Company registration number 13800641 (England and Wales)
BROADRIVER EOT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
BROADRIVER EOT LIMITED
COMPANY INFORMATION
Directors
Mr N Collins
D Harvey
Mr I Mitchell
J L Chivers
Secretary
S Winnington
Company number
13800641
Registered office
Compass House Waterside
Hanbury Road
Bromsgrove
Worcestershire
B60 4FD
Auditor
CK Audit
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Business address
Compass House Waterside
Hanbury Road
Bromsgrove
Worcestershire
B60 4FD
BROADRIVER EOT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 31
BROADRIVER EOT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

The company is a holding company under the ownership of an employee ownership trust and does not fully engage in any trade.

 

Our business is operated by a tripartite governance structure, consisting of a corporate trustee, the board of directors, and an employee council. The employee council acts as a channel of communication between the EOT trustee as a shareholder and the wider employee base. Over time, as confidence grows, it is anticipated that the employee council will become a feedback forum, allowing the new 'employee owners' to share their views on the strategy and direction of the business directly with other stakeholders. It will also serve as a conduit for dispersing financial and management information to employee owners. Through this process, the business should gain greater levels of employee engagement, a more committed workforce, increased profitability, and improved employee well-being.

 

In 2023, the trading companies within the Broadriver Group produced satisfactory performance despite ongoing disruption in a number of the Group’s main trading markets, leading to a reduction in sales and profits during the year. Taking everything into account, it has been a satisfactory trading year for the group given the challenging environment. Despite the distractions created by any downturn, the group has progressed in most areas of the business. We re-branded our HR & Payroll system, now known as HARP, and upgraded our online service for Company Information, identeco Business Support Toolkit, along with improvements for the benefit of our employees. Our results reflect the quality of our assets, our technology, and the unique capabilities developed over many years, supported by our executive management teams and the hard work of our committed and capable employees. In this extraordinary time, our employees have worked tirelessly to overcome difficulties and deliver the best results possible for the Group and its customers.

 

Future Outlook

 

Throughout the year the difficult trading conditions within the group improved quarter on quarter, but may take another 12 months to fully correct. Strategically, we are now once again focused on the future and driving sales forward. For some time we have been focused on growing our Order to Cash and Software outsourcing propositions. While we have been successful, these offerings need to take centre stage in our portfolio of services to diversify income sources.

 

BROADRIVER EOT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

Economic climate

Despite disruptions in our main market, inflation, and higher interest rates, demand for our services remained strong. In the year we secured several new opportunities that will help underpin our forecasts going forward, while the aftereffects of market disruption will persist for some time at reduced levels, our proposition to deliver cost-effective services with adaptability and innovation has become more tactical for companies looking to tap into expertise and reallocate precious internal resources towards core competencies. The Directors are confident in the group's ability to supply efficient, quality services while developing opportunities through technology and connected services

 

Liquidity Risk

 

The directors consider that the Group has sufficient current assets to enable it to continue to trade and to pay its liabilities as they become due.

 

Retention of key people

Employee turnover is a major strategic challenge for the group and an important factor in future growth. The Directors take a collaborative and supportive approach to recruitment, employee development, and retention, resulting in low attrition rates for employees who have been with the business for more than twelve months. However, attrition rates are higher in the earlier stages of employment in certain areas of the business due to suitability issues that become apparent during training.

 

Competitor activity

The companies within the group operate in a large and competitive marketplace with numerous high-profile and medium-sized competitors. Our challenge in developing new and existing customers lies in delivering services that offer performance gains, cost-effectiveness, agility, and unique features not readily available elsewhere. The group has invested in services through the development of feature-rich cloud-based software, which keeps customers connected to the service, effortlessly delivering functionality and transparency. We constantly seek to identify customer needs that match our capabilities and offer pricing solutions that account for options available throughout the marketplace

Key performance indicators

The Group business model is extensive and relies on the prompt execution of key tasks, high quality actions and early identification of problems. To ensure consistent performance the Group employs a range of key performance indicators to measure and refine administration processes, enhance employee performance and to improve quality aspects of service delivery.

 

Whilst broadening our offerings. Our focus remains on stabilizing the business, capitalising on improving trading conditions, and leveraging our technological advancements to meet customer needs.

 

2023 was a year of significant challenges and achievements. Our commitment to high-quality service, innovation, and employee involvement has positioned us well for the future. As we continue to navigate the evolving market landscape, we are optimistic about our ability to deliver value to our customers and stakeholders.

 

On behalf of the board

D Harvey
Director
21 August 2024
BROADRIVER EOT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company was that of a holding company and the principal activities of the group were debt collection services.

Results and dividends

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

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N Collins
D Harvey
Mr I Mitchell
J L Chivers
Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
D Harvey
Director
21 August 2024
BROADRIVER EOT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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.

BROADRIVER EOT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BROADRIVER EOT LIMITED
- 5 -
Opinion

We have audited the financial statements of Broadriver EOT 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:

BROADRIVER EOT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BROADRIVER EOT LIMITED
- 6 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

We identified and assessed the risks of material misstatement of the financial statements, in respect of irregularities whether due to fraud or error, or non compliance with laws and regulations and then designed and performed audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company by discussion and enquiry with the directors and management team and our general knowledge and experience of the debt collection industry.

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, and credit and collection guidance;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with relevant regulators and discussing with management;

BROADRIVER EOT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BROADRIVER EOT LIMITED
- 7 -

We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed 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.

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.

Frances Clapham
For and on behalf of
21 August 2024
CK Audit
Chartered Accountants
Statutory Auditor
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
BROADRIVER EOT LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
6,276,582
8,045,559
Cost of sales
(2,403,974)
(2,509,240)
Gross profit
3,872,608
5,536,319
Administrative expenses
(3,002,056)
(3,315,543)
Other operating income
14,108
12,717
Operating profit
4
884,660
2,233,493
Interest receivable and similar income
7
15,688
3,134
Interest payable and similar expenses
8
(300,782)
(135,723)
Profit before taxation
599,566
2,100,904
Tax on profit
9
(141,554)
(450,853)
Profit for the financial year
458,012
1,650,051
Profit for the financial year is attributable to:
- Owners of the parent company
474,911
1,645,949
- Non-controlling interests
(16,899)
4,102
458,012
1,650,051
BROADRIVER EOT LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Year
Period
ended
ended
31 December
31 December
2023
2022
£
£
Profit for the year
458,012
1,650,051
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
458,012
1,650,051
Total comprehensive income for the year is attributable to:
- Owners of the parent company
474,911
1,645,949
- Non-controlling interests
(16,899)
4,102
458,012
1,650,051
BROADRIVER EOT LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
10
9,175,410
9,685,478
Other intangible assets
10
83,462
37,473
Total intangible assets
9,258,872
9,722,951
Tangible assets
11
1,179,063
931,422
10,437,935
10,654,373
Current assets
Stocks
14
2,000,839
1,647,968
Debtors falling due after more than one year
15
160,000
111,925
Debtors falling due within one year
15
717,495
1,271,262
Cash at bank and in hand
1,748,538
1,836,589
4,626,872
4,867,744
Creditors: amounts falling due within one year
16
(2,173,144)
(2,541,196)
Net current assets
2,453,728
2,326,548
Total assets less current liabilities
12,891,663
12,980,921
Creditors: amounts falling due after more than one year
17
(10,513,337)
(11,115,674)
Provisions for liabilities
Deferred tax liability
20
270,263
215,196
(270,263)
(215,196)
Net assets
2,108,063
1,650,051
Capital and reserves
Called up share capital
-
0
-
0
Profit and loss reserves
2,120,860
1,645,949
Equity attributable to owners of the parent company
2,120,860
1,645,949
Non-controlling interests
(12,797)
4,102
2,108,063
1,650,051
BROADRIVER EOT LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
21 August 2024
D Harvey
Director
Company registration number 13800641 (England and Wales)
BROADRIVER EOT LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
14,054,270
14,054,270
Current assets
Debtors
15
500
-
0
Creditors: amounts falling due within one year
16
(1,504,594)
(600,000)
Net current liabilities
(1,504,094)
(600,000)
Total assets less current liabilities
12,550,176
13,454,270
Creditors: amounts falling due after more than one year
17
(10,500,000)
(11,100,000)
Net assets
2,050,176
2,354,270
Capital and reserves
Called up share capital
-
0
-
0
Profit and loss reserves
2,050,176
2,354,270
Total equity
2,050,176
2,354,270

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 £304,094 (2022 - £2,354,270 profit).

The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
21 August 2024
D Harvey
Director
Company registration number 13800641 (England and Wales)
BROADRIVER EOT LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 14 January 2022
-
0
-
0
-
-
-
Period ended 31 December 2022:
Profit and total comprehensive income
-
1,645,949
1,645,949
4,102
1,650,051
Balance at 31 December 2022
-
0
1,645,949
1,645,949
4,102
1,650,051
Year ended 31 December 2023:
Profit and total comprehensive income
-
474,911
474,911
(16,899)
458,012
Balance at 31 December 2023
-
0
2,120,860
2,120,860
(12,797)
2,108,063
BROADRIVER EOT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 14 January 2022
-
0
-
0
-
Period ended 31 December 2022:
Profit and total comprehensive income for the period
-
2,354,270
2,354,270
Balance at 31 December 2022
-
0
2,354,270
2,354,270
Year ended 31 December 2023:
Profit and total comprehensive income
-
(304,094)
(304,094)
Balance at 31 December 2023
-
0
2,050,176
2,050,176
BROADRIVER EOT LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,559,272
1,457,589
Interest paid
(300,782)
(135,723)
Income taxes paid
(400,904)
-
0
Net cash inflow from operating activities
857,586
1,321,866
Investing activities
Purchase of intangible assets
(54,386)
(10,242,583)
Purchase of tangible fixed assets
(303,722)
(983,184)
Interest received
15,688
3,134
Net cash used in investing activities
(342,420)
(11,222,633)
Financing activities
Proceeds from other borrowings
-
8,100,000
Proceeds from new bank loans
-
3,600,000
Repayment of bank loans
(600,000)
-
Payment of finance leases obligations
(3,217)
37,356
Net cash (used in)/generated from financing activities
(603,217)
11,737,356
Net (decrease)/increase in cash and cash equivalents
(88,051)
1,836,589
Cash and cash equivalents at beginning of year
1,836,589
-
0
Cash and cash equivalents at end of year
1,748,538
1,836,589
BROADRIVER EOT LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
889,140
7,734,582
Interest paid
(289,140)
(49,479)
Net cash inflow from operating activities
600,000
7,685,103
Investing activities
Purchase of acquired investments
-
0
(14,054,270)
Dividends received
-
0
2,769,167
Net cash used in investing activities
-
(11,285,103)
Financing activities
Repayment of bank loans
(600,000)
3,600,000
Net cash (used in)/generated from financing activities
(600,000)
3,600,000
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
BROADRIVER EOT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

Broadriver EOT Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Compass House Waterside, Hanbury Road, Bromsgrove, Worcestershire, B60 4FD.

 

The group consists of Broadriver EOT Limited and all of its subsidiaries.

1.1
Reporting period

The Company's prior accounting period was its' first in existence having been incorporated on 14 December 2021. The accounts were prepared up to and including 31 December 2022 in line with the remainder of pre-existing group Companies.

 

The current accounting period reflects a 12-month period to 31 December 2023.

1.2
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.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.4
Basis of consolidation

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

 

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

 

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

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

BROADRIVER EOT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.7
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 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
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:

PR & Branding
10% straight line
1.9
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.

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

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:

Computers
25% straight line
Fixtures and fittings
25% straight line

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

1.10
Fixed asset investments

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

 

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

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

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.12
Stocks

Work in progress, is stated at the lower of cost and estimated selling price less costs to complete and recover. Cost comprises direct costs and, where applicable, those overheads that have been incurred in getting the jobs to their present stage in the process.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated recovery value less costs to complete is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

BROADRIVER EOT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.13
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.

1.14
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.

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.

 

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.

1.15
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BROADRIVER EOT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.16
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.

1.17
Retirement benefits

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

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Work in progress valuation

In preparing work in progress reports management use estimates to assess the likelihood of recovering cost outlaid during the year, held against uncompleted work at the year end. All such estimates are rigorously assessed and tested using extensive KPI reporting metrics within the business which include but are not limited to sector performance data, process success rates, the performance of legal providers and other external contractors. All KPI analysis is current and any change in performance is considered within all key estimates used.

BROADRIVER EOT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Debt collection
6,157,865
7,748,192
Tracing services
118,717
297,367
6,276,582
8,045,559
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
5,482,545
7,380,322
Europe
793,661
664,798
Rest of the World
376
439
6,276,582
8,045,559
2023
2022
£
£
Other revenue
Interest income
15,688
3,134
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
3,350
3,350
Depreciation of owned tangible fixed assets
56,081
51,762
Amortisation of intangible assets
518,465
519,632
5
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
Admin
38
43
4
4
Collectors
58
58
-
-
Total
96
101
4
4
BROADRIVER EOT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,305,959
2,279,782
-
0
-
0
Social security costs
240,140
225,022
-
-
Pension costs
63,296
54,376
-
0
-
0
2,609,395
2,559,180
-
0
-
0
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
342,015
261,065
Company pension contributions to defined contribution schemes
8,843
7,222
350,858
268,287
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
167,385
168,260
Company pension contributions to defined contribution schemes
4,906
4,673
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
15,688
3,134
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
15,688
3,134
BROADRIVER EOT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
300,782
86,244
Other finance costs:
Other interest
-
49,479
Total finance costs
300,782
135,723
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
86,487
378,649
Adjustments in respect of prior periods
-
0
1,385
Total current tax
86,487
380,034
Deferred tax
Origination and reversal of timing differences
55,067
70,819
Total tax charge
141,554
450,853

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

2023
2022
£
£
Profit before taxation
599,566
2,100,904
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
141,018
399,172
Tax effect of expenses that are not deductible in determining taxable profit
-
0
89
Tax effect of utilisation of tax losses not previously recognised
-
0
205
Adjustments in respect of prior years
(7,900)
(12,767)
Permanent capital allowances in excess of depreciation
(469)
(942)
Depreciation on assets not qualifying for tax allowances
117,616
96,119
Research and development tax credit
(108,711)
(80,356)
Deferred tax included at 25%
-
0
49,333
Taxation charge
141,554
450,853
BROADRIVER EOT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
10
Intangible fixed assets
Group
Goodwill
PR & Branding
Total
£
£
£
Cost
At 1 January 2023
10,201,366
41,217
10,242,583
Additions
-
0
54,386
54,386
At 31 December 2023
10,201,366
95,603
10,296,969
Amortisation and impairment
At 1 January 2023
515,888
3,744
519,632
Amortisation charged for the year
510,068
8,397
518,465
At 31 December 2023
1,025,956
12,141
1,038,097
Carrying amount
At 31 December 2023
9,175,410
83,462
9,258,872
At 31 December 2022
9,685,478
37,473
9,722,951
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
11
Tangible fixed assets
Group
Computers
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
951,353
31,831
983,184
Additions
275,341
28,381
303,722
At 31 December 2023
1,226,694
60,212
1,286,906
Depreciation and impairment
At 1 January 2023
44,183
7,579
51,762
Depreciation charged in the year
45,870
10,211
56,081
At 31 December 2023
90,053
17,790
107,843
Carrying amount
At 31 December 2023
1,136,641
42,422
1,179,063
At 31 December 2022
907,170
24,252
931,422
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
BROADRIVER EOT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
14,054,270
14,054,270
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
14,054,270
Carrying amount
At 31 December 2023
14,054,270
At 31 December 2022
14,054,270
13
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Broadriver (Holdings) Limited
England & Wales
Ordinary
100.00
-
Broadriver Limited
England & Wales
Ordinary
-
100.00
Controlaccount Limited
England & Wales
Ordinary
-
100.00
Sinclair Taylor Management Services Limited
England & Wales
Ordinary
-
100.00
Datatrace Consumer Services (UK) Limited
England & Wales
Ordinary
-
75.00
Controlaccount Assist Limited
England & Wales
Ordinary
-
100.00
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
2,000,839
1,647,968
-
-
BROADRIVER EOT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
494,338
1,042,502
-
0
-
0
Purchased debt
108,251
80,000
-
0
-
0
Prepayments and accrued income
114,906
148,760
500
-
0
717,495
1,271,262
500
-
Amounts falling due after more than one year:
Trade debtors
160,000
111,925
-
0
-
0
Total debtors
877,495
1,383,187
500
-
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
600,000
600,000
600,000
600,000
Obligations under finance leases
19
20,802
21,682
-
0
-
0
Trade creditors
238,283
199,727
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
904,594
-
0
Corporation tax payable
94,387
408,804
-
0
-
0
Other taxation and social security
242,331
332,736
-
-
Other creditors
928,009
873,729
-
0
-
0
Accruals and deferred income
49,332
104,518
-
0
-
0
2,173,144
2,541,196
1,504,594
600,000
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
2,400,000
3,000,000
2,400,000
3,000,000
Obligations under finance leases
19
13,337
15,674
-
0
-
0
Other creditors
8,100,000
8,100,000
8,100,000
8,100,000
10,513,337
11,115,674
10,500,000
11,100,000
BROADRIVER EOT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
3,000,000
3,600,000
3,000,000
3,600,000
Payable within one year
600,000
600,000
600,000
600,000
Payable after one year
2,400,000
3,000,000
2,400,000
3,000,000

The long-term loans are secured by fixed charges over the property assets and undertakings of the group.

The long-term bank loans totalling £3m incur interest charged at 3.85% above the Bank of England base rate, with fixed capital repayments of £150,000 per quarter.

19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
20,802
21,681
-
0
-
0
In two to five years
13,337
15,675
-
0
-
0
34,139
37,356
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
270,263
215,196
The company has no deferred tax assets or liabilities.
BROADRIVER EOT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Deferred taxation
(Continued)
- 29 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
215,196
-
Charge to profit or loss
55,067
-
Liability at 31 December 2023
270,263
-
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
63,296
54,376

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
Operating lease commitments

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
122,905
86,633
-
-
Between two and five years
103,295
137,771
-
-
226,200
224,404
-
-
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
618,348
592,452
Transactions with related parties

During the year the group entered into the following transactions with related parties:

BROADRIVER EOT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Related party transactions
(Continued)
- 30 -
Services received
Services provided
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
38,186
34,530
11,430
-

Other related parties represents transactions with companies that have common directors with Broadriver EOT Limited.

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Other related parties
1,296
-

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
2,246
-
24
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
458,012
1,650,051
Adjustments for:
Taxation charged
141,554
450,853
Finance costs
300,782
135,723
Investment income
(15,688)
(3,134)
Amortisation and impairment of intangible assets
518,465
519,632
Depreciation and impairment of tangible fixed assets
56,081
51,762
Movements in working capital:
Increase in stocks
(352,871)
(1,647,968)
Decrease/(increase) in debtors
505,692
(1,383,187)
(Decrease)/increase in creditors
(52,755)
1,683,857
Cash generated from operations
1,559,272
1,457,589
BROADRIVER EOT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
25
Cash generated from operations - company
2023
2022
£
£
(Loss)/profit for the year after tax
(304,094)
2,354,270
Adjustments for:
Finance costs
289,140
49,479
Investment income
-
0
(2,769,167)
Movements in working capital:
Increase in debtors
(500)
-
Increase in creditors
904,594
8,100,000
Cash generated from operations
889,140
7,734,582
26
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,836,589
(88,051)
1,748,538
Borrowings excluding overdrafts
(3,600,000)
600,000
(3,000,000)
Obligations under finance leases
(37,356)
3,217
(34,139)
(1,800,767)
515,166
(1,285,601)
27
Analysis of changes in net debt - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Borrowings excluding overdrafts
(3,600,000)
600,000
(3,000,000)
28
Prior period adjustment

In 2022 an accounting entry in the accounts of Broadriver (Holdings) Limited, regarding payments for investments was incorrectly shown as an increase in investments, when it represented a payment of amounts owing to former shareholders. the amount of £116,400 has been corrected and has no impact on the profit or loss or net assets at 31 December 2022. The effect on the consolidated accounts is that this has reduced the cost of goodwill and the balance due to other creditors < 1year at 31 December 2022.

 

Debtors due more one year of £111,925 have also been shown on the face of the balance sheet. These were not separated in the previous year.

Reconciliation of changes in equity - group
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr N CollinsD HarveyMr I MitchellJ L ChiversS 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