Company Registration No. 05271601 (England and Wales)
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group balance sheet
9
Company balance sheet
10 - 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 - 32
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr J J Kelly
Miss C E Twine
Company number
05271601
Registered office
27-29 Ashley Road
Montpelier
Bristol
BS6 5NJ
Auditor
TC Group
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
Business address
27-29 Ashley Road
Montpelier
Bristol
BS6 5NJ
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

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

Fair review of the business

Supported Independence has continued to trade successfully throughout 2022/23, maintaining high levels of occupancy. We have worked hard to increase the range of activities we can offer our Service Users.

 

Staff recruitment has been a challenge, but with creativity and a lot of hard work, staffing levels are now good.

 

Supported Independence’s turnover has stayed stable due to the high demand and thus bed occupancy. There is still a lot of potential to grow the business futher. Despite the higher staffing costs, profit levels ensure the continued success of the company.

 

As a leading care provider in the South West we aim to provide a high quality and innovative service. One area of innovation is our F3 program, focusing on ‘Fun, Food and Friends’ for Service Users, which aims to address some of the challenges that our clients face from the Covid period.

Principal risks and uncertainties

The Directors annually review risk and uncertainties and have strategies in place should they arise. The principal risks and uncertainty facing the company is pressure on local authorities and its funding of the company’s operations, as they are our main customers. However, as demand well outstrips supply and having received reasonable fee up lifts, along with a strong balance sheet, we do not anticipate any major concerns this year.

Development and performance

The company goes into 2023/24 with a stronger management team, that is able to run more independently from the Directors. We are continually developing a medical model that can integrate into the social care we presently provide.

On behalf of the board

Miss C E Twine
Director
28 March 2024
SUPPORTED INDEPENDENCE HOLDINGS 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 residential and supported living care.

Results and dividends

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

Ordinary dividends were paid amounting to £504,365. 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:

Mr J J Kelly
Miss C E Twine
Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

SUPPORTED INDEPENDENCE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
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
Miss C E Twine
Director
28 March 2024
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SUPPORTED INDEPENDENCE HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Supported Independence Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprises, the group statement of profit and loss, the group balance sheet, the company balance, the group statement of changes in equity, the company statement of changes in equity and the group statement of cash flows, 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.

SUPPORTED INDEPENDENCE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUPPORTED INDEPENDENCE HOLDINGS LIMITED
- 6 -

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:

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.

SUPPORTED INDEPENDENCE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUPPORTED INDEPENDENCE HOLDINGS LIMITED
- 7 -
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.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

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.

Amanda Kruger FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
28 March 2024
St Matthew's House
Statutory Auditor
Quays Office Park
Conference Avenue
Portishead
Bristol
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
6,249,812
5,943,156
Cost of sales
(3,460,313)
(3,243,452)
Gross profit
2,789,499
2,699,704
Administrative expenses
(1,068,982)
(1,197,182)
Other operating income
56,344
249,253
Operating profit
4
1,776,861
1,751,775
Interest receivable and similar income
8
11,009
693
Interest payable and similar expenses
9
(68,505)
(38,120)
Fair value gains and losses on investment properties
13
(52,374)
200,000
Profit before taxation
1,666,991
1,914,348
Tax on profit
10
(345,704)
(399,051)
Profit for the financial year
1,321,287
1,515,297
Profit for the financial year is all attributable to the owners of the parent company.
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
5,158,632
4,980,585
Investment properties
13
6,624,123
6,330,604
11,782,755
11,311,189
Current assets
Debtors
16
928,452
833,586
Cash at bank and in hand
413,594
1,323,600
1,342,046
2,157,186
Creditors: amounts falling due within one year
17
(890,123)
(1,542,839)
Net current assets
451,923
614,347
Total assets less current liabilities
12,234,678
11,925,536
Creditors: amounts falling due after more than one year
18
-
(700,145)
Provisions for liabilities
Deferred tax liability
20
563,671
576,765
(563,671)
(576,765)
Net assets
11,671,007
10,648,626
Capital and reserves
Called up share capital
22
10,050
10,050
Profit and loss reserves
11,660,957
10,638,576
Total equity
11,671,007
10,648,626
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
28 March 2024
Miss C E Twine
Director
Company registration number 05271601 (England and Wales)
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,224,698
4,315,037
Investment properties
13
2,885,035
2,439,616
Investments
14
587,930
587,930
7,697,663
7,342,583
Current assets
Debtors
16
5,250
5,251
Creditors: amounts falling due within one year
17
(6,313,958)
(5,163,759)
Net current liabilities
(6,308,708)
(5,158,508)
Total assets less current liabilities
1,388,955
2,184,075
Creditors: amounts falling due after more than one year
18
-
(700,145)
Provisions for liabilities
Deferred tax liability
20
185,344
185,344
(185,344)
(185,344)
Net assets
1,203,611
1,298,586
Capital and reserves
Called up share capital
22
10,050
10,050
Profit and loss reserves
1,193,561
1,288,536
Total equity
1,203,611
1,298,586

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 £409,391 (2022 - £53,236 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

SUPPORTED INDEPENDENCE HOLDINGS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
28 March 2024
Miss C E Twine
Director
Company registration number 05271601 (England and Wales)
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2021
10,050
9,049,762
9,059,812
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
1,515,297
1,515,297
Dividends
11
-
(131,942)
(131,942)
Balance at 30 June 2022
10,050
10,433,117
10,443,167
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
1,321,287
1,321,287
Dividends
11
-
(504,365)
(504,365)
Balance at 30 June 2023
10,050
11,250,039
11,260,089
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2021
10,050
1,367,242
1,377,292
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
53,236
53,236
Dividends
11
-
(131,942)
(131,942)
Balance at 30 June 2022
10,050
1,288,536
1,298,586
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
409,390
409,390
Dividends
11
-
(504,365)
(504,365)
Balance at 30 June 2023
10,050
1,193,561
1,203,611
SUPPORTED INDEPENDENCE HOLDINGS 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
26
1,827,307
1,566,822
Interest paid
(68,505)
(38,120)
Income taxes paid
(375,644)
(401,076)
Net cash inflow from operating activities
1,383,158
1,127,626
Investing activities
Purchase of tangible fixed assets
(111,444)
(98,073)
Proceeds from disposal of tangible fixed assets
(205,460)
-
Purchase of investment property
(345,893)
(463,960)
Interest received
11,009
693
Net cash used in investing activities
(651,788)
(561,340)
Financing activities
Repayment of bank loans
(1,342,470)
(2,359,811)
Dividends paid to equity shareholders
(504,365)
(131,942)
Net cash used in financing activities
(1,846,835)
(2,491,753)
Net decrease in cash and cash equivalents
(1,115,465)
(1,925,467)
Cash and cash equivalents at beginning of year
1,323,600
1,078,787
Cash and cash equivalents at end of year
413,594
1,323,600
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
1
Accounting policies
Company information

Supported Independence Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales.

 

The group consists of Supported Independence Holdings 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 Supported Independence Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

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.

SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -

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

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business as agreed under the contracts with the support funders.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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:

Freehold land and buildings
2% straight line
Fixtures and fittings
10% straight line
Motor vehicles
25% straight line

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

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.8
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 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.

SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
1.9
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.

1.10
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.

1.11
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.

SUPPORTED INDEPENDENCE HOLDINGS 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.

SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

1.12
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.

1.13
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.

SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 20 -
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.

1.14
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.

1.15
Retirement benefits

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

1.16
Leases

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
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 significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

The Directors use their knowledge of the business and the industry to estimate the useful life and residual value of tangible fixed assets in order to arrive at an applicable depreciation rate. in accordance with section 17 of FRS102, the Directors review and update these estimates if there are indicators that current estimates should change. During the year there were no changes in depreciation rates.

 

It must be noted that there is inherent uncertainty with these estimates as factors such as unexpected wear and tear and changes in market price may result in future changes to the appropriate rate of depreciation.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Core business
6,249,812
5,943,156
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
6,249,812
5,943,156
2023
2022
£
£
Other revenue
Interest income
11,009
693
Grants received
-
193,495
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(193,495)
Depreciation of owned tangible fixed assets
138,857
134,238
Operating lease charges
750,573
680,008
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
2,800
2,550
Audit of the financial statements of the company's subsidiaries
12,440
8,400
15,240
10,950
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
4
4
2
2
Care Staff
103
98
-
-
House Managers
9
9
-
-
Head of Support services
1
1
-
-
Finance & HR
8
7
-
-
Builders
5
10
-
-
Total
130
129
2
2
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,608,937
2,406,334
-
0
-
0
Social security costs
190,565
177,541
-
-
Pension costs
49,744
44,434
-
0
-
0
2,849,246
2,628,309
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
23,815
19,035
Company pension contributions to defined contribution schemes
348
290
24,163
19,325
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
11,009
693

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
11,009
693
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 24 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
48,334
37,329
Other finance costs:
Other interest
20,171
791
Total finance costs
68,505
38,120
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
359,827
347,216
Deferred tax
Origination and reversal of timing differences
(14,123)
51,835
Total tax charge
345,704
399,051

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
1,666,991
1,914,348
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
416,748
363,726
Tax effect of expenses that are not deductible in determining taxable profit
(8,042)
9,473
Tax effect of income not taxable in determining taxable profit
-
0
(38,000)
Effect of change in corporation tax rate
(54,864)
-
Permanent capital allowances in excess of depreciation
(8,138)
46,687
Depreciation on assets not qualifying for tax allowances
-
17,165
Taxation charge
345,704
399,051
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 25 -
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
504,365
131,942
12
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
5,435,814
215,594
130,492
5,781,900
Additions
104,376
2,868
4,200
111,444
At 30 June 2023
5,540,190
218,462
134,692
5,893,344
Depreciation and impairment
At 1 July 2022
517,368
199,084
84,863
801,315
Depreciation charged in the year
110,805
2,168
25,884
138,857
Transfers
(205,460)
-
0
-
0
(205,460)
At 30 June 2023
422,713
201,252
110,747
734,712
Carrying amount
At 30 June 2023
5,117,477
17,210
23,945
5,158,632
At 30 June 2022
4,918,446
16,510
45,629
4,980,585
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
12
Tangible fixed assets
(Continued)
- 26 -
Company
Freehold land and buildings
£
Cost
At 1 July 2022 and 30 June 2023
4,516,880
Depreciation and impairment
At 1 July 2022
201,843
Depreciation charged in the year
90,339
At 30 June 2023
292,182
Carrying amount
At 30 June 2023
4,224,698
At 30 June 2022
4,315,037

Barclays Bank Plc have a legal charge over the group's freehold land and buildings with a carrying amount of £5,117,477 (2022 - £4,918,446). For the company the carrying amount is £4,224,698 (2022 - £4,315,037)

13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 July 2022
6,330,604
2,439,616
Additions through external acquisition
345,893
-
Transfers
-
445,419
Net gains or losses through fair value adjustments
(52,374)
-
At 30 June 2023
6,624,123
2,885,035

Investment property is comprised of leasehold and freehold properties and land. The fair value of investment property has been arrived at on the basis of a valuation carried out at 10 January 2023 by the directors as well as a professional valuation by Andrew Forbes Chartered Surveyors The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and this is reflected in the year end balance.

 

The fair value of the investment properties at 30 June 2023 of £6,624,123 is represented by a cost of £4,220,221 and unrealised gains on revaluation of £2,403,902.

 

Barclays Bank Plc have a legal charge over the groups investment properties with a valuation of £6,624,123 (2022 - £6,330,604). For the company the valuation is £2,885,035 (2022 - £2,439,616).

SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 27 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
587,930
587,930
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022 and 30 June 2023
587,930
Carrying amount
At 30 June 2023
587,930
At 30 June 2022
587,930
15
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
Supported Independence Limited
England & Wales
Ordinary
100.00
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 28 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
596,795
661,915
-
0
-
0
Other debtors
50,125
42,081
5,250
5,251
Prepayments and accrued income
244,519
93,606
-
0
-
0
891,439
797,602
5,250
5,251
Amounts falling due after more than one year:
Deferred tax asset (note 20)
37,013
35,984
-
0
-
0
Total debtors
928,452
833,586
5,250
5,251
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
-
0
642,325
-
0
642,325
Trade creditors
378,562
296,228
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
6,301,151
4,510,735
Corporation tax payable
359,827
375,644
-
0
2,729
Other taxation and social security
48,124
53,216
-
-
Other creditors
49,898
37,145
9,007
295
Accruals and deferred income
53,712
138,281
3,800
7,675
890,123
1,542,839
6,313,958
5,163,759
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
-
0
700,145
-
0
700,145
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 29 -
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
-
0
1,342,470
-
0
1,342,470
Payable within one year
-
0
642,325
-
0
642,325
Payable after one year
-
0
700,145
-
0
700,145

The long-term loans are secured by fixed charges over several properties owned by the group.. The loans were fully repaid during the the year.

 

Barclays Bank Plc have cross guarantee and debentures in place between Supported Independence Holdings Limited and Supported Independence Limited.

20
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
-
-
37,013
35,984
Revaluations
563,671
576,765
-
-
563,671
576,765
37,013
35,984
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Revaluations
185,344
185,344
-
-
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
20
Deferred taxation
(Continued)
- 30 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 July 2022
540,781
185,344
Credit to profit or loss
(14,123)
-
Liability at 30 June 2023
526,658
185,344

The deferred tax asset set out above is not expected to reverse within 12 months as it relates to the capital allowances on fixed assets and will therefore reduce over a period of years until the assets are fully depreciated. The deferred tax liability relates to the fair value revaluation of the properties and therefore will only reverse on sale of the properties when the profits are realised.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
49,744
44,434

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.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,050
10,050
10,050
10,050
SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 31 -
23
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
235,766
202,600
-
-
Between two and five years
68,076
216,050
-
-
303,842
418,650
-
-
24
Directors' transactions

During the year the directors continued to rent out personal investment properties to the group for use by the business. The rent charged for the year totalled £174,000 (2022 - £144,000).

25
Controlling party

Supported Independence Holdings Limited is the parent company of Supported Independence Limited.

 

The ultimate controlling parties are the directors by virtue of their controlling shareholding in Supported Independence Holdings Limited.

SUPPORTED INDEPENDENCE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 32 -
26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,321,287
1,515,297
Adjustments for:
Taxation charged
345,704
399,051
Finance costs
68,505
38,120
Investment income
(11,009)
(693)
Fair value loss/(gain) on investment properties
52,374
(200,000)
Depreciation and impairment of tangible fixed assets
138,857
134,238
Movements in working capital:
(Increase)/decrease in debtors
(93,837)
26,220
Increase in creditors
5,426
56,385
Cash generated from operations
1,827,307
1,968,618
27
Analysis of changes in net funds/(debt) - group
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
1,323,600
(910,006)
413,594
Borrowings excluding overdrafts
(1,342,470)
1,342,470
-
(18,870)
432,464
413,594
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