Company registration number 09618272 (England and Wales)
UNIHOMES AND BILLS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
UNIHOMES AND BILLS LIMITED
COMPANY INFORMATION
Directors
B Cox
P Greaves
L Mori
C Platts
(Appointed 1 July 2022)
Company number
09618272
Registered office
Floor 6
1 New Era Square
Sheffield
S2 4RB
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
UNIHOMES AND BILLS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 28
UNIHOMES AND BILLS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

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

 

This year, the group has maintained its primary focus on operating as a leading student property advertising portal, alongside a shared utilities management service. Our presence spans across numerous towns and cities throughout the UK. In FY23, we not only sustained but also significantly expanded our portfolio, both in terms of clients and customer base.

Review of the business

This year was another period of growth and expansion. Our strategic initiatives led to a substantial increase in lettings agent partnerships and city representation, with increased contract volumes. This expansion is a testament to our commitment to widening our market reach and enhancing service delivery.

 

To support this growth trajectory, we strategically bolstered our capability across the business. This investment in both resources and technology was important in maximising the experience for our increasing numbers of lettings agent partners and customers.

 

Our customer service and operations team excelled in maintaining high satisfaction ratings, a key indicator of our commitment to service excellence. Concurrently, our sales and account management teams expanded, laying the groundwork for future growth. This is an important investment that has directly contributed to our growth. Our technology team played a crucial role in enhancing our website and agent portal, ensuring a seamless and engaging user experience.

We are pleased to report growth in profit at an EBITDA level, with optimistic projections for the fiscal year ending June 2024 and beyond.

 

On the 14th of July 2023, the UniHomes group took a significant minority investment from Lloyds Development Capital (LDC), part of the Lloyds Banking Group. This investment is an endorsement of the progress the business has made to date and gives us the platform to significantly accelerate our ambitions over the next few years. This partnership not only reinforces our financial footing but also aligns with our strategic growth objectives.

 

The thanks of the directors are expressed to all employees and key stakeholders in supporting the company through sustained expansion. With the growth experienced in recent years and the forecasts for the coming years, we are confident in the group's bright future.

Key Performance Indicators

The group uses management accounts together with monthly Board reports and in-depth analysis by entity. Specifically, the directors of the Group monitor performance through several key performance indicators ('KPIs').

 

These include, website traffic, leads and performance. The number of contracts and partnerships with letting agents, as well as a suite of financial KPIs. Cash flows and working capital are key performance metrics, with forecasts produced and monitored regularly.

 

Board reports are circulated and there is participation in monthly Board meetings to drive governance, and assess, monitor and intervene to ensure the company meets its business goals.

UNIHOMES AND BILLS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Principal Risks and Uncertainties

The directors are aware of various inherent risks and meet on a frequent basis to consider them. There are several key risks including financial and operational risks. The company operates in a competitive market, and therefore the directors look to provide unparallelled levels of service and value for all partners and customers.

 

The company has key partnerships with various suppliers, and the quality of product, ease of use and certainty of pricing are all important factors to consider when partnering with other third party companies. To mitigate risks, the group remains alert to trading conditions, to ensure the business provides the most suitable proposition to clients and customers. The group regularly assesses its products, service and pricing to retain its existing customer base, whilst attracting new ones.

 

Technology can pose a risk, as the continued supply, and stability of the platform is of high importance. The group employs in-house technology resource to ensure control of these systems is maintained and monitored closely.

As a result of strong trading performance, the directors consider they have sufficient funds to meet liabilities are they become due. Having considered reasonable possible changes in trading performance over the next 12 months, the directors concluded that the company will have adequate resources.

Future Developments

The group is looking to continue its growth strategy, both organically and through acquisition, if the right opportunities are available. The Directors believe that the group is in a good financial position and that the key risks have been identified and are being well managed. They are confident that the focus on customer experience, strong client and supplier partnerships, together with team development and culture will ensure the company is able to maintain its strong position.

On behalf of the board

C Platts
Director
3 January 2024
UNIHOMES AND BILLS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of a student property advertising portal and the management of bundled utilities.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,547,000. 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:

B Cox
P Greaves
L Mori
C Platts
(Appointed 1 July 2022)
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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
C Platts
Director
3 January 2024
UNIHOMES AND BILLS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -

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.

UNIHOMES AND BILLS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UNIHOMES AND BILLS LIMITED
- 5 -
Opinion

We have audited the financial statements of UniHomes and Bills 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

UNIHOMES AND BILLS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNIHOMES AND BILLS LIMITED
- 6 -
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 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.

 

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 misstatement in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregulates, including fraud is detailed below.

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:

 

 

 

 

UNIHOMES AND BILLS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNIHOMES AND BILLS 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:

 

 

 

 

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

 

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.

Other matters

The comparative figures have not been audited.

Use of our report

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

Paul Winwood (Senior Statutory Auditor)
For and on behalf of BHP LLP
4 January 2024
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
UNIHOMES AND BILLS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
2023
2022
Notes
£
£
Turnover
18,327,893
12,352,465
Cost of sales
(9,012,705)
(3,964,765)
Gross profit
9,315,188
8,387,700
Administrative expenses
(5,051,521)
(4,545,685)
Other operating income
1,405
2,312
Exceptional item
3
-
0
(1,000,000)
Operating profit
4
4,265,072
2,844,327
Interest payable and similar expenses
8
(51)
(538)
Profit before taxation
4,265,021
2,843,789
Tax on profit
9
(870,163)
(691,968)
Profit for the financial year
3,394,858
2,151,821
Profit for the financial year is all attributable to the owners of the parent company.
UNIHOMES AND BILLS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
2023
2022
£
£
Profit for the year
3,394,858
2,151,821
Other comprehensive income
-
-
Total comprehensive income for the year
3,394,858
2,151,821
Total comprehensive income for the year is all attributable to the owners of the parent company.
UNIHOMES AND BILLS LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
24,762
34,918
Other intangible assets
11
590,618
744,055
Total intangible assets
615,380
778,973
Tangible assets
12
237,993
226,533
853,373
1,005,506
Current assets
Debtors
15
1,652,271
670,375
Cash at bank and in hand
10,901,258
9,834,169
12,553,529
10,504,544
Creditors: amounts falling due within one year
16
(8,167,206)
(8,094,462)
Net current assets
4,386,323
2,410,082
Total assets less current liabilities
5,239,696
3,415,588
Provisions for liabilities
Deferred tax liability
17
42,984
66,734
(42,984)
(66,734)
Net assets
5,196,712
3,348,854
Capital and reserves
Called up share capital
19
38,675
38,675
Other reserves
598,828
598,828
Capital redemption reserve
16,668
16,668
Profit and loss reserves
4,542,541
2,694,683
Total equity
5,196,712
3,348,854

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 3 January 2024 and are signed on its behalf by:
03 January 2024
C Platts
Director
Company registration number 09618272 (England and Wales)
UNIHOMES AND BILLS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
263,514
299,951
Tangible assets
12
237,993
226,533
Investments
13
800,000
800,000
1,301,507
1,326,484
Current assets
Debtors
15
1,973,740
2,504,570
Cash at bank and in hand
5,495,557
5,330,811
7,469,297
7,835,381
Creditors: amounts falling due within one year
16
(5,265,750)
(6,687,284)
Net current assets
2,203,547
1,148,097
Total assets less current liabilities
3,505,054
2,474,581
Provisions for liabilities
Deferred tax liability
17
43,500
38,000
(43,500)
(38,000)
Net assets
3,461,554
2,436,581
Capital and reserves
Called up share capital
19
38,675
38,675
Share premium account
598,828
598,828
Capital redemption reserve
16,668
16,668
Profit and loss reserves
2,807,383
1,782,410
Total equity
3,461,554
2,436,581

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 £2,571,973 (2022 - £1,194,932 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 3 January 2024 and are signed on its behalf by:
03 January 2024
C Platts
Director
Company registration number 09618272 (England and Wales)
UNIHOMES AND BILLS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
Share capital
Other reserves
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2021
38,675
598,828
16,668
1,006,962
1,661,133
Year ended 30 June 2022:
Profit and total comprehensive income
-
-
-
2,151,821
2,151,821
Dividends
10
-
-
-
(464,100)
(464,100)
Balance at 30 June 2022
38,675
598,828
16,668
2,694,683
3,348,854
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
3,394,858
3,394,858
Dividends
10
-
-
-
(1,547,000)
(1,547,000)
Balance at 30 June 2023
38,675
598,828
16,668
4,542,541
5,196,712
UNIHOMES AND BILLS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
Share capital
Other reserves
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2021
38,675
598,828
16,668
1,051,578
1,705,749
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
-
1,194,932
1,194,932
Dividends
10
-
-
-
(464,100)
(464,100)
Balance at 30 June 2022
38,675
598,828
16,668
1,782,410
2,436,581
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
2,571,973
2,571,973
Dividends
10
-
-
-
(1,547,000)
(1,547,000)
Balance at 30 June 2023
38,675
598,828
16,668
2,807,383
3,461,554
UNIHOMES AND BILLS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
3,453,886
8,989,847
Interest paid
(51)
(538)
Income taxes paid
(780,977)
(744,795)
Net cash inflow from operating activities
2,672,858
8,244,514
Investing activities
Purchase of intangible assets
(3,575)
(140,159)
Purchase of tangible fixed assets
(55,194)
(13,226)
Net cash used in investing activities
(58,769)
(153,385)
Financing activities
Dividends paid to equity shareholders
(1,547,000)
(464,100)
Net cash used in financing activities
(1,547,000)
(464,100)
Net increase in cash and cash equivalents
1,067,089
7,627,029
Cash and cash equivalents at beginning of year
9,834,169
2,207,140
Cash and cash equivalents at end of year
10,901,258
9,834,169
UNIHOMES AND BILLS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
1
Accounting policies
Company information

UniHomes and Bills Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of UniHomes and Bills 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:

 

1.2
Business combinations

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.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

UNIHOMES AND BILLS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company UniHomes and Bills 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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
Turnover

The group provides utility packages which includes gas, electricity, water, TV licences and broadband as flexible packages to customers. The group has determined that it is not afford the risks and rewards of gas and electricity supplies, or TV licences and consequently an element of the total income from customers is classified as a disbursement and not recognised in the accounts. To attribute the amount of disbursement revenue to apportion, the group uses its own model which is based on data for usage and underlying utility charges. Where utility costs have not yet been incurred on which revenues have been received, an appropriate amount of income is deferred or accrued.

1.6
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 5 years.

1.7
Intangible fixed assets other than goodwill

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

 

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:

Developed technology including website development
3-6 years straight line
Customer contracts
1 year
Brand
5 years straight line
UNIHOMES AND BILLS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
1.8
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
10 years straight line
Plant and equipment
5 years straight line
Fixtures and fittings
5 years straight line
Computers
5 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.

1.9
Fixed asset investments

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

 

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

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

1.10
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.

1.11
Cash and cash equivalents

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.

1.12
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.

UNIHOMES AND BILLS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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

UNIHOMES AND BILLS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
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.

1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

1.15
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.

1.16
Retirement benefits

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

UNIHOMES AND BILLS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 20 -
1.17
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.

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Turnover recognition and cost accruals

As set out in note 1.5 the Group's revenue recognition policy involves the apportionment of income from customers, between earned income and disbursement income (which is not recognised in the financial statements). To make the required apportionment, the group has developed its own model to project the estimated usage and cost by utility package that typical households in differing sized dwellings would be expected to use, which in turn provides the basis for the income allocation until actual costs are billed.

3
Exceptional item
2023
2022
£
£
Expenditure
Connected company loan write off
-
1,000,000
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
43,734
38,962
Amortisation of intangible assets
167,168
228,395
Operating lease charges
155,724
148,016
UNIHOMES AND BILLS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
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
23,020
-
Audit of the financial statements of the company's subsidiaries
6,500
-
29,520
-
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
65
56
60
41

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,492,178
1,742,404
1,867,785
1,260,747
Social security costs
272,705
197,581
209,481
147,772
Pension costs
43,075
34,867
32,143
26,124
2,807,958
1,974,852
2,109,409
1,434,643
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
272,292
224,500
Company pension contributions to defined contribution schemes
991
-
273,283
224,500
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
91,667
75,000
UNIHOMES AND BILLS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
51
-
Other interest
-
538
Total finance costs
51
538
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
892,913
681,720
Adjustments in respect of prior periods
-
0
(2,252)
Total current tax
892,913
679,468
Deferred tax
Origination and reversal of timing differences
(22,750)
12,500
Total tax charge
870,163
691,968

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

2023
2022
£
£
Profit before taxation
4,265,021
2,843,789
Expected tax charge based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
874,329
540,320
Tax effect of expenses that are not deductible in determining taxable profit
1,654
93,028
Change in unrecognised deferred tax assets
(1,468)
65,738
Adjustments in respect of prior years
(6)
(2,252)
Permanent capital allowances in excess of depreciation
(2,591)
(1,090)
(1,755)
(3,776)
Taxation charge
870,163
691,968
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
1,547,000
464,100
UNIHOMES AND BILLS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 23 -
11
Intangible fixed assets
Group
Goodwill
Developed technology including website development
Customer contracts
Brand
Total
£
£
£
£
£
Cost
At 1 July 2022
50,575
642,213
182,000
415,000
1,289,788
Additions - internally developed
-
0
3,575
-
0
-
3,575
At 30 June 2023
50,575
645,788
182,000
415,000
1,293,363
Amortisation and impairment
At 1 July 2022
15,657
207,679
182,000
105,479
510,815
Amortisation charged for the year
10,156
74,012
-
0
83,000
167,168
At 30 June 2023
25,813
281,691
182,000
188,479
677,983
Carrying amount
At 30 June 2023
24,762
364,097
-
0
226,521
615,380
At 30 June 2022
34,918
434,534
-
0
309,521
778,973
Company
Developed technology including website development
£
Cost
At 1 July 2022
409,875
Additions - internally developed
3,575
At 30 June 2023
413,450
Amortisation and impairment
At 1 July 2022
109,924
Amortisation charged for the year
40,012
At 30 June 2023
149,936
Carrying amount
At 30 June 2023
263,514
At 30 June 2022
299,951
UNIHOMES AND BILLS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 24 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 July 2022
159,352
44,048
76,331
60,500
340,231
Additions
-
0
52,160
3,034
-
0
55,194
At 30 June 2023
159,352
96,208
79,365
60,500
395,425
Depreciation and impairment
At 1 July 2022
20,165
17,867
15,166
60,500
113,698
Depreciation charged in the year
15,935
12,265
15,534
-
0
43,734
At 30 June 2023
36,100
30,132
30,700
60,500
157,432
Carrying amount
At 30 June 2023
123,252
66,076
48,665
-
0
237,993
At 30 June 2022
139,187
26,181
61,165
-
0
226,533
Company
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2022
159,352
44,048
76,331
279,731
Additions
-
0
52,160
3,034
55,194
At 30 June 2023
159,352
96,208
79,365
334,925
Depreciation and impairment
At 1 July 2022
20,165
17,867
15,166
53,198
Depreciation charged in the year
15,935
12,265
15,534
43,734
At 30 June 2023
36,100
30,132
30,700
96,932
Carrying amount
At 30 June 2023
123,252
66,076
48,665
237,993
At 30 June 2022
139,187
26,181
61,165
226,533
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
800,000
800,000
UNIHOMES AND BILLS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022 and 30 June 2023
800,000
Carrying amount
At 30 June 2023
800,000
At 30 June 2022
800,000
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
STB2 Limited
6th Floor 1 New Era Square, Sheffield, England, S2 4RB
Ordinary
100.00
-
Student Trading Limited
6th Floor 1 New Era Square, Sheffield, England, S2 4RB
Ordinary
-
100.00
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
565,682
29,335
113,560
19,515
Amounts owed by group undertakings
-
-
999,256
1,925,007
Other debtors
636
242,805
637
242,806
Prepayments and accrued income
1,081,953
393,235
860,287
317,242
1,648,271
665,375
1,973,740
2,504,570
Amounts falling due after more than one year:
Deferred tax asset (note 17)
4,000
5,000
-
0
-
0
Total debtors
1,652,271
670,375
1,973,740
2,504,570
UNIHOMES AND BILLS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
2,305,812
2,423,074
1,467,317
2,402,984
Amounts owed to group undertakings
-
0
-
0
48,426
-
0
Corporation tax payable
684,633
572,697
336,187
283,470
Other taxation and social security
606,844
140,399
485,773
57,492
Other creditors
9,632
14,120
9,607
6,193
Accruals and deferred income
4,560,285
4,944,172
2,918,440
3,937,145
8,167,206
8,094,462
5,265,750
6,687,284
17
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
45,484
73,734
1,000
1,000
Short term timing differences
(2,500)
(7,000)
3,000
4,000
42,984
66,734
4,000
5,000
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
46,000
45,000
-
-
Short term timing differences
(2,500)
(7,000)
-
-
43,500
38,000
-
-
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 July 2022
61,734
38,000
(Credit)/charge to profit or loss
(22,750)
5,500
Liability at 30 June 2023
38,984
43,500
UNIHOMES AND BILLS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 27 -
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
43,075
34,867

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.

19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
38,675
38,675
38,675
38,675
20
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
140,380
103,010
140,380
103,010
Between two and five years
364,176
436,701
364,176
436,701
504,556
539,711
504,556
539,711
21
Events after the reporting date

Following the year end the ultimate parent company for the group was established as Unihomes Group Limited.

22
Related party transactions

An amount of £nil (2022: £1,000,000) was written off in relation to loans to a connected company during the year.

 

The Group has taken advantage of the exemption provided by FRS 102 from the requirement to report transactions with other group companies that are 100% subsidiaries of the parent company Unihomes and Bills Limited.

 

 

UNIHOMES AND BILLS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 28 -
23
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
3,394,858
2,151,821
Adjustments for:
Taxation charged
870,163
691,968
Finance costs
51
538
Amortisation and impairment of intangible assets
167,168
228,395
Depreciation and impairment of tangible fixed assets
43,734
38,962
Movements in working capital:
Increase in debtors
(982,896)
(317,968)
(Decrease)/increase in creditors
(39,192)
6,196,131
Cash generated from operations
3,453,886
8,989,847
24
Analysis of changes in net funds - group
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
9,834,169
1,067,089
10,901,258
2023-06-302022-07-01falseCCH SoftwareCCH Accounts Production 2023.300B CoxP GreavesL MoriC 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