Company Registration No. 02796741 (England and Wales)
LB GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
LB Group Ltd
The Octagon, Suite E2
2nd floor Middlebrough
Colchester, Essex
CO1 1TG
LB GROUP LIMITED
COMPANY INFORMATION
Directors
Mr P Mustoe
Mr M Middleton
Mr C Annis
Mr S Sheldrick
Mr R Lane
Mrs C P Eve
Mr M Baird
Mr S Roberts
Mr M Warman
Company number
02796741
Registered office
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
Auditor
Barker Wilkinson Limited
19-21 Middle Row
Stevenage
Hertfordshire
SG1 3AW
LB GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 29
LB GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -
The directors present the strategic report for the year ended 31 August 2023.
Review of the business
The Company provides accountancy, audit, taxation, corporate finance and general business advisory services.
The Company continues to invest in its staff, quality of work, client relationships and reputation. Performance of the Company is monitored regularly throughout the year using a range of Key Performance Indicators. The main measures of the Company's performance are Revenue growth and gross profit margin.
During the year, the Company issued new shares to two directors representing 51% of the equity. LBGH Limited now holds 49% of the equity of the Company.
The Company has posted turnover growth of 19% to £12,517,149 during the financial year. There have been no significant acquisitions during the year, all growth has been organic from new business for new and existing clients. This growth exceeded the Company's target of 15%.
Gross profit margin decreased by 1.6% to 49.5%. The decrease is due to change in the way directors were remunerated during the year, with all directors now remunerated by way of salary.
Administrative expenses increased by £1,030,712 (28%) on the prior year to £4,136,876, mainly due to an increases management fees from group companies and an exceptional administrative expense of £551,740.
.
The Company made a profit before tax for the year of £924,200 (2022: £1,871,579), a decrease of £947,379 compared to 2022. This decrease is as a result of an exceptional cost in the year of £1,255,729.
Principal risks and uncertainties
The directors meet frequently throughout the year to monitor risks across the business. The directors review and agree policies for managing each of the risks.
The principal risks and uncertainties facing the Company are those listed below:
Liquidity/cash flow risk
Liquidity and cash flow risk is the risk that cash may not be available to pay obligations when due. The Company maintains significant availability in liquid funds to mitigate against this risk. The Company includes the use of forecasts and budgets to monitor and control its cash flows and working capital requirements.
Credit risk
Credit risk is the risk that a counterparty will be unable to pay amounts in full when due. The main areas where the Company is exposed to credit risk are trade debtors and amounts due under contracts.
The Company mitigates this risk by having a broad customer base and having significant management focus on billing and the recovery of aged debt.
Interest rate risk
The Company's operations and business growth are partly financed by external borrowings. Such facilities are repayable at various rates on interest. Accordingly, there is an exposure risk to interest rate rises.
Availability of IT systems
The Company has a number of Information Technology (IT) systems in order to carry out its day-to-day business and service its clients' requirements. There is a risk that any of these systems, as part of the overall IT infrastructure, could fail, individually or collectively, with an adverse effect on the Company's operations. The Company regularly monitors this risk and has continuity plans in place.
People risks
The willingness of competitors to offer key staff higher remuneration packages continues to be a risk to the Company's ability to attract and retain key people.
The Company performs periodic benchmarking of salaries to ensure the Company remains competitive.
LB GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
Mr S Sheldrick
Director
16 February 2024
LB GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 August 2023.
Principal activities
The principal activity of the company continued to be that of the provision of accountancy, audit, taxation, corporate finance and general business advisory services.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P Mustoe
Mr M Middleton
Mr C Annis
Mr S Sheldrick
Mr R Lane
Mrs C P Eve
Mr M Baird
Mr S Roberts
Mr M Warman
Post reporting date events
On 1st February 2024 the Company transferred its non-regulated services to LB Group Advisory Ltd. The services transferred were accountancy, taxation, payroll and general business advisory services. From this date the Company will only provide audit and corporate finance services to its clients.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr S Sheldrick
Director
16 February 2024
LB GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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 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. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
LB GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LB GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of LB Group Limited (the 'company') for the year ended 31 August 2023 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 August 2023 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.
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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
LB GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LB GROUP LIMITED
- 6 -
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 directors' 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 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 directors' responsibilities statement set out on page 5, 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 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:
the engagement principal 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 enquiry of management, and from our commercial knowledge and experience of the accountancy practice sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including taxation legislation and the Companies Act 2006,
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
LB GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LB GROUP LIMITED
- 7 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical 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 referred to in note 2 were indicative of potential bias; and
investigated the rationale behind any significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations , we designed procedure which included, but were not limited to:
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing Standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
K Barker
16 February 2024
Senior Statutory Auditor
For and on behalf of Barker Wilkinson Limited
Chartered Accountants
19-21 Middle Row
Statutory Auditor
Stevenage
Hertfordshire
SG1 3AW
LB GROUP LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
2023
2022
as restated
Notes
£
£
Turnover
3
12,517,148
10,496,195
Cost of sales
(6,322,627)
(5,131,306)
Gross profit
6,194,521
5,364,889
Administrative expenses
(4,672,835)
(3,642,123)
Other operating income
92,810
101,497
Operating profit
5
1,614,496
1,824,263
Income from shares in group undertakings
8
6,375
72,112
Other interest receivable and similar income
8
7,619
Interest payable and similar expenses
9
(729,240)
(24,796)
Gain on disposal of investment
10
24,950
-
Profit before taxation
924,200
1,871,579
Tax on profit
11
(385,013)
(348,089)
Profit for the financial year
539,187
1,523,490
The income statement has been prepared on the basis that all operations are continuing operations.
LB GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023
- 9 -
2023
2022
£
£
Profit for the year
539,187
1,523,490
Other comprehensive income
-
-
Total comprehensive income for the year
539,187
1,523,490
LB GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2023
31 August 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
13
164,264
209,552
Tangible assets
14
420,000
422,364
Investment property
15
195,000
195,000
Investments
16
151
10,201
779,415
837,117
Current assets
Debtors
19
9,565,667
6,339,759
Cash at bank and in hand
1,641,405
207,340
11,207,072
6,547,099
Creditors: amounts falling due within one year
20
(6,673,134)
(2,635,712)
Net current assets
4,533,938
3,911,387
Total assets less current liabilities
5,313,353
4,748,504
Provisions for liabilities
Deferred tax liability
22
72,531
47,927
(72,531)
(47,927)
Net assets
5,240,822
4,700,577
Capital and reserves
Called up share capital
25
2,060
1,002
Share premium account
79,000
79,000
Capital redemption reserve
47,000
47,000
Profit and loss reserves
5,112,762
4,573,575
Total equity
5,240,822
4,700,577
The financial statements were approved by the board of directors and authorised for issue on 16 February 2024 and are signed on its behalf by:
Mr S Sheldrick
Director
Company Registration No. 02796741
LB GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 August 2022:
Balance at 1 September 2021
1,002
79,000
47,000
4,550,085
4,677,087
Year ended 31 August 2022:
Profit and total comprehensive income for the year
-
-
-
1,523,490
1,523,490
Dividends
12
-
-
-
(1,500,000)
(1,500,000)
Balance at 31 August 2022
1,002
79,000
47,000
4,573,575
4,700,577
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
-
539,187
539,187
Issue of share capital
25
1,058
-
-
1,058
Balance at 31 August 2023
2,060
79,000
47,000
5,112,762
5,240,822
LB GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
3,169,249
3,076,211
Interest paid
(729,240)
(24,796)
Income taxes paid
(889,020)
(341,811)
Net cash inflow from operating activities
1,550,989
2,709,604
Investing activities
Purchase of intangible assets
(43,250)
(55,956)
Purchase of tangible fixed assets
(110,819)
(165,243)
Proceeds from disposal of tangible fixed assets
1,462
Proceeds from disposal of investments
25,000
9
Repayment of loans
52,282
(138,062)
Interest received
7,619
Dividends received
6,375
72,112
Net cash used in investing activities
(61,331)
(287,140)
Financing activities
Proceeds from issue of shares
1,058
5,940
Repayment of bank loans
(56,651)
(95,014)
Dividends paid
(1,500,000)
Net cash used in financing activities
(55,593)
(1,589,074)
Net increase in cash and cash equivalents
1,434,065
833,390
Cash and cash equivalents at beginning of year
207,340
(626,050)
Cash and cash equivalents at end of year
1,641,405
207,340
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 13 -
1
Accounting policies
Company information
LB Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Octagon Suite E2, 2nd Floor Middleborough, Colchester, Essex, CO1 1TG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of the investment property and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The financial statements contain information about LB Group Limited as an individual entity and do not incorporate consolidated financial information as the parent of a group. The directors believe that neither the financial position as at 31st August 2023, nor the the results of the year then ended of the company's subsidiary companies Isles and Storer Limited and LB Business Solutions Limited are material in the context of the company's own financial position as at the same date or its results for the same period then ended.
The interest in associated undertakings and joint ventures are accounted for using the cost method of accounting. Under this method the investment in associate is initially recognised at cost less any accumulated impairment losses. The investor shall recognise dividends and other distributions received from the investment as income.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services represents amounts chargeable for professional services provided during the year, inclusive of direct expenses incurred on client assignments net of vat. Revenue is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of the work performed.
Unbilled revenue is included in debtors as 'amounts due under contracts'
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 14 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is between 2 - 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over the term of the lease
Fixtures, fittings & equipment
15% on cost
Computer equipment
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 15 -
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 17 -
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease assets are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 18 -
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Fair value of Investment Property
The investment property is stated at fair value based on the market price of nearby, comparable properties as at the balance sheet date.
Amounts due under contracts
Provision is made based upon actual recovery statistics in respect of any anticipated under recovery of unbilled completed work.
3
Turnover and other revenue
All turnover arose within the United Kingdom.
2023
2022
£
£
Turnover analysed by class of business
Rendering of services
12,517,149
10,496,195
2023
2022
£
£
Other revenue
Interest income
7,619
-
Dividends received
6,375
72,112
Grants received
13,000
28,678
Rents receivable
79,600
72,819
4
Exceptional item
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
4
Exceptional item
(Continued)
- 19 -
Exceptional costs total £1,255,729 in the year, of which £551,740 is included in administrative expenses and £703,989 is included in Interest payable and similar expenses.
The exceptional costs during the year related to the settlement of employment costs related to a tax scheme that the company directors were part of.
5
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(13,000)
(28,678)
Fees payable to the company's auditor for the audit of the company's financial statements
13,250
11,000
Depreciation of owned tangible fixed assets
111,721
103,829
Amortisation of intangible assets
88,538
76,975
Operating lease charges
323,516
366,885
Government grants
The government grants received during the year relate to the apprenticeship scheme. The prior year figure also includes a grant which related to the coronavirus job retention scheme and was not performance related.
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Professional and administrative staff
97
135
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,803,723
4,819,708
Pension costs
188,182
234,375
3,991,905
5,054,083
All staff were transferred over to LB Group Advisory Ltd via a TUPE arrangement on 01/05/2023.
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 20 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
380,842
513,352
Company pension contributions to defined contribution schemes
37,490
50,304
418,332
563,656
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2022 - 6).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
81,293
105,570
Company pension contributions to defined contribution schemes
4,075
6,112
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
7,619
Income from fixed asset investments
Income from shares in associated undertakings
6,375
72,112
Total income
13,994
72,112
Disclosed on the income statement as follows:
Income from shares in associated undertakings
6,375
72,112
Other interest receivable and similar income
7,619
-
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,619
9,815
Other finance costs:
Other interest
721,621
14,981
729,240
24,796
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 21 -
10
Gain on disposal of fixed asset investment
2023
2022
£
£
Gain on disposal of fixed asset investments
24,950
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
372,777
350,288
Adjustments in respect of prior periods
(12,368)
(2,199)
Total current tax
360,409
348,089
Deferred tax
Origination and reversal of timing differences
24,604
Total tax charge
385,013
348,089
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
924,200
1,871,579
Expected tax charge based on the standard rate of corporation tax in the UK of 21.52% (2022: 19.00%)
198,842
355,600
Tax effect of expenses that are not deductible in determining taxable profit
175,054
20,517
Adjustments in respect of prior years
(12,368)
(2,199)
Dividend income
(1,372)
(13,701)
Capital allowances in excess of depreciation
24,857
(12,128)
Taxation charge for the year
385,013
348,089
12
Dividends
2023
2022
£
£
Final paid
1,500,000
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 22 -
13
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022
1,916,908
Additions
43,250
At 31 August 2023
1,960,158
Amortisation and impairment
At 1 September 2022
1,707,356
Amortisation charged for the year
88,538
At 31 August 2023
1,795,894
Carrying amount
At 31 August 2023
164,264
At 31 August 2022
209,552
14
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 September 2022
253,844
168,294
519,802
941,940
Additions
16,513
9,815
84,491
110,819
Disposals
(125,019)
(125,019)
At 31 August 2023
270,357
178,109
479,274
927,740
Depreciation and impairment
At 1 September 2022
114,729
80,367
324,480
519,576
Depreciation charged in the year
25,751
18,348
67,622
111,721
Eliminated in respect of disposals
(123,557)
(123,557)
At 31 August 2023
140,480
98,715
268,545
507,740
Carrying amount
At 31 August 2023
129,877
79,394
210,729
420,000
At 31 August 2022
139,115
87,927
195,322
422,364
15
Investment property
2023
£
Fair value
At 1 September 2022 and 31 August 2023
195,000
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
15
Investment property
(Continued)
- 23 -
The directors have assessed the fair value of the investment property on a market value basis as it is not commercially let. As at the balance sheet date, the directors assessed the ongoing carrying value of the property to remain at £195,000 based upon the market prices of comparable properties.
16
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
17
100
10,100
Unlisted investments
51
101
151
10,201
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 September 2022
10,100
101
10,201
Valuation changes
(10,000)
-
(10,000)
Disposals
-
(50)
(50)
At 31 August 2023
100
51
151
Carrying amount
At 31 August 2023
100
51
151
At 31 August 2022
10,100
101
10,201
The subsidiary LB Business Solutions Limited was impaired by £10,000 during the year due to being dormant.
The other investment held in LB Financial Solutions Limited was sold to a fellow group company.
17
Subsidiaries
Details of the company's subsidiaries at 31 August 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Isles and Storer Limited
80 Compair Crescent, Ipswich, Suffolk IP2 0EH
Dormant
Ordinary £1
100.00
LB Business Solutions Limited
The Octagon, Suite E2 Second Floor, Middlebrough, Colchester, Co1 1TG
Dormant
Ordinary £1
100.00
The subsidiaries are dormant and are not consolidated as noted in accounting policy 1.1.
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 24 -
18
Significant undertakings
Details of the company's associates at 31 August 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Orange Pentagon Limited
The Octagon, Suite E2 Second FLoor, Middlebrough, Colchester, CO1 1TG
The provision of computer services
Ordinary £1
50.00
LB Recruit Limited
Swift House, 18 Hoffmanns Way, Chelmsford, CM1 1GU
A recruitment agency
Ordinary £1
50.00
19
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,999,070
2,195,861
Amounts due under contracts
1,953,151
1,439,260
Amounts owed by group undertakings
2,201,646
Other debtors
4,319,781
406,454
Prepayments and accrued income
293,665
96,538
9,565,667
6,339,759
20
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
21
56,651
Trade creditors
240,454
272,547
Amounts owed to undertakings in which the company has a participating interest
179,858
Corporation tax
121,545
650,156
Other taxation and social security
1,258,875
1,068,271
Deferred income
23
345,484
111,710
Other creditors
4,486,984
146,590
Accruals and deferred income
219,792
149,929
6,673,134
2,635,712
21
Loans and overdrafts
2023
2022
£
£
Bank loans
56,651
Payable within one year
56,651
The bank loan as at the previous balance sheet date was settled during the year.
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
21
Loans and overdrafts
(Continued)
- 25 -
The lender was Natwest and carried an interest rate of 3.25% over base.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
72,531
47,927
2023
Movements in the year:
£
Liability at 1 September 2022
47,927
Charge to profit or loss
9,469
Effect of change in tax rate - profit or loss
15,135
Liability at 31 August 2023
72,531
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.
23
Deferred income
2023
2022
£
£
Other deferred income
345,484
111,710
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
188,182
234,375
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 26 -
25
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
3,951
3,877
395
388
Ordinary "A" shares of 10p each
4,626
4,626
462
462
Ordinary "B" shares of 10p each
1,517
1,517
152
152
Ordinary "C" shares of 10p each
10,506
-
1,051
-
20,600
10,020
2,060
1,002
During the year the Company issued 74 Ordinary shares and 10,506 Ordinary C shares at a nominal value of £0.10 each. The Ordinary C shares were issued equally to two directors. The Ordinary C shares have equal voting rights but are non-dividend and have no rights to financial interests.
The Ordinary, Ordinary A and Ordinary B shares have equal voting rights and rights to financial interests.
26
Financial commitments, guarantees and contingent liabilities
HM Revenue and Customs (HMRC) have enquired into tax arrangements entered into by the Company. The directors and the Company have voluntarily settled the tax and national insurance liabilities that arose from the arrangements. At the date of approval of these financial statements, the final outcome of the enquiry cannot be predicted.
27
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain of its office properties. Leases are negotiated for an average term of 14 years.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
295,971
373,578
Between two and five years
1,055,878
1,393,390
In over five years
1,689,369
366,042
3,041,218
2,133,010
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 27 -
28
Related party transactions
In the normal course of business, the Company has a number of transactions with companies that are part of the LB Group of companies who are related parties as LBGH Ltd is a 49% shareholder in the business and there are common directors. This principally comprises charges under the service agreement. The service agreements are with LB Group Advisory Ltd and Blue BidCo (Guernsey) Ltd who provide appropriately trained staff and LBGH Ltd who provide management fees.
During the year, the company procured services from LB Group Advisory Ltd totalling £1,682,747 (2022: £nil), from Blue Bid Co (Guernsey) Ltd totalling £629,149 (2022: £nil) and services from LBGH Ltd totalling £1,000,000 (2022: £1,000,000.
The company has the following receivable / (payable) balances within other debtors and other creditors.
Amounts due to related parties:
Blue Bid Co (Guernsey) Ltd £4,360,737 (2022: £nil)
Amounts due from related parties:
LBGH Ltd £3,948,802 (2022 £2,201,646)
LB Group Advisory Ltd £26,695 (2022 £nil)
The company paid rent of £81,871 (2022 £nil) to Compair Crescent Ltd, which owns one of the offices in which the Company operates, This Company is a property investment Company in which some employees have an interest.
The company paid rent of £96,130 (2022 £96,130) to The Key 800 Retirement Benefits Scheme, which owns two of the offices in which the Company operates, This Company is a self administered pension scheme for the benefit of two former directors.
The company received rent of £16,000 (2022: £16,000) from Marsil Marine Limited, a company in which a former director of this company has an interest.
In the directors opinion, all of the aforementioned rentals are at market rates.
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 28 -
29
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
1,523,490
Profit as adjusted
1,523,490
Notes to reconciliation
Various costs relating to staff and director salaries and pension costs have been reclassified from administrative expenses to cost of sales. This is to portray a more accurate representation of the split of staff throughout the business.
The impact on 2022 is as follows:
Increases to cost of sales/decreases to administrative expenses:
Wages and salaries £3,847,393
Staff pension costs £161,417
Directors' remuneration £513,352
Directors' pension costs £50,304
30
Ultimate controlling party
51% of the equity is held by two directors who hold the Company's Ordinary C shares. The Company’s Ordinary, Ordinary A and Ordinary B shares representing 49% of the equity, are held by LBGH Ltd, a company registered in England & Wales.
LB GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 29 -
31
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
539,187
1,523,490
Adjustments for:
Taxation charged
385,013
348,089
Finance costs
729,240
24,796
Investment income
(13,994)
(72,112)
Amortisation and impairment of intangible assets
88,538
76,975
Depreciation and impairment of tangible fixed assets
111,721
103,829
Impairment of investment
10,000
-
Gain on sale of investments
(24,950)
-
Movements in working capital:
(Increase)/decrease in debtors
(3,278,190)
848,411
Increase in creditors
4,388,910
186,203
Increase in deferred income
233,774
36,530
Cash generated from operations
3,169,249
3,076,211
32
Analysis of changes in net funds
1 September 2022
Cash flows
31 August 2023
£
£
£
Cash at bank and in hand
207,340
1,434,065
1,641,405
Borrowings excluding overdrafts
(56,651)
56,651
-
150,689
1,490,716
1,641,405
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