Commercial in confidence
Consolidated
Financial statements
Morgan Hunt Group
Limited
For the year ended 31 March 2024
Company No. 06509363
Commercial in confidence
Morgan Hunt Group Limited
2
Financial statements for the year end 31 March 2024
Contents
Company information
3
Report of the Directors
4 - 6
Strategic Report
7 - 10
Independent auditor's report
11 - 14
Accounting policies
15 - 18
Consolidated statement of profit and loss
19
Consolidated statement of changes in equity
20
Company statement of changes in equity
21
Consolidated statement of financial position
22
Company statement of financial position
23
Consolidated statement of cash flows
24
Notes to the financial statements
25 – 37
Commercial in confidence
Morgan Hunt Group Limited
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Financial statements for the year ended 31 March 2024
Company Information
Directors
R P Fordham
H J R Willis
I Nash
Company Secretary
Oakwood Corporate Secretary Limited
Registered Company Number
06509363
Registered Office Address
3rd Floor
Standon House
21 Mansell Street
London
E1 8AA
Auditor Office Address
Moore Kingston Smith LLP
9 Appold Street
London
EC2A 2AP
Bank Office Address
HSBC UK Bank Plc
1-3 Warwick Street
Worthing
West Sussex
BN11 3DE
Report of the Directors
Commercial in confidence
Morgan Hunt Group Limited
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Financial statements for the year ended 31 March 2024
The directors present their report and the financial statements of the group for the year ended 31 March 2024.
Principal activities and business review
The principal activity of the group is the provision of temporary and permanent recruitment solutions in the United Kingdom. The main trading subsidiary is Morgan Hunt UK Limited.
The principal activity of the parent company is that of a holding company.
Results and dividends
The profit for the year, after taxation amounted to £1.2 million (2023: £0.8 million). No dividends were paid during the year (2023: £nil) to its shareholders.
Directors
The directors who served the parent company during the year, except as otherwise stated, were as follows:
R P Fordham
H J R Willis
I Nash
Oakwood Corporate Secretary Limited acted as the Company Secretary throughout the year.
Directors' responsibilities
The directors are responsible for preparing the Strategic Report and Directors' 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, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 and profit or loss of the company and 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; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that               the company will continue in business.
Report of the Directors (continued)
Commercial in confidence
Morgan Hunt Group Limited
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Financial statements for the year ended 31 March 2024
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors confirm that:
so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and
the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The directors are responsible for preparing the financial statements in accordance with applicable law and regulations. Having taken advice from the Audit Committee, the directors consider the financial statements, taken as a whole, provide the information necessary to assess the company's performance, business model and strategy and are fair, balanced and understandable.
To the best of our knowledge:
the group financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, give a true and fair view of the assets, liabilities, financial position and profit or loss of the company and the undertakings included in the consolidation taken as a whole; and
the Strategic Report and Directors' Report include a fair review of the development and performance of the business and the position of the company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
Directors' and Officers' liability insurance
The Company maintains Directors' and Officers' liability insurance cover which is reviewed annually.
Disabled employees
The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.
Employee involvement
During the year, the policy of providing employees with information about the group has been continued through internal media methods in which employees are encouraged to present their suggestions and views on the group's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas. Employees participate directly in the success of the business through the group's profit sharing schemes.
Report of the Directors (continued)
Going concern
Commercial in confidence
Morgan Hunt Group Limited
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Financial statements for the year ended 31 March 2024
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. The group made a profit of £1.2 million (2023: £0.8 million) and had net liabilities at the balance sheet date of £0.9 million (2023: £2.1 million). The group also maintains a strong cash position and has taken steps during the year to reduce overheads, particularly with respect to its property costs. As a result, the directors believe that the group will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.
The facilities available to the group which are assumed to be available throughout the period, have been reviewed and compared to detailed cash flow forecasts prepared for the period to 31 March 2024. The business is forecast to remain cash generative and there are no anticipated shortfalls in facilities against requirements, nor breaches of covenants.
Information of strategic importance
Information required in accordance with Section 414C(11) of the Companies Act, which would otherwise be required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the directors' report has been included in the Strategic report.
Auditor
Moore Kingston Smith LLP, having expressed their willingness to continue in office, will be deemed reappointed for the next financial year in accordance with Section 487(2) of the Companies Act 2006 unless the Company receives notice under Section 488(1) of the Act.
ON BEHALF OF THE BOARD
R P Fordham
Director
18 July 2024
Commercial in confidence
Morgan Hunt Group Limited
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Financial statements for the year ended 31 March 2024
Strategic Report (continued)
Business review
Financial overview
Turnover for the year ended 31 March 2024 totalled £48.5 million (2023: £50.5 million), resulting in an operating profit of £1.3 million (2023: £1.3 million) before exceptional items and goodwill amortisation of £nil (2023: £nil).
The profit before tax was £1.2 million (2023:£1.1 million) after net interest payable of £0.2 million (2023: £0.3 million).
The directors believe that the underlying trading performance was as anticipated. With our clear strategy of focusing on the current UK market and continued recruitment of high caliber consultants supported by an experienced back office operation, Morgan Hunt is well-placed to deliver a high quality service for candidates, clients and shareholders.
Financial performance
Financial performance for the year has been analysed as follows:
2024
2023
£'000
£'000
Turnover
48,528
50,467
Gross profit
12,441
12,709
Operating charges before exceptionals and goodwill amortisation
(11,092)
(11,368)
Other income
-
-
Operating profit before exceptionals and goodwill amortisation
1,349
1,341
Net interest payable and similar charges charged
(183)
(264)
Profit before taxation
1,166
1,077
Business environment
Economic uncertainty and hesitancy by clients to commit to new hires impacted growth this year.  Despite the many challenges around the economy, the business managed to improve operating profit and productivity when compared to the previous year.  During the year the company has continued to focus on identifying efficiencies across both front and back office using advances in technology to support this. As a result, the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.
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Morgan Hunt Group Limited
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Financial statements for the year ended 31 March 2024
Strategic Report (continued)
Strategy
The group strives to consolidate and expand its reach in the sectors within which it operates.  Increased focus has been placed on client engagement, hiring of high calibre people, driving productivity and maintaining a high quality of service.  These factors are considered vital to achieve the growth strategy and to enable the group to continue to outperform the market and increase its overall market share.
Turnover
Turnover has decreased by 4% year on year. The directors consider the results for the year to be in line with overall performance of the group's markets.
Gross profit
Gross profit for the year of £12.4 million (2023: £12.7 million) equated to gross margin of 26% (2023: 25%).
Operating costs
Total operating costs, excluding amortisation of goodwill and exceptional items decreased by 2%, primarily due to tight cost control and savings associated with lower London office costs.
Management reviews the group's cost base continually, ensuring costs are appropriate for current market conditions and activity.  Notwithstanding, management always strives to maintain the high quality of service and the group's ability to respond to future growth opportunities in both the public and private sectors.
Key performance indicators
Summary of key performance indicators
The directors have monitored the progress of the group strategy and the individual strategic elements by reference to certain financial and non-financial key performance indicators:
2024
2023
Gross profit margin (%)
25.6%
25.2%
Gross profit margin is the ratio of gross profit to sales expressed as a percentage
Productivity ratio (£000)
101
126
Productivity is gross profit divided by total average headcount
Debtor days (days)
43
47
Debtor days are trade debtors divided by turnover multiplied by 365.
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Financial statements for the year ended 31 March 2024
Strategic Report (continued)
Principal business risks
The directors have set out below the principal risks facing the business. The directors are of the opinion that a thorough risk management process is adopted which involves the formal review of all the risks identified below. Where possible, processes are in place to monitor and mitigate such risks.
High proportion of fixed overheads
The majority of the group's costs are salary and related costs, and any significant falls in revenues will also involve a significant reduction in commission. We believe we are well staffed in terms of our current headcount base.  Management closely monitors overheads against budget on a monthly basis.
Variable revenues in a highly competitive market
The markets in which the group operates are highly competitive.  The UK operations rely most significantly on the public sector which has experienced tightening in government public sector budgets, and it remains uncertain as to how the policies of the Labour government will affect funding. Increased business development, client engagement, and ongoing research into new markets should help to mitigate such risks, and to ensure the group is well positioned to benefit from any economic improvement.
Credit quality of trade debtors
The credit quality of UK public sector authorities is good but the directors recognise the risks inherent in the group's exposure with vendor management organisations and other private sector companies.  Credit agencies are used to vet all new clients and constant monitoring and credit control management procedures are in place to mitigate such risks.
Loss of key staff
The loss of key staff can adversely affect any business. The group has an on-going management training programme, of which one of the key aims is to ensure succession planning for key positions.
Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.
Financial risk management objectives and policies
The group uses various financial instruments which include cash, an invoice discounting facility, trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to finance the group's operations.
The main risks arising from the group's financial instruments are interest rate risk and credit risk. The directors review and agree policies for managing each of these risks which are summarised below. These policies have remained unchanged from previous periods.
Interest rate risk
The group is exposed to interest rate fluctuations primarily on its invoice discounting facility. Interest rate risk in respect of debt on the balance sheet is reviewed on a regular basis against forecast interest costs and bank covenants.
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Morgan Hunt Group Limited
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Financial statements for the year ended 31 March 2024
Strategic Report (continued)
Credit risk
The group's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The principal risk arises, therefore, from trade debtors.  In order to manage credit risk, management sets limits for all customers based on a combination of third party credit references and payment history. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.
Future outlook for the business
The directors recognise the ongoing challenges faced by a highly competitive market and tightening of government public sector budgets. The directors are actively seeking ways of mitigating these risks, and believe continued investment in high calibre people with relevant expertise and a broadening of the product offering will help ensure the company is well positioned to benefit from the gradual economic recovery.
ON BEHALF OF THE BOARD
R P Fordham
Director
18th July 2024
Commercial in confidence
Morgan Hunt Group Limited
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Financial statements for the year ended 31 March 2024
Strategic Report (continued)
Opinion
We have audited the financial statements of Morgan Hunt Group Limited (the ‘parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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Independent auditor's report to the members of Morgan Hunt Group Limited (continued)
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
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Independent auditor's report to the members of Morgan Hunt Group Limited (continued)
or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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 the audit:true
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.
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 where 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 set out on pages 4 and 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group's and 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 group or 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
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Independent auditor's report to the members of Morgan Hunt Group Limited (continued)
arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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Independent auditor's report to the members of Morgan Hunt Group Limited (continued)
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the
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Independent auditor's report to the members of Morgan Hunt Group Limited (continued)
assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are [the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation]
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company's members those matters which we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and company's members as a body, for our work, for this report, or for the opinions we have formed.
25 July 2024
Amanda Settle (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP, Statutory Auditor
9 Appold Street
London
EC2A 7AP
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Financial statements for the year ended 31 March 2024
Accounting policies
Company information
Morgan Hunt Group Limited is a Private Limited Company by shares incorporated on the 20th February 2008, the country of incorporation is United Kingdom and the address of its registered office is 3rd Floor, Standon House, 21 Mansell Street, London, United Kingdom, E1 8AA.
Basis of preparation
These financial statements for Morgan Hunt Group Limited for the year ended 31 March 2024 have been prepared with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.
The financial statements are presented in Sterling (£) and rounded to the nearest £000's.
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. The group made an operating profit for the year of £1.3 million (2023: £1.3 million) and had net liabilities at the balance sheet date of £0.9 million (2023: £2.1 million). The group also maintains a strong cash position.  During the year, the group has continued its focus on reducing fixed overheads including property and IT costs. As a result, the directors believe that the group will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.true
The facilities available to the group which are assumed to be available throughout the period, have been reviewed and compared to detailed cash flow forecasts prepared for the period to 31 March 2025. The business is forecast to remain cash generative and there are no anticipated shortfalls in facilities against requirements, nor breaches of covenants.
Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. Management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgements in respect of measuring financial instruments. Further information about key assumptions concerning the future, and other key sources of estimation uncertainty, are set out in the notes.
The principal accounting policies are set out below.
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Financial statements for the year ended 31 March 2024
Accounting policies (continued)
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies.
Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over ten years from the year of acquisition. The results of companies acquired or disposed of are included in the group profit and loss account after or up to the date that control passes respectively.
As a consolidated group profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
Turnover
Turnover, which excludes value added tax, comprises the value of services undertaken by the group under its principal activity, which is the provision of recruitment consulting services. This broadly consists of:
turnover from contractor placements, representing fees received and receivable for the services of the contractor staff, being recognised when the service has been provided; and
turnover from permanent placements, representing fees received and receivable as a percentage of the candidate's remuneration package, being recognised when a candidate starts employment.
Intangible assets
Goodwill
Purchased goodwill arising on acquisitions is the difference between the fair value of the purchase consideration and the fair value of the group's share of the identifiable assets and liabilities of the acquired business at the date of acquisition.  Positive goodwill is capitalised and classified as an asset on the balance sheet and amortised over its estimated useful life up to a maximum of 10 years. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently when necessary if circumstances indicate that its carrying value may not be recoverable.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
-
10 years' reducing balance
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
Straight line over the life of the lease
Fixtures & Fittings
-
3 years' straight line
Equipment
-
3 years' straight line
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Financial statements for the year ended 31 March 2024
Accounting policies (continued)
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the group. All other leases are classified as operating leases.
Assets held under finance leases are recognised initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability.  Finance charges are deducted in measuring profit or loss.  Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets.
Taxation
Current tax is recognised for the amount of income tax payable in respect of profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the years in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Invoice discounting
Where debts are invoice discounted the separate presentation treatment proposed by Financial Reporting Standard 102 has been adopted. In accordance with Financial Reporting Standard 102 the gross amount of debts due from customers is included within trade debtors with the advances received from the finance shown as a liability.
Investments
Fixed asset investments are stated at cost less provision for impairment.
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Financial statements for the year ended 31 March 2024
Accounting policies (continued)
Financial instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Holiday pay accrual
Under FRS 102 an accrual for holiday pay is specifically required. The impact of this is deemed to be significant as the company's holiday year is not the same as its financial year, and employees are entitled to carry forward holiday balances to future years.
Share-based payments transactions
Fair value of options granted to employees is recognised as an employee expense on the grant date, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the options. The fair value of the options granted is measured using an option valuation model (Black Scholes valuation model), taking into account the term and conditions upon which the options were granted. The amount recognised on exercise as an expense is adjusted to take into account an estimate of the number of shares that are expected to vest as well as to reflect the actual number of share options that vest, except where forfeiture is due only to share prices not achieving the threshold for vesting.  Options lapsed are expunged from the relevant scheme.
Employee Benefit Trust
The assets and liabilities of the Employee Benefit Trust (EBT) have been included in the consolidated financial statements. Any assets held by the EBT cease to be recognised on the consolidated balance sheet when the assets vest unconditionally in identified beneficiaries.
The costs of purchasing own shares held by the EBT are shown as a deduction against equity. The proceeds from the sale of own shares held increase equity. Neither the purchase nor sale of own shares leads to a gain or loss recognised in the consolidated income statement.
Morgan Hunt Group Limited
21
Financial statements for the year ended 31 March 2024
Consolidated statement of profit and loss
2024
2023
Note
£000
£000
Turnover
1
48,528
50,467
Cost of sales
(36,087)
(37,758)
Gross profit
12,441
12,709
Administrative expenses
2
(11,092)
(11,368)
Operating profit
3
1,349
1,341
Interest payable and similar charges
6
(183)
(264)
Profit on ordinary activities before taxation
1,166
1,077
Tax on profit on ordinary activities
7
12
(255)
Profit for the financial year
21
1,178
822
Profit for the financial year attributable to:
Owners of the parent
1,178
822
1,178
822
The company has taken advantage of section 408 of the Companies Act 2006 not to publish its own
Profit and Loss Account as stated on page 16.
All current year transactions arise from continuing operations.
Shares held by Employee Benefit Trust
Called up share capital
Capital Redemption Reserve
Profit and loss account
Total
£
£
£
£
£
At 1 April 2022
       833
(240)
1,000,957
(3,943,127)
(2,941,577)
Profit for the year
-
-
-
  821,825
821,825
The accompanying accounting policies and notes form part of these financial statements (see pages 15-37).
Morgan Hunt Group Limited
22
Financial statements for the year ended 31 March 2024
Consolidated statement of changes in equity
(240)
At 31 March 2023
       833
1,000,957
(3,121,302)
(2,119,752)
Profit for the year
-
-
-
  1,178,402
1,178,402
At 31 March 2024
       833
      (240)
1,000,957
(1,942,900)
(941,350)
The accompanying accounting policies and notes form part of these financial statements (see pages 15-37).
Morgan Hunt Group Limited
23
Financial statements for the year ended 31 March 2024
Consolidated statement of changes in equity
Called up share capital
Shares held by Employee Benefit Trust
Capital Redemption Reserve
Profit and loss account
Total
£
£
£
£
£
At 1 April 2022
      833
(240)
1,000,957
  178,368
1,179,918
Loss for the year
-
-
-
(38)
(38)
At 31 March 2023
      833
(240)
1,000,957
178,330
1,179,880
Loss for the year
-
-
-
(7,640)
(7,640)
At 31 March 2024
      833
(240)
1,000,957
170,690
1,172,240
The accompanying accounting policies and notes form part of these financial statements (see pages 15-37).
Morgan Hunt Group Limited
24
Financial statements for the year ended 31 March 2024
Consolidated statement of financial position
2024
2023
Note
£000
£000
Fixed assets
Intangible assets
9
-
1
105
Tangible assets
10
67
106
67
Current assets
Debtors
12
7,990
7,948
585
Cash at bank and in hand
567
8,557
8,533
Creditors: amounts falling due within one year
14
(9,565)
(8,170)
Net current (liabilities)/assets
363
(1,008)
Total assets less current (liabilities)/assets
(941)
469
Creditors: amounts falling due after more than one year
15
-
(2,588)
(2,119)
Net liabilities
(941)
Capital and reserves
Called-up equity share capital
19
1
1
Shares held by Employee Benefit Trust
19
-
-
Capital redemption reserve
20
1,001
1,001
Profit and loss account
21
(1,943)
(3,121)
(2,119)
Shareholders' deficit
(941)
These financial statements were approved by the directors and authorised for issue on 18th July 2024, and are signed on their behalf by:
R P Fordham
Director
Company number: 06509363
The accompanying accounting policies and notes form part of these financial statements (see pages 15-37).
Morgan Hunt Group Limited
25
Financial statements for the year ended 31 March 2024
Company statement of financial position
2024
2023
Note
£000
£000
Fixed assets
1,032
Investments
11
1,032
Current assets
Debtors
12
1,000
1,000
1
Cash at bank
1
1,001
1,001
Creditors: amounts falling due within one year
14
(861)
(853)
Net current assets
148
140
1,180
Net assets
1,172
Capital and reserves
Called-up equity share capital
19
1
1
Shares held by Employee Benefit Trust
19
-
-
Capital redemption reserve
20
1,001
1,001
Profit and loss account
21
170
178
1,180
Shareholders' funds
1,172
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 £7,640 (2023: £39).
These financial statements were approved by the directors and authorised for issue on 18 July 2024, and are signed on their behalf by:
R P Fordham
Director
Company number: 06509363
The accompanying accounting policies and notes form part of these financial statements (see pages 15-37).
Morgan Hunt Group Limited
26
Financial statements for the year ended 31 March 2024
Consolidated statement of cash flows
2024
2023
Note
£000
£000
Cash flows from operating activities
Profit for the financial year
1,178
822
Adjustments for:
  Amortisation of intangible assets
1
26
  Depreciation of tangible assets
79
85
  Interest expense
183
264
  Taxation
(12)
255
  Non cash expense related interest adjustment
-
119
  Decrease in trade and other receivables
257
833
  (Increase)/decrease in invoice discounting utilisation
(1,075)
255
  Decrease/(increase) in trade payables
296
(2,688)
Cash from operations
907
(29)
Income taxes paid
(289)
(199)
Net cash generated from operating activities
618
(228)
Cash flows from investing activities
Purchase of tangible assets
(41)
(37)
Net cash used in investing activities
(41)
(37)
Cash flows from financing activities
Interest Paid
(264)
Repayment of borrowings/bank loans
(183)
-
(412)
Net cash used in financing activities
(595)
(264)
Net increase in cash and cash equivalents
(18)
(529)
Cash and cash equivalents at beginning of year
                    585
        1,114
Cash and cash equivalents at end of year
567
585
Morgan Hunt Group Limited
27
Financial statements for the year ended 31 March 2024
Notes to the financial statements
1
Turnover
The turnover and loss on ordinary activities before taxation are attributable to the one principal activity of the group. An analysis of turnover is given below:
2024
2023
£000
£000
United Kingdom
48,528
50,467
2
Other operating charges
2024
2023
£000
£000
Administrative expenses
11,092
11,368
3
Operating profit
Operating profit is stated after charging:
2024
2023
£000
£000
Depreciation of owned fixed assets
79
85
Amortisation of software
1
26
Auditor's remuneration:
  - Audit fees payable in respect of the subsidiary companies
45
45
  - Fees payable in respect of Corporation tax compliance
5
6
Operating lease costs:
  - Land and buildings
331
449
The total auditor fees payable by the Group, excluding VAT and payments for expenses and benefits in kind, to our principal auditors, Moore Kingston Smith, for the audit of the Group's subsidiaries include fees for the statutory audit of the subsidiaries, and for the work performed by the principal auditors in respect of the subsidiaries for the purpose of the consolidated financial statements of the Group.
Morgan Hunt Group Limited
28
Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
4
Particulars of employees and agency workers
The average number of staff employed and temporary workers remunerated by the group during the financial year were as follows:
2024
2023
No.
No.
Number of administrative staff
22
21
Number of sales staff
99
98
Number of management staff
7
7
128
126
In addition, as a provider of recruitment solutions, the company engaged under contracts for services 800 (2023: 868) temporary workers during the year.
The aggregate payroll costs of the above were:
2024
2023
£000
£000
Wages and salaries
7,498
7,537
Social security costs
805
853
8,303
8,390
Included within administrative expenses is £254k (2023: £222k) in relation to employee benefits accounted for as a defined contribution plan.
5
Directors
Remuneration in respect of directors was as follows:
2024
2023
£000
£000
Emoluments receivable
1,242
1,155
Emoluments of highest paid director:
Total emoluments (including pension contributions)
239
224
The directors were also issued share options, the details of which are fully disclosed in note 19.
Morgan Hunt Group Limited
29
Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
6
Interest payable and similar charges
2024
2023
£000
£000
Interest payable on bank borrowing
183
146
Interest payable on loan
-
118
183
264
7
Taxation on ordinary activities
(a) Analysis of charge in the year
2024
2023
£000
£000
Current tax:
UK Corporation tax
321
258
Total current tax
321
258
Deferred tax:
Origination and reversal of timing differences
(333)
(3)
(333)
(3)
Tax on loss on ordinary activities
(12)
255
Morgan Hunt Group Limited
30
Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
7
Taxation on ordinary activities (continued)
(b) Factors affecting current tax charge
The tax assessed on the loss on ordinary activities for the year is higher than the standard rate of corporation tax in the UK of 25% (2023: 19%).
2024
2023
£000
£000
Profit/(loss) on ordinary activities before taxation
1,166
1,077
Profit on ordinary activities multiplied by standard rate of corporation tax
292
205
Expenses not deductible for tax purposes
9
59
Income not taxable for tax purposes
(1)
-
Fixed asset differences
-
(6)
Adjustment to closing deferred tax to average rate
-
(3)
Adjustments in respect of prior periods
1
-
Deferred tax not recognised
(313)
-
Total tax
(12)
255
8
Profit attributable to members of the parent company
The loss dealt with in the accounts of the parent company was £7,640 (2023: £39).
Morgan Hunt Group Limited
31
Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
9
Intangible fixed assets
Group
Software
Goodwill
Total
£000
£000
£000
Cost
At 1 April 2023
283
50,802
51,085
Additions
-
-
-
Disposals
-
-
-
At 31 March 2024
283
50,802
51,085
Depreciation and impairment
At 1 April 2023
282
50,802
51,084
Charge for the year
1
-
1
Disposals
-
-
-
At 31 March 2024
283
50,802
51,085
Net book value
At 31 March 2024
-
-
-
At 31 March 2023
1
-
1
Amortisation of intangible fixed assets is included in administrative expenses.
Morgan Hunt Group Limited
32
Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
10
Tangible fixed assets
Group
Leasehold improvements
Fixtures & fittings
Office equipment
Total
£000
£000
£000
£000
Cost
At 1 April 2023
128
14
297
439
Additions
-
3
38
41
Disposals
-
(1)
-
(1)
At 31 March 2024
128
16
335
479
Depreciation
At 1 April 2023
100
13
221
334
Charge for the year
26
1
52
79
Disposals
-
(1)
-
(1)
At 31 March 2024
126
13
273
412
Net book value
At 31 March 2024
2
3
62
67
At 31 March 2023
28
1
76
105
Depreciation of tangible fixed assets is included in administrative expenses.
Morgan Hunt Group Limited
33
Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
11
Investments
Company
Group companies
£000
Cost
At 1 April 2023 and 31 March 2024
1,032
Net book value
At 31 March 2024
1,032
The company's shareholding in the issued ordinary share capital of subsidiary undertakings is listed below:
Profit/(loss)
Country of registration
Percentage holding
Nature of business
Capital and reserves
for the financial year
£000
£000
Holding company
England and Wales
Morgan Hunt Holdings Limited
         100%
15,812
-
England and Wales
Morgan Hunt UK Limited*
         100%
Recruitment
(80)
   1,186
England and Wales
Consultancy Project Partnership Limited*
         100%
Dormant
-
-
England and Wales
Morgan Hunt Selection Limited*
         100%
Dormant
1
-
England and Wales
Morgan Hunt Millennium Limited*
         100%
Dormant
1
-
* Indirect holding
Consultancy Project Partnership, Morgan Hunt Selection and Morgan Hunt Millennium are dormant companies and exempt from filing with Registrar individual accounts by virtue of s448A of CA'06.
12
Debtors
Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000
Trade debtors
6,977
6,444
-
-
Amounts owed by group undertakings
-
-
1,000
1,000
Other debtors
266
184
-
-
Prepayments and accrued income
449
1,320
-
-
Deferred tax asset (note 13)
298
-
-
-
7,990
7,948
1,000
1,000
Morgan Hunt Group Limited
34
Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
Included within group trade debtors is an amount of £6,977k (2023: £6,444k) subject to invoice discounting.
13
Deferred taxation
The movement in the deferred taxation asset during the year was:
Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000
Balance brought forward
(35)
(38)
-
-
Provision for the year
333
3
-
-
Balance carried forward
298
(35)
-
-
14
Creditors: amounts falling due within one year
Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000
Invoice discounting facility
2,025
3,100
-
-
Trade creditors
228
165
-
-
Amounts due to group undertakings
-
-
859
851
Other taxation and social security
1,957
1,917
1
1
Other creditors
646
32
1
1
Accruals and deferred income
1,856
2,277
-
-
Corporation tax
265
232
-
-
Deferred tax liability (note 13)
-
35
-
-
Loan
2,588
412
-
-
9,565
8,170
861
853
Included within creditors is a loan for £2,588,000 that has no fixed repayment date but is repayable when certain performance criteria have been met. At the year-end those criteria have not been met in full and therefore only £593,000 will be repayable within 12 months.  However, as the company has no unconditional right to defer settlement for at least 12 months after the reporting date, the full amount of the loan is included within creditors: amounts falling due within one year.
Morgan Hunt Group Limited
35
Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
15
Creditors: amounts falling due after more than one year
Creditors include borrowings which are due for repayment as follows:
Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000
Amounts repayable:
Loan
-
2,469
-
-
Interest accrual
-
119
-
-
-
2,588
-
-
An amount of £nil (2023: £119k) was charged as interest for the year.
16
Commitments under operating leases
At 31 March 2024, the group had annual commitments under non-cancellable operating leases as set out below.
Group
2024
2023
£000
£000
Operating leases which expire:
Within 1 year
331
449
Within 2 to 5 years
781
76
1,112
525
17
Capital commitments
There were no capital commitments at 31 March 2024 or at 31 March 2023.
Morgan Hunt Group Limited
36
Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
18
Related party transactions
The Harroway Partnership (GP) Limited, a company associated with the director Hugh Willis, has provided the company with a £3m loan. The loan is repayable from July 2023 and is unsecured. The loan is subordinated only to the Company's invoice discounting facility (provided by HSBC Bank) and shall not be subordinated to any other debt, charge or facility of any sort. The payment made against the loan during the year was £412k (2023: £nil).
19
Share capital
Allotted and called up:
2024
2024
2023
2023
No
£
No
£
Ordinary shares of £0.00001 each
925,251
9
925,251
9
Ordinary 'A' shares of £0.00001 each
48,165,598
482
48,165,598
482
B shares of £0.00001 each
2,639,340
26
2,639,340
26
D shares of £0.00001 each
3
-
3
-
Cancellation of B shares
(1,055,736)
(10)
(1,055,736)
(10)
Issue of F shares
7,899,671
79
7,899,671
79
Issue of F1 shares
24,000,000
240
24,000,000
240
Issue of Capped F1 shares
730,908
7
730,908
7
83,305,035
833
83,305,035
833
For all shares the rights attached are set out in the Particulars and are subject to the terms of the Articles.  With reference to Good leaver provisions for current employees; i) other than a good leaver - shares will be transferred to the Company or person nominated by the Company for total consideration equal to the aggregate acquisition price paid for the Shares, or, if lower, the fair value at the Leaving Date in accordance with the Articles; ii) the total consideration payable in respect of a Good Leaver will be determined in accordance with the Articles.
£12m Hurdle
Good leaver provision
Share Class
Status
Voting
Distribution
Ordinary Shares
In issue
Y
Y
N
N
Ordinary "A" Shares
In issue
N
Y
N
N
"B" Shares
Capped
N
N
n/a
n/a
"D" Shares
Capped
N
N
n/a
n/a
"E" Shares
Cancelled
N
N
n/a
n/a
"F" Shares
In issue
N
Y
Y
Y
"F1" Shares
In issue
Y
Y
Y
Y
Group
2024
2023
£
£
Morgan Hunt Group Limited
37
Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
At 1 April 2023 and 31 March 2024
833
833
833
833
Morgan Hunt Group Limited
38
Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
Morgan Hunt approved an EMI scheme and granted key employees Options to acquire number of shares in the Company at the exercise price. The Option has been granted pursuant to and is subject to the Rules of the Plan.
A reconciliation of share options movements over the year to 31st March 2024 is shown below:
Options granted during
Options
Options
Options
Weighted average
Date of Grant
Scheme
the year ended
reliquished
Granted
remaining as at
exercise price
31st March-24
31st March-24
31st March-24
31st March-24
31st March-24
No.
No.
No.
No.
£
31st October 2019
2016 EMI Scheme
                   
17,907,258
                   
-
                
-
           
17,907,258
                        
179
12th February 2020
2016 EMI Scheme
                     
5,116,359
                   
-
                
-
            
5,116,359
                         
51
31st March 2021
2016 EMI Scheme
                    
(1,461,817)
                   
-
                
-
           
(1,461,817)
                        
(15)
31st March 2022
2016 EMI Scheme
                             
-
          
(1,461,817)
        
1,461,817
                     
-
                        
-
31st March 2023
2016 EMI Scheme
                             
-
          
(1,461,817)
                
-
           
(1,461,817)
                        
(15)
31st March 2024
2016 EMI Scheme
        
1,460,196
            
1,460,196
                         
15
F1 Reserve
2016 EMI Scheme
                     
2,438,200
                   
-
              
1,621
            
2,439,821
                         
25
                   
24,000,000
          
(2,923,634)
        
2,923,634
           
24,000,000
                        
240
All options (except the F1 reserve options) are vested and are exercisable as at 31 March 2024. All options were issued to directors of the group. The management noted that the fair value of these options are not material and therefore the face value is recognised as fair value and accounted accordingly.
20
Capital redemption reserve
2024
2023
£000
£000
At 1 April 2023 and 31 March 2024
1,001
1,001
Redemption of shares
-
-
As at 31 March 2024
1,001
1,001
Group
2024
2023
£000
£000
At 1 April 2023 and 31 March 2024
1,001
1,001
Redemption of shares
-
-
1,001
1,001
This reserve records the nominal value of shares repurchased by the company.
Morgan Hunt Group Limited
39
Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
21
Reserves
Group
Profit and loss account
£000
At 1 April 2023
(3,121)
Profit for the year
1,178
As at 31 March 2024
(1,943)
Company
Profit and loss account
£000
At 1 April 2023
178
Loss for the year
(8)
As at 31 March 2024
170
Profit and loss account includes all current and prior period retained profit and losses.
22
Analysis of changes in net debt
                                   1 April 2023
                                   31 Mar 2024
Cash flows
£000
£000
£000
Net cash:
Cash in hand and at bank
585
(18)
567
Invoice discounting facility
(3,100)
1,075
(2,025)
(2,515)
1,057
(1,458)
Debt:
Debt due within 1 year
(3,000)
412
(2,588)
(3,000)
412
(2,588)
Morgan Hunt Group Limited
40
Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
Net debt
(5,515)
1,469
(4,046)
Morgan Hunt Group Limited
41
Financial statements for the year ended 31 March 2024
Notes to the financial statements (continued)
23
Controlling party
There is no ultimate controlling party. The most significant holdings are as follows:
Handelsbanken
42%
R P Fordham
21%
Intetrust Employee Benefit Trust
34%
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