Company registration number 06969972 (England and Wales)
UMI HOLDINGS LIMITED
ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
UMI HOLDINGS LIMITED
COMPANY INFORMATION
Directors
S M Allen
N Clark
S J P Goon
S McCreedy
Secretary
B A Tindale
Company number
06969972
Registered office
Navigators Point
Belmont Business Park
Durham
DH1 1TW
Auditor
Sumer Auditco Limited
Unit 2
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
UMI HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
UMI HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

 

Principal activity and review of the business

 

UMi makes it easier for businesses to go further and we do that by taking the hard work out of finding and using the best business support and funding. Through its trading subsidiaries, UMi provides support to individuals just starting out through to owner-managers in the most established businesses, manages grant and loan funds, and delivers an on-demand service through its “Sat Nav” product. By the year ending 31 March 2024, UMi had supported over 600,000 businesses who have benefitted from over £300m in investment, which has leveraged over £600m in private sector investment and facilitated over £180m in contract wins.

Review of the business

The Group results for the year ended 31 March 2024, summarised below, reflect the positive financial impact of UMi’s ongoing focus on all stakeholders and our investment in people, product, and improving operational productivity. The full financial benefit of our investment in our Durham facilities will crystalise in YE 2025.

 

Through its day-to-day activities, results, and approach to strategic planning, UMi continues to demonstrate its commitment to always balancing its impact on all stakeholders, not just shareholders. UMi continues to retain its B Corp certification and other key assurance models such as ISO 9001, 14001, and Cyber Essentials Plus.

Principal risks and uncertainties

UMi’s focus on the long term, breadth of services, and passionate team continues to provide confidence in its ability to manage the ongoing risks associated with global and local political and economic uncertainties. Specifically, and as anticipated, the trading period included increased risks associated with uncertainties relating to the UK’s political and economic landscape. The forecasts and strategy for 2024–25 reflect these risks and ensures that we prioritise investment that continues to diversify revenue streams through M&A activity and new product development.

Key performance indicators

UMi measures success based on the following three strategic indicators:

 

 

Evidence of our achievements against each of these success measures are set out in our impact report which can be found at www.weareumi.co.uk

 

UMI HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Future developments

In accordance with the business plan, there has been significant re-investment during the year of the Group's own cash to enhance existing services, partnerships, improve workplace experiences, and drive even greater diversity and long term profitability.

 

The leadership team continues to follow the 5-year route map which states that by 2028, via our own services and partnerships, we will have transformed how easy it is for over 1 million businesses to use the best advice, training, and finance so they can progress further.

 

Post year end the Group acquired control of Innovate NE Limited ("Innovation SuperNetwork"), in line with the strategy to diversify revenue streams and service offerings as noted above.

On behalf of the board

N Clark
Director
16 August 2024
UMI HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

 

During the year the Employee Ownership Fund Directors requested that the UMi Holdings Limited Board make a distribution to fixed beneficiaries of the trust which utilised the bulk of the fund. The accrued payment of £46,715(2023 - £57,723) was made and the payment is shown as a deduction from reserves under the heading 'Payment to Employee Ownership Trust'. See note 18 for further information.

Directors

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

S M Allen
N Clark
S J P Goon
G M Hodgson
(Resigned 29 November 2023)
A A Maccoll
(Resigned 29 November 2023)
S McCreedy
K Oliver
(Resigned 9 February 2024)
Auditor

In accordance with the company's articles, a resolution proposing that Sumer Auditco Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

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

 

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

 

 

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

UMI HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and future developments.

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.

Going concern

The Group has considerable financial resources and, as a consequence, the directors believe that the Group is well placed to manage its business risks successfully and continue in existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of preparation for these financial statements.

 

As highlighted in the strategic report, the directors are aware of the risks and feel they are managed well, and are confident that the associated risks will continue to be mitigated by the balance of revenue streams in the UMi Group's portfolio.

On behalf of the board
N Clark
Director
16 August 2024
UMI HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UMI HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of UMi Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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:

UMI HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UMI HOLDINGS 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.

Capability of the audit in detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

 

The following laws and regulations were identified as being of significance to the entity:

 

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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

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.

Maxine Pott (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
Statutory Auditor
Unit 2
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
16 August 2024
UMI HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
5,432,862
5,622,068
Cost of sales
(285,266)
(357,883)
Gross profit
5,147,596
5,264,185
Administrative expenses
(4,875,935)
(5,690,357)
Exceptional item
4
(130,633)
-
0
Operating profit/(loss)
5
141,028
(426,172)
Interest receivable and similar income
61,239
28,035
Interest payable and similar expenses
9
-
0
(63,000)
Profit/(loss) before taxation
202,267
(461,137)
Tax on profit/(loss)
10
-
0
264,880
Profit/(loss) for the financial year
18
202,267
(196,257)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
UMI HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Profit/(loss) for the year
202,267
(196,257)
Other comprehensive income
Actuarial gain on defined benefit pension schemes
16
-
0
2,336,000
Tax relating to other comprehensive income
-
0
(588,750)
Other comprehensive income for the year
-
0
1,747,250
Total comprehensive income for the year
202,267
1,550,993
Total comprehensive income for the year is all attributable to the owners of the parent company.
UMI HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,427,696
1,484,678
Current assets
Debtors
14
948,646
1,292,223
Cash at bank and in hand
2,446,899
3,489,628
3,395,545
4,781,851
Creditors: amounts falling due within one year
15
(791,084)
(1,389,924)
Net current assets
2,604,461
3,391,927
Net assets
5,032,157
4,876,605
Capital and reserves
Called up share capital
17
16
16
Capital redemption reserve
18
5
5
Profit and loss reserves
18
5,032,136
4,876,584
Total equity
5,032,157
4,876,605
The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
N Clark
Director
Company registration number 06969972 (England and Wales)
UMI HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
6,866,006
6,866,006
Current assets
Debtors
14
21
21
Creditors: amounts falling due within one year
15
(2,623,181)
(2,623,181)
Net current liabilities
(2,623,160)
(2,623,160)
Net assets
4,242,846
4,242,846
Capital and reserves
Called up share capital
17
16
16
Capital redemption reserve
18
5
5
Profit and loss reserves
18
4,242,825
4,242,825
Total equity
4,242,846
4,242,846

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
N Clark
Director
Company registration number 06969972 (England and Wales)
UMI HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
16
5
3,383,314
3,383,335
Year ended 31 March 2023:
Loss for the year
-
-
(196,257)
(196,257)
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
2,336,000
2,336,000
Tax relating to other comprehensive income
-
-
(588,750)
(588,750)
Total comprehensive income
-
-
1,550,993
1,550,993
Payment to Employee Ownership Trust
18
-
-
(57,723)
(57,723)
Balance at 31 March 2023
16
5
4,876,584
4,876,605
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
202,267
202,267
Payment to Employee Ownership Trust
18
-
-
(46,715)
(46,715)
Balance at 31 March 2024
16
5
5,032,136
5,032,157
UMI HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
16
5
4,242,825
4,242,846
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
-
0
Balance at 31 March 2023
16
5
4,242,825
4,242,846
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
-
0
Balance at 31 March 2024
16
5
4,242,825
4,242,846
UMI HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
20
(33,237)
(900,442)
Interest paid
-
0
(63,000)
Income taxes refunded
-
0
265,046
Net cash outflow from operating activities
(33,237)
(698,396)
Investing activities
Purchase of tangible fixed assets
(1,024,016)
(1,444,676)
Proceeds from disposal of tangible fixed assets
-
30,480
Interest received
61,239
28,035
Net cash used in investing activities
(962,777)
(1,386,161)
Financing activities
Payments made to EOT
(46,715)
(57,723)
Net cash used in financing activities
(46,715)
(57,723)
Net decrease in cash and cash equivalents
(1,042,729)
(2,142,280)
Cash and cash equivalents at beginning of year
3,489,628
5,631,908
Cash and cash equivalents at end of year
2,446,899
3,489,628
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

UMi Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Navigators Point, Belmont Business Park, Durham, DH1 1TW.

 

The group consists of UMi Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

UMi Holdings Limited, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.12 of FRS 102 from presenting a company-only statement of cash flows. These consolidated financial statements include a consolidated statement of cash flows which include the cash flows of UMi Holdings Limited.

 

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes.

1.2
Business combinations

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

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company UMi Holdings 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 March 2024. 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

The Group has considerable financial resources and, as a consequence, the directors believe that the Group is well placed to manage its business risks successfully and continue in existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of preparation for these financial statements.

 

As highlighted in the strategic report, the directors are aware of the risks and feel they are managed well, and are confident that the associated risks will continue to be mitigated by the balance of revenue streams in the UMi Group's portfolio.

1.5
Turnover

Revenue arises from services provided, including grant finance management and promotion of public events. Revenue is measured at the fair value of the consideration received or receivable and represents amounts for the sales of services in the normal course of business, net of discounts and other sales-related taxes.

 

Revenue relating to the management of grant funding is recognised in line with the costs incurred over the period of the contract.

 

For events and campaigns run by the business, revenue is recognised in the month that the event is held.

1.6
Tangible fixed assets

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

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

Freehold land and buildings
0 - 20 years straight line
Leasehold improvements
5 years straight line
Fixtures and fittings
5 years straight line
Computers
3 years 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.

UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.7
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.

1.8
Impairment of fixed assets

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

1.9
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.

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.

UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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.

Derecognition of financial liabilities

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

1.10
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.

UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.11
Taxation

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

Current tax

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

Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
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, if considered material to the financial statements.

 

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.

UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.13
Retirement benefits

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

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

 

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

 

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

 

1.14
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment in assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
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.

Determining residual values and useful economic lives of tangible fixed assets

The Group depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management.

 

Judgement is applied by management when determining the residual values of tangible fixed assets. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life.

 

The carrying amount of tangible fixed assets at the reporting date was £2,427,695 (2023 - £1,484,678).

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Provision of services
5,432,862
5,622,068
2024
2023
£
£
Other revenue
Interest income
61,239
28,035

Turnover arose solely in the United Kingdom.

4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional - Dilapidation costs
130,633
-

In July 2023, the company terminated the operating lease in relation to previous head office building based in Seaham. The costs noted above relate to agreed early exit fees and dilapidation costs upon exit of the lease.

5
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging:
Depreciation of owned tangible fixed assets
80,998
39,393
(Profit)/loss on disposal of tangible fixed assets
-
1,489
Operating lease charges
77,004
115,500
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
22,000
22,000
For other services
All other non-audit services
5,000
5,000
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Direct
67
82
-
-
Indirect
29
42
-
-
Direct and indirect employees
96
124
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,068,976
3,611,729
-
0
-
0
Social security costs
238,557
362,466
-
-
Pension costs
338,377
385,722
-
0
-
0
3,645,910
4,359,917
-
0
-
0
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
580,014
552,160
Company pension contributions to defined contribution schemes
122,768
27,370
702,782
579,530

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 5).

UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
218,458
125,363
Company pension contributions to defined contribution schemes
59,459
15,000
9
Interest payable and similar expenses
2024
2023
£
£
Other interest
-
63,000
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(264,880)

The main rate of corporation tax increased to 25% from 1 April 2023 under the Finance Bill 2021. Deferred tax has been provided at the rates expected to be in place when the timing differences reverse.

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

2024
2023
£
£
Profit/(loss) before taxation
202,267
(461,137)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
50,567
(87,616)
Tax effect of expenses that are not deductible in determining taxable profit
11,925
18,186
Tax effect of income not taxable in determining taxable profit
-
0
(1,348)
Unutilised tax losses carried forward
(62,492)
70,778
Research and development tax credit
-
0
(264,880)
Taxation charge/(credit)
-
(264,880)
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 24 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
-
588,750
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 April 2023
1,420,500
3,975
28,886
202,848
1,656,209
Additions
972,606
-
0
-
0
51,410
1,024,016
Transfers
860
-
0
(860)
-
0
-
0
At 31 March 2024
2,393,966
3,975
28,026
254,258
2,680,225
Depreciation and impairment
At 1 April 2023
-
0
1,590
27,451
142,490
171,531
Depreciation charged in the year
38,862
795
123
41,218
80,998
At 31 March 2024
38,862
2,385
27,574
183,708
252,529
Carrying amount
At 31 March 2024
2,355,104
1,590
452
70,550
2,427,696
At 31 March 2023
1,420,500
2,385
1,435
60,358
1,484,678
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
6,866,006
6,866,006
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
UMi Commercial Limited
1
Ordinary
100.00
-
UMi Investment Limited
1
Ordinary
100.00
-
UMi Scotland Limited
2
Ordinary
100.00
-
General Partner UMi Scotland Limited
2
Ordinary
-
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Navigators Point, Belmont Business Park, Durham, DH1 1TW
2
Atrium Business Centre, North Caldeen Road, Coatbridge, Lanarkshire, Scotland, ML5 4EF
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
531,256
130,779
-
0
-
0
Other debtors
23,212
226,532
21
21
Prepayments and accrued income
394,178
934,912
-
0
-
0
948,646
1,292,223
21
21
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
88,808
84,804
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,619,886
2,619,886
Corporation tax payable
3,295
3,295
3,295
3,295
Other taxation and social security
200,397
255,224
-
-
Other creditors
7,821
62,956
-
0
-
0
Accruals and deferred income
490,763
983,645
-
0
-
0
791,084
1,389,924
2,623,181
2,623,181
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
338,377
364,722

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. Contributions totalling £nil (2023 - £58,090) were payable to the fund at the balance sheet date and are included in creditors.

UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Retirement benefit schemes
(Continued)
- 26 -
Defined benefit schemes

Historically certain employees of the Group have participated in the Teeside Pension Fund, a multi-employer defined benefit scheme. The participating employers have agreed a basis for allocating the costs and actuarial risks associated with the scheme, and these financial statements account the Group's share of the scheme as a defined benefit scheme in accordance with that allocation basis.

 

The plan is administered by an independent trustee, who is responsible for ensuring that the plan is sufficiently funded to meet current and future obligations.

 

The Group ceased to be a participating employer in the Teeside Pension Fund on 30 June 2023. A Cessation Valuation was obtained from an independent actuary, Hymans Robertson LLP, and the signatory of the valuation was a Fellow of the Institute and Faculty of Actuaries. The cessation valuation was carried out on a "risk-based" valuation approach using specific cessation assumptions and assumptions in line with those for the previous formal valuation of the Fund. The valuation confirmed that no further scheme contributions were required at date of cessation.

The amounts included in the balance sheet arising from obligations in respect of defined benefit plans are as follows:

2024
2023
Group
£
£
Present value of defined benefit obligations
-
10,879,000
Fair value of plan assets
-
(10,879,000)
Deficit in scheme
-
-
The company had no post employment benefits at 31 March 2024 or 1 April 2023.
Group
2024
2023

Amounts recognised in the profit and loss account

£
£
Current service cost
-
21,000
Net interest on net defined benefit liability/(asset)
-
63,000
Total costs
-
84,000
Group
2024
2023

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
-
(55,000)
Less: calculated interest element
-
301,000
Return on scheme assets excluding interest income
-
246,000
Actuarial changes related to obligations
-
(2,582,000)
Total costs/(income)
-
(2,336,000)
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Retirement benefit schemes
(Continued)
- 27 -
Group
2024

Movements in the present value of defined benefit obligations

£
Liabilities at 1 April 2023
10,879,000
Benefits paid
(261,000)
Contributions
26,500
Other net transactions
(97,500)
Other - cessation release
(10,547,000)
At 31 March 2024
-
Group
2024

Movements in the fair value of plan assets

£
Fair value of assets at 1 April 2023
10,879,000
Benefits paid
(261,000)
Contributions by the employer
26,500
Other net transactions
(97,500)
Other - cessation release
(10,547,000)
At 31 March 2024
-

Fair value of plan assets at the reporting period end

Group
2024
2023
£
£
Equity instruments
-
7,615,300
Property
-
2,502,170
Bonds, cash and other
-
761,530
-
10,879,000

Given the Group ceased to be a participating employer in the Fund during the year, the plan assets and net defined benefit obligations are £nil as at 31 March 2024.

UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
17
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,500
1,500
15
15
Special share of £1 each
1
1
1
1
1,501
1,501
16
16

The Ordinary shares carry one vote per share and are entitled to participate in dividends.

 

The Special share carries no voting rights other than when a restricted resolution is proposed, and has no dividend rights. Any capital distribution is restricted to the amount paid up.

18
Reserves
Profit and loss reserves

Following a purchase of own shares on 22 December 2016, the Company is owned by the UMi Employee Ownership Trust ("EOT") as represented by its corporate trustee, UMi Employee Ownership Trustee Co Limited and is an employee owned company.

 

During the year the Group approved a payment, in line with policy, to the fixed beneficiaries of the EOT totalling £46,715 (2023 - £57,723) and the payments are shown as a deduction from reserves under the heading 'Payment to Employee Ownership Trust'.

 

UMi Holdings Limited does not control the EOT and so it is not included within the consolidated accounts.

 

Capital redemption reserve

 

The capital redemption reserve arose from the Company's purchase of own shares in 2016 and is not distributable.

19
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
2024
2023
2024
2023
£
£
£
£
Within one year
4,106
86,040
-
-
Between two and five years
10,486
23,060
-
-
14,592
109,100
-
-
UMI HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
20
Cash absorbed by group operations
2024
2023
£
£
Profit/(loss) for the year after tax
202,267
(196,257)
Adjustments for:
Taxation charged/(credited)
-
0
(264,880)
Finance costs
-
0
63,000
Investment income
(61,239)
(28,035)
(Gain)/loss on disposal of tangible fixed assets
-
1,489
Depreciation and impairment of tangible fixed assets
80,998
39,393
Pension scheme non-cash movement
-
(19,000)
Movements in working capital:
Decrease/(increase) in debtors
343,577
(59,602)
Decrease in creditors
(598,840)
(436,550)
Cash absorbed by operations
(33,237)
(900,442)
21
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
3,489,628
(1,042,729)
2,446,899
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