Company Registration No. 10611211 (England and Wales)
TACIT HOLDINGS LIMITED
ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
TACIT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr R Basra
Mr R L Swain
Mr K Charalambous
Mr L Stephens
Mr W P J Jensen
Mr S Hart
(Appointed 9 August 2023)
Company number
10611211
Registered office
17 Hanover Square
London
W1S 1BN
Auditor
Just Audit Limited
Strelley Hall
Strelley
Nottingham
NG8 6PE
TACIT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Group profit and loss account
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 29
TACIT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The Directors present the strategic report for the year ended 30 June 2023.

 

The group consists of the non trading parent company Tacit Holdings Limited and its trading subsidiary, TIML Limited, which trades as Tacit Investment Management and throughout this report references to Tacit are interchangeable. TIML Limited continues to be regulated by the Financial Conduct Authority (FCA) as a Small and Non-Interconnected (SNI) firm.

 

 

Fair review of the business

Tacit’s principal activity is the investment management of (mostly) discretionary portfolios for private individuals and for some corporate entities in the form of pension funds. Known as Tacit Investment Management in the industry, the firm has a clear and consistent approach to investment which focuses first on the preservation of investors’ capital and, for those investors willing and able to take a higher level of risk, to grow their wealth in absolute terms. Tacit offers four core strategies in which investment risk is managed using the Growth/Stabiliser investment philosophy which Tacit has espoused consistently since its inception. These four strategies now have nearly thirteen complete years of public performance history.

The group continued to acquire new clients through the year and has been successful in winning new business from private investors in a higher net worth bracket, confirming the appeal of high quality personalised professional service, and the depth of market experience of the senior managers in Tacit.

Investment markets were resilient in the face of an increasingly complex geopolitical landscape, the entrenched war in Ukraine, and persistent core inflation leading to further rises in the cost of borrowing. However, they were unable to break into higher levels and remained range-bound through the year. This limited the market growth in assets under management and total revenue decreased by 2.1% from £2.12m to £2.07m. Operating costs were higher than in the previous year, due to a range of factors, including increases in advertising spend, wages and salaries, professional fees, and rent. The Directors agreed a policy of increasing reserves in the trading subsidiary to fund future growth of the business and to provide maximum resilience; whilst the subsidiary's reserves have increased by £288k, the parent company has declared dividends totalling £770,000, which has resulted in an overall decrease in group net assets of £404k.

 

Business plan

From its inception, Tacit has acknowledged the role of financial advisers in structuring client investments. As Tacit’s business has matured, and consolidation of IFA businesses has intensified the move to large network-type operations, the Directors have recognised the opportunity to broaden the range of services to clients who regard Tacit as their trusted adviser. The Directors have embarked on a business plan to expand the permitted regulated business of the group to provide financial advice to clients who require investment management supported by financial planning expertise, particularly in relation to pensions and inter-generational wealth planning.

To achieve this, Tacit Holdings Limited agreed to acquire a small, directly regulated, IFA business, Lucus Wealth Limited. The FCA approved the change of control for Lucus Wealth during the year under review. The acquisition of Lucus Wealth Limited was completed after the year-end.

Another component of the business plan was a decision by the Directors and shareholders to simplify the share classes in Tacit Holdings Limited into a single class of Ordinary shares. Preference shares had been issued in 2017 and in 2019 which ‘locked in’ the deemed value of the company at those dates to the benefit of the Preference shareholders. A number of different classes of Ordinary shares were issued in 2019 with differing dividend rights, and the Directors concluded that the complexity of the structure was a potential deterrent to new investors in the business. The Directors took professional advice on restructuring, and this is reflected in higher professional fees in the year. Although the decision to simplify the share classes was taken in the year, the implementation was a post-balance sheet event.

 

 

TACIT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

Principal risks & uncertainties

Operational Risk                                

Operational risks arise from the people, processes, and systems in use within Tacit, or from external events. The firm has continued to develop operational processes and procedures, using workflow technology and a range of Management Information (MI), to mitigate operational risks directly under the control of the business.

Regulatory environment                            

The new FCA Consumer Duty regulations came into effect during the year. Tacit has invested time in ensuring that it is fully equipped to meet its obligations under Consumer Duty. Although Consumer Duty brings with it additional reporting requirements and a different way of thinking about the delivery of investment services to retail investors, Tacit has approached the changes with confidence that the principles underlying the new regulations are already firmly embedded in how Tacit delivers its services, and the Directors see opportunities for the firm to benefit from Consumer Duty, particularly as small IFA firms conclude that the new environment is not one in which they can continue to operate profitably.

Staff training will be critical to embedding Consumer Duty principles into the operations and client culture of Tacit. The quarterly Team Day gatherings have become the forum for collective training and communication of new principles and procedures in the delivery of Tacit products and services.

This is the first full financial year for the group operating under the FCA’s Investment Firms’ Prudential Regime (IFPR) which came into force on 1 January 2022. The Directors have agreed to build the group balance sheet to improve resilience and provide flexibility for future growth.

 

Technological environment                            

Tacit relies heavily on digital technology and believes in making the best use of technology to remain competitive and to provide an excellent service to clients. The Directors are very conscious of the risks of cybercrime and data breaches. Tacit employs a professional IT support firm to advise on security measures and to maintain system protection software on all devices. An encryption process is used for the transmission of all sensitive client information and clients can view details of their investments through a secure portal supported by AJ Bell.

The Directors have implemented cybercrime insurance cover and will continue to tighten the firm’s digital security measures as the IT support consultant advises.

At the operational level, TIML Limited has incorporated the UK Government’s 10 Steps to Cyber Security into our day-to-day management of the firm.

 

Economic environment                            

A changing geopolitical environment increasingly sets the context for global economic and market conditions. Russia’s invasion of Ukraine is now an entrenched war and has become a trigger for the potential reshaping of international alliances, with China promoting a stronger grouping of BRICS nations as an alternative economic power bloc to the Western nations aligned with the US. Oil and natural gas supplies are the principal instruments of economic influence and in the absence of a common purpose between producing and consuming nations, restrictions to output risks prolonging the inflationary impulse in the global economy. Forecasts for economic growth reflect the higher cost of capital for businesses and constraints on consumers adjusting to higher mortgage costs.

The Tacit strategy remains consistent with a bias within growth assets to businesses with strong balance sheets, brand superiority, and the ability to generate strong cash flows, regardless of a weakening in consumer demand or investor confidence. The Tacit preference for index linked and shorter duration bonds to conventional fixed interest assets have worked well in the Stabiliser component of strategies and have contributed positive if modest returns. The regional composition of growth assets in the Tacit strategies favours the United States and selected Asian economies, where we perceive greater opportunity for companies to trade profitably.

TACIT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -

Political Environment

 

Political changes, being so closely linked to the economy, can affect the group in three main ways:


    1.     A rise or fall in the markets in which firms invest.


    2.     An increase or decrease in demand for the products which the industry sells.


    3.     Changes to the legislative and regulatory environment in which financial services firms operate.

 

The changing structure of global political conditions has been noted above. In the UK, the political environment is shaped around the prospect of a General Election which might be called early but, in any case, must be held by 28 January 2025. The high level of government borrowing, combined with the cost of necessary national infrastructure renewal, and a call for higher spending on defence, all point to higher taxes at some point. This could mean that the tax rules relating to personal pensions and estate planning arrangements will change and this will be particularly relevant to most Tacit clients. The Directors are confident that the new capacity of the firm to give expert financial advice in addition to investment management will be highly relevant.

Capital adequacy

The regulated subsidiary, TIML Limited, is required to maintain minimum regulatory capital and liquidity levels as identified in the firm’s ICARA report.

The Directors have taken the decision to grow capital reserves above the levels required for regulatory purposes to build resources for future growth and expansion. This will be achieved progressively by moderating the dividends paid to shareholders, and thereby retaining more profits in the business.

 

Competitive environment, social and market forces

 

The group continues to operate in a competitive marketplace with many larger competitors focusing on asset growth rather than investment management as their primary objective. The Directors perceive that the Consumer Duty regulations are already causing smaller firms to reassess their ability to compete in this new regulatory environment and that this presents opportunities for Tacit to acquire established books of business. The performance of the Tacit investment strategies affords it this opportunity and therefore the Directors see the competitive environment as a significant positive factor for its future growth.

 

Development and performance

 

The Directors intend to continue to assess relevant opportunities to develop or expand the firm’s activities, provided these are consistent with the group’s business strategy and direction.

 

Key performance indicators

The Group's key financial performance indicators during the year were as follows:

 

Unit      2023     2022    

Turnover        £    2,073,768    2,118,048

Operating profit        £     587,719     759,071    

TACIT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
Other performance indicators

Investment outcomes and client retention

The four Tacit strategies performed well in absolute and relative terms when compared to the Asset Risk Consultants Private Client Indices. This was achieved by strictly adhering to the Growth/Stabiliser framework which underpins the Tacit Investment Philosophy as well as the ability to pivot towards technology companies following the sharp declines experienced by the Nasdaq during the preceding twelve-month period as interest rates rose sharply. Liquidity was an important factor also as it allowed the team to recycle monies from more defensive holdings towards our longer-term preferred investments. All strategies provided positive returns, outperforming the peer group by 0.73% (Conservative), 3.56% (Real Return), 5.08% (Steady Growth) and 5.37% (Total Return).

 

Operational matters

The return to more normal social conditions after the Covid restrictions on meeting in person has helped with cultivating prospective new clients, and with providing our personalised services to established clients. Tacit’s Investment Directors now have many more meetings in person.

Hybrid working from home and office locations is now embedded in most businesses, including in Tacit. However, in the course of the year, the Directors decided that training new operational staff is most effective with regular office-based team working, which allows learning through observation and engenders a stronger team ethos. To this end, the Client Services operation was consolidated in the year into Ipswich where the team manager is based and where a pool of experienced financial services administrators exists for future recruitment.

TACIT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
Other information and explanations

Section 172 Statement and engagement with stakeholders

The group is a discretionary investment management firm which depends on the trust and confidence of its stakeholders to operate sustainably in the long term. It seeks to put its clients’ best interests first, invests in its employees, supports the communities in which it operates and strives to generate sustainable profits for shareholders.

 

The Directors of the group consider that they have acted in accordance with their duties codified in law, in particular their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.

 

Clients

 

The group considers our clients to be one of the most important stakeholder groups of our business model. Tacit places the highest emphasis on personal service to each client and regularly reviews the processes by which we establish the individual needs of each client and respond to them with investment propositions and regular communications which meet their objectives and enable them to understand the basis on which our investment decisions are made.

 

Suppliers

 

The group recognises that key suppliers and outsourced service providers can have a material impact on the long-term success of the business and so incorporates the interests of these stakeholders when making strategic long-term decisions. The group believes that having due regard to the interests of these suppliers is a dynamic and ongoing process which requires thoughtful monitoring and assessment, and a willingness to engage with those suppliers to better understand their operating constraints and business development plans.

 

Employees

 

The group is committed to being a responsible employer and recognises that for our business to succeed, we need to manage our employees’ performance through mentoring and structured training, and develop and encourage talent, ensuring that we operate as efficiently as possible.

 

High standards of business conduct

 

Maintaining a high standard of business conduct when dealing with stakeholders such as regulatory bodies is vital for the subsidiary. The subsidiary is regulated by the FCA and the Directors are very aware of the need to keep up to date with industry regulations and best practice. The subsidiary recognises the importance of meeting its reporting obligations to the FCA and takes client confidentiality and data protection very seriously as set out in our privacy notice on our website which is reviewed regularly.

The community and the environment

 

In their decision making, the Directors need to have regard to the impact of the group’s operations on the community and environment. Wherever possible, the group encourages carbon friendly business practices as evidenced by giving all staff the ability to work from home if possible.

On behalf of the board

Mr R Basra
Director
17 October 2023
TACIT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -

The Directors present their annual report and financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of Tacit Holdings Limited is to be the holding company of TIML Limited.

Directors

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

Mr R Basra
Mr R L Swain
Mr K Charalambous
Mr L Stephens
Mr W P J Jensen
Mr S Hart
(Appointed 9 August 2023)
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk

The business’s principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business's operations.

In respect of bank balances, the liquidity risk is managed by maintaining a sufficient cash reserve at the bank to allow for short term net cash outflows. The firm’s cash is held in accounts that pay a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk through the Terms & Conditions of our engagement with clients and professional advisers, and through the regular monitoring of amounts outstanding for both time and credit limits. Retail client fees are taken directly by the custodian from client accounts operated by the custodian, thus mitigating credit risk associated with this aspect of the business. Trade creditors’ liquidity risk is managed by ensuring sufficient funds are available to meet liabilities when they fall due.

Objectives and policies

At all times the Directors must ensure that they meet the capital adequacy requirements stipulated by the Financial Conduct Authority, which must be reported periodically via the FCA Gateway.

 

Future developments

The Directors have developed a business plan through the year that envisages offering financial advice services alongside the existing investment advice business of TIML Limited. The plan takes account of the new FCA Consumer Duty regulations as the Directors believe that providing wider, more holistic advice will become necessary to the client segment the group targets. The acquisition of Lucus Wealth Limited, noted in the Strategic Report, will be the means by which this objective is achieved.

TACIT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
Auditor

Just Audit Limited has completed the fourth year of appointment and the Directors intend to appoint Just Audit Limited for a further year.

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 group 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 group is aware of that information.

Going concern

After making enquiries, the Directors have a firm expectation that the group has resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and group financial statements.

Directors' responsibilities statement

The Directors' responsibilities statement that the Directors agree to is detailed on page 8.

Greenhouse gas emissions, energy consumption and energy efficiency
As the group's consumption is less than 40,000 kWh of energy the group is exempt from making appropriate disclosures on these matters.
Strategic Report
The group has chosen in accordance with Companies Act 2006, section 414 C (11) to set out in the group's Strategic Report certain information required to be contained in the Directors' Report.
On behalf of the board
Mr R Basra
Director
17 October 2023
TACIT HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -

The Directors are responsible for preparing the Strategic Report, Directors' 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.

TACIT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TACIT HOLDINGS LIMITED
- 9 -
Opinion

We have audited the financial statements of Tacit Holdings Limited (the 'parent company') and its subsidiaries (the 'group') the year ended 30 June 2023 which comprise the group profit and loss account, 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 a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

 

In our opinion the financial statements:

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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of

accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

 

 

 

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Strategic Report and Directors' Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

TACIT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TACIT HOLDINGS LIMITED
- 10 -

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

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

 

We gained an understanding of the legal and regulatory framework applicable to the parent company and the group and the industry in which it operates and considered the risk of acts by the parent company and the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

 

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.

TACIT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TACIT HOLDINGS LIMITED
- 11 -

Use of our report

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

David Fletcher BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Just Audit Limited
17 October 2023
Chartered Accountants and
Statutory Auditors
Strelley Hall
Strelley
Nottingham
NG8 6PE
TACIT HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
2023
2022
Notes
£
£
Turnover
4
2,073,768
2,118,047
Cost of sales
(413,042)
(431,135)
Gross profit
1,660,726
1,686,912
Administrative expenses
(1,073,007)
(927,841)
Operating profit
3
587,719
759,071
Interest payable and similar expenses
(21,032)
(25,382)
Amounts written off investments
7
-
(6,700)
Profit before taxation
566,687
726,989
Tax on profit
8
(200,900)
(216,197)
Profit for the financial year
20
365,787
510,792
Profit for the financial year is all attributable to the owners of the parent company.
The Group Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
The group has no recognised gains or losses for the year other than the results above.
TACIT HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
1,463,070
1,828,838
Tangible assets
11
3,031
2,484
1,466,101
1,831,322
Current assets
Debtors
14
134,250
120,279
Cash at bank and in hand
371,749
474,568
505,999
594,847
Creditors: amounts falling due within one year
15
(553,998)
(512,627)
Net current (liabilities)/assets
(47,999)
82,220
Total assets less current liabilities
1,418,102
1,913,542
Creditors: amounts falling due after more than one year
16
(190,966)
(282,330)
Provisions for liabilities
Deferred tax liability
18
758
621
(758)
(621)
Net assets
1,226,378
1,630,591
Capital and reserves
Called up share capital
19
37
37
Other reserves
20
2,809,970
2,809,970
Profit and loss reserves
20
(1,583,629)
(1,179,416)
Total equity
1,226,378
1,630,591
The financial statements were approved by the board of Directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
17 October 2023
Mr R Basra
Director
Company registration number 10611211 (England and Wales)
TACIT HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 14 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
1,032,933
1,032,933
Current assets
Debtors
14
34
34
Creditors: amounts falling due within one year
15
(544,400)
(126,900)
Net current liabilities
(544,366)
(126,866)
Total assets less current liabilities
488,567
906,067
Creditors: amounts falling due after more than one year
16
(190,966)
(282,330)
Net assets
297,601
623,737
Capital and reserves
Called up share capital
19
37
37
Profit and loss reserves
20
297,564
623,700
Total equity
297,601
623,737

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 £443,864 (2022 - £777,521 profit).

The financial statements were approved by the board of Directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
17 October 2023
Mr R Basra
Director
Company Registration No. 10611211
TACIT HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
Share capital
Other Reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2021
37
2,809,970
(993,210)
1,816,797
Year ended 30 June 2022:
Profit and total comprehensive income
-
-
510,792
510,792
Dividends
9
-
-
(696,999)
(696,999)
Balance at 30 June 2022
37
2,809,970
(1,179,416)
1,630,591
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
365,787
365,787
Dividends
9
-
-
(770,000)
(770,000)
Balance at 30 June 2023
37
2,809,970
(1,583,629)
1,226,378
TACIT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2021
37
543,178
543,215
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
777,520
777,520
Dividends
9
-
(696,999)
(696,999)
Balance at 30 June 2022
37
623,699
623,736
Year ended 30 June 2023:
Profit and total comprehensive income
-
443,865
443,865
Dividends
9
-
(770,000)
(770,000)
Balance at 30 June 2023
37
297,564
297,601
TACIT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
969,518
1,058,642
Interest paid
(2,396)
(2,603)
Income taxes paid
(215,931)
(168,779)
Net cash inflow from operating activities
751,191
887,260
Investing activities
Purchase of tangible fixed assets
(2,014)
(2,111)
Net cash used in investing activities
(2,014)
(2,111)
Financing activities
Repayment of borrowings
(110,000)
(109,975)
Dividends paid to equity shareholders
(741,996)
(696,999)
Net cash used in financing activities
(851,996)
(806,974)
Net (decrease)/increase in cash and cash equivalents
(102,819)
78,175
Cash and cash equivalents at beginning of year
474,568
396,393
Cash and cash equivalents at end of year
371,749
474,568
TACIT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 18 -
1
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. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

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

The preparation of the financial statements can require management to make judgements, estimates and

assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the

amounts reported for revenues and expenses during the year.

 

(i) Impairment of Goodwill

 

The group establishes a reliable estimate of the useful life of goodwill arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business and the expected useful life of the cash generating units to which the goodwill is attributed. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired, in accordance with the accounting policy.

2
Accounting policies
Company information

Tacit Holdings Limited (“the company”) is a private limited company limited by shares domiciled and incorporated in England and Wales. The registered office is 17 Hanover Square, London, W1S 1BN.

 

The group consists of Tacit Holdings Limited and all of its subsidiaries.

2.1
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 group. 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.

TACIT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
2
Accounting policies
(Continued)
- 19 -
2.2
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 are accounted for at cost less impairment.

The consolidated financial statements consist of the financial statements of the parent company Tacit Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 June 2023.

 

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.

2.3
Going concern

After making enquiries, the Directors have a firm expectation that income is expected to continue at at least current levels and that together with reserves the group has resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

2.4
Turnover

Discretionary fund management income

Ongoing discretionary portfolio management charges and fund management charges, based on the value of assets invested, are recognised during the period the assets are held in the portfolio of investment fund. Turnover is shown net of VAT and other sales related taxes.

 

Investment consultancy services

Turnover is recognised at the fair value of the consideration received or receivable for consultancy services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

2.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

2.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

TACIT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
2
Accounting policies
(Continued)
- 20 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Office equipment
33% straight line basis

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.

2.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries 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.

2.8
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

2.9
Employee benefits

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.

2.10
Retirement benefits

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

TACIT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
2
Accounting policies
(Continued)
- 21 -
2.11
Leases

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

3
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
1,467
1,500
Amortisation of intangible assets
365,767
365,767
Operating lease charges
20,794
10,990
4
Turnover
2023
2022
£
£
Turnover analysed by class of business
Render of services
2,073,768
2,118,047
2023
2022
£
£
Turnover analysed by geographical market
UK
2,073,768
2,118,047
5
Auditor's remuneration
2023
2022
Fees payable to the group's auditor:
£
£
For audit services
Audit of the financial statements of the group and company
2,000
2,000
Audit of the financial statements of the company's subsidiaries
10,261
8,000
12,261
10,000
TACIT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
5
5
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
166,931
135,055
-
0
-
0
Social security costs
10,934
8,065
-
-
Pension costs
3,673
2,727
-
0
-
0
181,538
145,847
-
0
-
0

The Directors received no remuneration (2022: £nil)

7
Amounts written off investments
2023
2022
£
£
Amounts written back to financial liabilities
-
26
Other gains and losses
-
(6,726)
-
(6,700)
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
200,763
215,932
Deferred tax
Origination and reversal of timing differences
137
265
Total tax charge
200,900
216,197
TACIT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
566,687
726,989
Expected tax charge based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
116,171
138,128
Tax effect of expenses that are not deductible in determining taxable profit
84,797
77,920
Permanent capital allowances in excess of depreciation
(205)
(116)
Deferred tax adjustments in respect of prior years
137
265
Taxation charge
200,900
216,197

Factors affecting future tax charges

 

The corporation tax main rate for non-ring-fenced profits increased to 25%, applying to profits over £250,000, from 1 April 2023.

9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
770,000
696,999
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
3,657,674
Amortisation
At 1 July 2022
1,828,837
Amortisation charged for the year
365,767
At 30 June 2023
2,194,604
Carrying amount
At 30 June 2023
1,463,070
At 30 June 2022
1,828,838
TACIT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 24 -
11
Tangible fixed assets
Group
Office equipment
£
Cost
At 1 July 2022
17,820
Additions
2,014
At 30 June 2023
19,834
Depreciation
At 1 July 2022
15,336
Depreciation charged in the year
1,467
At 30 June 2023
16,803
Carrying amount
At 30 June 2023
3,031
At 30 June 2022
2,484
12
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
TIML Limited
17 Hanover Square, London, England, W1S 1BN
Ordinary
100.00
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
1,032,933
1,032,933
TACIT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost
At 1 July 2022 and 30 June 2023
1,032,933
Carrying amount
At 30 June 2023
1,032,933
At 30 June 2022
1,032,933
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Other debtors
4,322
3,370
34
34
Prepayments and accrued income
129,928
116,909
-
0
-
0
134,250
120,279
34
34
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Other borrowings
110,000
110,000
110,000
110,000
Trade creditors
89,425
96,074
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
406,396
16,900
Other taxation and social security
247,314
263,690
-
-
Other creditors
35,458
10,647
28,004
-
0
Accruals and deferred income
71,801
32,216
-
0
-
0
553,998
512,627
544,400
126,900
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Other borrowings
190,966
282,330
190,966
282,330
TACIT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,673
2,727

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.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
758
621
The company has no deferred tax assets or liabilities. (2022: none).
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 July 2022
621
-
Charge to profit or loss
137
-
Liability at 30 June 2023
758
-
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
990
990
10
10
Ordinary B shares of 1p each
400
400
4
4
Ordinary C shares of 1p each
300
300
3
3
Ordinary D shares of 1p each
100
100
1
1
Ordinary E shares of 1p each
100
100
1
1
Ordinary F shares of 1p each
100
100
1
1
Ordinary G shares of 1p each
400
400
4
4
2,390
2,390
24
24
TACIT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
19
Share capital
(Continued)
- 27 -
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference A shares of 1p each
319
319
3
3
Preference B shares of 1p each
1,000
1,000
10
10
1,319
1,319
13
13
Preference shares classified as equity
13
13
Total equity share capital
37
37

A-G Ordinary shares

 

These share classes carry the right to receive notice of, attend, speak and vote at all general meetings of the company (each carrying the right to one vote).

 

These share classes each carry the right to be paid an equal amount of any dividend that the company or the Directors may by a 60% majority decision agree to pay.

 

These share classes each carry the right to participate equally with the other classes of A-G Ordinary shares on a return of assets on liquidation, capital reduction or otherwise, after distributions have been made to the holders of the A Preference shares and to the holders of the B Preference shares.

 

The G Ordinary shares shall be liable to be redeemed in accordance with the provisions of the articles of association.

 

A Preference shares

 

These shares carry the right to receive notice of all general meetings of the company but not the right to attend or vote at such meetings.

 

They do not carry any rights to receive dividends.


They are each entitled to be paid an amount up to their agreed A Preference share price of £9,615.38 per A Preference share on a return of assets on liquidation, capital reduction or otherwise before any amounts are paid on the B Preference shares or any class of Ordinary share.

 

B Preference shares

 

These shares carry the right to receive notice of all general meetings of the company but not the right to attend or vote at such meetings.

 

They do not carry any right to receive dividends.

 

They are each entitled to be paid an amount up to their agreed B Preference share price of £5,000 per B Preference share on a return of assets on liquidation, capital reduction or otherwise after any amounts are paid on the A Preference shares and before any class of Ordinary share.

 

Dividends of £461,298 (2022: £426,733) were paid to the Directors and £308,698 (2022: £270,266) to other related parties by virtue of being close family members of the Directors.

TACIT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 28 -
20
Reserves
Other Reserves

Other reserves arose upon acquisition of the subsidiary and represent the excess of fair value over nominal value of shares issued as consideration.

Profit and loss reserves

The profit and loss account includes all retained profits and losses.

21
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
2023
2022
2023
2022
£
£
£
£
Within one year
25,252
18,348
-
-
Between two and five years
2,144
1,668
-
-
27,396
20,016
-
-
22
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
365,787
510,792
Adjustments for:
Taxation charged
200,900
216,197
Finance costs
21,032
25,382
Amortisation and impairment of intangible assets
365,767
365,767
Depreciation and impairment of tangible fixed assets
1,467
1,500
Other gains and losses
-
6,700
Movements in working capital:
Increase in debtors
(13,971)
(6,741)
Increase/(decrease) in creditors
28,536
(60,955)
Cash generated from operations
969,518
1,058,642

 

TACIT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 29 -
23
Analysis of changes in net funds - group
1 July 2022
Cash flows
Other non-cash movements
30 June 2023
£
£
£
£
Cash at bank and in hand
474,568
(102,819)
-
371,749
Borrowings due in < 1 year
(110,000)
-
-
(110,000)
Borrowings due in > 1 year
(282,330)
110,000
(18,636)
(190,966)
82,238
7,181
(18,636)
70,783
24
Events after the balance sheet date

On 9 August 2023, Tacit Holdings Limited acquired a new subsidiary, Lucus Wealth Limited. The consideration for this was £600,000 in the form of shares issued in Tacit Holdings Limited. The new subsidiary is 100% owned and will be included in the consolidated financial statements for the year ended 30 June 2024, from the date of acquisition. Lucus Wealth Limited's turnover is in the region of £200,000 per annum.

 

Also after the year end, the share classes in Tacit Holdings Limited were simplified into a single class of Ordinary shares. The effect of this was to reduce the aggregate nominal value of shares issued to £17, prior to the issue of new shares in connection with the acquisition.

 

Further details are included in the Strategic Report.

2023-06-302022-07-01falseCCH SoftwareCCH Accounts Production 2023.200Mr R BasraMr R L SwainMr K CharalambousMr L StephensMr W P J JensenMr S Hart365787106112112022-07-012023-06-3010611211bus:Director12022-07-012023-06-3010611211bus:Director22022-07-012023-06-3010611211bus:Director32022-07-012023-06-3010611211bus:Director42022-07-012023-06-3010611211bus:Director52022-07-012023-06-3010611211bus:Director62022-07-012023-06-3010611211bus:RegisteredOffice2022-07-012023-06-3010611211bus:Consolidated2023-06-3010611211bus:Consolidated2022-07-012023-06-3010611211bus:Consolidated2021-07-012022-06-30106112112021-07-012022-06-30106112112023-06-3010611211core:Goodwillbus:Consolidated2023-06-3010611211core:Goodwillbus:Consolidated2022-06-3010611211bus:Consolidated2022-06-3010611211core:ComputerEquipmentbus:Consolidated2023-06-3010611211core:ComputerEquipmentbus:Consolidated2022-06-3010611211core:ShareCapitalbus:Consolidated2023-06-3010611211core:ShareCapitalbus:Consolidated2022-06-3010611211core:OtherMiscellaneousReservebus:Consolidated2023-06-3010611211core:OtherMiscellaneousReservebus:Consolidated2022-06-3010611211core:ShareCapital2023-06-3010611211core:ShareCapital2022-06-3010611211core:RetainedEarningsAccumulatedLosses2023-06-30106112112022-06-3010611211core:ShareCapitalbus:Consolidated2021-06-3010611211core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-06-3010611211core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-06-3010611211core:ShareCapital2021-06-3010611211core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3010611211core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3010611211core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3010611211core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-3010611211bus:Consolidated2021-06-3010611211core:Goodwill2022-07-012023-06-3010611211core:ComputerEquipment2022-07-012023-06-3010611211core:UKTaxbus:Consolidated2022-07-012023-06-3010611211core:UKTaxbus:Consolidated2021-07-012022-06-3010611211core:Goodwillbus:Consolidated2022-06-3010611211core:Goodwillbus:Consolidated2022-07-012023-06-3010611211core:ComputerEquipmentbus:Consolidated2022-06-3010611211core:ComputerEquipmentbus:Consolidated2022-07-012023-06-301061121112022-07-012023-06-3010611211core:CurrentFinancialInstruments2023-06-3010611211core:CurrentFinancialInstruments2022-06-3010611211core:CurrentFinancialInstrumentsbus:Consolidated2023-06-3010611211core:CurrentFinancialInstrumentsbus:Consolidated2022-06-3010611211core:Non-currentFinancialInstrumentsbus:Consolidated2023-06-3010611211core:Non-currentFinancialInstrumentsbus:Consolidated2022-06-3010611211core:Non-currentFinancialInstruments2023-06-3010611211core:Non-currentFinancialInstruments2022-06-3010611211core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-06-3010611211core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-06-3010611211bus:PrivateLimitedCompanyLtd2022-07-012023-06-3010611211bus:FRS1022022-07-012023-06-3010611211bus:Audited2022-07-012023-06-3010611211bus:ConsolidatedGroupCompanyAccounts2022-07-012023-06-3010611211bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP