Company registration number 07890603 (England and Wales)
JOBANDTALENT UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
JOBANDTALENT UK LIMITED
COMPANY INFORMATION
Directors
Mr J Urdiales Sanchez-Robles
Mr F Navio Garcia
Secretary
Bird & Bird Company Secretaries Limited
Company number
07890603
Registered office
12 New Fetter Lane
London
EC4A 1JP
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
JOBANDTALENT UK LIMITED
CONTENTS
Page
Strategic report
1 - 7
Directors' report
8
Directors' responsibilities statement
9
Independent auditor's report
10 - 12
Profit and loss account
13
Group statement of comprehensive income
14
Group balance sheet
15
Company balance sheet
16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Company statement of cash flows
20
Notes to the financial statements
21 - 39
JOBANDTALENT UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
JOBANDTALENT UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their strategic report for the year ended 31 December 2023. This report has been prepared for Jobandtalent UK Limited (the Group) as a whole, and therefore, gives a greater emphasis to those matters which are significant to Jobandtalent UK Limited and its subsidiary undertakings when viewed as a whole.

 

Our mission is to reshape temporary work by tearing down the barriers to job searching and hiring, harnessing the power of technology and data, and matching great people with great companies directly through our app.

Business Model

Job&Talent is a world-leading marketplace for essential work, matching great people with great companies directly through its platform. Founded in 2009, Job&Talent is reshaping temporary work by tearing down the barriers to job searching and hiring through the power of technology. From easier and faster ways of getting hired, to providing stability and benefits, Job&Talent helps workers feel valued and respected in their roles, while supporting clients with efficient and flexible workforce management solutions.

 

By putting simplicity and fairness at the core of its business model, Job&Talent placed around 310,000 workers in over 3,800 companies in 2023 across a variety of industries including logistics and retail. Headquartered in Madrid, the Group operates in Spain, United Kingdom, United States, Sweden, Norway, Germany, France, Belgium, Portugal, Mexico, and Colombia. For more information, please visit www.jobandtalent.co.uk.

Business Performance

Jobandtalent continued to encounter challenging market conditions in 2023. We have continued to prioritise profitable growth and have made progress in this regard, but there remains significant work to complete. We remain committed to maximising our liquidity position in our marketplace, ensuring the business is well-equipped for commercial success.

 

In terms of financial performance in the UK, our revenues have decreased 13% YoY to £348 million in 2023. This is a result of:

  1. Our prioritisation of profitability vs growth, having conducted a comprehensive review of our client base which culminated in pricing renegotiations and unilateral terminations of unprofitable relationships. As a result, Gross Margin is up to 6.7% in 2023, from 5.8% in 2022.

  2. An external slowdown in demand, with clients placing more conservative orders mostly due to down revisions of their own business forecasts or internalisation of temp workers.

 

Our administrative expenses have decreased significantly in 2023 to £29.4 million (-42% YoY). This is mainly driven by a 1) reduction of personnel baseline, by shifting to a more efficient operating model, 2) reduction of marketing investment, optimising workers supply funnel, and 3) positive exchange rate result on non-GBP denominated balance.

 

In the coming year, our focus is to keep improving profitability through three key levers: establishing best practices for Sales Structures, renegotiating pricing with clients, and continuing implementing cost efficiency measures to reduce OPEX, personnel and marketing expenses.

Key performance indicators

The Company's key financial and other performance indicators during the period were as follows:

 

Unit

2023

2022

Turnover

£

347,860,685

399,512,010

Gross Profit

£

23,374,234

23,046,720

Operating Profit/(Loss)

£

(6,057,930)

(27,691,950)

 

JOBANDTALENT UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Long Term Strategy/Business Plan

Jobandtalent remains dedicated to a culture of ongoing innovation, consistently seeking to enhance its service offerings. This unwavering commitment to innovation has been a cornerstone in facilitating the company's remarkable growth in recent years.

 

Going forward, the product development will not only execute cost savings but it will also allow us to grow our client base, scale our operations with a leaner cost-to-serve and integrate new acquisitions smoother and faster.

 

In 2023, we implemented several initiatives to improve our profitability across countries, which will continue into the coming year:

Stakeholders Engagement

Jobandtalent’s stakeholders are its candidates and temporary workers, clients, suppliers, office employees, shareholders, and lenders. The Board develops and encourages long-term relationships with all these groups. The company is committed to being a diverse and inclusive company, actively supporting the communities in which it operates. By delivering a superior service to workers and clients worldwide, Jobandtalent ensures long-term relationships that will drive the success of its entire ecosystem.

Engaging with our Workers

Workers are at the heart of Jobandtalent’s business and the company strives to provide them with the flexibility they value. We engage with them through effective communication channels, a transparent hiring process, feedback procedures, development opportunities, and recognition initiatives.

 

We show appreciation and commitment to our workers by establishing transparency and trust, for example by keeping them updated on the latest job opportunities, company news, and events. We also provide clear and concise information about the hiring process, making sure that people have all information they need so that expectations are aligned from the beginning of their journey with us. At Jobandtalent, we encourage workers to provide feedback on their experiences, and use this feedback to continuously improve our policies and practices. We also offer workers a variety of training and development opportunities to help them advance their skills and stay up-to-date on the latest trends. Last, but not least, we make sure that workers feel acknowledged and appreciated for their hard work and dedication through a variety of initiatives including awards and bonuses.

 

Jobandtalent has continuously invested in its worker-centric marketplace, resulting in enhanced employment and reemployment opportunities for blue collar workers globally and improved satisfaction level throughout 2023, the Group has a proven track record of offering a viable solution that adapts resiliently to current labour market dynamics.

JOBANDTALENT UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Engaging with our Employees

Jobandtalent’s employees are fundamental to the delivery of the company’s vision, mission, strategic and financial promises to its stakeholders. Our mission as a business is to empower the people who make the world go round.

Jobandtalent maintains open communication with its employees through various channels such as team collaborative platforms, company-wide emails, town halls meetings and employee surveys. This allows employees to stay informed about the company's progress and to provide feedback. Additionally, we provide employees with opportunities to develop their skills and advance their careers, such as training and mentorship programs. We also support flexible work arrangements, including remote work options, to accommodate the employee’s needs.

By engaging with our employees these ways, we create a positive and supportive work environment where employees feel valued and respected. This commitment to employee engagement is evident in high levels of satisfaction and retention metrics.

Engaging with Customers

Jobandtalent exceeds industry standards in client engagement by leveraging technology to streamline the hiring process and offering a comprehensive array of services. The company dedicates time to comprehend each client's unique needs, customising its services accordingly. Known for its prompt responsiveness to client inquiries and requests, Jobandtalent ensures transparent communication about services and pricing, consistently delivers on promises, and actively seeks innovative ways to enhance its offerings and meet client requirements. Committed to fostering a positive client experience, Jobandtalent has cultivated a strong reputation and a devoted customer base.

Principal risks and uncertainties

Description

Mitigation

Key third-party technology service provider failure

The Group's operations depend on the effective

functioning of third-party IT systems, encompassing

network infrastructure, software, and content

delivery processes. A noteworthy disturbance to

these systems or services holds the potential for a

substantial impact on the job marketplace

operations, affecting the ability to fulfil companies'

requests. Consequently, this may adversely

influence the Group's reputation and financial

performance. Notably, a significant service

disruption, such as a distributed denial of service

(DDoS) attack, poses a material threat to the

business. This could manifest in processing delays,

data loss, or even a complete outage of the

platform, with the potential to harm the company's

reputation and result in financial setbacks.

 

  • The Group has undertaken continuous enhancements to its business continuity capabilities throughout its head office, customer care operations, and company sites. This involves the creation and testing of disaster recovery plans, as well as ensuring the availability of essential resources to effectively address disruptions.

  • All prospective suppliers undergo a thorough vetting process before onboarding, with ongoing monitoring of their performance. This rigorous approach ensures collaboration only with suppliers meeting the company's elevated standards of quality and reliability.

  • The teams overseeing the technology platforms have devised plans to either reduce dependency on or enhance the resilience of higher-risk systems. Additionally, an internal audit has been conducted to identify any deficiencies or vulnerabilities in the third-party risk management processes of the Group.

 

JOBANDTALENT UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

Key commercial relationships

The Group depends on its clientele and the

established partnerships to meet the demands for

temporary workers. The potential loss of these

relationships poses a significant threat that could

adversely affect the business.

 

  • The Group addresses this risk by cultivating robust relationships with client companies and delivering high-quality services. Furthermore, strategic investments in technology and process enhancements are made to bolster efficiency and reliability.

  • A key risk mitigation strategy involves diversifying the commercial portfolio across numerous clients rather than relying heavily on a limited number of players. This approach minimises the potential economic impact should the Group lose any specific client or group of clients.

  • Industry diversification is also prioritised to establish commercial partnerships across different sectors, mitigating the risk of negative impacts on a specific industry due to unforeseen circumstances. This comprehensive strategy enhances the Group's resilience in the face of potential challenges.

Cyber and data security

The Group demonstrates a commitment to

safeguarding the personal data of its workers,

companies, and employees. Recognizing the

potential misuse of sensitive data, including names,

addresses, and Social Security numbers, for

malicious purposes such as ransomware attacks, is a

priority. Failure to effectively protect this

information from security threats may result in

substantial reputational and legal consequences, as

well as financial losses.

  • The Group consistently conducts reviews of its cyber and data security program, ensuring its ongoing relevance and effectiveness. Additionally, there is a steadfast commitment to collaborating with law enforcement agencies for the investigation and prosecution of cyberattacks.

Reputation and brand

The Group regards its reputation as a highly

valuable asset crucial for attracting and retaining

employees, workers, clients, and investors. Any

occurrence of negative publicity or events with the

potential to harm the reputation may have a

substantial impact on the business.

Factors that could detrimentally affect the Group's

reputation include unfavourable or inaccurate

publicity, events beyond its control, or misconduct

by employees, workers, or clients. Safeguarding and

enhancing the Group's reputation is of paramount

importance.

  • The Group has established a structured process for addressing complaints and allegations of misconduct. This ensures comprehensive investigations of all complaints and the implementation of appropriate actions.

  • Rigorous vetting procedures are applied to both prospective workers and clients to maintain a high standard of quality and reliability.

Competition & strategic risk

Several entities operate within the job industry,

providing comparable services. To ensure

sustainable success, the Group must effectively

compete on aspects such as price, quality, and

features.

Establishing and maintaining a competitive position

in each market poses a challenge that may impact

the long-term viability of the business.

  • The Group allocates substantial resources to research and development, aiming to create innovative features and services that align with the needs of both companies and workers. Investment in platform marketing endeavours is made to attract new workers and fulfil job requests from clients. Additionally, a focus is placed on maintaining a superior level of customer service, ensuring the satisfaction and loyalty of existing users.

 

JOBANDTALENT UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

Several factors could influence the Group's ability to

compete effectively, including:

  • Entry of new competitors: The market may witness the entry of new competitors offering lower prices, enhanced features, or a broader range of services.

  • Changes in technology: Technological advancements could pose challenges, especially if a new technology emerges, rendering the current platform obsolete.

  • Customer preferences: Shifting customer preferences, such as a preference for platforms with more features or a superior user experience, could affect the Group's competitive standing.

 

Compliance with regulations

The staffing industry, particularly the operations of

temporary staffing firms, entails specific regulatory

requirements in the UK market. This includes the

necessity for specific licences and adherence to

distinct regulatory frameworks. However, the

Management has not identified any significant risk

or foresees regulatory changes that could compel

the Group to cease operations in the next 12

months.

 

Consequently, the company faces potential

litigation, heightened operational costs, fines,

penalties, as well as the risk of business disruption

and reputational damage due to the

aforementioned regulatory complexities.

  • The Group collaborates closely with advisors specialising in various legal areas, including labour, tax, intellectual property, administrative, and corporate law, among others. This collaborative effort aims to evaluate regulatory risks and tailor the processes to ensure compliance with local UK law.

Financial risk

Historically, the Group has experienced net losses,

and the possibility of such occurrences in the future

remains. This could potentially affect its ability to

access the capital markets and impede the growth

of the business.

  • The Group maintains a Business Plan, regularly monitoring performance on a monthly basis, and aligning employee incentives with its objectives. The Group is supported by its parent company which boasts a robust Balance Sheet, a result of funds raised in preceding years.

Foreign exchange rate exposure

The functional and presentational currency of the

parent company is EUR and the majority of loans

held with our parent company are denominated in

EUR. This gives rise to exposure in fluctuations in

GBP/EUR exchange rates. EUR and GBP currencies

are known for their low volatility and status as two

of the strongest currencies globally.

  • The Group maintains vigilant oversight of the global economic environment, consistently monitoring for potential shifts that could affect its business, particularly in relation to foreign exchange rate fluctuations. A dedicated team of experts systematically tracks these developments and formulates contingency plans to mitigate any identified risks.

  • To enhance financial preparedness, the Group has fortified its planning process by integrating more advanced forecasting models and lead indicators. This strategic approach aims to facilitate better anticipation of foreign exchange rate changes, allowing proactive steps to be taken to mitigate any adverse impacts.

JOBANDTALENT UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Section 172(1) statement

The Directors of JobandTalent UK Limited consider, both individually and together, that they have acted in the way they consider, in good faith, to promote the success of the company for the benefit of its members as a whole in the decision taken during the year ended 31 of December 2023.

On behalf of the board

Mr J Urdiales Sanchez-Robles
Director
7 August 2024
JOBANDTALENT UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -

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

Results and dividends

The results for the year are set out on page 13.

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 J Urdiales Sanchez-Robles
Mr F Navio Garcia
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Energy and carbon report

The company and its subsidiaries are included in the consolidated financial statements of the ultimate parent company, Job and Talent Holding Limited. Energy and carbon reporting is disclosed in the financial statements of the ultimate parent.

Statement of disclosure to auditor

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

On behalf of the board
Mr J Urdiales Sanchez-Robles
Director
7 August 2024
2024-08-07
JOBANDTALENT UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

JOBANDTALENT UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOBANDTALENT UK LIMITED
- 10 -
Opinion

We have audited the financial statements of Jobandtalent Uk Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

JOBANDTALENT UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOBANDTALENT UK LIMITED
- 11 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material 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 stages 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:

 

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.

JOBANDTALENT UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOBANDTALENT UK LIMITED
- 12 -

Use of our report

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

Christopher Hession C.A. (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited
30 July 2024
Chartered Certified Accountants
Statutory Auditor
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
JOBANDTALENT UK LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
Turnover
3
347,860,685
399,512,010
Cost of sales
(324,486,451)
(376,465,290)
Gross profit
23,374,234
23,046,720
Administrative expenses
(29,432,164)
(50,826,387)
Other operating income
-
87,717
Operating loss
5
(6,057,930)
(27,691,950)
Interest receivable and similar income
9
87,480
50,117
Interest payable and similar expenses
10
(14,459,834)
(14,705,340)
Loss before taxation
(20,430,284)
(42,347,173)
Tax on loss
11
605,554
(221,839)
Loss for the financial year
(19,824,730)
(42,569,012)
Loss for the financial year is all attributable to the owners of the parent company.
JOBANDTALENT UK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
£
£
Loss for the year
(19,824,730)
(42,569,012)
Other comprehensive income
-
-
Total comprehensive income for the year
(19,824,730)
(42,569,012)
Total comprehensive income for the year is all attributable to the owners of the parent company.
JOBANDTALENT UK LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 15 -
2023
2022
Notes
£
£
ASSETS
Fixed assets
Goodwill
12
32,903,906
38,135,011
Other intangible assets
12
12,588,140
15,775,454
Total intangible assets
45,492,046
53,910,465
Tangible assets
13
388,042
609,401
45,880,088
54,519,866
Current assets
Debtors
16
87,056,745
105,108,413
Cash at bank and in hand
14,338,977
8,091,173
101,395,722
113,199,586
Total assets
147,275,810
167,719,452
EQUITY
Capital and reserves
Called up share capital
23
1
1
Other reserves
227,882
-
0
Profit and loss reserves
(86,561,968)
(66,737,238)
Total equity
(86,334,085)
(66,737,237)
LIABILITIES
Provisions for liabilities
Deferred tax liability
20
2,570,295
3,175,849
Creditors: amounts falling due after more than one year
18
174,489,671
159,771,315
Creditors: amounts falling due within one year
17
56,549,929
(71,509,525)
Total equity and liabilities
147,275,810
167,719,452
The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
07 August 2024
Mr J Urdiales Sanchez-Robles
Director
Company registration number 07890603 (England and Wales)
JOBANDTALENT UK LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 16 -
2023
2022
Notes
£
£
ASSETS
Fixed assets
Tangible assets
13
86,691
29,965
Investments
14
72,133,045
72,133,045
72,219,736
72,163,010
Current assets
Debtors
16
141,994,775
85,293,405
Cash at bank and in hand
11,160,961
314,933
153,155,736
85,608,338
Total assets
225,375,472
157,771,348
EQUITY
Capital and reserves
Called up share capital
23
1
1
Other reserves
227,882
-
0
Profit and loss reserves
(49,877,863)
(34,508,280)
Total equity
(49,649,980)
(34,508,279)
LIABILITIES
Creditors: amounts falling due after more than one year
18
269,400,752
191,370,331
Creditors: amounts falling due within one year
17
5,624,700
909,296
Total equity and liabilities
225,375,472
157,771,348

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 £15,369,583 (2022 - £18,923,997 loss).

The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
07 August 2024
Mr J Urdiales Sanchez-Robles
Director
Company registration number 07890603 (England and Wales)
JOBANDTALENT UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1
-
(24,168,226)
(24,168,225)
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
(42,569,012)
(42,569,012)
Balance at 31 December 2022
1
-
(66,737,238)
(66,737,237)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(19,824,730)
(19,824,730)
Credit to equity for equity settled share-based payments
22
-
-
227,882
227,882
Transfers
-
227,882
-
227,882
Other movements
-
-
(227,882)
(227,882)
Balance at 31 December 2023
1
227,882
(86,561,968)
(86,334,085)
JOBANDTALENT UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1
-
(15,584,283)
(15,584,282)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(18,923,997)
(18,923,997)
Balance at 31 December 2022
1
-
(34,508,280)
(34,508,279)
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
(15,369,583)
(15,369,583)
Credit to equity for equity settled share-based payments
22
-
-
227,882
227,882
Transfers
-
227,882
-
227,882
Other movements
-
-
(227,882)
(227,882)
Balance at 31 December 2023
1
227,882
(49,877,863)
(49,649,980)
JOBANDTALENT UK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
10,684,491
(48,507,119)
Interest paid
(14,121,226)
(13,637,774)
Income taxes refunded/(paid)
1,717,910
(620,659)
Net cash outflow from operating activities
(1,718,825)
(62,765,552)
Investing activities
Purchase of business
-
(897)
Purchase of intangible assets
-
(802)
Purchase of tangible fixed assets
(91,742)
(381,398)
Proceeds from disposal of tangible fixed assets
3,564
45,466
Interest received
87,480
50,117
Net cash used in investing activities
(698)
(287,514)
Financing activities
Received from parent
18,191,257
77,826,746
Repayment of loans
(10,223,930)
(24,547,837)
Net cash generated from financing activities
7,967,327
53,278,909
Net increase/(decrease) in cash and cash equivalents
6,247,804
(9,774,157)
Cash and cash equivalents at beginning of year
8,091,173
17,865,330
Cash and cash equivalents at end of year
14,338,977
8,091,173
JOBANDTALENT UK LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(65,318,472)
(102,387,354)
Interest paid
(5,292,449)
(2,690,405)
Net cash outflow from operating activities
(70,610,921)
(105,077,759)
Investing activities
Purchase of tangible fixed assets
(85,728)
(27,060)
Proceeds from disposal of subsidiaries
-
0
(7,008)
Interest received
37,802
18,275
Net cash used in investing activities
(47,926)
(15,793)
Financing activities
Repayment of borrowings
81,503,322
105,288,106
Repayment of bank loans
1,553
-
Net cash generated from financing activities
81,504,875
105,288,106
Net increase in cash and cash equivalents
10,846,028
194,554
Cash and cash equivalents at beginning of year
314,933
120,379
Cash and cash equivalents at end of year
11,160,961
314,933
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
1
Accounting policies
Company information

Jobandtalent Uk Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 12 New Fetter Lane, London. EC4A 1JP.

 

The group consists of Jobandtalent Uk 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 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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Jobandtalent Uk Limited together with all entities controlled by the parent company.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

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

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.

 

The group is dependent on the support of its ultimate parent company and wider group to continue as a going concern. Confirmation of this support has been provided and accordingly the directors consider it appropriate to prepare the accounts on a going concern basis.

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.

 

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 22 -

Turnover represents amounts chargeable to clients for employment services provided during the year and is recognised when a right to consideration has been obtained through performance under each contract for the provision of both temporary and permanent staff.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 7-10 years.

 

1.7
Intangible fixed assets other than goodwill

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

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
3 years on a straight line basis
Client portfolio
7 years on a straight line basis
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
fully depreciated in period
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
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.

1.9
Fixed asset investments

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

 

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

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

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 23 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 24 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 25 -
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.

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

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 26 -

The company participates in a share-based payment arrangement granted to its employees and employees of its subsidiaries. The company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense for the group recognised in its consolidated accounts. The directors consider the number of unvested options granted to the company’s employees compared to the total unvested options granted under the group plan to be a reasonable basis for allocating the expense.

 

The expense in relation to options over the ultimate parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

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
Recruitment Service
347,860,685
399,512,010
2023
2022
£
£
Turnover analysed by geographical market
UK
347,860,685
399,512,010
2023
2022
£
£
Other revenue
Interest income
87,480
50,117
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
4
Exceptional item
2023
2022
£
£
Income
Exceptional item - Other operating income
-
87,717
Expenditure
Exceptional item - Admin costs (incl in Admin range)
4,016
296,886
4,016
296,886

In 2022 exceptional income £87,717 relates to the re-imbursement received from a former director .

 

Exceptional costs amounting to £4,016 (2022 - £296,886) were incurred during the year following the acquisition of The Staffing Group Limited and its subsidiary companies. The costs incurred include setting up a call centre to deal with questions on the takeover from temporary workers, fees on early termination of contracts and staff redundancies.

5
Operating loss
2023
2022
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange (gains)/losses
(1,196,433)
7,850,865
Depreciation of owned tangible fixed assets
308,301
428,042
Loss on disposal of tangible fixed assets
1,236
424,644
Amortisation of intangible assets
8,418,419
8,458,391
Share-based payments
227,882
-
Operating lease charges
989,743
1,180,966
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
25,000
35,000
For other services
All other non-audit services
95,000
95,000
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
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
Management and administration
401
462
401
454
Temporary workers supplied to clients
15,111
37,552
26
35
Total
15,512
38,014
427
489

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
316,643,905
369,704,380
13,123,903
5,157,833
Social security costs
21,098,204
25,396,469
1,441,433
711,558
Pension costs
3,883,813
2,806,514
-
0
61,674
341,625,922
397,907,363
14,565,336
5,931,065
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
-
196,038
9
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest receivable from group companies
87,480
50,117
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
87,480
50,117
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
10
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
2,248,247
3,411,864
Interest payable to group undertakings
11,785,308
9,311,183
14,033,555
12,723,047
Other finance costs:
Unwinding of discount on provisions
338,608
1,067,566
Other interest
87,671
914,727
Total finance costs
14,459,834
14,705,340
11
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
-
0
827,393
Deferred tax
Other adjustments
(605,554)
(605,554)
Total tax (credit)/charge
(605,554)
221,839

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

2023
2022
£
£
Loss before taxation
(20,430,284)
(42,347,173)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(3,881,754)
(8,045,963)
Tax effect of expenses that are not deductible in determining taxable profit
43,533
221,618
Tax effect of utilisation of tax losses not previously recognised
(1,498,569)
487,111
Unutilised tax losses carried forward
3,726,459
5,710,614
Adjustments in respect of prior years
-
0
827,393
Permanent capital allowances in excess of depreciation
41,081
57,368
Amortisation on assets not qualifying for tax allowances
1,569,250
1,569,252
Other non-reversing timing differences
(605,554)
(605,554)
Taxation (credit)/charge
(605,554)
221,839
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
12
Intangible fixed assets
Group
Goodwill
Software
Client portfolio
Total
£
£
£
£
Cost
At 1 January 2023
48,913,631
170,720
22,309,840
71,394,191
Disposals
-
0
(155,493)
-
0
(155,493)
At 31 December 2023
48,913,631
15,227
22,309,840
71,238,698
Amortisation and impairment
At 1 January 2023
10,778,620
170,102
6,535,004
17,483,726
Amortisation charged for the year
5,231,105
195
3,187,119
8,418,419
Disposals
-
0
(155,493)
-
0
(155,493)
At 31 December 2023
16,009,725
14,804
9,722,123
25,746,652
Carrying amount
At 31 December 2023
32,903,906
423
12,587,717
45,492,046
At 31 December 2022
38,135,011
618
15,774,836
53,910,465
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
13
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
257
376,018
1,036,027
15,658
1,427,960
Additions
-
0
1,753
89,989
-
0
91,742
Disposals
-
0
(629)
(15,000)
(9,991)
(25,620)
At 31 December 2023
257
377,142
1,111,016
5,667
1,494,082
Depreciation and impairment
At 1 January 2023
257
262,669
547,658
7,975
818,559
Depreciation charged in the year
-
0
52,101
254,545
1,655
308,301
Eliminated in respect of disposals
-
0
(629)
(15,000)
(5,191)
(20,820)
At 31 December 2023
257
314,141
787,203
4,439
1,106,040
Carrying amount
At 31 December 2023
-
0
63,001
323,813
1,228
388,042
At 31 December 2022
-
0
113,349
488,369
7,683
609,401
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Tangible fixed assets (Continued)
- 31 -
Company
Computers
£
Cost
At 1 January 2023
54,841
Additions
85,728
At 31 December 2023
140,569
Depreciation and impairment
At 1 January 2023
24,876
Depreciation charged in the year
29,002
At 31 December 2023
53,878
Carrying amount
At 31 December 2023
86,691
At 31 December 2022
29,965
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
72,133,045
72,133,045
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
72,133,045
Carrying amount
At 31 December 2023
72,133,045
At 31 December 2022
72,133,045
15
Subsidiaries

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

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Subsidiaries (Continued)
- 32 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Jobandtalent Works Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-
Jobandtalent Services Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-
Jobandtalent Advisors Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-
Wymea Group Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-
The Works Staffing Solutions Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
0
100.00
The Red Eagle Group Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-
Red Eagle Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
0
100.00
Unique Employment Services Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-
The Staffing Group Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-
The Staffing Holdings Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
0
100.00
Extra Personnel Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
0
100.00
Single Resource Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
0
100.00
Extra Personnel Automotive Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
0
100.00
TSG Financial Services Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
0
100.00
Training For Talent Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
0
100.00
Jump Staff Ltd
12 New Fetter Lane, London. EC4A 1JP
Ordinary
100.00
-

The investments in subsidiaries are all stated at cost.

The following subsidiary companies are exempt from the requirements of the Companies Act 2006 relating

to the audit of individual accounts by virtue of S479A:-

 

Jobandtalent Works Limited - Company Registered Number - 10123783

Jobandtalent Services Limited - Company Registered Number - 10654381

Jobandtalent Advisors Limited - Company Registered Number - 11345125

Wymea Group Limited - Company Registered Number - 08784878

The Works Staffing Solutions Ltd - Company Registered Number - 05348140

The Red Eagle Group Ltd - Company Registered Number - 05288421

Red Eagle Ltd - Company Registered Number - 05288420

Unique Employment Services Ltd - Company Registered Number - 03595874

The Staffing Group Ltd - Company Registered Number - 05801688

The Staffing Holdings Ltd - Company Registered Number - 04581062

Extra Personnel Ltd - Company Registered Number - 02692139

Single Resource Ltd - Company Registered Number - 04866747

Extra Personnel Automotive Ltd - Company Registered Number - 08586759

TSG Financial Services Ltd - Company Registered Number - 07619129

Training For Talent Ltd - Company Registered Number - 08587061

Jump Staff Limited - Company Registered Number - 09942347

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
22,240,402
61,101,415
239,292
-
0
Corporation tax recoverable
76
1,712,252
-
0
-
0
Amounts owed by group undertakings
63,363,934
40,614,126
140,862,217
84,425,901
Other debtors
182,678
379,907
1,464
184,931
Prepayments and accrued income
607,376
638,434
232,797
23,568
86,394,466
104,446,134
141,335,770
84,634,400
Deferred tax asset (note 20)
662,279
662,279
659,005
659,005
87,056,745
105,108,413
141,994,775
85,293,405

Included in amounts owed by group undertakings are amounts receivable after one year of £9,011,591 (2022 - £1,961,550).

17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
6,721,411
16,945,341
1,553
-
0
Trade creditors
1,012,024
1,324,846
326,438
445,642
Amounts owed to group undertakings
-
0
5,794,702
3,711,798
-
0
Corporation tax payable
498,025
492,291
-
0
-
0
Other taxation and social security
33,736,067
29,710,091
1,120,620
188,385
Other creditors
13,585,299
16,524,581
120,159
64,644
Accruals and deferred income
997,103
717,673
344,132
210,625
56,549,929
71,509,525
5,624,700
909,296
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
19
174,489,671
156,298,414
269,400,752
187,897,430
Other creditors
-
0
3,472,901
-
0
3,472,901
174,489,671
159,771,315
269,400,752
191,370,331
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
6,721,411
16,945,341
1,553
-
0
Loans from group undertakings
174,489,671
156,298,414
269,400,752
187,897,430
181,211,082
173,243,755
269,402,305
187,897,430
Payable within one year
6,721,411
16,945,341
1,553
-
0
Payable after one year
174,489,671
156,298,414
269,400,752
187,897,430

Bank loans consist of amounts advanced under commercial invoice discounting agreements. The advances are secured by a debenture over all of the assets of the group.

20
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
85,342
85,342
3,274
3,274
Tax losses
-
-
659,005
659,005
Client porfolio
2,484,953
3,090,507
-
-
2,570,295
3,175,849
662,279
662,279
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Tax losses
-
-
659,005
659,005
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(Asset) at 1 January 2023
2,513,570
(659,005)
Credit to profit or loss
(605,554)
-
Liability/(Asset) at 31 December 2023
1,908,016
(659,005)
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,883,813
2,806,514

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

22
Share-based payment transactions

The Job and Talent Group operates several share option plans for granting of non-transferable options in the shares of the ultimate holding company, Job and Talent Holding Limited, to certain members at the discretion of the Directors. All options are equity settled. All charges in relation to these schemes are fully recharged on to the subsidiary companies who employ the designated individuals. In order for the employees right to be allotted with the option to vest, certain conditions must be fulfilled.

Details of the share option plans containing designated individuals who are employed by Jobandtalent UK Limited are set out below.

ESOP C:

The framework plan, signed with an initial date in October 2019, consists of obtaining the rights to purchase options on ordinary shares by the beneficiary of the Group’s ultimate parent company in the UK, Job and Talent Holding Limited. The plan amounts to a total of 4,988,791 options, distributed between employees and Directors, with a price or “strike price” of €7.5219.

Its vesting or accrual period is four years from the start date, with a minimum period of stay in the company of one year and its exercise or settlement is ten years from its concession, being non-transferable.

Within this plan two types of assets are defined:

Options granted are considered as a transaction with payments based on shares, valuing both the services provided and the increase in the equity for the fair value of the equity instruments transferred, as of the date of the concession agreement.

In February 2022 the parent company granted 16,433 ESOP C shares and no expense was recognised in that financial year as no shares had been vested. A valuation by an independent third party has led to a personnel expense of £109,285 in Jobandtalent UK Limited in respect of designated individuals employed by the company and its counterpart in reserves.

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Share-based payment transactions (Continued)
- 36 -
The table below shows the movements which have occurred relating to the designated individuals employed by the company:
Number
Number
2023
2022
Outstanding at the beginning of the year
16,433
-
Granted during the year
-
16,433
Exercised during the year
-
-
Forfeited during the year
-
-
Outstanding at the end of the year
16,433
16,433

ESOP D:

In March 2021 the ultimate parent company Job and Talent Holding Limited granted a total of 3,171,548 “D growth shares” to the founder directors against a receipt of a subscription price of €0.005 per share.

The “ESOP D” works in a similar way and has the same nature as the “ESOP C growth shares”; assets with the nature of shares granted to company employees with a certain category and Directors.

D growth share agreements include a vesting period which is linked to an “Exit Event” or “Share Sale” and contains service conditions. Management has decided to recognise the expense over a four-year vesting period.

The ultimate parent company can choose to repurchase or nominate any person to repurchase at subscription price of €0.005 per share from founders of 1) all the D growth shares if they are Bad Leaver or on an Exit occurring within five years of the date of the First Completion which does not cause the shares to vest, or 2) certain portion of shares based on their service years (Good Leaver provision).

In August 2022 the parent company granted 11,625 ESOP D shares with a “strike price” of €2.5 per share and no expense was recognised in that financial year as no shares had been vested. In the financial year 2023 a further 58,316 shares were granted at a “strike price” of €2.5 per share. A valuation by an independent third party has led to a personnel expense of £118,597 in Jobandtalent UK Limited in respect of designated individuals employed by the company and its counterpart in reserves.

The table below shows the movements which have occurred relating to the designated individuals employed by the company:
Number
Number
2023
2022
Outstanding at the beginning of the year
11,625
-
Granted during the year
58,316
11,625
Exercised during the year
-
-
Forfeited during the year
-
-
Outstanding at the end of the year
69,941
11,625
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Share-based payment transactions (Continued)
- 37 -
Total share scheme expenses recognised in the year
Group
Company
2023
2022
2023
2022
£
£
£
£
Arising from equity settled share based payment transactions
227,882
-
227,882
-
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
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
444,797
658,340
-
-
Between two and five years
610,060
1,038,780
-
-
In over five years
15,959
127,488
-
-
1,070,816
1,824,608
-
-
25
Controlling party

The company's immediate parent is Jobs and Talent S.L, incorporated in Spain.

The ultimate parent is Job and Talent Holding Ltd, incorporated in England and Wales.

The most senior parent entity producing publicly available financial statements is Job and Talent Holding Ltd. These financial statements are available on request from 12 New Fetter Lane, London EC4A 1JP.

JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 38 -
26
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Loss for the year after tax
(19,824,730)
(42,569,012)
Adjustments for:
Taxation (credited)/charged
(605,554)
221,839
Finance costs
14,459,834
14,705,340
Investment income
(87,480)
(50,117)
Loss on disposal of tangible fixed assets
1,236
424,644
Amortisation and impairment of intangible assets
8,418,419
8,458,391
Depreciation and impairment of tangible fixed assets
308,301
428,042
Equity settled share based payment expense
227,882
-
Decrease in provisions
(338,608)
(1,067,566)
Movements in working capital:
Decrease/(increase) in debtors
16,339,492
(8,185,260)
Decrease in creditors
(8,214,301)
(20,873,420)
Cash generated from/(absorbed by) operations
10,684,491
(48,507,119)
27
Cash absorbed by operations - company
2023
2022
£
£
Loss for the year after tax
(15,369,583)
(18,923,997)
Adjustments for:
Finance costs
5,631,057
3,757,971
Investment income
(37,802)
(18,275)
Depreciation and impairment of tangible fixed assets
29,002
13,659
Equity settled share based payment expense
227,882
-
Decrease in provisions
(338,608)
(1,067,566)
Movements in working capital:
Increase in debtors
(56,701,370)
(50,187,176)
Increase/(decrease) in creditors
1,240,950
(35,961,970)
Cash absorbed by operations
(65,318,472)
(102,387,354)
JOBANDTALENT UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
28
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
8,091,173
6,247,804
14,338,977
Borrowings excluding overdrafts
(173,243,755)
(7,967,327)
(181,211,082)
(165,152,582)
(1,719,523)
(166,872,105)
29
Analysis of changes in net debt - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
314,933
10,846,028
11,160,961
Borrowings excluding overdrafts
(187,897,430)
(81,504,875)
(269,402,305)
(187,582,497)
(70,658,847)
(258,241,344)
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