Company registration number 05115229 (England and Wales)
ALLEN LANE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
ALLEN LANE LIMITED
COMPANY INFORMATION
Directors
Y Ono
M Goldstone
S Bradby
(Appointed 27 April 2022)
C E Bruin
(Appointed 11 April 2022)
Secretary
T J F Collins
Company number
05115229
Registered office
Acre House
11-15 William Road
London
United Kingdom
NW1 3ER
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
United Kingdom
NW1 3ER
Business address
33 King Street
St James's
London
United Kingdom
SW1Y 6RJ
ALLEN LANE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Income statement
9
Statement of financial position
12
Statement of changes in equity
13
Notes to the financial statements
14 - 26
ALLEN LANE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report of Allen Lane Limited (‘the Company’) for the year ended 31 December 2021.
Fair review of the business
These Accounts cover 12 months (January – December 2021) when Covid-19 was still having an impact on the UK. Despite this, the Company grew throughout 2021 and reported record turnover of £68.5m while also focussing on cost management, resulting in operating profit of £2.1m compared to £1.2m for the prior 7 months ended 31 December 2020. 2021 Gross profit was £10.5m (7 months to 31 December 2020 £5.3m).
In 2021, both areas of the business (interim and permanent recruitment) continued to recover and grow after the initial Covid-19 impact in 2020. The interim business’s two largest sectors were very buoyant throughout 2021 and had there been greater availability of job-seeking candidates, these areas would have performed even more strongly. Permanent recruitment activity increased throughout 2021 as clients and candidates adapted to remotely recruiting, on-boarding and working.
Analysis based on key performance indicators
The Company monitors and analyses its performance using the following key performance indicators:
Gross Profit (Interim and Permanent): Internally, this is reported by division (Finance, Procurement and IT) and sector. Gross Profit of £10.5m in the audit period was 99.3% higher than the prior 7 month audit period (£5.3m) due to the differing reporting periods and the upturn in 2021. Gross profit in 2021 could have been higher if there hadn’t of been such a shortage of suitable candidates to place in roles.
EBIT: EBIT for the 12 month period was £2.12m, compared to £1.17m for the 7 months’ prior.
Total Temporary contractors headcount: The number of new starters and finishers each month is monitored with overall total interim headcount at each month end a key performance indicator.
Financial risks facing the company
The financial risks facing the Company are:
Pressure on clients to reduce spending to clawback Covid-19 overspending. This may present a risk to revenue in various sectors such as Central Government, Local Government and the NHS, where organisations’ resources were extremely stretched during Covid-19.
Cash flow issues arising from the timing of receipts from trade debtors. For interim debtors, this is managed by a debtor factoring arrangement in place with HSBC Invoice Finance which also provides credit risk protection. Permanent debtors are managed internally by the company and there is a strong focus on robust credit controls.
Ensuring the company is on relevant public sector frameworks where these are required as well as managing framework changes such as mandated rates that can be charged. The Company is proactive in tendering for new frameworks and re-tendering on current frameworks when applicable. It also monitors framework changes, updating internal systems to comply with these changes and carrying out regular internal audits of the changes made.
ALLEN LANE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Operational risks & uncertainties facing the company
The Company is exposed to the following risks and uncertainties:
Cyber Security: Ensuring no breach of confidential, personal and sensitive information held by the Company. A cyber security breach could impact business as usual and result in financial penalties and loss of business and reputation. The Company has invested significantly in IT infrastructure and systems over the past 2 years as well as utilising expertise within the Outsourcing UK group to ensure our information security policies, procedures and protection in place are robust, up-to-date and fit for purpose.
Non-compliance with UK and EU laws and regulation covering employment. The Company manages this risk through frequent and comprehensive reviews of various developments in their related sector.
Flexible working: The post pandemic way of working means employees and our clients are no longer in the office full-time. This can impact productivity, learning, development and progression and make it more difficult to keep employee morale high, resulting in staff turnover. This is being mitigated by employee engagement surveys, targeted training, improved IT provision in the office and at home, staff events and other initiatives.
The loss of key personnel (recruitment consultants) with established client relationships or in smaller teams which would be adversely affected by one consultant leaving. This is mitigated by finding developmental opportunities for strong performers including promotions and new opportunities in different parts of the business, rewarding employees financially and providing staff rewards – eg. Regular staff days out, work anniversary gifts and benefits. The Company is always looking to bring in external talent to help it grow and is also committed to growing its smallest teams.
M Goldstone
Director
30 August 2022
ALLEN LANE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of Allen Lane Limited (“the Company”) during the period was that of a recruitment agency. The company specialises in both interim and permanent recruitment in dedicated sectors such as the NHS, Central Government, Local Government, Charities & the Arts, Housing and Education. The Company specialises in the recruitment of Financial, Procurement, IT and Change/Project Management roles.
Results and dividends
The results for the year are set out on page 9.
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:
Y Ono
M Goldstone
S Bradby
(Appointed 27 April 2022)
C E Bruin
(Appointed 11 April 2022)
K Suzuki
(Resigned 11 April 2022)
L N Farncombe
(Resigned 16 May 2022)
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Post reporting date events
There are no significant events since the balance sheet date which would require disclosure in these financial statements.
Future developments
The Company continues to closely monitor revenue, profitability and cash on hand as its clients in various sectors recover from the Covid-19 situation. It has maintained a strong cash position throughout the past 2 years of the pandemic.
Auditor
The auditor, HW Fisher LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments and financial risk management.
ALLEN LANE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
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
M Goldstone
Director
30 August 2022
ALLEN LANE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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.
ALLEN LANE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLEN LANE LIMITED
- 6 -
Opinion
We have audited the financial statements of Allen Lane Limited (the 'company') for the year ended 31 December 2021 which comprise the income statement, the statement of financial position, the statement of changes in equity 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 Financial Reporting Standard 101 Reduced Disclosure Framework (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 2021 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.
ALLEN LANE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALLEN LANE LIMITED
- 7 -
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, 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.
As part of our planning process:
We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud effecting the audit period.
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: IFRS, FRS 101, Companies Act 2006, IR35, GDPR, employment law and compliance with government frameworks.
We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
ALLEN LANE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALLEN LANE LIMITED
- 8 -
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
Review of internal control procedures to ensure timesheets were approved prior to paying contract workers.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the discount rate applied for leases and corresponding right of use assets.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations. This included reviewing frameworks in place, as well as reports from regulatory bodies to confirm compliance.
Testing key revenue lines, in particular cut-off, for evidence of management bias.
Performing a physical verification of a sample of assets.
Obtaining third-party confirmation of material bank balances.
Documenting and verifying all significant related party balances and transactions.
Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
Completing analytical review of the revenue cycle and margins and seeking explanations from management for exceptions.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
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.
Simon Mott-Cowan (Senior Statutory Auditor)
For and on behalf of HW Fisher LLP
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
United Kingdom
NW1 3ER
30 August 2022
ALLEN LANE LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
Year
Period
ended
ended
31 December
31 December
2021
2020
Notes
£
£
Revenue
3
68,483,455
34,986,455
Cost of sales
4
(57,948,926)
(29,701,402)
Gross profit
10,534,529
5,285,053
Administrative expenses
4
(8,415,025)
(4,157,332)
Other operating income
39,877
Operating profit
2,119,504
1,167,598
Investment income
7
5,860
440
Finance costs
8
(37,865)
(25,791)
Profit before taxation
2,087,499
1,142,247
Tax on profit
9
(417,698)
(226,603)
Profit and total comprehensive income for the financial year
1,669,801
915,644
The income statement has been prepared on the basis that all operations are continuing operations.
ALLEN LANE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLEN LANE LIMITED
- 10 -
Opinion
We have audited the financial statements of Allen Lane Limited (the 'company') for the year ended 31 December 2021 which comprise the income statement, the statement of financial position, the statement of changes in equity 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 Financial Reporting Standard 101 Reduced Disclosure Framework (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 2021 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about The Company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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.
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.
ALLEN LANE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALLEN LANE LIMITED
- 11 -
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
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.
Simon Mott-Cowan (Senior Statutory Auditor)
for and on behalf of HW Fisher LLP
30 August 2022
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
United Kingdom
NW1 3ER
ALLEN LANE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 12 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
10
886,354
1,107,774
Current assets
Trade and other receivables
11
3,487,913
3,207,290
Cash and cash equivalents
4,054,868
3,679,071
7,542,781
6,886,361
Current liabilities
12
(2,731,440)
(3,700,906)
Net current assets
4,811,341
3,185,455
Total assets less current liabilities
5,697,695
4,293,229
Non-current liabilities
12
(494,092)
(761,850)
Provisions for liabilities
Other provisions
16
(62,999)
(60,576)
Net assets
5,140,604
3,470,803
Equity
Called up share capital
18
2,200
2,200
Retained earnings
5,138,404
3,468,603
Total equity
5,140,604
3,470,803
The financial statements were approved by the board of directors and authorised for issue on 30 August 2022 and are signed on its behalf by:
M Goldstone
Director
Company registration number 05115229
ALLEN LANE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 13 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 June 2020
2,200
2,552,959
2,555,159
Period ended 31 December 2020:
Profit and total comprehensive income for the period
-
915,644
915,644
Balance at 31 December 2020
2,200
3,468,603
3,470,803
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
1,669,801
1,669,801
Balance at 31 December 2021
2,200
5,138,404
5,140,604
ALLEN LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
1
Accounting policies
Company information
Allen Lane Limited is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER. The principal place of business is 33 King Street, St James's, London, United Kingdom, SW1Y 6RJ. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under FRS 101.
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. The principal accounting policies adopted are set out below.
The company meets the definition of a qualifying entity under FRS 101 Reduced Disclosure Framework. The company transitioned from IFRS to FRS 101 for all periods presented and the date of transition to FRS 101 was 1 June 2020.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
inclusion of an explicit and unreserved statement of compliance with IFRS;
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
the effect of financial instruments on the statement of comprehensive income;
disclosure of qualitative and quantitative information about contracts with customers;
disclosure of revenue recognised from contracts with customers in categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors;
disclosure of performance obligations in contracts with customers and timing of satisfaction of performance obligations;
disclosure of significant judgements in the application of IFRS 15;
comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
for financial instruments measured at fair value and within the scope of IFRS 13, the valuation techniques and inputs used to measure fair value, the effect of fair value measurements with significant unobservable inputs on the result for the period and the impact of credit risk on the fair value; and
related party disclosures for transactions with the parent or wholly owned members of the group.
Where required, equivalent disclosures are given in the group accounts of Outsourcing UK Limited. The group accounts of Outsourcing UK Limited are available to the public and can be obtained as set out in note 20.
ALLEN LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 15 -
1.2
Going concern
The directors have considered the entity’s ability to continue as a going concern. The Company operates in the public and not for profit sector so was reasonably well protected from financial adversity throughout the Covid-19 pandemic. true
In 2021, the Company recovered to pre-Covid financial levels in its interim business and results continued to improve in its permanent business with activity levels increasing further in the first half of 2022. The Company uses a factoring facility to manage cash flows and to secure its trade debtors.
Accordingly, at the time of approving the financial statements, the directors are confident that the Company can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received for services provided in the normal course of business, and is shown net of VAT. Turnover represents fees earned from the placement of permanent candidates and temporary contractors during the year.
Turnover arising from the placement of permanent candidates is recognised at the time the candidate commences employment.
Turnover arising from temporary placements is recognised over the period that temporary workers are provided.
IFRS 15 ‘Revenue from Contracts with Customers’ requires companies to apportion revenue from customer contracts to separate performance obligations and recognise revenue as these performance obligations are satisfied. IFRS 15 establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers.
The revenue generated by the company is from the performance obligation of either (i) the permanent placement of an individual with a client, which is satisfied upon the individual commencing employment with the client, or (ii) as temporary workers are provided to the client.
Revenue recognition under IFRS 15 is consistent with prior practice for The Company’s revenue as described above.
1.4
Property, plant and equipment
Property, plant and equipment are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Right-of-use assets
Over the lease term
Leasehold improvements
Over the lease term
Fixtures, fittings and equipment
25% reducing balance
Computer equipment
25% reducing balance or straight-line over 2-6 years
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 recognised in the income statement.
1.5
Impairment of non-current assets
At each reporting end date, the company reviews the carrying amounts of its property, plant and equipment 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).
ALLEN LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 16 -
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
1.7
Financial assets
Financial assets are recognised in The Company's statement of financial position when The Company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
Financial assets are initially measured at fair value plus transaction costs.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Impairment of financial assets
Financial assets 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 of the investment have been affected.
The Expected Credit Loss model has not been applied to financial assets as the directors have no expectation of impairment in respect of financial assets.
1.8
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments.
Financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Share capital represents the nominal value of equity shares that have been issued.
Retained earnings represent all current and prior period retained profit and losses.
1.10
Taxation
The tax expense represents the tax currently payable.
Deferred tax has not been recognised as it is immaterial to these financial statements.
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.
ALLEN LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 17 -
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
At inception, The Company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, The Company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; The Company's estimate of the amount expected to be payable under a residual value guarantee; or The Company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
ALLEN LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 18 -
The Company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
1.15
Government grants
Government grants are recognised at the fair value of the amount received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Government grants for The Company relates to the Coronavirus Job Retention Scheme. As this scheme involves a transfer of resources from government to The Company, it meets the definition of a government grant. The scheme is designed to compensate for staff costs, so amounts received or receivable are recognised in the income statement as part of other operating income over the same period as the costs to which they relate. Government grants are accounted for under the accrual model.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.17
The current reporting period is the year to 31 December 2021. The comparative reporting period is the 7 month period from 1 June 2020 to 31 December 2020.
2
Critical accounting estimates and judgements
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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Key sources of estimation uncertainty
There are no key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Critical judgements
Incremental borrowing rate used to discount lease payments on right-of-use assets
The Company leases its office space and photocopier. The asset and liability arising from this lease arrangement are initially measured on a present value basis with the lease payments discounted based on The Company’s estimated incremental cost of borrowing. The directors have determined that a discount rate of 4% per annum is appropriate to discount the lease payments under these leases.
The carrying value of The Company’s right-to-use assets and lease liabilities at the reporting date are detailed in note 10 and note 15.
ALLEN LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 19 -
3
Revenue
2021
2020
£
£
Revenue analysed by class of business
Recruitment fees (turnover recognised over time)
66,745,188
34,102,444
Recruitment fees (turnover recognised at a point in time)
1,738,267
884,011
68,483,455
34,986,455
2021
2020
£
£
Revenue analysed by geographical market
United Kingdom
68,448,463
34,779,405
Rest of the World
34,993
207,050
68,483,456
34,986,455
2021
2020
£
£
Other significant revenue
Government grants received
39,877
4
Expenses by nature
Administrative expenses by nature
2021
2020
£
£
Staff costs
6,269,766
3,161,942
Rent, rates and services costs
177,551
110,720
Computer running and software costs
202,000
106,708
Auditors' remuneration - statutory audit
50,263
20,750
Depreciation of property, plant and equipment
302,566
176,297
Exchange losses
8
Consultancy fees
338,554
127,717
Factoring charges
461,331
241,230
Entertaining
172,794
76,486
Other expenses
440,192
135,482
8,415,025
4,157,332
ALLEN LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
4
Expenses by nature
(Continued)
- 20 -
Cost of sales by nature
2021
2020
£
£
Subcontractor labour
57,934,032
29,698,652
Other direct expenses
14,894
2,750
57,948,926
29,701,402
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Consultants
27
27
Operations
9
10
Total
36
37
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
5,506,253
2,779,076
Social security costs
719,927
355,092
Pension costs
40,905
25,338
6,267,085
3,159,506
6
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
801,739
391,688
Company pension contributions to defined contribution schemes
2,638
1,532
804,377
393,220
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2020 - 2).
ALLEN LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
6
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
542,230
235,513
Company pension contributions to defined contribution schemes
1,319
766
7
Investment income
2021
2020
£
£
Interest income
Interest on bank deposits
5,860
440
8
Finance costs
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on lease liabilities
37,865
25,791
9
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
417,698
226,603
The charge for the year can be reconciled to the profit per the income statement as follows:
2021
2020
£
£
Profit before taxation
2,087,499
1,142,247
Expected tax charge based on a corporation tax rate of 19.00% (2020: 19.00%)
396,625
217,027
Effect of expenses not deductible in determining taxable profit
14,636
3,010
Depreciation in excess of capital allowances
(5,793)
5,086
Depreciation on assets not qualifying for tax allowances
-
1,480
Other tax adjustments
12,230
-
Taxation charge for the year
417,698
226,603
ALLEN LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 22 -
10
Property, plant and equipment
Right-of-use assets
Leasehold improvements
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 31 December 2020
1,173,332
396,201
345,314
140,478
2,055,325
Additions
4,551
76,595
81,146
At 31 December 2021
1,173,332
396,201
349,865
217,073
2,136,471
Accumulated depreciation and impairment
At 31 December 2020
347,266
240,267
284,754
75,264
947,551
Charge for the year
220,062
44,601
15,582
22,321
302,566
At 31 December 2021
567,328
284,868
300,336
97,585
1,250,117
Carrying amount
At 31 December 2021
606,004
111,333
49,529
119,488
886,354
At 31 December 2020
826,066
155,934
60,560
65,214
1,107,774
Property, plant and equipment includes right-of-use assets, as follows:
Right-of-use assets
2021
2020
£
£
Net values
Property
599,681
817,746
Fixtures, fittings and equipment
6,323
8,320
606,004
826,066
Depreciation charge for the year
Property
218,065
116,532
Fixtures, fittings and equipment
1,997
1,163
220,062
117,695
11
Trade and other receivables
2021
2020
£
£
Trade receivables
1,749,126
1,220,781
Corporation tax recoverable
5,171
85,166
Amount owed by parent undertaking
35,250
Amounts owed by fellow group undertakings
83,089
53,775
Prepayments and accrued income
1,650,527
1,812,318
3,487,913
3,207,290
ALLEN LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
11
Trade and other receivables
(Continued)
- 23 -
The Company is party to a debt factoring arrangement where advances received are without recourse. The Company has presented a net figure in trade receivables in respect of these items, being the relevant gross trade receivable balance less the sum of all non-returnable advances received. The relevant figures are as follows: gross trade receivables of 2021: £7,577,810 (2020: £6,082,968) less non returnable advances of £6,270,107 (2020: £5,138,909) giving a net balance of £1,307,703 (2020: £944,059) under this arrangement which is included within the trade receivables balance above.
12
Liabilities
Current
Non-current
2021
2020
2021
2020
Notes
£
£
£
£
Trade and other payables
14
1,910,437
2,040,394
Taxation and social security
553,246
1,403,054
-
-
Lease liabilities
15
267,757
257,458
494,092
761,850
2,731,440
3,700,906
494,092
761,850
13
Fair value of financial liabilities
The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.
14
Trade and other payables
2021
2020
£
£
Trade payables
81,772
16,195
Amounts owed to fellow group undertakings
-
22,857
Accruals and deferred income
1,640,784
1,647,189
Other payables
187,881
354,153
1,910,437
2,040,394
15
Lease liabilities
2021
2020
Maturity analysis
£
£
Within one year
292,900
292,900
In two to five years
513,524
806,044
Total undiscounted liabilities
806,424
1,098,944
Future finance charges and other adjustments
(44,574)
(79,636)
Lease liabilities in the financial statements
761,850
1,019,308
ALLEN LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
15
Lease liabilities
(Continued)
- 24 -
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2021
2020
£
£
Current liabilities
267,757
257,458
Non-current liabilities
494,092
761,850
761,849
1,019,308
2021
2020
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
37,865
25,791
Lease payments represent rentals payable by the Company for its business premises (property) and for a photocopier (fixtures, fittings and equipment). The lease term for the business premises ends on 24 September 2024 and the lease term for the photocopier ends on 28 February 2025.
There are no contingent rent, renewal or purchase options and escalation clauses in the lease agreement. There are no significant restrictions imposed by lease arrangements.
The incremental borrowing rate at the date of initial application (i.e. the rate at 1 June 2019) for the business premises is 4% per annum.
The incremental borrowing rate at the date of the lease for the photocopier on 1 January 2020 is 4% per annum.
Please see note 10 for details regarding right of use assets.
Other leasing information is included in note 19.
16
Provisions for liabilities
2021
2020
£
£
Dilapidations
62,999
60,576
ALLEN LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
16
Provisions for liabilities
(Continued)
- 25 -
Movements on provisions:
Dilapidations
£
At 1 January 2021
60,576
Additional provisions in the year
2,423
At 31 December 2021
62,999
The provision recorded in the financial statements reflects the present value of the estimated cost of dilapidations at the end of the lease of the client's business premises. This has been calculated based on a discount rate of 4%. The amount would be payable upon the end of the lease on 24 September 2024.
17
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
40,905
25,338
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.
18
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000
2,000
2,000
2,000
B Ordinary shares of 10p each
2,000
2,000
200
200
4,000
4,000
2,200
2,200
B Ordinary shares are non pari passu with Ordinary shares and attach no right for the holder to receive notice, attend or vote at any general meeting or written resolution. The holder has no entitlement to receive dividends and has only limited rights to capital on distribution.
The Company does not have a limited amount of authorised share capital.
19
Other leasing information
Lessee
Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:
2021
2020
£
£
Expense relating to leases of low-value assets
-
839
ALLEN LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
19
Other leasing information
(Continued)
- 26 -
Information relating to lease liabilities is included in note 15.
20
Controlling party
During the year, the immediate parent company of Allen Lane Limited was Outsourcing UK Limited. This is a company incorporated in England and Wales and the registered office is Floor 9 Peninsular House, 30-36 Monument Street, London, England, EC3R 8LJ.
Outsourcing UK Limited, is the smallest group that prepares group accounts and in which The Company is a member. The consolidated accounts are publicly available from Floor 9 Peninsular House, 30-36 Monument Street, London, England, EC3R 8LJ.
The ultimate parent company of Allen Lane Limited is Outsourcing Inc. This is a company incorporated in Japan and the registered office is 1-8-3 Marunouchi, Chiyoda-ku, Tokyo. This is the largest group that prepares group accounts and in which The Company is a member. The consolidated accounts are publicly available from 1-8-3 Marunouchi, Chiyoda-ku, Tokyo.
In the opinion of the directors, there is no single ultimate controlling party.
After the year, the immediate parent company changed to ALV Groupco Limited following a group reorganisation on 23 May 2022. ALV Groupco Limited is a company incorporated in England and Wales with registered office at Floor 9 Peninsular House, 30-36 Monument Street, London, United Kingdom, EC3R 8LJ. The ultimate parent company remained unchanged.
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