The Kite Factory Group Limited
Annual Report and Financial Statements
For the year ended 31 December 2022
Company Registration No. 04303229 (England and Wales)
The Kite Factory Group Limited
Company Information
Directors
M Colling
R Trust
Secretary
C Hampton
Company number
04303229
Registered office
55 New Oxford Street
London
WC1A 1BS
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
The Kite Factory Group Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12 - 13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 35
The Kite Factory Group Limited
Strategic Report
For the year ended 31 December 2022
Page 1

The directors present the strategic report for the year ended 31 December 2022.

Fair review of the business

The directors present the strategic report for the year ended 31 December 2022.

Review of the Business

The Kite Factory Group Limited is an independent Performance media planning & buying agency with a focus on audience insight, media channel consumption and measurement. We apply this expertise to a range of sectors from charities to for-profit-businesses to quantifiably grow their revenues.

Business Performance

Following a successful 2021, we continued the positive momentum by winning 18 new accounts, recruited 41 new TKF’ers, awarded 31 promotions, helped our team with the Cost Of Living Crisis, paid bonuses, Retained IPA CPD Platinum and Campaign Best Places to Work, grew turnover by 30%, top 10 client spends by 36%, income by 17% and EBITDA by 15%.

We continued investment in measurement technology, expanded services to sell 74% more consultancy hours and reduced time-to-campaign output by 8%. We won eight industry awards, became top independent in Campaign's New Business League, championed our talent through bespoke training and development and lived our values to the full culminating in being shortlisted for Campaign Performance Agency of the Year.

The business measures gross profit and EBITDA before non-recurring expenditure as its key performance indicators. Gross profit was £8,862k (2021: £7,100k) and EBITDA before non-recurring expenditure was £1,699k (2021: £1,070k).

Principal Risks & Uncertainties

In common with others in the advertising and media sector, the principal risk is fluctuating demand levels amongst clients. The Company’s major financial assets continue to be its bank balances and its trade receivables. We have no significant concentration of credit risk, with our exposure spread over a number of clients and no external debt.

Principal risks and uncertainties

In common with others in the advertising and media sector, the principal risk is fluctuating demand levels amongst clients. The Group's major financial assets continue to be its bank balances and its trade receivables. We have no significant concentration of credit risk, with our exposure spread over a number of clients.

Future Prospects

 

The Kite Factory Group Limited
Strategic Report (Continued)
For the year ended 31 December 2022
Page 2
Section s172 Statement

This statement aligns to section 172 of the Companies Act 2006 (the act). The statement focuses on how the directors have had regard during the year to the matters set out in section 172(1) (a) to (f) of the Act when performing their duties.

 

Each of the directors acted in a way that promotes the success of the Company for the benefit of its members as a whole, whilst having regard to the following matters set out in s.172(1) of the Act:

This reporting requirement applies to the Company for the first time this year.

 

Whilst the Company and directors have a statutory obligation to its shareholders, it is also important to the directors to assess the impact of our business on a wider stakeholder pool, including its employees, freelancers, clients, suppliers, and the wider communities in which we operate.

 

The Directors of the Company are selected due to their leadership position in the organisation and their experience in managing business operations across all group companies. The Board delegates day-to-day management and decision making to the Executive Committee, and monitors the Company through regular updates from Executive Committee and against objectives set before the start of each financial period.

 

The Board is committed to acting responsibly and ensuring that the Company maintains a high level of conduct and governance to meet the expectations of all our stakeholders. The long term value of the Company is dependent upon the active consideration of all our stakeholders to enhance and nurture our reputation across the following stakeholders;

Our Employees and Freelancers

We recognise our employees and network of freelancers as the key contributors to the value generated by our Company. Collectively, our colleagues are experienced and provided with opportunities for further career development through training that includes access to higher education, management development, on the job training and health and safety initiatives. We engage with our colleagues through meetings, presentations and employee development reviews.

Clients and Suppliers

We work with our clients to deliver innovative solutions to support the projects and campaigns on which we are engaged, providing a high quality customer service. We acknowledge that client retention is key to our long term success and augment our delivery in order to best serve our clients objectives. We strive to maximise value from our suppliers and work closely with them to support the delivery of our clients’ needs.

Communities

Our company is connected to Communities all over the world through our colleagues, clients and suppliers and we recognise our responsibility to be supportive and pro-active citizens in whichever country and community we operate. The Company directly supports local causes through charitable donations, the provision of employee time and fundraising activities.

The Kite Factory Group Limited
Strategic Report (Continued)
For the year ended 31 December 2022
Page 3

On behalf of the board

R Trust
Director
29 September 2023
The Kite Factory Group Limited
Directors' Report
For the year ended 31 December 2022
Page 4

The directors present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the group continued to be that of marketing, direct response, creative design, media planning and buying.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M Colling
R Trust
Results and dividends

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
R Trust
Director
29 September 2023
The Kite Factory Group Limited
Directors' Responsibilities Statement
For the year ended 31 December 2022
Page 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Kite Factory Group Limited
Independent Auditor's Report
To the Members of The Kite Factory Group Limited
Page 6
Opinion

We have audited the financial statements of The Kite Factory Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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.

The Kite Factory Group Limited
Independent Auditor's Report (Continued)
To the Members of The Kite Factory Group Limited
Page 7

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

 

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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

The Kite Factory Group Limited
Independent Auditor's Report (Continued)
To the Members of The Kite Factory Group Limited
Page 8
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

The Kite Factory Group Limited
Independent Auditor's Report (Continued)
To the Members of The Kite Factory Group Limited
Page 9

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

for and on behalf of Moore Kingston Smith LLP
29 September 2023
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
The Kite Factory Group Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2022
Page 10
2022
2021
as restated
Notes
£
£
Turnover
3
64,448,878
50,122,688
Cost of sales
(55,223,991)
(42,553,165)
Gross profit
9,224,887
7,569,523
Administrative expenses
(7,959,851)
(6,552,545)
Operating profit
4
1,265,036
1,016,978
Interest receivable and similar income
8
133,416
-
0
Interest payable and similar expenses
9
(67,594)
(98,709)
Profit before taxation
1,330,858
918,269
Tax on profit
10
(221,898)
(258,599)
Profit for the financial year
1,108,960
659,670
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The Kite Factory Group Limited
Group Balance Sheet
As at 31 December 2022
Page 11
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
12
-
0
305,809
Tangible assets
13
196,477
181,803
196,477
487,612
Current assets
Stocks
16
2,041
3,000
Debtors
17
15,953,566
9,584,416
Cash at bank and in hand
5,323,783
8,686,225
21,279,390
18,273,641
Creditors: amounts falling due within one year
18
(15,053,724)
(13,436,005)
Net current assets
6,225,666
4,837,636
Total assets less current liabilities
6,422,143
5,325,248
Creditors: amounts falling due after more than one year
19
-
(12,065)
Provisions for liabilities
Provisions
21
(102,500)
(102,500)
(102,500)
(102,500)
Net assets
6,319,643
5,210,683
Capital and reserves
Called up share capital
23
12,776
12,776
Share premium account
15,819
15,819
Profit and loss reserves
6,291,048
5,182,088
Total equity
6,319,643
5,210,683
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
29 September 2023
R Trust
Director
The Kite Factory Group Limited
Company Balance Sheet
As at 31 December 2022
31 December 2022
Page 12
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
113,893
123,422
Investments
14
3,100
5,100
116,993
128,522
Current assets
Debtors
17
3,159,349
3,175,791
Cash at bank and in hand
2,454,567
3,172,088
5,613,916
6,347,879
Creditors: amounts falling due within one year
18
(1,167,718)
(2,254,000)
Net current assets
4,446,198
4,093,879
Total assets less current liabilities
4,563,191
4,222,401
Creditors: amounts falling due after more than one year
19
-
(12,065)
Provisions for liabilities
Provisions
21
(102,500)
(102,500)
(102,500)
(102,500)
Net assets
4,460,691
4,107,836
Capital and reserves
Called up share capital
23
12,776
12,776
Share premium account
15,819
15,819
Other reserves
2,301,478
2,301,478
Profit and loss reserves
2,130,618
1,777,763
Total equity
4,460,691
4,107,836

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £352,855 (2021 - £331,343 profit).

The Kite Factory Group Limited
Company Balance Sheet (Continued)
As at 31 December 2022
31 December 2022
Page 13
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
29 September 2023
R Trust
Director
Company Registration No. 04303229 (England and Wales)
The Kite Factory Group Limited
Group Statement of Changes in Equity
For the year ended 31 December 2022
Page 14
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 December 2021:
Balance at 1 January 2021
12,776
15,819
4,522,418
4,551,013
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
659,670
659,670
Balance at 31 December 2021
12,776
15,819
5,182,088
5,210,683
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
1,108,960
1,108,960
Balance at 31 December 2022
12,776
15,819
6,291,048
6,319,643
The Kite Factory Group Limited
Company Statement of Changes in Equity
For the year ended 31 December 2022
Page 15
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
£
As restated for the period ended 31 December 2021:
Balance at 1 January 2021
12,776
15,819
2,301,478
1,446,420
3,776,493
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
-
331,343
331,343
Balance at 31 December 2021
12,776
15,819
2,301,478
1,777,763
4,107,836
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
352,855
352,855
Balance at 31 December 2022
12,776
15,819
2,301,478
2,130,618
4,460,691
The Kite Factory Group Limited
Group Statement of Cash Flows
For the year ended 31 December 2022
Page 16
2022
2021
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(3,169,650)
5,384,949
Interest paid
(67,594)
(98,709)
Income taxes refunded
-
0
33,989
Net cash (outflow)/inflow from operating activities
(3,237,244)
5,320,229
Investing activities
Purchase of tangible fixed assets
(175,255)
(50,425)
Interest received
133,416
-
0
Net cash used in investing activities
(41,839)
(50,425)
Financing activities
Payment of finance leases obligations
(83,359)
(72,391)
Net cash used in financing activities
(83,359)
(72,391)
Net (decrease)/increase in cash and cash equivalents
(3,362,442)
5,197,413
Cash and cash equivalents at beginning of year
8,686,225
3,488,812
Cash and cash equivalents at end of year
5,323,783
8,686,225
The Kite Factory Group Limited
Notes to the Group Financial Statements
For the year ended 31 December 2022
Page 17
1
Accounting policies
Company information

The Kite Factory Group Limited (“the Company”) is a private limited company incorporated in England and Wales. The registered office is 55 New Oxford Street, London, WC1A 1BS.

 

The Group consists of The Kite Factory Group Limited and all of its subsidiaries as listed in note 15.

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 pound.

The financial statements have been prepared on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

The consolidated financial statements incorporate those of The Kite Factory Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 December 2021.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method.

The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 18
1.3
Going concern

The group has net assets of £6,319,643 at the balance sheet date and the company has net current assets of £4,446,198. The group's business activities together with the factors likely to affect its future development, performance and position are set out in the strategic report on Page 1.

 

Forecast gross profit, which is one of the key performance indicators of the business as referred to in the strategic report, is anticipated to be consistent with 2022’s actual results as presented in these financial statements. Trading in the year to 31/12/23 has been strong.

 

The shareholders have provided written assurances that they will continue to support the group going forward for at least twelve months from the date of approval of the financial statements and have confirmed that they will not seek repayment of amounts owed to them within that period unless the group’s cash flow and operating results permit this.

1.4
Turnover

Turnover represents the value of gross billings, net of VAT, discounts and fair value to the right to consideration in exchange for the performance of its contractual obligations of work carried out in respect of services provided to customers.

Commissions are recognised as income when the related media is aired. Fees are recognised as income when they are earned in accordance with the contractual agreement with the client. Where revenue has been earned before the end of an accounting period but has not been billed, revenue is accrued into the financial statements.

1.5
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
20% - 33.3%  straight line
1.7
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:

Leasehold improvements
25% straight line
Plant and machinery
20% - 33.3% straight line

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 profit and loss account.

The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 19
1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. 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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the Company financial statements, investments in associates are accounted for at cost less impairment.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 20

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 carrying amount that would have been determined had no impairment loss been recognised for the asset ( or cash-generating unit) prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

1.10
Cash and cash equivalents

Cash at bank and in hand 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.

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 21
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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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.

The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 22
1.15
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.

 

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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

1.18
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.

The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
Page 23
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using a combination of the milestones in the contract and the time spent to date compared to the total time expected to be required to undertake the contract. Estimates of the total time required to undertake the contracts are made on a regular basis and subject to management review. These estimates may differ from the actual results due to a variety of factors such as efficiency of working, accuracy of assessment of progress to date and client decision making.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2022
2021
£
£
Turnover analysed by class of business
Marketing, direct response, creative design, performance media planning and buying
64,448,878
50,122,688
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
62,677,494
49,653,035
Rest of World
1,771,384
469,653
64,448,878
50,122,688
2022
2021
£
£
Other revenue
Interest income
133,416
-
The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
Page 24
4
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging:
Exchange losses
7,528
26,149
Depreciation of owned tangible fixed assets
160,581
133,476
Amortisation of intangible assets
166,814
166,813
Impairment of intangible assets
138,995
-
0
Operating lease charges
357,880
363,860
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,000
6,750
Audit of the financial statements of the company's subsidiaries
25,200
26,750
35,200
33,500
For other services
Taxation compliance services
4,800
4,750
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Administration and support
11
12
-
-
Marketing
78
55
-
-
Total
89
67
-
0
-
0
The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
6
Employees
(Continued)
Page 25

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
4,977,778
3,824,287
-
0
-
0
Social security costs
537,124
423,742
-
-
Pension costs
114,375
92,664
-
0
-
0
5,629,277
4,340,693
-
0
-
0
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
336,060
333,060
Company pension contributions to defined contribution schemes
3,632
3,632
339,692
336,692

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2021 - 0).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
215,000
212,000
8
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
9,673
-
0
Interest receivable from group companies
123,743
-
0
Total income
133,416
-
0

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
133,416
-
The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
Page 26
9
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
-
0
24,463
Other interest on financial liabilities
67,594
74,246
67,594
98,709
10
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
221,898
67,141
Adjustments in respect of prior periods
-
0
191,458
Total current tax
221,898
258,599

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:

2022
2021
£
£
Profit before taxation
1,330,858
918,269
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
252,863
174,471
Tax effect of expenses that are not deductible in determining taxable profit
9,192
8,509
Group relief
(31,705)
(73,230)
Permanent capital allowances in excess of depreciation
(5,239)
(42,609)
Amortisation on assets not qualifying for tax allowances
(42,609)
-
0
Under/(over) provided in prior years
-
0
191,458
Deffered tax not recognised
39,396
-
0
Taxation charge
221,898
258,599
The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
Page 27
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2022
2021
Notes
£
£
In respect of:
Intangible assets
12
138,995
-
Recognised in:
Administrative expenses
138,995
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
320,704
996,912
1,317,616
Amortisation and impairment
At 1 January 2022
320,704
691,103
1,011,807
Amortisation charged for the year
-
0
166,814
166,814
Impairment losses
-
0
138,995
138,995
At 31 December 2022
320,704
996,912
1,317,616
Carrying amount
At 31 December 2022
-
0
-
0
-
0
At 31 December 2021
-
0
305,809
305,809
Company
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
320,704
162,843
483,547
Amortisation and impairment
At 1 January 2022 and 31 December 2022
320,704
162,843
483,547
Carrying amount
At 31 December 2022
-
0
-
0
-
0
At 31 December 2021
-
0
-
0
-
0
The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
12
Intangible fixed assets
(Continued)
Page 28

More information on impairment movements in the year is given in note 11.

13
Tangible fixed assets
Group
Leasehold improvements
Plant and machinery
Total
£
£
£
Cost
At 1 January 2022
394,949
400,807
795,756
Additions
113,717
61,538
175,255
Disposals
-
0
(184,037)
(184,037)
At 31 December 2022
508,666
278,308
786,974
Depreciation and impairment
At 1 January 2022
271,527
342,426
613,953
Depreciation charged in the year
123,246
37,335
160,581
Eliminated in respect of disposals
-
0
(184,037)
(184,037)
At 31 December 2022
394,773
195,724
590,497
Carrying amount
At 31 December 2022
113,893
82,584
196,477
At 31 December 2021
123,422
58,381
181,803
The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
13
Tangible fixed assets
(Continued)
Page 29
Company
Leasehold improvements
£
Cost
At 1 January 2022
394,949
Additions
113,717
At 31 December 2022
508,666
Depreciation and impairment
At 1 January 2022
271,527
Depreciation charged in the year
123,246
At 31 December 2022
394,773
Carrying amount
At 31 December 2022
113,893
At 31 December 2021
123,422
14
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,100
5,100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022
5,100
Disposals
(2,000)
At 31 December 2022
3,100
Carrying amount
At 31 December 2022
3,100
At 31 December 2021
5,100
The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
Page 30
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Click Chilli Limited
England & Wales
Ordinary
100.00
The Kite Factory A Limited
England & Wales
Ordinary
100.00
The Kite Factory Limited
England & Wales
Ordinary
100.00

Click Chilli Limited has claimed exemption from audit under section 479A of the Companies Act 2006.

16
Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Work in progress
2,041
3,000
-
-
17
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,634,008
3,511,208
-
0
107,785
Amounts owed by group undertakings
5,875,472
3,839,509
1,265,341
1,300,434
Other debtors
727,070
201,260
1,566
15,152
Prepayments and accrued income
2,717,016
2,032,439
26,491
10,212
15,953,566
9,584,416
1,293,398
1,433,583
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
1,865,951
1,742,208
Total debtors
15,953,566
9,584,416
3,159,349
3,175,791
The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
Page 31
18
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Obligations under finance leases
20
14,167
85,461
14,167
85,461
Trade creditors
8,974,773
9,656,194
30,454
60,447
Amounts owed to group undertakings
-
0
-
0
911,516
1,962,821
Corporation tax payable
514,486
292,588
40,097
-
0
Other taxation and social security
259,940
246,211
-
-
Other creditors
3,652,063
1,722,312
113,779
113,399
Accruals and deferred income
1,638,295
1,433,239
57,705
31,872
15,053,724
13,436,005
1,167,718
2,254,000

At the year end there were fixed and floating charges over the property and undertakings of the company held by Key Capital Partners (Nominees) Limited and Oaknorth Bank Plc.

19
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Obligations under finance leases
20
-
0
12,065
-
0
12,065
20
Finance lease obligations
Group
Company
2022
2021
2022
2021
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
14,167
85,461
14,167
85,461
In two to five years
-
0
12,065
-
0
12,065
14,167
97,526
14,167
97,526

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
Page 32
21
Provisions for liabilities
Group
Company
2022
2021
2022
2021
£
£
£
£
102,500
102,500
102,500
102,500
Movements on provisions:
Group
£
At 1 January 2022 and 31 December 2022
102,500
Dilapidations
Company
£
At 1 January 2022 and 31 December 2022
102,500
22
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
114,375
92,664

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
12,743
12,743
12,743
12,743
Ordinary E Shares of 1p each
3,300
3,300
33
33
16,043
16,043
12,776
12,776

Each class of share ranks pari passu in relation to voting rights, rights to dividends and distributions and to any return on capital.

The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
Page 33
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
276,750
276,750
276,750
276,750
Between two and five years
991,688
161,438
991,688
161,438
1,268,438
438,188
1,268,438
438,188
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2022
2021
£
£
Aggregate compensation
336,060
333,060
Other information

The company has taken advantage of the exemption available in FRS 102 Paragraph 33.1A whereby it had not disclosed transactions with any wholly owned subsidiary undertaking.

The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
Page 34
26
Cash (absorbed by)/generated from group operations
2022
2021
£
£
Profit for the year after tax
1,108,960
659,670
Adjustments for:
Taxation charged
221,898
258,599
Finance costs
67,594
98,709
Investment income
(133,416)
-
0
Amortisation and impairment of intangible assets
305,809
166,813
Depreciation and impairment of tangible fixed assets
160,581
133,476
Movements in working capital:
Decrease/(increase) in stocks
959
(1,257)
Increase in debtors
(6,369,150)
(1,423,287)
Increase in creditors
1,467,115
5,492,226
Cash (absorbed by)/generated from operations
(3,169,650)
5,384,949
27
Analysis of changes in net funds - group
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
8,686,225
(3,362,442)
5,323,783
Obligations under finance leases
(97,526)
83,359
(14,167)
8,588,699
(3,279,083)
5,309,616
28
Prior period adjustment

The prior year adjustment was a gross up of turnover and cost of sales in the subsidiary The Kite Factory Limited. There was no effect on gross profit or overall profit for the year. There was no changes to the balance sheet.

Reconciliation of changes in equity - group
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2021
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
659,670
Profit as adjusted
659,670
The Kite Factory Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2022
28
Prior period adjustment
(Continued)
Page 35
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2021
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
331,343
Profit as adjusted
331,343
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.200M CollingR TrustC HamptonEsther 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