Company registration number 11496489 (England and Wales)
PROJECT LAMP (TOPCO) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PROJECT LAMP (TOPCO) LIMITED
COMPANY INFORMATION
Directors
Mr T Purkis
Mr H Sahejpal
Mr N Uppal
(Appointed 2 January 2024)
Company number
11496489
Registered office
Acton Banks Healthcare Staffing
Wolverhampton Science Park
Glaisher Drive
Wolverhampton
WV10 9RU
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
PROJECT LAMP (TOPCO) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
Notes to the financial statements
14 - 28
PROJECT LAMP (TOPCO) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 1 -
The directors present the strategic report for the year ended 31 July 2023.
Review of the business
Project Lamp (Topco) Limited is a public limited company. Established in 2018, we have grown to become a prominent player in the healthcare staffing space serving a wide range of clients across the UK. Our commitment to providing compliant and high quality staff along with exceptional client satisfaction has been fundamental to our success.
Aligned with our mission and vision, our strategic objectives are focused on:
Achieving sustainable revenue growth
Enhancing operational efficiency and cost-effectiveness
Expanding into new markets or diversifying our product portfolio
Risk management
We recognise the importance of effective risk management in safeguarding our business and financial health. Our risk management framework encompasses identification, assessment, and mitigation of risks across various areas.
Financial performance
Project Lamp (Topco) Limited financial performance for the reporting period has been outlined in the accompanying financial statements. Despite challenges posed by a large competitive space, we continue focusing on creating value in the business by focusing on profitability and new revenue streams.
Key initiative
To achieve our strategic objectives, we have implemented the following key initiatives:
Mr H Sahejpal
Director
18 April 2024
PROJECT LAMP (TOPCO) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 July 2023.
Principal activities
The principal activity of the Company was that of a holding company.
Project Lamp (Midco) Limited acts as an intermediate holding company.
Acton Banks Limited, NB Healthcare Solutions Limited, Acton Banks Home Care Limited and Elite Medical Staffing Limited principal activities are that of healthcare recruitment specialists.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr T Purkis
Mr H Sahejpal
Mr D J Bratton
(Resigned 10 January 2023)
Mr N Uppal
(Appointed 2 January 2024)
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr H Sahejpal
Director
PROJECT LAMP (TOPCO) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
PROJECT LAMP (TOPCO) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROJECT LAMP (TOPCO) LIMITED
- 4 -
Opinion
We have audited the financial statements of Project Lamp (Topco) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 July 2023 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PROJECT LAMP (TOPCO) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROJECT LAMP (TOPCO) LIMITED
- 5 -
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.
In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Reviewing minutes of meetings of those charged with governance, if available;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.
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.
PROJECT LAMP (TOPCO) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROJECT LAMP (TOPCO) LIMITED
- 6 -
Christopher Hession C.A. (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited
18 April 2024
Chartered Certified Accountants
Statutory Auditor
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
PROJECT LAMP (TOPCO) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
15,528,586
26,109,093
Cost of sales
(10,793,962)
(18,609,326)
Gross profit
4,734,624
7,499,767
Administrative expenses
(4,919,087)
(5,288,504)
Exceptional item
4
(15,903)
(46,824)
Operating (loss)/profit
5
(200,366)
2,164,439
Interest receivable and similar income
9
643
Interest payable and similar expenses
10
(896,662)
(234,130)
(Loss)/profit before taxation
(1,097,028)
1,930,952
Tax on (loss)/profit
11
(104,402)
(729,854)
(Loss)/profit for the financial year
(1,201,430)
1,201,098
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
PROJECT LAMP (TOPCO) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
2023
2022
£
£
(Loss)/profit for the year
(1,201,430)
1,201,098
Other comprehensive income
-
-
Total comprehensive income for the year
(1,201,430)
1,201,098
Total comprehensive income for the year is all attributable to the owners of the parent company.
PROJECT LAMP (TOPCO) LIMITED
GROUP BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
7,703,035
9,213,033
Tangible assets
13
252,431
231,668
7,955,466
9,444,701
Current assets
Stocks
16
22,968
-
Debtors
17
2,199,456
4,180,015
Cash at bank and in hand
4,036,426
4,021,260
6,258,850
8,201,275
Creditors: amounts falling due within one year
18
(4,987,564)
(5,686,383)
Net current assets
1,271,286
2,514,892
Total assets less current liabilities
9,226,752
11,959,593
Creditors: amounts falling due after more than one year
19
(11,064,074)
(12,595,485)
Net liabilities
(1,837,322)
(635,892)
Capital and reserves
Called up share capital
23
9,587
9,999
Share premium account
759,143
759,555
Other reserves
41,170
40,758
Profit and loss reserves
(2,647,222)
(1,446,204)
Total equity
(1,837,322)
(635,892)
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 18 April 2024 and are signed on its behalf by:
18 April 2024
Mr H Sahejpal
Director
Company registration number 11496489 (England and Wales)
PROJECT LAMP (TOPCO) LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
477,016
477,016
Current assets
Debtors
17
430,816
433,761
Creditors: amounts falling due within one year
18
(28,425)
(28,694)
Net current assets
402,391
405,067
Net assets
879,407
882,083
Capital and reserves
Called up share capital
23
9,587
9,999
Share premium account
759,143
759,555
Other reserves
41,170
40,758
Profit and loss reserves
69,507
71,771
Total equity
879,407
882,083
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £2,677 (2022 - £66,089 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 18 April 2024 and are signed on its behalf by:
18 April 2024
Mr H Sahejpal
Director
Company registration number 11496489 (England and Wales)
PROJECT LAMP (TOPCO) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 11 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2021
9,909
897,415
-
(5,802,662)
(4,895,338)
Year ended 31 July 2022:
Profit and total comprehensive income
-
-
-
1,201,098
1,201,098
Issue of share capital
23
90
-
-
90
Reduction of shares
23
-
(137,860)
-
-
(137,860)
Other movements
-
-
40,758
3,155,360
3,196,118
Balance at 31 July 2022
9,999
759,555
40,758
(1,446,204)
(635,892)
Year ended 31 July 2023:
Loss and total comprehensive income
-
-
-
(1,201,430)
(1,201,430)
Redemption of shares
23
(412)
-
-
-
(412)
Reduction of shares
23
-
(412)
-
-
(412)
Transfers
-
-
412
-
412
Other movements
-
-
-
412
412
Balance at 31 July 2023
9,587
759,143
41,170
(2,647,222)
(1,837,322)
PROJECT LAMP (TOPCO) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 12 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2021
9,909
897,415
-
907,324
Year ended 31 July 2022:
Loss and total comprehensive income for the year
-
-
-
(66,089)
(66,089)
Issue of share capital
23
90
-
-
90
Reduction of shares
23
-
(137,860)
-
-
(137,860)
Other movements
-
-
40,758
137,860
178,618
Balance at 31 July 2022
9,999
759,555
40,758
71,771
882,083
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
-
(2,676)
(2,676)
Redemption of shares
23
(412)
-
-
-
(412)
Reduction of shares
23
-
(412)
-
-
(412)
Transfers
-
-
412
-
412
Other movements
-
-
-
412
412
Balance at 31 July 2023
9,587
759,143
41,170
69,507
879,407
PROJECT LAMP (TOPCO) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
3,217,489
6,205,814
Interest paid
(896,662)
(234,130)
Income taxes paid
(646,087)
(314,942)
Net cash inflow from operating activities
1,674,740
5,656,742
Investing activities
Purchase of tangible fixed assets
(128,163)
(127,681)
Interest received
643
Net cash used in investing activities
(128,163)
(127,038)
Financing activities
Proceeds from issue of shares
-
400
Amount paid to director for loan notes
-
(390,000)
Repayment of borrowings
(1,531,411)
(3,407,500)
Net cash used in financing activities
(1,531,411)
(3,797,100)
Net increase in cash and cash equivalents
15,166
1,732,604
Cash and cash equivalents at beginning of year
4,021,260
2,288,656
Cash and cash equivalents at end of year
4,036,426
4,021,260
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 14 -
1
Accounting policies
Company information
Project Lamp (Topco) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Acton Banks Healthcare Staffing, Wolverhampton Science Park, Glaisher Drive, Wolverhampton, WV10 9RU.
The group consists of Project Lamp (Topco) 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 Project Lamp (Topco) 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 July 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.
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 15 -
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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of professional services is recognised by reference to the staff hours delivered. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent it is possible expenses recognised will be recovered.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
1.7
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:
Plant and equipment
33% straight line
Fixtures and fittings
20% straight line
Computers
20% - 33% 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.
1.8
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, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 16 -
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 17 -
The company only enters into basic financial instrument transaction that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 18 -
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Consolidated Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one of other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the Consolidated Statement of Comprehensive Income over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
1.18
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Healthcare recruitment services
15,528,586
26,109,093
2023
2022
£
£
Other revenue
Interest income
-
643
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 19 -
4
Exceptional item
2023
2022
£
£
Expenditure
Exceptional item
15,903
46,824
15,903
46,824
Exceptional items in current year relate to costs associated with the loan note listing and redemption of loan notes. Cost in prior year relate to costs associate with the exit of one of the Directors through a debt for equity swap arrangement with the individual's loan notes and accrued loan note interest being written off as part of the settlement.
5
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
107,400
124,406
Amortisation of intangible assets
1,509,998
1,509,998
Operating lease charges
65,299
93,855
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
23,000
28,000
For other services
All other non-audit services
15,000
16,875
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
3
3
3
3
Administration
43
47
-
-
Total
46
50
3
3
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
7
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,745,581
1,829,436
-
Social security costs
174,809
184,749
-
-
Pension costs
50,530
73,596
1,970,920
2,087,781
-
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
359,392
459,695
Company pension contributions to defined contribution schemes
27,155
33,963
386,547
493,658
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
9
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
643
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
643
10
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
899,681
234,130
Other finance costs:
Other interest
(3,019)
-
Total finance costs
896,662
234,130
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 21 -
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
195,874
623,767
Adjustments in respect of prior periods
9,176
2,549
Total current tax
205,050
626,316
Deferred tax
Origination and reversal of timing differences
(100,648)
103,538
Total tax charge
104,402
729,854
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
(Loss)/profit before taxation
(1,097,028)
1,930,952
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(274,257)
366,881
Tax effect of expenses that are not deductible in determining taxable profit
28,727
65,972
Tax effect of income not taxable in determining taxable profit
(1,362)
Adjustments in respect of prior years
9,845
(10,636)
Effect of change in corporation tax rate
(37,690)
-
Group relief
140,605
Permanent capital allowances in excess of depreciation
(38,317)
Deferred tax adjustments in respect of prior years
28,014
Fixed asset differences
(7,278)
Deferred tax
(100,648)
Nont-tax deductible amortisation of goodwill and impairment
377,499
286,901
Taxation charge
104,402
729,854
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 22 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
14,940,053
Amortisation and impairment
At 1 August 2022
5,727,020
Amortisation charged for the year
1,509,998
At 31 July 2023
7,237,018
Carrying amount
At 31 July 2023
7,703,035
At 31 July 2022
9,213,033
The company had no intangible fixed assets at 31 July 2023 or 31 July 2022.
13
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 August 2022
80,828
47,845
460,710
589,383
Additions
24,843
103,320
128,163
At 31 July 2023
105,671
47,845
564,030
717,546
Depreciation and impairment
At 1 August 2022
78,930
38,857
239,928
357,715
Depreciation charged in the year
3,495
5,450
98,455
107,400
At 31 July 2023
82,425
44,307
338,383
465,115
Carrying amount
At 31 July 2023
23,246
3,538
225,647
252,431
At 31 July 2022
1,898
8,988
220,782
231,668
The company had no tangible fixed assets at 31 July 2023 or 31 July 2022.
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 23 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
477,016
477,016
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2022 and 31 July 2023
477,016
Carrying amount
At 31 July 2023
477,016
At 31 July 2022
477,016
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 24 -
15
Subsidiaries
Details of the company's subsidiaries at 31 July 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Project Lamp (midco) Limited
Wolverhampton Science Park, Glaisher Drive, WV10 9RU
Ordinary
100.00
-
Elite Medical Staffing Limited
Wolverhampton Science Park, Glaisher Drive, WV10 9RU
Ordinary
0
100.00
Acton Banks Limited
Wolverhampton Science Park, Glaisher Drive, WV10 9RU
Ordinary
0
100.00
NB Healthcare Solutions Limited
Grosvenor House, St Pauls Square, Birmingham, England, B3 1RB
Ordinary
0
100.00
Acton Banks Home Care Limited
Wolverhampton Science Park, Glaisher Drive, WV10 9RU
Ordinary
0
100.00
The Group agrees to guarantee the liabilities of Acton Banks Home Care Limited, thereby allowing this company to take exemption from an audit under Section 479A of the Companies Act 2006.
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
22,968
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,415,611
3,431,933
Corporation tax recoverable
51,921
Amounts owed by group undertakings
-
-
429,900
429,900
Other debtors
6,286
164,928
916
3,861
Prepayments and accrued income
140,733
98,897
1,614,551
3,695,758
430,816
433,761
Deferred tax asset (note 21)
584,905
484,257
2,199,456
4,180,015
430,816
433,761
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 25 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
62,430
60,000
Amounts owed to group undertakings
28,425
28,694
Corporation tax payable
389,116
Other taxation and social security
326,300
309,794
-
-
Other creditors
10,933
66,726
Accruals and deferred income
4,587,901
4,860,747
4,987,564
5,686,383
28,425
28,694
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
20
11,064,074
12,595,485
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
11,064,074
12,595,485
Payable after one year
11,064,074
12,595,485
The loan notes are secured by fixed and floating charge over all the property or undertaking of the Company, which was previously payable on 05 October 2023 but a restatement of deed has been agreed and the amount is now repayable on 05 October 2027 and accumulates interest at a rate of 8% per annum which is being rolled up in accruals.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Assets
Assets
2023
2022
Group
£
£
Accelerated capital allowances
584,905
484,257
The company has no deferred tax assets or liabilities.
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
21
Deferred taxation
(Continued)
- 26 -
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 August 2022
(484,257)
-
Credit to profit or loss
(100,648)
-
Asset at 31 July 2023
(584,905)
-
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,530
73,596
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.
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 1p each
530,000
530,000
4,888
5,300
Ordinary B Shares of 1p each
220,155
220,155
2,201
2,201
Ordinary C Shares of 1p each
208,556
249,793
2,498
2,498
958,711
999,948
9,587
9,999
On 1 March 2023, 41,237 Ordinary C Shares of £0.01 each were transferred to other reserves as shares purchased into treasury.
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 27 -
24
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
892
2,100
-
-
Between two and five years
-
4,200
-
-
892
6,300
-
-
26
Controlling party
The ultimate controlling party of the Group and Company, and the most senior parent entity producing publicly available group financial statements at the date of signing the financial statements is Maven UK Regional Buyout LLP group (OC416916). These financial statements are available upon request from Companies House.
27
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(1,201,430)
1,201,098
Adjustments for:
Taxation charged
104,402
729,854
Finance costs
896,662
234,130
Investment income
(643)
Amortisation and impairment of intangible assets
1,509,998
1,509,998
Depreciation and impairment of tangible fixed assets
107,400
124,406
Equity settled share based payment expense
-
40,448
Movements in working capital:
Increase in stocks
(22,968)
-
Decrease/(increase) in debtors
2,133,128
(2,091,063)
(Decrease)/increase in creditors
(309,703)
4,457,586
Cash generated from operations
3,217,489
6,205,814
PROJECT LAMP (TOPCO) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 28 -
28
Analysis of changes in net debt - group
1 August 2022
Cash flows
31 July 2023
£
£
£
Cash at bank and in hand
4,021,260
15,166
4,036,426
Borrowings excluding overdrafts
(12,595,485)
1,531,411
(11,064,074)
(8,574,225)
1,546,577
(7,027,648)
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