Company registration number 09170961 (England and Wales)
SQUARE GLOBAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SQUARE GLOBAL LIMITED
COMPANY INFORMATION
Directors
H.J. Uzan
D.P. Even
Y. A. Sarfati
Company number
09170961
Registered office
843 Finchley Road
London
NW11 8NA
Auditor
Glazers
843 Finchley Road
London
NW11 8NA
Business address
4th Floor
10 Brook Street
Mayfair
London
W1S 1BG
SQUARE GLOBAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 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
Company statement of cash flows
15
Notes to the financial statements
16 - 30
SQUARE GLOBAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The company is authorised and regulated in the United Kingdom by the Financial Conduct Authority, our French subsidiary is registered with the local equivalent of the Financial Conduct Authority.

 

The directors are satisfied with the results for the year.

Principal risks and uncertainties

Currency risk

Foreign exchange risk arises from cash flows relating to commercial transactions and recognised assets and liabilities. Transaction exposure occurs when the company and the group receives or pays cash in a currency different from GB pounds, the functional currency of the entity.

Credit risk

The company and the group are exposed to concentrations of credit risk. Trade debtors are concentrated in the financial institutions sector and amounted to £5,319,583 (2022: £4,868,717).

 

Liquidity risk

As part of the company and the group's obligations under the Capital Requirements Directive, an Internal Capital and Risk Assessment (ICARA) document is prepared annually. The ICARA is used by the Board to assess the company and the group's risks, determine the actions necessary to mitigate those risks and the current and future capital requirements. Following BIPRU 12 Liquidity Standards, the company and the group maintains a Liquidity Policy to manage liquidity risk.

Development and performance

The US and Hong Kong subsidiaries, registered with the local regulators remained dormant throughout the period.

Our client base has grown significantly and we continue exploring avenues for further growth.

Key performance indicators

Turnover for the period was £28,186,398 compared to £28,209,017 in previous year.

 

At the year end the company had net assets of £9,090,183 (2022: £8,699,371).

SQUARE GLOBAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Section 172(1) statement

The company and the group's business plans are reviewed regularly to ensure that the Directors have a perspective of what the effects of any decisions have on the future of the group companies and its employees.

 

The company and the group have built over the years a sound financial base and are continuously investing in technology to enable it to service the needs of its clients.

 

As a interdealer brokerage firm, we have to maintain a reputation for high standards of business conduct and have ensured that the best practices are implemented in respect of the Covid pandemic to protect our staff and our community.

 

Our Human Resources department acts as a conduit for any issues that have to be resolved between members of the group companies.

On behalf of the board

H.J. Uzan
Director
23 April 2024
SQUARE GLOBAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of an interdealer brokerage firm.

Results and dividends

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

Ordinary dividends were paid amounting to £5,413,216. 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:

H.J. Uzan
D.P. Even
Y. A. Sarfati
Financial instruments
Liquidity risk

The company and the group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company and the group have sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The company and the group’s principal foreign currency exposures arise from trading with overseas companies and in currencies other than its functional currency. Company and the group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

So far, we have been led by our clients and their needs, and this will remain the case. On one hand, we are continuing to expand our coverage in the markets where we are already active, on the other we are exploring several new markets where our clients would benefit from our value-added approach, and where there is a perceived need for our services.

Energy and carbon report

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

SQUARE GLOBAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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.

Statement of disclosure to auditor

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

On behalf of the board
H.J. Uzan
Director
23 April 2024
SQUARE GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SQUARE GLOBAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Square Global Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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, the company 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:

SQUARE GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SQUARE GLOBAL 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.

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

We gained an understanding of the legal and regulatory framework applicable to the company and the group and the sector in which it operates, and considered the risk of acts by the company and the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

We focussed on law and regulations which could give rise to material misstatements in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SQUARE GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SQUARE GLOBAL LIMITED
- 7 -

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.

Philippe Herszaft ACA (Senior Statutory Auditor)
For and on behalf of Glazers
23 April 2024
Chartered Accountants
Statutory Auditor
843 Finchley Road
London
NW11 8NA
SQUARE GLOBAL LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
28,186,398
28,209,017
Cost of sales
(7,186,329)
(8,096,443)
Gross profit
21,000,069
20,112,574
Administrative expenses
(13,094,209)
(11,866,847)
Operating profit
4
7,905,860
8,245,727
Interest receivable and similar income
7
2,122
-
0
Profit before taxation
7,907,982
8,245,727
Tax on profit
8
(2,103,954)
(1,692,898)
Profit for the financial year
5,804,028
6,552,829
Profit for the financial year is all attributable to the owners of the parent company.
SQUARE GLOBAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
5,804,028
6,552,829
Other comprehensive income
-
-
Total comprehensive income for the year
5,804,028
6,552,829
Total comprehensive income for the year is all attributable to the owners of the parent company.
SQUARE GLOBAL LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
365,578
323,700
Current assets
Debtors
14
7,596,571
6,905,708
Cash at bank and in hand
6,451,281
6,230,910
14,047,852
13,136,618
Creditors: amounts falling due within one year
15
(5,256,796)
(4,715,284)
Net current assets
8,791,056
8,421,334
Total assets less current liabilities
9,156,634
8,745,034
Provisions for liabilities
Deferred tax liability
16
66,451
45,663
(66,451)
(45,663)
Net assets
9,090,183
8,699,371
Capital and reserves
Called up share capital
18
180,003
180,003
Profit and loss reserves
8,910,180
8,519,368
Total equity
9,090,183
8,699,371
The financial statements were approved by the board of directors and authorised for issue on 23 April 2024 and are signed on its behalf by:
23 April 2024
H.J. Uzan
Director
Company registration number 09170961 (England and Wales)
SQUARE GLOBAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
292,104
214,731
Investments
11
408,013
408,013
700,117
622,744
Current assets
Debtors
14
8,817,901
8,111,617
Cash at bank and in hand
5,025,183
5,478,472
13,843,084
13,590,089
Creditors: amounts falling due within one year
15
(4,918,496)
(4,382,386)
Net current assets
8,924,588
9,207,703
Total assets less current liabilities
9,624,705
9,830,447
Provisions for liabilities
Deferred tax liability
16
66,451
45,663
(66,451)
(45,663)
Net assets
9,558,254
9,784,784
Capital and reserves
Called up share capital
18
180,003
180,003
Profit and loss reserves
9,378,251
9,604,781
Total equity
9,558,254
9,784,784

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 £5,186,685 (2022 - £6,012,625 profit).

The financial statements were approved by the board of directors and authorised for issue on 23 April 2024 and are signed on its behalf by:
23 April 2024
H.J. Uzan
Director
Company registration number 09170961 (England and Wales)
SQUARE GLOBAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
180,002
8,411,749
8,591,751
Year ended 31 December 2022:
Profit and total comprehensive income
-
6,552,829
6,552,829
Issue of share capital
18
1
-
1
Dividends
9
-
(4,959,486)
(4,959,486)
Other movements
-
(1,485,724)
(1,485,724)
Balance at 31 December 2022
180,003
8,519,368
8,699,371
Year ended 31 December 2023:
Profit and total comprehensive income
-
5,804,028
5,804,028
Dividends
9
-
(5,413,216)
(5,413,216)
Balance at 31 December 2023
180,003
8,910,180
9,090,183
SQUARE GLOBAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
180,002
8,551,643
8,731,645
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
6,012,624
6,012,624
Issue of share capital
18
1
-
1
Dividends
9
-
(4,959,486)
(4,959,486)
Balance at 31 December 2022
180,003
9,604,781
9,784,784
Year ended 31 December 2023:
Profit and total comprehensive income
-
5,186,686
5,186,686
Dividends
9
-
(5,413,216)
(5,413,216)
Balance at 31 December 2023
180,003
9,378,251
9,558,254
SQUARE GLOBAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
7,735,446
8,098,086
Income taxes paid
(1,835,599)
(1,875,215)
Net cash inflow from operating activities
5,899,847
6,222,871
Investing activities
Purchase of tangible fixed assets
(287,844)
(149,123)
Proceeds from disposal of tangible fixed assets
22,637
-
Interest received
2,122
-
0
Net cash used in investing activities
(263,085)
(149,123)
Financing activities
Proceeds from issue of shares
-
1
Dividends paid to equity shareholders
(5,413,216)
(4,959,486)
Net cash used in financing activities
(5,413,216)
(4,959,485)
Net increase in cash and cash equivalents
223,546
1,114,263
Cash and cash equivalents at beginning of year
6,230,910
5,116,647
Effect of foreign exchange rates
(3,175)
-
0
Cash and cash equivalents at end of year
6,451,281
6,230,910
SQUARE GLOBAL LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
6,820,929
7,731,503
Income taxes paid
(1,593,580)
(1,769,934)
Net cash inflow from operating activities
5,227,349
5,961,569
Investing activities
Purchase of tangible fixed assets
(269,544)
(56,845)
Proceeds from disposal of subsidiaries
-
0
(152,490)
Interest received
2,122
-
0
Net cash used in investing activities
(267,422)
(209,335)
Financing activities
Proceeds from issue of shares
-
1
Dividends paid to equity shareholders
(5,413,216)
(4,959,486)
Net cash used in financing activities
(5,413,216)
(4,959,485)
Net (decrease)/increase in cash and cash equivalents
(453,289)
792,749
Cash and cash equivalents at beginning of year
5,478,472
4,685,723
Cash and cash equivalents at end of year
5,025,183
5,478,472
SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Square Global Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 843 Finchley Road, London, NW11 8NA.

 

The group consists of Square Global 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.

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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Square Global Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 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.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

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

Turnover represents commissions receivable on brokerage services.

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
5 years
Fixtures and fittings
15% reducing balance

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

SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

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

 

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

 

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

 

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

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

1.9
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.

SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.

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.

SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.

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.

1.11
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.

SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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
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.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
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.

SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Commission receivable
28,186,398
28,209,017
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
24,137,682
25,108,317
France
4,048,716
3,100,700
28,186,398
28,209,017
2023
2022
£
£
Other revenue
Interest income
2,122
-
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(2,420,688)
(1,018,759)
Depreciation of owned tangible fixed assets
62,745
34,212
Loss on disposal of tangible fixed assets
160,584
-
Operating lease charges
367,936
248,966
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
30,000
25,000
For other services
All other non-audit services
34,916
28,454
SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
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
Directors
3
3
3
3
Brokers
20
20
20
20
Administrative
3
3
3
3
Total
26
26
26
26

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,966,175
5,580,386
4,373,374
4,214,015
Social security costs
1,371,217
1,035,486
589,478
586,779
Pension costs
26,436
27,712
26,436
27,712
7,363,828
6,643,584
4,989,288
4,828,506
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
2,122
-
0
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2,122
-
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,841,148
1,541,793
Foreign current tax on profits for the current period
242,019
133,265
Total current tax
2,083,167
1,675,058
SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
2023
2022
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
20,787
17,840
Total tax charge
2,103,954
1,692,898

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
7,907,982
8,245,727
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,859,957
1,566,688
Tax effect of expenses that are not deductible in determining taxable profit
216,756
75,903
Deferred tax movements
20,788
17,840
Depreciation in excess of capital allowances
6,453
4,484
Branch tax not recoverable
-
0
27,983
Taxation charge
2,103,954
1,692,898
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
5,413,216
4,959,486
SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
10
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
130,999
426,525
557,524
Additions
138,924
148,921
287,845
Disposals
(130,999)
(268,031)
(399,030)
At 31 December 2023
138,924
307,415
446,339
Depreciation and impairment
At 1 January 2023
54,559
179,265
233,824
Depreciation charged in the year
13,126
49,619
62,745
Eliminated in respect of disposals
(61,153)
(154,655)
(215,808)
At 31 December 2023
6,532
74,229
80,761
Carrying amount
At 31 December 2023
132,392
233,186
365,578
At 31 December 2022
76,440
247,260
323,700
Company
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
108,362
334,247
442,609
Additions
120,624
148,921
269,545
Disposals
(108,362)
(268,031)
(376,393)
At 31 December 2023
120,624
215,137
335,761
Depreciation and impairment
At 1 January 2023
51,354
176,524
227,878
Depreciation charged in the year
9,799
21,788
31,587
Eliminated in respect of disposals
(61,153)
(154,655)
(215,808)
At 31 December 2023
-
0
43,657
43,657
Carrying amount
At 31 December 2023
120,624
171,480
292,104
At 31 December 2022
57,008
157,723
214,731
SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
408,013
408,013
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
408,013
Carrying amount
At 31 December 2023
408,013
At 31 December 2022
408,013
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Square Global HK Limited
7/F The L Plaza, 376-375 Queens Road Central, Hong Kong
Dormant
Ordinary
100.00
-
Square Global Holdings (US) Inc.
1209 Ornage Street, Delaware 19801, USA
Investment holding company
Ordinary
100.00
-
Square Global Markets US LLC
708 Third Avenue, New York NY 10017, USA
Dormant
Ordinary
-
100.00
Square Global SAS
11 Avenue Declasse, 75008 Paris, France
Inter dealer broker
Ordinary
100.00
-
13
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
7,405,805
6,779,411
8,706,183
7,997,706
Carrying amount of financial liabilities
Measured at fair value through profit or loss
Measured at amortised cost
2,947,482
2,923,938
3,333,240
3,273,010
SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,319,583
4,868,717
5,041,973
4,562,212
Amounts owed by group undertakings
10,000
10,000
1,757,638
1,639,706
Other debtors
1,882,874
1,775,539
1,748,981
1,670,633
Prepayments and accrued income
183,587
120,952
104,539
108,566
7,396,044
6,775,208
8,653,131
7,981,117
Amounts falling due after more than one year:
Other debtors
200,527
130,500
164,770
130,500
Total debtors
7,596,571
6,905,708
8,817,901
8,111,617
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
317,309
116,476
731,453
476,378
Corporation tax payable
934,615
687,048
934,615
687,048
Other taxation and social security
1,374,699
1,104,298
650,641
422,328
Other creditors
229,163
223,744
226,331
223,744
Accruals and deferred income
2,401,010
2,583,718
2,375,456
2,572,888
5,256,796
4,715,284
4,918,496
4,382,386
16
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
66,451
45,663
SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Deferred taxation
(Continued)
- 28 -
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
66,451
45,663
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
45,663
45,663
Charge to profit or loss
20,788
20,788
Liability at 31 December 2023
66,451
66,451
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,436
27,712

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

18
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
18,000,000
18,000,000
180,000
180,000
Ordinary 'H', 'P' and 'S' shares of £1 each
3
3
3
3
18,000,003
18,000,003
180,003
180,003

Each ordinary £0.01 share carries one vote and has equal rights to dividends.

 

Each ordinary £1 share is entitled to a fixed dividend plus a share of desk profit. They carry no voting rights.

SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
19
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
128,785
152,500
128,785
152,500
Between two and five years
976,620
571,875
976,620
571,875
1,105,405
724,375
1,105,405
724,375
20
Controlling party

In the opinion of the directors there is no ultimate controlling party in the period under review.

21
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
5,804,028
6,552,829
Adjustments for:
Taxation charged
2,103,954
1,692,898
Investment income
(2,122)
-
0
Loss on disposal of tangible fixed assets
160,584
-
Depreciation and impairment of tangible fixed assets
62,744
34,212
Movements in working capital:
Increase in debtors
(687,687)
(1,070,474)
Increase in creditors
293,945
888,621
Cash generated from operations
7,735,446
8,098,086
SQUARE GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
22
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
5,186,686
6,012,624
Adjustments for:
Taxation charged
1,861,935
1,587,617
Investment income
(2,122)
-
0
Loss on disposal of tangible fixed assets
160,584
-
Depreciation and impairment of tangible fixed assets
31,587
30,640
Movements in working capital:
Increase in debtors
(706,284)
(833,932)
Increase in creditors
288,543
934,554
Cash generated from operations
6,820,929
7,731,503
23
Analysis of changes in net funds - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£
£
£
£
Cash at bank and in hand
6,230,910
223,546
(3,175)
6,451,281
24
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
5,478,472
(453,289)
5,025,183
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