net asset position at the period end has increased to £6,099,110 from £4,581,667. Principal risks and uncertainties The Directors have established a continuing process of risk management within the Company to evaluate, monitor and manage any potential risks and uncertainties that could have an impact upon the Company's long term performance. The Directors have also established a strong culture of safety and security both for our staff and our passengers. The principal risks facing the Company are the loss of customer and driver satisfaction and competitive pressures.

This report was approved by the board of directors on 29 September 2023 and signed on behalf of the board by:

P B Suter
Director

Registered office:

The Point

37 North Wharf Road

London

England

W2 1AF

Green Tomato Cars Limited

Director's Report

Year ended 31 December 2022

The director presents his report and the financial statements of the company for the year ended 31 December 2022 .

Directors

The directors who served the company during the year were as follows:

J J Bitran
J A Rowe

Mr J A Rowe and Mr J Bitran resigned as directors on 29 June 2023. Mr P Suter was appointed as the company director on the same date.

Dividends

The director does not recommend the payment of a dividend.

Future developments

The specific principal risks facing the Company are increasing subcontractor and competitive pressures.

By far the largest element of the Company's operating costs relates to the cost of subcontracted drivers. The Directors have established a process of monitoring all aspects of recruitment, training, personal development and remuneration to ensure the Company remains competitive and retains and recruits the best contractors.

Future developments

The Directors will continue to focus on developing the business through investment in quality and productivity improvements and are confident that the business has potential for significant further growth. The macroeconomic outlook is generally positive, though fragile, and the Directors are cautiously optimistic that this will lead to increased demand for private hire services provided by the Company. Actions have been put in place to improve the Company's speed of reaction to market changes.

Based on cashflow forecast, management believe the Company will continue as a going concern for the forseeable future and the going concern basis of accouting has been adopted.

Environment

The Company recognises the importance of its environmental responsibilities, monitors its impact on the environment, and designs and implements policies to reduce any damage that might be caused by the Company's activities.

Financial instruments

The Company's activities expose it to certain financial risks. The management review financial risks regularly. The Company does not currently use financial instruments to hedge financial risks but will continue to keep this under review.

Employment of disabled persons

The Company's policy in respect to disabled persons is that their applications for employment are always fairly considered, bearing in mind the aptitudes and abilities of the applicant concerned. In the event of a member of staff becoming disabled, every effort is made to ensure that employment with the Company continues and where necessary, appropriate training is arranged. It is the Company's policy that training, career development and promotion of disabled persons should, as far as possible, be be identical with that of all other employees in a similar position.

Employee involvement

The Directors and Managers of the Company place considerable value on consultative meetings with employees. Information on matters affecting employees and on various factors affecting the performance of the Company is disseminated through meetings, emails and newsletters.

Events after the end of the reporting period

On 29 June 2023. the company was purchased by Addison Lee Group Limited.

Disclosure of information in the strategic report

As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report on page 1.

Director's responsibilities statement

The director is responsible for preparing the strategic report, 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 he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The 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 them to ensure that the financial statements comply with the Companies Act 2006. He is 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 29 September 2023 and signed on behalf of the board by:

P B Suter
Director

Registered office:

The Point

37 North Wharf Road

London

England

W2 1AF

Green Tomato Cars Limited

Independent Auditor's Report to the Members of Green Tomato Cars Limited

Year ended 31 December 2022

Opinion

We have audited the financial statements of Green Tomato Cars Limited (the 'company') for the year ended 31 December 2022 which comprise the statement of income and retained earnings, statement of financial position 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 FRS 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 2022 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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's 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 financial statements are 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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.

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 strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the 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 the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, 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 has no realistic alternative but to do so.

Auditor's 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. 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: The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operation of the company, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation; - we assessed the extent of non-compliance with the laws and regulations indemnified above through making enquiries of management and inspecting legal correspondence We assess the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and - understanding the design of the company's remuneration policies. To address the risk of fraud through management bias and override of controls, we: - performed analytical review procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing the financial disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual or potential litigation and claims;and - reviewing correspondence with HMRC and the company's legal advisors. 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/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidanc e-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 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.

Paul Mattei

(Senior Statutory Auditor)

For and on behalf of

Leaman Mattei

Chartered accountants & statutory auditor

Suite 1, First floor

1 Duchess Street

London

W1W 6AN

29 September 2023

Green Tomato Cars Limited

Statement of Income and Retained Earnings

Year ended 31 December 2022

		2022	2021
Note		£	£
Turnover	4	9,573,363	9,293,598

Cost of sales	5,488,943	5,050,954
	------------	------------
Gross profit	4,084,420	4,242,644

Administrative expenses		2,383,262	2,062,091
Other operating income	5	–	545,530
		------------	------------
Operating profit	6	1,701,158	2,726,083

Interest payable and similar expenses	10	179,281	158,744
		------------	------------
Profit before taxation		1,521,877	2,567,339

Tax on profit	11	4,434	( 104,449)
		------------	------------
Profit for the financial year and total comprehensive income		1,517,443	2,671,788
		------------	------------

Retained earnings at the start of the year	4,131,652	1,459,864
	------------	------------
Retained earnings at the end of the year	5,649,095	4,131,652
	------------	------------

All the activities of the company are from continuing operations.

Green Tomato Cars Limited

Statement of Financial Position

31 December 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	13	2,983,490	3,471,678

Current assets

Debtors	14	6,649,951	5,305,812
Cash at bank and in hand		1,835,251	2,350,702
		------------	------------
		8,485,202	7,656,514

Creditors: amounts falling due within one year	15	3,046,640	3,090,765
		------------	------------
Net current assets		5,438,562	4,565,749
		------------	------------
Total assets less current liabilities		8,422,052	8,037,427

Creditors: amounts falling due after more than one year	16	2,322,942	3,455,760
		------------	------------
Net assets		6,099,110	4,581,667
		------------	------------

Capital and reserves

Called up share capital	20	100,000	100,000
Share premium account	21	350,015	350,015
Profit and loss account	21	5,649,095	4,131,652
		------------	------------
Shareholders funds		6,099,110	4,581,667
		------------	------------

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

These financial statements were approved by the board of directors and authorised for issue on 29 September 2023 , and are signed on behalf of the board by:

P B Suter
Director

Company registration number: 05276431

Green Tomato Cars Limited

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Point, 37 North Wharf Road, London, W2 1AF, England.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Intercede 2052 Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Material estimates and assumptions are made in particular with regard to calculating the provision for the recoverability of debts. The Company has entered into commercial property and vehicle leases as a lessee. The classification of such leases as operating or finance leases requires the Company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet.

Revenue recognition

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 at the fair value of the consideration received or receivable and represents amounts receivable from road passenger transport and income from accounts service charges and booking fees, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

The Company has entered into commercial property and vehicle leases as a lessee. The classification of such leases as operating or finance leases requires the Company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Intangible assets consist of computer software and the associated implementation costs of that software. None of the costs are internally generated.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

	Computer software & implementation costs	-	`Over 4 - 10 years`

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	10% straight line
Motor vehicle accessories	-	20% straight line
Fixtures, fittings & equipment	-	`Over 4 - 10 years`

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. The Company's financial assets include cash, trade and other debtors. The Company's financial liabilities include trade and other creditors.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2022	2021
	£	£
Road passenger transport, service charges and booking fees	9,573,363	9,293,598
	------------	------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

Other operating income represents former group loans written back as part of the transfer of ownership.

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2022	2021
	£	£
Depreciation of tangible assets	683,675	536,723
Gains on disposal of tangible assets	( 55,310)	–
Impairment of trade debtors	35,926	(59,846)
Operating lease rentals	12	116,490
Foreign exchange differences	27	–
	---------	---------

7. Auditor's remuneration

	2022	2021
	£	£
Fees payable for the audit of the financial statements	10,831	6,500
	--------	-------

8. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2022	2021
	No.	No.
Office and management	36	30
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2022	2021
	£	£
Wages and salaries	1,053,731	797,162
Social security costs	112,842	96,072
Other pension costs	27,692	24,608
	------------	---------
	1,194,265	917,842
	------------	---------

9. Director's remuneration

The director's aggregate remuneration in respect of qualifying services was:

	2022	2021
	£	£
Remuneration	189,275	144,881
Company contributions to defined contribution pension plans	4,977	3,809
	---------	---------
	194,252	148,690
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2022	2021
	No.	No.
Defined contribution plans	1	1
	----	----

10. Interest payable and similar expenses

	2022	2021
	£	£
Interest on banks loans and overdrafts	–	3,704
Interest on obligations under finance leases and hire purchase contracts	179,281	155,040
	---------	---------
	179,281	158,744
	---------	---------

11. Tax on profit

Major components of tax expense/(income)

	2022	2021
	£	£

Deferred tax:

Origination and reversal of timing differences	4,434	( 104,449)
	-------	---------
Tax on profit	4,434	( 104,449)
	-------	---------

Reconciliation of tax expense/(income)

The tax assessed on the profit on ordinary activities for the year is lower than (2021: lower than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

	2022	2021
	£	£
Profit on ordinary activities before taxation	1,521,877	2,567,339
	------------	------------
Profit on ordinary activities by rate of tax	289,157	487,794
Effect of expenses not deductible for tax purposes	( 3,669)	( 3,455)
Effect of capital allowances and depreciation	( 4,434)	( 4,815)
Utilisation of tax losses	( 281,054)	–
Unused tax losses	–	( 479,524)
Other adjustments	4,434	( 104,449)
	------------	------------
Tax on profit	4,434	( 104,449)
	------------	------------

12. Intangible assets

	Booking system
	£
Cost
At 1 January 2022	1,773,258
Additions	–
Disposals	( 1,773,258)
	------------
At 31 December 2022	–
	------------
Amortisation
At 1 January 2022	1,773,258
Charge for the year	–
Disposals	( 1,773,258)
	------------
At 31 December 2022	–
	------------
Carrying amount
At 31 December 2022	–
	------------
At 31 December 2021	–
	------------

13. Tangible assets

	Short leasehold property	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2022	190,360	4,173,506	1,739,406	6,103,272
Additions	–	1,152,706	–	1,152,706
Disposals	–	( 1,319,799)	–	( 1,319,799)
	---------	------------	------------	------------
At 31 December 2022	190,360	4,006,413	1,739,406	5,936,179
	---------	------------	------------	------------
Depreciation
At 1 January 2022	121,053	778,549	1,731,992	2,631,594
Charge for the year	15,871	661,402	6,402	683,675
Disposals	–	( 362,580)	–	( 362,580)
	---------	------------	------------	------------
At 31 December 2022	136,924	1,077,371	1,738,394	2,952,689
	---------	------------	------------	------------
Carrying amount
At 31 December 2022	53,436	2,929,042	1,012	2,983,490
	---------	------------	------------	------------
At 31 December 2021	69,307	3,394,957	7,414	3,471,678
	---------	------------	------------	------------

14. Debtors

	2022	2021
	£	£
Trade debtors	1,222,109	1,198,889
Amounts owed by group undertakings	4,146,704	2,945,187
Deferred tax asset	55,926	60,360
Prepayments and accrued income	1,222,012	1,093,876
Other debtors	3,200	7,500
	------------	------------
	6,649,951	5,305,812
	------------	------------

15. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	466,767	1,126,749
Accruals and deferred income	560,706	391,674
Social security and other taxes	709,774	306,943
Obligations under finance leases and hire purchase contracts	983,948	606,338
Other creditors	325,445	659,061
	------------	------------
	3,046,640	3,090,765
	------------	------------

16. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	–	725,000
Obligations under finance leases and hire purchase contracts	2,322,942	2,730,760
	------------	------------
	2,322,942	3,455,760
	------------	------------

17. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2022	2021
	£	£
Not later than 1 year	983,948	606,338
Later than 1 year and not later than 5 years	2,322,942	2,730,760
	------------	------------
	3,306,890	3,337,098
	------------	------------

18. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2022	2021
	£	£
Included in debtors (note 14)	55,926	60,360
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2022	2021
	£	£
Decelerated capital allowances	( 55,926)	( 60,360)
	--------	--------

19. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 27,692 (2021: £ 24,608 ).

20. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	100,000	100,000	100,000	100,000
	---------	---------	---------	---------

21. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

22. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	31,080	273,039
Later than 1 year and not later than 5 years	27,931	59,012
	--------	---------
	59,011	332,051
	--------	---------

23. Related party transactions

The company has taken advantage of the exemption granted by paragraph 33.1(a) of FRS102, Related Party Disclosures, not to disclose transactions with group companies which are wholly owned subsidiaries of the group.

24. Controlling party

At the balance sheet date, the ultimate parent undertaking and controlling party was Intercede 2052 Limited. On 29 June 2023 the company was acquired by Addison Lee Group Limited. The ultimate parent undertaking and controlling party is Cheyne European Strategic Value Credit S.a.r.l 3, a company incorporated in Luxembourg.