Space & Time Group Limited
Annual Report and Financial Statements
For the year ended 30 June 2023
Company Registration No. 11420565 (England and Wales)
Space & Time Group Limited
Company Information
Directors
S Gil
A Moore
P Jones
S Harrington
C Jones
J Stracey
E Hill
Company number
11420565
Registered office
2nd Floor
2 Old Street Yard
London
EC1Y 8AF
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
2nd Floor
2 Old Street Yard
London
EC1Y 8AF
Bankers
Barclays Bank UK PLC
1 Churchill Place
London
E14 5HP
Space & Time Group Limited
Contents
Page
Strategic report
1 - 6
Directors' report
7 - 11
Directors' responsibilities statement
12
Independent auditor's report
13 - 16
Group profit and loss account
17
Group statement of comprehensive income
18
Group balance sheet
19
Company balance sheet
20
Group statement of changes in equity
21
Company statement of changes in equity
22
Group statement of cash flows
23
Notes to the financial statements
24 - 45
Space & Time Group Limited
Strategic Report
For the year ended 30 June 2023
Page 1

The directors present the strategic report and financial statements for Space & Time Group Limited (the group) for the twelve months ended 30 June 2023.

Review of the business

 

The group delivered a year of strong trading growth despite the challenges of the macroeconomic climate continuing to play its part. UK interest rates reached levels not seen since 2008, and house price inflation per annum slowed from 6.4% in June 2022 to 1.7% by June 2023. As anticipated, this led to increased levels of spending amongst our key property clients, who contributed to a 17% increase in turnover in the year to £87,272,463 (2022: £74,880,195). Furthermore, the business continued its strategic expansion into new sectors, a large proportion being driven by clients in the global healthcare and pharmaceuticals industry with spending growing 118% compared to the previous year. This encouraging growth in activity led to Gross profit increasing in the year to £13,473,038 (2022: £11,402,284). RPI remained above 8% throughout the period however and this along with continued inflationary pressures within the labour market led to administration expenses, after other operating income, increasing year on year to £11,020,623, (2022: £10,143,363). Despite these exceptional cost pressures, the increased levels of business activity in the year meant the business delivered an overall increase in profit before tax for the year to £367,176 (2022: loss before tax £740,131).

 

Space & Time combines media and specialist technology solutions across the entire customer experience to create Growth Marketing outcomes for ambitious brand partners. During the year the group further evolved its strategy of providing technology-enabled solutions, launching several proprietary products to clients in the year and further developing its roadmap of relevant, first-to-market solutions.

 

The year ended 30 June 2023 was the second full year of trading of the group’ repositioning, which was unveiled to clients through the spring and early summer 2021 and to the wider market in August 2021. This repositioning saw the creation of our four divisions; Media, Technology, Performance Creative and Training, which innovate as specialist businesses with a raft of specialist solutions available to clients. These are interwoven by an operating model designed to maximise value to clients, ultimately led by our client experience team, overseeing our exemplary track record of building and retaining long-term client partnerships.

 

The anticipated commercial benefits of each of these changes have been realised through the year in facilitating deeper relationships with existing clients, additional value facilitated by the broader range of capabilities and solutions available, a large number of new business wins, and more robust profit margins spearheaded by our industry leading technology offering.

 

Our capability gives clients access to the entire customer experience by utilising our four strategic divisions:

 

Media

 

Our agnostic and omni-channel approach to media planning ensures we always create the most effective plans to deliver against our clients’ business needs and objectives. With fully in-house teams in Paid Search, Programmatic, Social Media, Amazon, Content, Research & Insights, Print, Audio/Visual and OOH, we are experts across all media channels, enabling clients to access the full extent of a client’s end customer journey.

 

Technology

 

Harnessing the power of tech and data, our specialist teams connect and visualise disparate data sources using a blend of artificial intelligence, machine learning and the group’s own intellectual property to create meaningful and actionable insights for clients to activate across their marketing campaigns and their entire technology ecosystem, accelerating business performance and intelligence at every level of a client’s organisation.

Space & Time Group Limited
Strategic Report (Continued)
For the year ended 30 June 2023
Page 2
Review of the business (continued)

Performance Creative

 

Our team uses technology to drive enhanced campaign performance, personalised experiences, and increased automation through innovative and seamless creative production capability. We collaborate with existing creative partners, accelerate the performance of existing assets, or create ‘ground-up’ campaign ideation across Display, Social, DOOH, Video, Audio and Dynamic formats.

 

Training

 

We offer a range of bespoke training programmes to clients with in-house teams or brands looking to develop their own understanding of the marketing landscape. Programmes are delivered by our product specialists and held at the group’s offices, a 3rd party venue, remotely or at a client’s offices.

 

Awards won by our subsidiary, Space & Time Media Ltd in 2022-23 were:

Prolific North Tech Awards – shortlisted

BIMA100

GENCFO Digital Finance Function Awards

 

Artificial Intelligence

 

As a proven early-stage adopter of many AI driven technologies and machine learning capability, Space & Time has a deep understanding of effective, equitable and responsible use AI.

 

In the year and in line with significantly increased global attention on the topic, the group has accelerated its plan to develop a roadmap for AI into the future, focussing on GenAI, agency tooling, risk protection and measured performance implementation to ensure the technology is available to clients within a safe, commercial and scaleable framework.

 

Culture

 

The group places huge value on our talent and we have a number of initiatives that recognise this and enhance our staff’s general well-being and reiterates our commitment to social and environmental sustainability across the organisation.

 

Space & Time Group Limited
Strategic Report (Continued)
For the year ended 30 June 2023
Page 3

 

 

Principal risks and uncertainties

 

The group regularly reviews business risk and aims to mitigate these risks wherever possible through its internal systems and controls and where appropriate, targeted staff training. The directors consider the group’s main commercial and financial risks to be:

 

Economic uncertainty

Whilst the macroeconomic climate has stabilised to some degree, in comparison with the significant number of economic shocks experienced in the previous financial year, sustained price inflation, continued labour market pressures and increased interest rates continue to present significant headwinds within the UK economy. The group has assessed the risks and the potential impact on the group as a result of these economic factors, and measures have been taken to mitigate such risks and their impact as far as possible. These include continued focus on sector diversification, reviews of commercial terms with existing clients to improve certainty around income streams, and ongoing prioritisation of internal talent development to improve staff retention and reduce costs. The group remains profitable since the year end and has sufficient cash resources for the foreseeable future. As a result, the directors believe that they have the ability to respond effectively to continued uncertainty and that the group will be able to continue to meet its liabilities as they fall due for a period of at least twelve months from the date of the approval of these financial statements.

 

In common with all businesses, the performance of the group will be influenced by the general economic environment. We closely monitor leading market indicators particularly for sectors that our major clients and suppliers operate within. In addition, we work closely with all our clients and suppliers to ensure that we remain informed of how their businesses are performing and the key challenges that they face. The group reforecasts, at a minimum, on a quarterly basis and closely monitors its cash flow. It has historically and will continue to act promptly and decisively to address its business operations and cost base as and when trading or cash flow circumstances dictate.

 

Client retention

As a growth marketing group, we enable our clients to secure optimal value from every part of the customer experience and their marketing investment. We form long-term partnerships through business empathy and commercial alignment, working across fully managed, hybrid or in-house models to deliver best-in-class expertise across media, technology, performance creative and training, driving market-beating long-term growth outcomes. We deliver this proactive approach every day, regularly monitoring and responding to our clients’ needs and their pre-agreed KPIs.

 

Credit and cash flow risk

The group, in common with all others, is potentially exposed to the risk of non-recovery of its debts. This risk is mitigated by credit checking and having credit limits in place for all customers. In addition, the group operates a robust credit control regime and wherever possible, credit insures its clients.

Space & Time Group Limited
Strategic Report (Continued)
For the year ended 30 June 2023
Page 4

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet debts as they fall due. The group changed corporate banking partners from Lloyds to Barclays during the year, and now has a £6.5 million receivables finance facility in place with Barclays Bank PLC that provides appropriate working capital to meet the group’s day to day business needs. The group’s s long-term business forecasts support the view that the group will have adequate resources to meet its debts as they fall due for the foreseeable future and for at least twelve months from the date of signing of these financial statements.

 

Exchange rate fluctuations

A significant part of the group’s activity is UK based but for its material overseas trade it mitigates exchange rate risk to a greater extent by ensuring that its overseas customers settle, and their related suppliers are paid, via the group’s US Dollar and Euro bank accounts wherever possible.

 

 

Key performance indicators

 

The key performance indicators monitored by the directors are those that best demonstrate the financial performance and strength of the group. Specifically, we look at year on year trends in the profit and loss account, in turnover and gross profit margin and on the balance sheet, the level of net current assets and cash balances to monitor the financial health and liquidity of the group. In common with most businesses, the global legacy impact of COVID–19 and other macroeconomic events have had a material impact on the group’s key performance indicators in the current and prior year.

 

The group saw a 17% increase in turnover in the year to £87,272,463 (2022: £74,880,195). Gross profit increased by 18%, to £13,473,038 (2022: £11,402,284), driven by revenue growth from existing clients, new business wins and continued diversification of the company’s client base specifically within the global healthcare and pharmaceuticals industry. Administration expenses, after other operating income, saw a 9% increase year on year to £11,020,623 (2022: £10,143,363), driven predominantly by persistent labour market challenges and increased RPI related cost pressures more generally. This overall improved trading environment has meant profit before tax for the year increased by £1,107,307 to reach £367,176 (2022: loss before tax £740,131) as at the year end.

 

The tax charge for the year increased to £461,824 (2022: £245,805) as a result of the increased profit before tax.

 

The year-on-year improvement in trading delivered increased the working capital requirements of the group and saw cash at bank and in hand decrease by £416,590 year on year to £2,148,210 (2022: £2,564,800). Encouragingly, the group’s net current liabilities fell by 50% to £6,396,115 (2022: £12,725,988) as at 30 June 2023, primarily as a result of the Loan Note B renegotiation of terms in year as detailed in note 20 of these financial statements.

 

The directors have been encouraged by the improvements in trading, financial strength and cash generation of the group in the months that have followed the year end and whilst the economic climate remains challenging, there are reasonable grounds to expect the financial strength of the business to continue to improve for the rest of the next financial year.

Space & Time Group Limited
Strategic Report (Continued)
For the year ended 30 June 2023
Page 5
Future developments

The Board has a long-term growth strategy for the business to build strategic and commercial alignment with our clients’ own business objectives to ensure long-term value creation, growth and deeper partnerships. This coupled with our ubiquitous commercial approach means that we deliver for our clients truly integrated solutions designed to expedite and enhance growth opportunities across their entire marketing operation.

 

The group aims to be a highly relevant growth partner to its clients by ensuring our capability is aligned with the entire customer journey and the proprietary products offered significantly enhance their growth prospects, many of these being designed to be authentic to the specific industry and sector our clients operate in. This is a key component of the agency’s strategy to grow into new sectors and will play a key role in the Boards commitment to achieving future growth both organically and by acquisition.

 

Section 172 statement

The Board recognises the importance of the group’s wider stakeholders when performing their duties under Section 172(1) of the Companies Act and their duties to act in the way 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 and in doing so have regard (amongst other matters) to:

 

 

The Board considers that all their decisions are taken with the long-term in mind, understanding that these decisions need to regard the interests of the group’s employees, its relationships with suppliers, customers, the communities and the environment in which it operates.

 

As a Board we fulfil our duties as follows:

 

Group repositioning

The group’s divisional restructure, implemented in Autumn 2021, is now embedded in our operational and reporting structures and has strengthened our strategic position for years to come. More recently, we have begun to target the consolidating of our market position in a number of industry verticals outside of the residential development sector, to support the ongoing diversification of our client portfolio, whilst ensuring that our property expertise is maintained.

 

Employees, Community and Environment

The group recognises the huge impact that our employees make and our commitment to other important initiatives. This is described fully in the ‘Culture’ paragraph, on Page 2 of these financial statements.

 

Clients & suppliers

Securing and retaining clients and suppliers is another core focus. Our approach to this is explained in the ‘Client Retention’ and Economic Uncertainty paragraphs on Page 3 of these financial statements.

Space & Time Group Limited
Strategic Report (Continued)
For the year ended 30 June 2023
Page 6

On behalf of the board

C Jones
Director
27 November 2023
Space & Time Group Limited
Directors' Report
For the year ended 30 June 2023
Page 7

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

Principal activities

The principal activity of the group’s businesses in the year under review was that of Media Agencies that put data, insights and technology at the heart of everything they do.

Results and dividends

The results for the year are set out on page 17. No ordinary dividends were paid during the year. The directors do not recommend payment of a final dividend.

 

Principal risks and uncertainties

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.

Directors

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

S Gil
A Moore
P Jones
S Harrington
C Jones
J Stracey
E Hill
Auditor

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

Space & Time Group Limited
Directors' Report (Continued)
For the year ended 30 June 2023
Page 8
Energy and carbon report

We recognise the necessity that businesses contribute to reducing global emissions and we intend to play our part, by doing more than the legal minimum. We also recognise the increasing importance placed by our clients on the carbon in their supply chain, and we seek to add value for them here as we do everywhere else in our long-term partnerships with them through our business empathy and commercial alignment with them. We have therefore chosen to outperform the 2050 target set by the UK government in 2019, and we will work to make the change as swiftly as possible.

 

Carbon emissions are classified as Scope1, 2 or 3. Scope 1 includes direct emissions from burning fossil fuels in, for instance, a gas boiler used to heat company premises. Scope 2 is made up of indirect emissions that a company is directly responsible for, such as burning fossil fuels for the generation of electricity or emissions from public transport journeys made on company business. Scope 3 are indirect emissions the company is indirectly responsible for up and down its value chain; it tends to be much wider and could include things such as emissions from the company’s use of cloud computing or employee commuting and home working.

 

During the reporting period the group made significant progress on understanding its footprint, including modelling legacy emissions for each year back to 2019, improving data capture opportunities to allow for more granular reporting moving forwards, and fulfilling the SECR framework for the first time.

Emissions were up year on year, reflecting the return to more “normal” ways of working post-COVID, however the group remains committed to a series of ambitious but realistic emissions pledges, those being:

With the capacity to capture and analyse emissions data now in place, the focus for the group will shift towards roadmapping its way towards meeting these ambitious targets: engaging with staff, landlords and key suppliers to increase transparency, improve reporting and, ultimately, drive down emissions. 

 

With COVID-19 still impacting on ways of working and with formal workplace restrictions in place for some of the period, emissions during financial year 2022 were artificially depressed, giving rise to an increase in emissions year on year. The increase seen in financial year 2023 represents the first full year with a return to more normal operating protocols concerning meeting clients in-person, in-office working, albeit on a 3/2 hybrid basis and increased travel between offices.

 

Off-setting some of this increase in financial year 2023 was the relocation of our London head office to premises powered by 100% renewable electricity. Additionally, this was the first full year in which we had no on-premises computer servers following our migration to cloud computing in the spring of 2022.

 

Utilities emissions below are presented using a market-based attribution excluding the newer London office's usage entirely and whilst reduction in usage will also be an objective, increasing the business’s use of renewable energy is intended as key means of reducing our overall emissions.

 

Space & Time Group Limited
Directors' Report (Continued)
For the year ended 30 June 2023
Page 9
2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Electricity purchased
72,240
61,284
- Fuel consumed for transport
10,634
6,724
82,874
68,008
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
2.04
2.04
2.04
2.04
Scope 2 - indirect emissions
- Electricity purchased
15.00
14.30
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company (in-work travel)
9.30
6.20
- Fuel consumed for transport not owned by the company (commuting)
57.60
32.20
- Emissions resulting from hotel stays
1.20
1.40
- Emissions resulting from homeworking
7.80
18.00
Total gross emissions
92.94
74.14
Intensity ratio
Tonnes CO2e per employee
1.065
0.981
Space & Time Group Limited
Directors' Report (Continued)
For the year ended 30 June 2023
Page 10
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2023 and 2022 UK Government’s Conversion Factors for Company Reporting.

 

Itemised within Scope 3 indirect emissions are commuting emissions and homeworking emissions, modelled using responses to a staff survey conducted between July and September of 2023, with the results provided by 80 respondents applied on a percentage basis to the entire workforce. Since this is the first time the data was collected, the same survey has been used to understand commuter emissions for both financial year '23 and financial year '22, with financial year '22 data adjusted further to take account of 116 days during the period where due to the prevailing COVID-19 rules of the day our offices were closed to staff other than by exception.

 

Intensity measurement

 

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m revenue, giving the group a scalable understanding of its performance on this core metric as its growth plans are realised over the coming years.

Measures taken to improve energy efficiency

Much of the focus during the period was on the capturing of more accurate and more granular data to facilitate the creation of a roadmap for carbon reduction. For example, the introduction of new fields for miles travelled or nights stayed within the coding tool for corporate credit cards or securing regular meter readings from landlords. Progress has also been made concerning an algebraic reporting model for the upstream Scope 3 emissions of our clients' media investments.

 

In addition, the following energy efficiency measures have been taken:

 

 

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Space & Time Group Limited
Directors' Report (Continued)
For the year ended 30 June 2023
Page 11
On behalf of the board
C Jones
Director
27 November 2023
Space & Time Group Limited
Directors' Responsibilities Statement
For the year ended 30 June 2023
Page 12

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Space & Time Group Limited
Independent Auditor's Report
To the Members of Space & Time Group Limited
Page 13
Opinion

We have audited the financial statements of Space & Time Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Group Profit and Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

 

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

Other information

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

 

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

 

We have nothing to report in this regard.

Space & Time Group Limited
Independent Auditor's Report (Continued)
To the Members of Space & Time Group Limited
Page 14

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

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

Space & Time Group Limited
Independent Auditor's Report (Continued)
To the Members of Space & Time Group Limited
Page 15
Auditor's responsibilities for the audit of the financial statements

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

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

 

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

 

Space & Time Group Limited
Independent Auditor's Report (Continued)
To the Members of Space & Time Group Limited
Page 16

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

fraud

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

including fraud is detailed below.

 

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

 

Our approach was as follows:

Ÿ

 

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

Use of our report

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

Jamie Seaford (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
29 November 2023
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Space & Time Group Limited
Group Profit and Loss Account
For the year ended 30 June 2023
Page 17
2023
2022
as restated
Notes
£
£
Turnover
3
87,272,463
74,880,195
Cost of sales
(73,799,425)
(63,477,911)
Gross profit
13,473,038
11,402,284
Administrative expenses
(11,020,623)
(10,143,363)
Operating profit before goodwill amortisation
6
2,452,415
1,258,921
Goodwill amortisation
4
(1,848,026)
(1,848,026)
Operating profit/(loss)
604,389
(589,105)
Share of results of associates and joint ventures
2,133
(26,104)
Interest receivable and similar income
9
45,000
54,000
Interest payable and similar expenses
10
(284,346)
(178,922)
Profit/(loss) before taxation
367,176
(740,131)
Tax on profit/(loss)
11
(461,824)
(245,805)
Loss for the financial year
24
(94,648)
(985,936)
Loss for the financial year is attributable to:
- Owners of the parent company
(508,068)
(1,133,746)
- Non-controlling interests
413,420
147,810
(94,648)
(985,936)

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Space & Time Group Limited
Group Statement of Comprehensive Income
For the year ended 30 June 2023
Page 18
2023
2022
£
£
Loss for the year
(94,648)
(985,936)
Other comprehensive income
-
-
Total comprehensive income for the year
(94,648)
(985,936)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(508,068)
(1,133,746)
- Non-controlling interests
413,420
147,810
(94,648)
(985,936)
Space & Time Group Limited
Group Balance Sheet
As at 30 June 2023
Page 19
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
9,354,507
11,202,533
Tangible assets
13
265,228
310,046
Investments
14
101,201
99,068
9,720,936
11,611,647
Current assets
Debtors
17
16,111,682
13,607,329
Cash at bank and in hand
2,148,210
2,564,800
18,259,892
16,172,129
Creditors: amounts falling due within one year
18
(24,656,007)
(28,898,117)
Net current liabilities
(6,396,115)
(12,725,988)
Total assets less current liabilities
3,324,821
(1,114,341)
Creditors: amounts falling due after more than one year
19
(4,999,764)
-
Net liabilities
(1,674,943)
(1,114,341)
Capital and reserves
Called up share capital
23
100,000
100,000
Other reserves
24
(32,040)
35,752
Profit and loss reserves
24
(2,333,148)
(1,892,872)
Equity attributable to owners of the parent company
(2,265,188)
(1,757,120)
Non-controlling interests
590,245
642,779
(1,674,943)
(1,114,341)
The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
27 November 2023
C Jones
Director
Space & Time Group Limited
Company Balance Sheet
As at 30 June 2023
30 June 2023
Page 20
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
13,835,030
13,835,030
Current assets
Debtors
17
329,258
398,016
Cash at bank and in hand
18,451
35,648
347,709
433,664
Creditors: amounts falling due within one year
18
(2,007,055)
(7,170,365)
Net current liabilities
(1,659,346)
(6,736,701)
Total assets less current liabilities
12,175,684
7,098,329
Creditors: amounts falling due after more than one year
19
(4,999,764)
-
0
Net assets
7,175,920
7,098,329
Capital and reserves
Called up share capital
23
100,000
100,000
Other reserves
24
(32,040)
35,752
Profit and loss reserves
7,107,960
6,962,577
Total equity
7,175,920
7,098,329

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 £77,591 (2022 : £862,250 profit).

The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
27 November 2023
C Jones
Director
Company Registration No. 11420565
Space & Time Group Limited
Group Statement of Changes in Equity
For the year ended 30 June 2023
Page 21
Share capital
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
As restated for the period ended 30 June 2022:
Balance at 1 July 2021
100,000
85,020
(808,394)
(623,374)
494,969
(128,405)
Year ended 30 June 2022:
Loss and total comprehensive income for the year
-
-
(1,133,746)
(1,133,746)
147,810
(985,936)
Transfers
-
(49,268)
49,268
-
-
-
Balance at 30 June 2022
100,000
35,752
(1,892,872)
(1,757,120)
642,779
(1,114,341)
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
(508,068)
(508,068)
413,420
(94,648)
Dividends
-
-
-
-
(465,954)
(465,954)
Transfers
-
(67,792)
67,792
-
-
-
Balance at 30 June 2023
100,000
(32,040)
(2,333,148)
(2,265,188)
590,245
(1,674,943)
Space & Time Group Limited
Company Statement of Changes in Equity
For the year ended 30 June 2023
Page 22
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 30 June 2022:
Balance at 1 July 2021
100,000
85,020
6,051,059
6,236,079
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
862,250
862,250
Transfers
-
(49,268)
49,268
-
Balance at 30 June 2022
100,000
35,752
6,962,577
7,098,329
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
77,591
77,591
Transfers
-
(67,792)
67,792
-
Balance at 30 June 2023
100,000
(32,040)
7,107,960
7,175,920
Space & Time Group Limited
Group Statement of Cash Flows
For the year ended 30 June 2023
Page 23
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
31
3,292,617
(893,047)
Interest paid
(287,657)
(129,992)
Income taxes paid
(305,932)
(340,096)
Net cash inflow/(outflow) from operating activities
2,699,028
(1,363,135)
Investing activities
Purchase of tangible fixed assets
(42,349)
(275,336)
Other investment income received
45,000
54,000
Net cash generated from/(used in) investing activities
2,651
(221,336)
Financing activities
Repayment of borrowings
(125,000)
(575,000)
Dividends paid to non-controlling interests
(465,954)
-
0
Net cash used in financing activities
(590,954)
(575,000)
Net increase/(decrease) in cash and cash equivalents
2,110,725
(2,159,471)
Cash and cash equivalents at beginning of year
37,485
2,196,956
Cash and cash equivalents at end of year
2,148,210
37,485
Relating to:
Cash at bank and in hand
2,148,210
2,564,800
Bank overdrafts included in creditors payable within one year
-
(2,527,315)
Space & Time Group Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 24
1
Accounting policies
Company information

Space & Time Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2nd Floor, 2 Old Street Yard, London, EC1Y 8AF.

 

The group consists of Space & Time Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

 

The consolidated financial statements of Space & Time Group Limited are available from 2nd Floor, 2 Old Street Yard, London, EC1Y 8AF.

Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 25
1.2
Basis of consolidation

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

The consolidated group financial statements consist of the financial statements of the parent company Space & Time Group 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 30 June 2023. 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.

 

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

1.3
Going concern

The group made a loss for the year of £94,648 (2022: £985,936 ) and as at the balance sheet date had net liabilities of £1,674,943 (2022: £1,114,341).

 

At the time of approving the financial statements, the directors have considered the fact that the group has continued to trade profitably throughout the period since its financial year end. In addition, the group’s long-term business forecasts support the view that the group will have adequate resources to continue its operations and to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. As a result, the directors believe it appropriate for the financial statements to be prepared on a going concern basis.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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.

Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 26

Media revenue is recognised when charges are made to clients, principally when advertisements appear in the media. Fees are recognised over the period of relevant assignments or agreements.

 

When the outcome of the transaction can be estimated reliably, turnover from advertising space and management of media work is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to when services are rendered. Where the outcome cannot be measured reliably, turnover is recognised to the extent of expenses recognised that are recoverable.

1.5
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 - 20 years.

 

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

1.6
Tangible fixed assets

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

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

Leasehold land and buildings
Over the period of the lease
Fixtures and fittings
3-10 years straight line
Motor vehicles
4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
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 company / group financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the company / group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 27

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company / group holds a long-term interest and where the company / group has significant influence. The company / group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

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

 

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

 

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

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 28
1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 29
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 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.

Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 30
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. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

1.15
Share-based payments

The fair value of equity-settled share based payments to the employees is determined at the date of grant and is expensed on a straight-line basis over the vesting period based on the company's estimate of shares or options that will eventually vest.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
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.

Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 31
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. 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 estimates

The following estimates have had the most significant effect on amounts recognised in the financial statements.

Media accruals

In the normal course of business, the company makes an estimate of the amount and volume of media costs associated with each sale when the sale is ordered as well as any related rebates under the matching principle. These costs and rebates are reviewed periodically and adjusted where necessary.

Amortisation

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. Goodwill impairment reviews are also performed annually. These reviews require an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value. See note 12 for the carrying amount of the intangible assets and 1.5 for the useful economic lives for each class of asset.

Bad debt provision

The directors have completed a review of the trade debtor balances to determine balances which are unlikely to be received and a provision has been accounted for where necessary.

Impairment of investments

The investments held by the company are reviewed annually for impairment. If there is an indication of impairment, management will impair the asset to its recoverable amount.

Intercompany debtors

The Directors have considered the carrying value of intercompany debtors at the reporting date. In establishing an appropriate provision, they have considered the on-going trading and net asset position of the respective companies as well as the nature of intercompany transactions, the ability of the group to vary these to ensure full recovery and the profitability of the group as a whole.

 

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Media buying
87,272,463
74,880,195
Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
3
Turnover
(Continued)
Page 32
2023
2022
£
£
Turnover analysed by geographical market
UK
81,182,381
69,420,583
Europe
5,707,760
3,852,407
North America
215,584
1,410,256
Asia
-
15,441
Africa
166,738
181,508
87,272,463
74,880,195
4
Exceptional item
2023
2022
£
£
Expenditure
Amortisation of goodwill
1,848,026
1,848,026
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,530
10,890
Audit of the financial statements of the company's subsidiaries
40,350
35,090
52,880
45,980
6
Operating profit/(loss)
2023
2022
£
£
Operating profit/(loss) for the year is stated after charging:
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
282
-
Depreciation of owned tangible fixed assets
87,167
118,718
Loss on disposal of tangible fixed assets
401
84,679
Amortisation of intangible assets
1,848,026
1,848,026
Operating lease charges
409,309
369,543
Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 33
7
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
Media buying
130
102
-
-
Administration
16
36
-
-
Management
10
18
-
-
Total
156
156
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
7,075,734
6,450,753
352,397
294,246
Social security costs
820,024
750,663
10,887
3,393
Pension costs
311,278
302,454
-
0
-
0
8,207,036
7,503,870
363,284
297,639
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
841,463
782,414
Company pension contributions to defined contribution schemes
73,800
73,200
915,263
855,614

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7 (2022 - 7).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
180,017
169,455
Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 34
9
Interest receivable and similar income
2023
2022
£
£
Income from fixed asset investments
Income from participating interests - associates
45,000
54,000
10
Interest payable and similar expenses
2023
2022
as restated
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
194,791
40,559
Other interest on financial liabilities
83,660
132,435
278,451
172,994
Other finance costs:
Other interest
5,895
5,928
Total finance costs
284,346
178,922
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
461,627
259,327
Deferred tax
Origination and reversal of timing differences
197
(13,522)
Total tax charge for the year
461,824
245,805
Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
11
Taxation
(Continued)
Page 35

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

2023
2022
£
£
Profit/(loss) before taxation
367,176
(740,131)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
75,256
(140,625)
Tax effect of expenses that are not deductible in determining taxable profit
397,877
453,738
Unutilised tax losses carried forward
(683)
(48,470)
Fixed assets timing differences
(1,164)
(16)
Dividend income
(9,222)
(10,260)
Associate profit or loss
(437)
4,960
Deferred tax adjustments
197
(13,522)
Taxation charge for the year
461,824
245,805
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
18,592,200
Amortisation and impairment
At 1 July 2022
7,389,667
Amortisation charged for the year
1,848,026
At 30 June 2023
9,237,693
Carrying amount
At 30 June 2023
9,354,507
At 30 June 2022
11,202,533
The company had no intangible fixed assets at 30 June 2023 or 30 June 2022.
Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 36
13
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
389,736
241,242
67,723
698,701
Additions
21,361
20,988
-
0
42,349
Disposals
-
0
(8,390)
-
0
(8,390)
At 30 June 2023
411,097
253,840
67,723
732,660
Depreciation and impairment
At 1 July 2022
175,024
145,908
67,723
388,655
Depreciation charged in the year
56,191
30,976
-
0
87,167
Eliminated in respect of disposals
-
0
(8,390)
-
0
(8,390)
At 30 June 2023
231,215
168,494
67,723
467,432
Carrying amount
At 30 June 2023
179,882
85,346
-
0
265,228
At 30 June 2022
214,712
95,334
-
0
310,046
The company had no tangible fixed assets at 30 June 2023 or 30 June 2022.
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
13,835,030
13,835,030
Investments in associates
16
101,201
99,068
-
0
-
0
101,201
99,068
13,835,030
13,835,030
Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
14
Fixed asset investments
(Continued)
Page 37
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 July 2022
99,068
Profit share
47,133
Dividends received
(45,000)
At 30 June 2023
101,201
Carrying amount
At 30 June 2023
101,201
At 30 June 2022
99,068
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022 and 30 June 2023
13,835,030
Carrying amount
At 30 June 2023
13,835,030
At 30 June 2022
13,835,030
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
Direct
Indirect
Space and Time Holdings Limited
1
Holding company
Ordinary
100.00
-
Space & Time Media Limited
1
Media buying
Ordinary
-
100.00
Adgenda Media International Limited
2
Media buying
Ordinary
-
55.00
Adgenda Media Services Limited
3
Dormant
Ordinary
-
55.00
Go Wild Limited
3
Dormant
Ordinary
-
100.00
Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
15
Subsidiaries
(Continued)
Page 38

Registered office addresses (all UK unless otherwise indicated):

1. 2nd Floor, 2 Old Street Yard, London, England, EC1Y 8AF
2. Cornwell House Clerkenwell Green, 3rd Floor, London, England, EC1R 0DX
3. Dean Park House Suite 2, Floor 2, Dean Park Crescent, Bournemouth, Dorset, England, BH1 1HP
16
Associates

Details of associates at 30 June 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
Direct
Indirect
EG Media Limited
1
Media buying
Ordinary
-
45

Registered office addresses:

 

1 2nd Floor, 2 Old Street Yard, London, England, EC1Y 8AF

 

17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
15,072,296
12,856,618
-
0
-
0
Corporation tax recoverable
3,925
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
284,325
349,990
Other debtors
317,431
247,776
44,933
48,026
Prepayments and accrued income
713,038
497,746
-
0
-
0
16,106,690
13,602,140
329,258
398,016
Amounts falling due after more than one year:
Deferred tax asset (note 21)
4,992
5,189
-
0
-
0
Total debtors
16,111,682
13,607,329
329,258
398,016
Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 39
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
-
0
2,527,315
-
0
-
0
Other borrowings
20
-
0
5,133,970
-
0
5,133,970
Trade creditors
8,778,833
8,370,264
-
0
24,000
Amounts owed to group undertakings
-
0
-
0
1,891,648
1,922,165
Corporation tax payable
185,626
26,006
-
0
-
0
Other taxation and social security
1,244,089
1,288,320
-
-
Other creditors
3,246,484
3,342,114
13
13
Accruals and deferred income
11,200,975
8,210,128
115,394
90,217
24,656,007
28,898,117
2,007,055
7,170,365

The group's bank holds a fixed and floating charge over all assets of the group in respect of an invoice discounting facility provided to the group.

19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
20
4,999,764
-
0
4,999,764
-
0
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank overdrafts
-
0
2,527,315
-
0
-
0
Other loans
4,999,764
5,133,970
4,999,764
5,133,970
4,999,764
7,661,285
4,999,764
5,133,970
Payable within one year
-
0
7,661,285
-
0
5,133,970
Payable after one year
4,999,764
-
0
4,999,764
-
0

Other loans relates to loan note B which is unsecured.

Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
20
Loans and overdrafts
(Continued)
Page 40

Loan note B with a carrying value of £7,668,704 was issued on 2 July 2018 at a nominal interest rate of 1.5% per annum for repayment in full by 1 July 2023. The loan note was amended in the year as described below. As at the year end, fair value was £4,999,764 (2022: £5,133,970).

 

On 5 March 2023 the group board approved amendments to the terms of the remaining loan notes. The key changes were an extension of their redemption date to 30 June 2025 and a change to the interest rate from a fixed 1.5% to a floating 1.75% over Bank of England base rate with effect from 1 July 2023.

21
Deferred taxation

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

Assets
Assets
2023
2022
Group
£
£
Accelerated capital allowances
4,992
5,189
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(asset) at 1 July 2022
(5,189)
-
Charge to profit or loss
197
-
Liability/(asset) at 30 June 2023
(4,992)
-
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
311,278
302,454

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.

 

At year end, the amounts outstanding in respect of pension contributions payable is £31,095 (2022: £37,141).

Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 41
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
20,480
20,480
20,480
20,480
B Ordinary shares of £1 each
27,480
27,480
27,480
27,480
C Ordinary shares of £1 each
20,000
20,000
20,000
20,000
E Ordinary shares of £1 each
32,040
32,040
32,040
32,040
100,000
100,000
100,000
100,000

The A, B and C ordinary shares have attached to them voting, dividend and capital distribution rights. The E ordinary shares are held by the Employee Benefit Trust and have no dividends and voting rights.

24
Reserves
Other reserves comprises of:
Own shares

The consideration paid by the Employee Benefit Trust for shares of the company is deducted from equity. Finance costs and administrative expenses incurred by the company in relation the Employee Benefit Trust are recognised on an accruals basis.

 

On 15 March 2023 an amended agreement was issued regarding the loan notes held in the company. As such the previous loan note instrument extinguished on this date and a new loan note instrument existed from that date due to the terms being substantially different. Therefore the capital contribution reserve has been transferred in full to retained earnings.

25
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 July 2022 and 30 June 2023
32,040
32,040
1.00
1.00
Exercisable at 30 June 2023
-
-
-
-

 

The options outstanding at 30 June 2023 had an exercise price of £1, and a remaining contractual life of 5 years. The calculated charge to the Profit and Loss account in respect of the unvested options is not material and has therefore not been included in these financial statements.

 

In the prior year, a group company had share options which lapsed. The disclosure for these options has not been included as there were no remaining options in that company at the end of the prior year or in the current year,

Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
25
Share-based payment transactions
(Continued)
Page 42

Company

Certain employees from the subsidiary undertakings hold options under Enterprise Management Incentive (EMI) Share Options Scheme to subscribe for shares in the Company at prices ranging from £1 per share. If options remain unexercised after a period of 10 years from the date of grant, the options expire.

 

The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).

 

The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.

 

Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date.

26
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
554,869
479,740
-
-
Between two and five years
1,230,451
1,667,193
-
-
In over five years
212,263
285,039
-
-
1,997,583
2,431,972
-
-
Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 43
27
Related party transactions

No guarantees have been given or received.

 

As permitted by FRS 102 Section 33 "related party disclosures", the financial statements do not disclose transactions with the immediate parent company and wholly owned fellow subsidiaries on the basis that group financial statements are prepared.

 

During the year, the group had sales of £138,478 (2022: £144,426) and purchases of £781,731 (2022: £742,011) with EG Media Limited, a company of which Space & Time Media Limited own 45% of the share capital. During the year, EG Media Limited declared dividends totalling £45,000 (2022: £54,000) to Space & Time Media Limited, a group company. As at 30 June 2023, the group owed a net amount of £286,407 (2022: £350,690) to EG Media Limited.

 

During the year, the group had sales of £110,536 (2022: £321,574) and purchases of £5,340,507 (2022: £4,924,051) with Adgenda Media International Limited, a company in which Space & Time Media Limited owns 55% of the share capital. During the year, Adgenda Media International Limited declared dividends to Space & Time Media Limited totalling £302,500 (2022: £267,000). As at 30 June 2023, the group owed a net amount of £1,855,318 (2022: £1,125,650) to Adgenda Media International Limited.

 

During the period, Adgenda Media International Limited paid dividends totalling £232,977 (2022: £Nil) to B Williams, a director and shareholder of Adgenda Media International Limited. As at 30 June 2023, an amount of £123,750 (2022: £Nil) was owed by Adgenda Media International Limited to B Williams.

 

During the year, Adgenda Media International Limited paid dividends totalling £232,977 (2022: £Nil) to T Wilson, a director and shareholder of Adgenda Media International Limited. As at 30 June 2022, an amount of £123,750 (2022: £Nil) was owed by Adgenda Media International Limited to T Wilson.

 

All of the above transactions were at arm's length and no amounts were provided for or written off during the year.

28
Directors' transactions

At the year end, P Jones was owed a loan balance of £4,999,764 (2022: £5,133,970) by the company in relation to the management buy-out in the year ending 30 June 2019. Interest was being accrued on the loan at 1.5% per annum. During the year, interest of £83,660 (2022: £132,435) was accrued for on the loan. The loan is repayable in full by 30 June 2025. P Jones is a director and shareholder of the company.

 

On 15 March 2023 the group board approved amendments to the terms of the remaining loan notes. The key changes were an extension of their redemption date to 30 June 2025 and a change to the interest rate from a fixed 1.5% to a floating 1.75% over Bank of England base rate with effect from 1 July 2023. These changes provided additional long-term funding to the group for the foreseeable future.

 

At the year end, the company was owed £42,320 (2022: £42,320) by individuals who are directors and shareholders of the company. At the year end, the group was owed £165,245 (2022: £165,245) by these individuals.

29
Controlling party

The directors do not believe that there is a single controlling party.

Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 44
30
Prior period adjustment

We have restated the prior year accounts for the reclassification of bank interest payable. The reclassification better reflects the substance of the transactions and hence provides more appropriate information for users of the financial statements.

Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 30 Jun 2022
£
£
£
Net assets
(1,114,341)
-
(1,114,341)
Capital and reserves
Total equity
(1,114,341)
-
(1,114,341)
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 30 June 2022
£
£
£
Administrative expenses
(10,183,901)
40,538
(10,143,363)
Interest payable and similar expenses
(138,384)
(40,538)
(178,922)
Loss after taxation
(959,832)
-
(959,832)
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
862,250
Profit as adjusted
862,250
Space & Time Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 45
31
Cash generated from group operations
2023
2022
£
£
Loss for the year after tax
(94,648)
(985,936)
Adjustments for:
Share of results of associates and joint ventures
(2,133)
26,104
Taxation charged
461,824
245,805
Finance costs
284,346
178,922
Investment income
(45,000)
(54,000)
(Gain)/loss on disposal of tangible fixed assets
-
84,769
Amortisation and impairment of intangible assets
1,848,027
1,848,026
Depreciation and impairment of tangible fixed assets
87,167
118,718
Movements in working capital:
(Increase) in debtors
(2,500,625)
(919,762)
Increase/(decrease) in creditors
3,253,659
(1,435,693)
Cash generated from/(absorbed by) operations
3,292,617
(893,047)
32
Analysis of changes in net debt - group
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
2,564,800
(416,590)
2,148,210
Bank overdrafts
(2,527,315)
2,527,315
-
0
37,485
2,110,725
2,148,210
Borrowings excluding overdrafts
(5,133,970)
134,206
(4,999,764)
(5,096,485)
2,244,931
(2,851,554)
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