Company registration number 10927043 (England and Wales)
QDIME CORPORATE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
QDIME CORPORATE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
ME Altman
VE Quinlan
(Appointed 4 January 2022)
TEB Hartley
(Appointed 3 March 2023)
Secretary
Q1 Professional Services Ltd
Company number
10927043
Registered office
Thamesbourne Lodge
Station Road
Bourne End
Buckinghamshire
United Kingdom
SL8 5QH
Auditor
Cottons Accountants LLP
The Stables
Church Walk
Daventry
Northamptonshire
UK
NN11 4BL
QDIME CORPORATE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9 - 10
Group statement of changes in equity
11
Group statement of cash flows
12
Notes to the group financial statements
13 - 31
Parent company statement of financial position
32
Parent company statement of changes in equity
33
Parent company statement of cash flows
34
Notes to the parent company financial statements
35 - 38
QDIME CORPORATE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present the strategic report for the year ended 31 December 2022.
Qdime Corporate Holdings Limited (QCHL) is the holding company for several trading companies, whose activities include residential property management; professional services; and legal services provided through a firm of solicitors.
In September 2021 the company was included in the sale of the Qdime Corporate Holdings Ltd to Cortland.
Cortland is a global, integrated multifamily investment and management firm that thoughtfully challenges the status quo of the conventional multifamily industry. Through Cortland’s resident-centric approach to apartment living, we work to deliver outsized returns in high-growth, metro and suburban areas. Cortland maximizes value by owning nearly every touch point and aspect of the resident living experience, from construction and design to property and facility management, Cortland works to maximize value for investors independent of the market cycle while delighting residents who choose to live at a Cortland community.
Cortland offers a differentiated, research driven investment process with deal-specific analyses and diligence inform all aspects of underwriting for a rigorous, cross-functional investment process that aims to identify target market opportunities, enhance underwriting, and create competitive advantage and market influence.
Through shifting the standard industry paradigm to a resident-centric culture intended to provide everyday hospitality and delight, we believe we will continue to outperform the industry in both resident satisfaction and above market returns over time.
Fair review of the business
2022 saw the continuation of the challenges presented by the Coronavirus pandemic, together with higher inflation. Staff continued with the hybrid working model, according to the requirements of their roles and customers. Lessons learned and processes implemented during the Coronavirus pandemic in 2020 and 2021 were applied in 2022, and the Group remained flexible in difficult trading circumstances.
During the year the business underwent a period of investment in people and infrastructure. Process integration has continued following the acquisition by Cortland in 2021. Technology is an important focus for the Group, and we expect to see the benefits from the investments we have made flow through both internally and to our client base. Increasing our data capabilities will allow us to ensure that individual teams have the resources they require to continue to deliver quality service to clients, while benefitting from the network effect of centralisation driving innovation and efficiencies. The development of our client interface has enabled us to keep at the forefront of compliance and service.
Performance in 2022 was on par with expectations despite challenging markets, including rising inflation and interest rates. More importantly, perhaps, the Group’s performance was substantially ahead of the 2019 ‘pre-COVID’ comparative period. In the year ahead, challenging conditions are expected to continue with inflation, labour market pressures, potential government policy changes and increased compliance and regulation continuing.
QDIME CORPORATE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Principal risks and uncertainties
Management continually monitors the key risks facing the company together with assessing the controls used for managing these risks. The directors consider the key risks facing the business are as follows:
The property market and the economy generally
Significant events in either the property market, or the economy generally, could have a significant impact on the company's turnover. The uncertainty following the UK’s decision to leave the European Union has caused economic instability and subsequently cost inflation in the labour market and in building materials. Historically low interest rates came under pressure adding to the economic headwinds, and rose considerably during 2022. The directors monitor the macroeconomic outlook, financial position of the Group and opportunities to develop new relationships with a wide range of prospective clients. The business proved its resilience during through the Coronavirus pandemic.
Loss of key staff
The loss of key personnel could limit the Group's ability to grow the business as anticipated. Finding new talent in a competitive property management market, coupled with an environment of almost full employment, is presenting a challenge. The Group will always seek to offer competitive remuneration packages, while the Group provides staff with greater opportunities for additional training and advancement.
Reliance on IT
The Group relies heavily on its IT systems to operate efficiently. Systems are continually reviewed and updated as required. The Group has experienced in-house staff to ensure proper monitoring of performance, regular upgrades, and on-the-job training as required. During the current year significant investments has been made to upgrade cyber security and performance capacity.
Legal and Regulatory Compliance
Residential property management operates within an evolving regulatory framework and it is anticipated that regulation and compliance requirements will continue to be further enhanced. The Group believes that it is well-placed to meet the changes under discussion and those that have been brought into force, and the Group welcomes additional regulation which should help to improve the quality of service across the sector.
Development and performance
The Group continued to invest in staff, technology and cyber security with the aim of achieving greater organic growth by continued enhancement of our offering and service delivery to customers.
The Coronavirus pandemic and inflation continue to provide challenges to the group, whether in relation to associate, customer and resident expectations, or the wider economy. The full economic affects remain unknown, the directors are hopeful that the underlying business will remain robust, and they continue to look forward to the future with confidence.
Key performance indicators
Turnover from trading operations increased 0.3% to £10.93m (2021: £10.89m), while operating profit was £2.31m (2021: £3.76m), a decrease of 38.5%.
VE Quinlan
Director
24 October 2023
QDIME CORPORATE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
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:
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
ME Altman
NF Burnand
(Resigned 1 February 2023)
R Burnand
(Resigned 14 February 2022)
VE Quinlan
(Appointed 4 January 2022)
CD Stutts
(Resigned 3 March 2023)
PM Wrights
(Resigned 31 January 2022)
TEB Hartley
(Appointed 3 March 2023)
Supplier payment policy
The group's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The group's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
QDIME CORPORATE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
Statement of directors' responsibilities
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 group and parent company financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, International Accounting Standard 1 requires that directors:
properly select and apply accounting policies;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
make an assessment of the company's ability to continue as a going concern.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
Each director in office at the date of approval of this annual report confirms that:
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
On behalf of the board
VE Quinlan
Director
24 October 2023
QDIME CORPORATE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QDIME CORPORATE HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of Qdime Corporate Holdings 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 and parent company statement of financial position, the group and parent company statement of changes in equity, the group statement of cash flows and the group and parent company notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.
In our opinion:
the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2022 and of the group's profit for the year then ended;
the financial statements have been properly prepared in accordance with UK adopted international accounting standards; and
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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.
QDIME CORPORATE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QDIME CORPORATE HOLDINGS LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and 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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
QDIME CORPORATE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QDIME CORPORATE HOLDINGS LIMITED
- 7 -
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of factual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
maintaining professional skepticism throughout the audit.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Richard Wilch FCCA (Senior Statutory Auditor)
For and on behalf of Cottons Accountants LLP
30 October 2023
Chartered Accountants
Statutory Auditor
The Stables
Church Walk
Daventry
Northamptonshire
UK
NN11 4BL
QDIME CORPORATE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
2022
2021
Notes
£
£
Revenue
3
10,928,497
10,892,634
Cost of sales
(436,850)
(164,679)
Gross profit
10,491,647
10,727,955
Other operating income
-
2,493
Administrative expenses
(8,151,401)
(6,972,222)
Operating profit
4
2,340,246
3,758,226
Investment revenues
8
2,865
2,157
Finance costs
9
(62,727)
(63,053)
Profit before taxation
2,280,384
3,697,330
Income tax expense
10
(445,282)
(696,086)
Profit and total comprehensive income for the year
1,835,102
3,001,244
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.
QDIME CORPORATE HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 9 -
2022
2021
Notes
£
£
Non-current assets
Goodwill
12
2,525,878
2,525,878
Intangible assets
12
130
260
Property, plant and equipment
13
1,797,389
968,337
Deferred tax asset
20
(378)
4,323,019
3,494,475
Current assets
Trade and other receivables
15
6,260,194
2,580,697
Current tax recoverable
77,006
Cash and cash equivalents
881,230
3,135,718
7,218,430
5,716,415
Current liabilities
Trade and other payables
18
1,421,609
1,539,322
Current tax liabilities
138,571
290,865
Borrowings
17
103,042
Lease liabilities
19
102,890
95,081
1,663,070
2,028,310
Net current assets
5,555,360
3,688,105
Non-current liabilities
Lease liabilities
19
1,550,593
676,894
Deferred tax liabilities
20
32,379
45,381
1,582,972
722,275
Net assets
8,295,407
6,460,305
Equity
Called up share capital
22
100
100
Merger reserve
23
2,370,308
2,370,308
Retained earnings
5,924,999
4,089,897
Total equity
8,295,407
6,460,305
QDIME CORPORATE HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 10 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2023 and are signed on its behalf by:
VE Quinlan
Director
Company registration number 10927043 (England and Wales)
QDIME CORPORATE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
Share capital
Merger reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2021
100
2,452,622
1,588,653
4,041,375
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
3,001,244
3,001,244
Transactions with owners in their capacity as owners:
Dividends
11
-
-
(500,000)
(500,000)
Other movements
-
(82,314)
-
(82,314)
Balance at 31 December 2021
100
2,370,308
4,089,897
6,460,305
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
1,835,102
1,835,102
Balance at 31 December 2022
100
2,370,308
5,924,999
8,295,407
QDIME CORPORATE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(1,364,398)
2,289,667
Interest paid
(62,727)
(63,053)
Income taxes paid
(687,206)
(795,567)
Net cash (outflow)/inflow from operating activities
(2,114,331)
1,431,047
Investing activities
Purchase of property, plant and equipment
(210,995)
(133,948)
Proceeds from disposal of property, plant and equipment
47,292
(42,000)
Interest received
2,865
2,157
Net cash used in investing activities
(160,838)
(173,791)
Financing activities
Payment of lease liabilities
20,681
(222,739)
Dividends paid to equity shareholders
(500,000)
Net cash generated from/(used in) financing activities
20,681
(722,739)
Net (decrease)/increase in cash and cash equivalents
(2,254,488)
534,517
Cash and cash equivalents at beginning of year
3,135,718
2,601,201
Cash and cash equivalents at end of year
881,230
3,135,718
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
1
Accounting policies
Company information
Qdime Corporate Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thamesbourne Lodge, Station Road, Bourne End, Buckinghamshire, SL8 5QH. The company's principal activities and nature of its operations are disclosed in the directors' report.
The group consists of Qdime Corporate Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
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.
1.2
Business combinations
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.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Qdime Corporate Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. 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.
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 14 -
Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truegroup has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The group recognises revenue when it transfers control of a product or service to a customer.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
The group recognises revenue from the following major sources:
Management fees
Maintenance work
Insurance commissions
Legal services
Other
The nature, timing of satisfaction of performance obligations and significant payment terms of the group's major sources of revenue are as follows:
Management fees
The principal source of revenue for the entity is management fees. These represent fees receivable for performing the role of managing agent on a portfolio of leasehold residential properties. This revenue is recognised on a straight line basis, which are generally receivable within 30 days.
Maintenance work
Maintenance work relates to additional services provided to clients of leasehold properties, alongside management fees. These are then receivable upon completion of the service obligation, typically within 30 days.
Insurance commissions
Revenue related to insurance commissions receivable by the Company relate mainly to placement of policies on behalf of the policyholder and are recognised at the later of policy inception date or when the policy placement has been completed and confirmed.
Legal services
Legal services works are typically recognised over the duration of the contract in line with the number of hours charged to the engagement, except in respect of fixed-fee services, where completion of the service or stage of service is considered to be the satisfaction of the service engagement.
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 15 -
Other
Other revenue arises from lettings placement fees, surveying fees and sundry smaller sources. Lettings revenue is recognised upon successfully arranging a letting of a property on behalf of a landlord. Surveying fees are recognised upon completion of the relevant survey report.
1.6
Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.
The gain on a bargain purchase is recognised in profit or loss in the period of the acquisition.
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. An impairment loss recognised for goodwill is not subsequently reversed.
1.7
Intangible 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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
1.8
Property, plant and equipment
Property, plant and equipment 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 land and buildings
Over the terms of the leases
Leasehold improvements
2% on cost
Fixtures and fittings
25% on reducing balance, 20% on cost and 2% on cost
Plant and equipment
33% on cost
Computers
50% on cost, 33% on cost, 33% on reducing balance, 25% on cost and 20% on cost
Motor vehicles
25% on cost and 25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -
1.9
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and 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.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.10
Impairment of tangible and intangible assets
At each reporting 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
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.
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.
1.11
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -
1.12
Financial assets
Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Financial assets at fair value through other comprehensive income
Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the group’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.
The parent company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets
Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.
The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.13
Financial liabilities
The group recognises financial debt when the group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.
1.14
Equity instruments
Equity instruments issued by the parent company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer payable at the discretion of the company.
1.15
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 19 -
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.16
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
Leases
At inception, the group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 20 -
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the group is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the group's estimate of the amount expected to be payable under a residual value guarantee; or the group's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
1.19
Grants
Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.
1.20
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.
2
Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Critical judgements
Present value discount factor
The implicit rate of return used to calculate the present value of the right-of-use assets and the corresponding lease liabilities is driven by judgement. Management has calculated the implicit rate of return based upon historic 1-month LIBOR rates and lending spreads for entities with moderate leverage in the United Kingdom.
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Critical accounting estimates and judgements
(Continued)
- 21 -
Key sources of estimation uncertainty
Provision for expected credit losses
Determining the recoverable amount of trade debtor balances requires an estimation to be made of expected credit losses.
Group entities calculate provisions for doubtful debts applying matrices based upon the ageing of the balances receivable. The exact policy applied is based upon the expectations of recoverability within the individual entity, based upon historical results.
The group's historical credit loss experience and forecast of future conditions may not be representative of actual defaults by customers in the future.
3
Revenue
2022
2021
£
£
Revenue analysed by class of business
Management fees
4,431,415
5,010,344
Surveying fees
389,126
256,848
Legal fees
1,378,485
1,458,610
Lettings fees
449,225
418,040
Commissions
2,272,082
1,409,996
Maintenance work
722,700
944,622
Other income
1,285,464
1,394,174
10,928,497
10,892,634
2022
2021
£
£
Other income
Grants received
-
2,493
All turnover is generated within the United Kingdom.
4
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(2,493)
Fees payable to the company's auditor for the audit of the company's financial statements
130,680
55,204
Depreciation of property, plant and equipment
238,289
276,992
(Profit)/loss on disposal of property, plant and equipment
(42,811)
42,000
Amortisation of intangible assets (included within )
130
130
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 22 -
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
11,145
4,000
Audit of the financial statements of the company's subsidiaries
119,535
51,204
130,680
55,204
6
Employees
The average monthly number of persons (including directors) employed by the group during the year was:
2022
2021
Number
Number
145
149
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
5,485,838
4,597,760
Social security costs
533,316
435,032
Pension costs
96,645
91,883
6,115,799
5,124,675
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
160,143
43,692
8
Investment income
2022
2021
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
2,698
1,270
Other interest income on financial assets
167
887
Total interest revenue
2,865
2,157
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 23 -
9
Finance costs
2022
2021
£
£
Interest on lease liabilities
62,011
59,779
Other interest payable
716
3,274
Total interest expense
62,727
63,053
10
Income tax expense
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
457,906
683,009
Deferred tax
Origination and reversal of temporary differences
(11,762)
13,077
Changes in tax rates
(617)
Adjustment in respect of prior periods
(245)
(12,624)
13,077
Total tax charge
445,282
696,086
The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:
2022
2021
£
£
Profit before taxation
2,280,384
3,697,330
Expected tax charge based on a corporation tax rate of 19.00% (2021: 19.00%)
433,273
702,493
Effect of expenses not deductible in determining taxable profit
27,469
9,987
Unutilised tax losses carried forward
4,587
-
Effect of change in UK corporation tax rate
(617)
-
Group relief
(4,587)
-
Permanent capital allowances in excess of depreciation
(2,713)
(42)
Depreciation on assets not qualifying for tax allowances
-
(106)
Amortisation on assets not qualifying for tax allowances
-
25
Deferred tax adjustments in respect of prior years
(10,440)
-
Other
(1,690)
(16,271)
Taxation charge for the year
445,282
696,086
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10
Income tax expense
(Continued)
- 24 -
The applicable tax rate above is based on the standard rates in both the current and previous period.
An increase in the UK corporation tax rate from 19% to 25% for all companies with taxable profits in excess of £250,000 (effective 1 April 2023) was substantively enacted on 24 May 2021. This rate increase will have a consequential effect on the company's future tax charge.
11
Dividends
2022
2021
2022
2021
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Interim dividend paid
-
5,000.00
-
500,000
12
Intangible assets
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2021
2,525,878
21,725
2,547,603
At 31 December 2021
2,525,878
21,725
2,547,603
At 31 December 2022
2,525,878
21,725
2,547,603
Amortisation and impairment
At 1 January 2021
21,335
21,335
Charge for the year
130
130
At 31 December 2021
21,465
21,465
Charge for the year
130
130
At 31 December 2022
21,595
21,595
Carrying amount
At 31 December 2022
2,525,878
130
2,526,008
At 31 December 2021
2,525,878
260
2,526,138
At 31 December 2020
2,525,878
390
2,526,268
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 25 -
13
Property, plant and equipment
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2021
1,288,453
95,776
3,442
45,662
336,388
234,005
2,003,726
Additions
592
103,940
29,416
133,948
Disposals
(199,565)
(2,409)
(65,098)
(78,024)
(345,096)
At 31 December 2021
1,088,888
95,776
1,033
46,254
375,230
185,397
1,792,578
Additions
978,301
13,601
5,379
57,974
16,567
1,071,822
Disposals
(593)
(6,275)
(40,315)
(17,834)
(65,017)
At 31 December 2022
2,067,189
109,377
5,819
97,953
351,482
167,563
2,799,383
Accumulated depreciation and impairment
At 1 January 2021
459,640
37,238
2,737
24,944
195,643
172,143
892,345
Charge for the year
151,872
1,340
411
5,742
69,728
47,899
276,992
Eliminated on disposal
(199,565)
(2,409)
(65,098)
(78,024)
(345,096)
At 31 December 2021
411,947
38,578
739
30,686
200,273
142,018
824,241
Charge for the year
129,067
1,436
1,341
11,513
77,309
17,623
238,289
Eliminated on disposal
(593)
(4,377)
(37,732)
(17,834)
(60,536)
At 31 December 2022
541,014
40,014
1,487
37,822
239,850
141,807
1,001,994
Carrying amount
At 31 December 2022
1,526,175
69,363
4,332
60,131
111,632
25,756
1,797,389
At 31 December 2021
676,941
57,198
294
15,568
174,957
43,379
968,337
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Principal activities
Class of
% Held
shares held
Direct
Allsquare Legal Limited
Thamesbourne Lodge, Station Road, Bourne End, Buckinghamshire, SL8 5QH
Business support services
Ordinary
100.00
Castleford (Poole) Limited
Thamesbourne Lodge, Station Road, Bourne End, Buckinghamshire, SL8 5QH
Management of residential property
Ordinary
100.00
Estate Services (Southern) Limited
Thamesbourne Lodge, Station Road, Bourne End, Buckinghamshire, SL8 5QH
Management of residential property
Ordinary
100.00
Gem Estate Management Limited
Thamesbourne Lodge, Station Road, Bourne End, Buckinghamshire, SL8 5QH
Management of residential property
Ordinary
100.00
Hazelvine Limited
Thamesbourne Lodge, Station Road, Bourne End, Buckinghamshire, SL8 5QH
Management of residential property
Ordinary
100.00
Q1 Professional Services Limited
Thamesbourne Lodge, Station Road, Bourne End, Buckinghamshire, SL8 5QH
Business support services
Ordinary
100.00
Quadrant Property Management Limited
Thamesbourne Lodge, Station Road, Bourne End, Buckinghamshire, SL8 5QH
Management of residential property
Ordinary
100.00
15
Trade and other receivables
2022
2021
£
£
Trade receivables
3,010,808
1,993,885
Provision for bad and doubtful debts
(561,038)
(449,810)
2,449,770
1,544,075
VAT recoverable
87,771
-
Amounts owed by fellow group undertakings
1,583,862
160,000
Other receivables
594,533
427,863
Prepayments
1,632,029
448,759
6,347,965
2,580,697
16
Trade receivables - credit risk
Fair value of trade receivables
The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
Impaired trade receivables
In determining whether and to what extent trade receivables were impaired, group entities applied matrices based upon the ageing of balances receivable, along with consideration of factors specific to individual balances.
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
16
Trade receivables - credit risk
(Continued)
- 27 -
Movement in the allowances for doubtful debts
2022
2021
£
£
Balance at 1 January 2022 and at 31 December 2022
561,038
449,810
17
Borrowings
2022
2021
£
£
Borrowings held at amortised cost:
Directors' loans
-
103,042
Amounts payable to directors are interest-free, unsecured and repayable on demand.
18
Trade and other payables
2022
2021
£
£
Trade payables
497,831
136,407
Accruals
386,000
593,472
Social security and other taxation
502,477
626,741
Other payables
123,072
182,702
1,509,380
1,539,322
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs.
The directors consider that the carrying amount of trade payables approximates to their fair value.
19
Lease liabilities
2022
2021
Maturity analysis
£
£
Within one year
206,127
147,800
In two to five years
921,428
404,200
In over five years
1,096,477
525,000
Total undiscounted liabilities
2,224,032
1,077,000
Future finance charges and other adjustments
(570,549)
(305,025)
Lease liabilities in the financial statements
1,653,483
771,975
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
19
Lease liabilities
(Continued)
- 28 -
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2022
2021
£
£
Current liabilities
102,890
95,081
Non-current liabilities
1,550,593
676,894
1,653,483
771,975
2022
2021
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
62,011
59,779
Other leasing information is included in note 25.
20
Deferred taxation
2022
2021
£
£
Deferred tax liabilities
32,379
45,381
Deferred tax assets
378
32,757
45,381
Deferred tax assets are expected to be recovered within one year
The following are the major deferred tax liabilities and assets recognised by the group and movements thereon during the current and prior reporting period.
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
20
Deferred taxation
(Continued)
- 29 -
Accelerated capital allowances
Retirement benefit obligations
Total
£
£
£
Liability at 1 January 2021
32,304
-
32,304
Deferred tax movements in prior year
Charge/(credit) to profit or loss
13,077
-
13,077
Liability at 1 January 2022
45,381
45,381
Deferred tax movements in current year
Charge/(credit) to profit or loss
(8,888)
(3,119)
(12,007)
Effect of change in tax rate - profit or loss
(481)
(136)
(617)
Liability at 31 December 2022
35,069
(2,690)
32,379
Asset at 31 December 2022
943
(565)
378
2022
2021
2022
2021
Offsets applied
£
£
£
£
Deferred tax assets
Deferred tax liabilities
Balances before offset
2,312
-
35,069
45,381
Amounts offset
(2,690)
-
(2,690)
-
Balances after offset
(378)
32,379
45,381
21
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
96,645
91,883
The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
22
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
The company has one class of ordinary shares, which are irredeemable. The ordinary shares provide the holder with one vote per share and rank pari passu for dividend rights.
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 30 -
23
Merger reserve
2022
2021
£
£
Other movements
-
(82,314)
At the end of the year
2,370,308
2,370,308
The merger reserve represents the excess of the fair value of assets acquired over the consideration transferred upon the acquisition of subsidiary companies.
24
Contingent liabilities
The company and its subsidiaries have provided guarantees, secured by way of fixed and floating charges against all assets, in respect of borrowings of Cortland Management UK (Acquisition) Limited, a parent undertaking of the company. The guarantee would only be called upon in the event of default. No such default events have occurred.
25
Other leasing information
Lessee
Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:
2022
2021
£
£
Expense relating to short-term leases
162,833
168,528
Lessor
Information relating to lease liabilities is included in note 19.
26
Capital risk management
The group is not subject to any externally imposed capital requirements.
27
Controlling party
The immediate parent company of Qdime Corporate Holdings Limited is Cortland Management UK (Acquisition) Limited, a company incorporated in England and Wales, The ultimate parent company is Cortland Management UK Investors Limited, a company incorporated in England and Wales.
Cortland Management UK Investors Limited is a jointly controlled entity by relevant investors as defined in the joint venture agreement. The directors consider that there is no ultimate controlling party.
Qdime Corporate Holdings Limited is the parent undertaking of the smallest group of companies that produces consolidated accounts that are publicly available and Cortland Management Investors Limited is the largest group of companies that produces consolidated accounts that are publicly available at Leaf A, 9th Floor, Tower 42, 25 Old Broad Street, London, England. EC2N 1HQ."
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 31 -
28
Cash (absorbed by)/generated from operations
2022
2021
£
£
Profit for the year before income tax
2,280,384
3,697,330
Adjustments for:
Finance costs
62,727
63,053
Investment income
(2,865)
(2,157)
(Gain)/loss on disposal of property, plant and equipment
(42,811)
42,000
Amortisation and impairment of intangible assets
130
130
Depreciation and impairment of property, plant and equipment
238,289
276,992
Movements in working capital:
Increase in trade and other receivables
(3,767,268)
(1,189,372)
Decrease in trade and other payables
(132,984)
(598,309)
Cash (absorbed by)/generated from operations
(1,364,398)
2,289,667
29
Auditor's liability limitation agreement
Upon appointment of Cottons Accountants LLP as auditors, the company entered into a limitation liability agreement with the auditors and this was approved by resolution on 11th July 2023. Liability is limited to the lesser of 15 times the audit fee for the individual entity and £1,000,000 for the group as a whole. In accordance with section 537 of CA06, the effect of the liability limitation agreement is to limit the auditor's liability to less than such amount as is fair and reasonable, as determined by that section, the agreement shall have effect as if it limited the liability to such amount as is fair and reasonable, as so determined.
The agreement limits the liability owed to the company by the auditors in respect of any negligence, default or breach of duty, or breach of trust, occurring in the course of the audit of the accounts for the year ending 31st December 2022.
The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or any other liability that cannot be excluded or restricted by applicable laws or regulations.
QDIME CORPORATE HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 32 -
2022
2021
Notes
£
£
Non-current assets
Property, plant and equipment
33
540,124
625,176
Investments
34
10,031,613
10,031,613
10,571,737
10,656,789
Current assets
Trade and other receivables
35
1,702,853
1,699,776
Current liabilities
Trade and other payables
36
11,278,439
11,260,272
Lease liabilities
37
57,751
76,001
11,336,190
11,336,273
Net current liabilities
(9,633,337)
(9,636,497)
Non-current liabilities
Lease liabilities
37
581,765
639,516
Net assets
356,635
380,776
Equity
Called up share capital
38
100
100
Retained earnings
356,535
380,676
Total equity
356,635
380,776
As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s loss for the year was £24,141 (2021 - £481,873 profit).
The financial statements were approved by the board of directors and authorised for issue on 24 October 2023 and are signed on its behalf by:
24 October 2023
VE Quinlan
Director
Company registration number 10927043 (England and Wales)
QDIME CORPORATE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 33 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2021
100
398,802
398,902
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
481,874
481,874
Transactions with owners in their capacity as owners:
Dividends
-
(500,000)
(500,000)
Balance at 31 December 2021
100
380,676
380,776
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(24,141)
(24,141)
Balance at 31 December 2022
100
356,535
356,635
QDIME CORPORATE HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 34 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
39
125,800
136,958
Interest paid
(49,799)
(55,898)
Income taxes paid
(758)
Net cash inflow from operating activities
76,001
80,302
Investing activities
Dividends received
500,000
Net cash (used in)/generated from investing activities
-
500,000
Financing activities
Payment of lease liabilities
(76,001)
(80,302)
Dividends paid
(500,000)
Net cash used in financing activities
(76,001)
(580,302)
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 35 -
30
Accounting policies
Company information
Qdime Corporate Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thamesbourne Lodge, Station Road, Bourne End, Buckinghamshire, United Kingdom, SL8 5QH. The company's principal activities and nature of its operations are disclosed in the directors' report.
30.1
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company applies accounting policies consistent with those applied by the group [EXCEPT AS SET OUT BELOW]. To the extent that an accounting policy is relevant to both group and parent company financial statements, please refer to the group financial statements for disclosure of the relevant accounting policy.
30.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
31
Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Critical judgements
Present value discount factor
The implicit rate of return used to calculate the present value of the right-of-use assets and the corresponding lease liabilities is driven by judgement. Management has calculated the implicit rate of return based upon historic 1-month LIBOR rates and lending spreads for entities with moderate leverage in the United Kingdom.
32
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
-
-
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE COMPANY FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
32
Employees
(Continued)
- 36 -
There were no employees other than the directors during the current and comparative years.
The directors received £nil (2021: £nil) for qualifying services provided to the company during the year.
33
Property, plant and equipment
Leasehold land and buildings
£
Cost
At 1 January 2021 and 1 January 2022
994,742
At 31 December 2022
994,742
Accumulated depreciation and impairment
At 1 January 2021
275,150
Charge for the year
94,416
At 31 December 2021
369,566
Charge for the year
85,052
At 31 December 2022
454,618
Carrying amount
At 31 December 2022
540,124
At 31 December 2021
625,176
Property, plant and equipment includes right-of-use assets, as follows:
Right-of-use assets
2022
2021
£
£
Net values at the year end
Property
540,124
625,175
Depreciation charge for the year
Property
85,052
94,416
34
Investments
Current
Non-current
2022
2021
2022
2021
£
£
£
£
Investments in subsidiaries
10,031,613
10,031,613
Fair value of financial assets carried at amortised cost
The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE COMPANY FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
34
Investments
(Continued)
- 37 -
Investment in subsidiary undertakings
Details of the company's principal operating subsidiaries are included in {note.note78}.
35
Trade and other receivables
2022
2021
£
£
Amounts owed by subsidiary undertakings
1,699,776
1,699,776
Prepayments
3,077
1,702,853
1,699,776
Loans to subsidiary undertakings are interest-free and repayable on demand.
36
Trade and other payables
2022
2021
£
£
Trade payables
22,166
Amounts owed to subsidiary undertakings
11,256,273
11,256,273
Accruals
3,999
11,278,439
11,260,272
Loans from subsidiary undertakings are interest-free and repayable on demand.
37
Lease liabilities
2022
2021
Maturity analysis
£
£
Within one year
103,200
125,800
In two to five years
350,000
365,700
In over five years
437,500
525,000
Total undiscounted liabilities
890,700
1,016,500
Future finance charges and other adjustments
(251,184)
(300,983)
Lease liabilities in the financial statements
639,516
715,517
QDIME CORPORATE HOLDINGS LIMITED
NOTES TO THE COMPANY FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
37
Lease liabilities
(Continued)
- 38 -
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2022
2021
£
£
Current liabilities
57,751
76,001
Non-current liabilities
581,765
639,516
639,516
715,517
38
Share capital
Refer to note 22 of the group financial statements.
39
Cash generated from operations
2022
2021
£
£
(Loss)/profit for the year after tax
(24,141)
481,874
Adjustments for:
Finance costs
49,799
55,898
Investment income
(500,000)
Depreciation and impairment of property, plant and equipment
85,052
94,416
Movements in working capital:
(Increase)/decrease in trade and other receivables
(3,077)
200,000
Increase/(decrease) in trade and other payables
18,167
(195,230)
Cash generated from operations
125,800
136,958
Analysis of changes in net debt
1 January 2022
Cash flows
31 December 2022
£
£
£
Obligations under finance leases
(715,517)
76,001
(639,516)
1 January 2021
Cash flows
31 December 2021
Prior year:
£
£
£
Obligations under finance leases
(795,819)
80,302
(715,517)
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