Company registration number 11688287 (England and Wales)
LOGICAL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LOGICAL HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr G Scott
Secretary
Dr H Estyn-Jones
Company number
11688287
Registered office
Floor 6, The Lumen
St James Boulevard
Newcastle Helix
Newcastle upon Tyne
Tyne & Wear
NE4 5BZ
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
LOGICAL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 8
Independent auditor's report
9 - 11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 30
LOGICAL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the year ended 31 December 2023.

Fair review of the business

Throughout 2023, Logical Holdings Group have remained committed to the objective of being an exemplar in terms of Corporate Social Responsibility. In October 2023, Scott Logic became a Certified B Corporation™, demonstrating that the company meets high standards of social and environmental impact. In parallel the approach of Marra to create and educate highly experienced fusion teams of experienced software developers with low-code app makers, seasoned delivery managers and creatives, has opened the technology sector in the Northeast up to a diverse and inclusive workforce.

 

At a group level the continued focus to drive efficiencies and synergies between the trading subsidiaries, is setting up a platform to enable faster and more diverse growth for the group in the longer term and restore the base to generate the growth and profitability levels and build an exciting future for all stakeholders.

 

2023 proved to be a challenging year, from a trading perspective, for the Logical Holdings Group, the impacts of the weakening macroeconomic environment recognised in the fourth quarter of 2022 persisted into 2023. Despite Scott Logic, the largest and most mature trading subsidiary of the Group not delivering the revenue growth initially hoped for, sales growth of 7% was achieved and pre-tax profits of £6.3m. A disappointing outcome compared to the previous results we’ve become accustomed to, but still strong and enabling investment into the future journey of the Group.

Principal risks and uncertainties

Our principal risks and uncertainties across the group are: -

 

Talent Attraction and Retention

As a people-driven professional services business, the recruitment and retention of highly capable colleagues is essential to the future of the Group and is given the highest priority. We have continued to invest in our people capabilities.

 

Information Security

As a technology focussed, digitally enabled group, cyber and information security risk poses a specific threat. To address this there is an on-going program of reinforcement of our Info-Sec procedures.

 

Service Assurance

Across the Group specific risks surrounding delivery of both internal and client projects are managed through rigorous project acceptance, management and quality assurance procedures. The Group takes a proactive approach to management of client engagement risk, and the Senior Leadership teams across the trading subsidiaries’ review client risk regularly as an integral part of the management operating model.

 

Financial Risk

Credit risks are mitigated by partnering with creditworthy businesses and managing our portfolio mix across clients and sectors.

 

Foreign currency exposure risks arise on revenues and cash balances denominated in currencies other than sterling. Such balances are monitored on a regular basis and are not currently considered to be a material risk.

The Group is debt free and carries no interest rate risk.

Key activities during the year included ongoing evolution of the internal systems supporting the identification and monitoring of risks, controls and operations, the effectiveness of internal controls and further embedding of the Enterprise Risk Management Framework.

A group wide good corporate governance initiative continues to transform the way colleagues think and work so that all legal entities can thrive through guiding, supporting, and challenging the first line to ‘do the right thing’, through effective education, policies and technology enablers fit for an expanding Group of companies.

 

LOGICAL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

 

 

2023

2022

Revenue

£50.24m

£47.13m

Pre tax profit

£6.36m

£8.28m

Staff numbers

534

454

Promoting the success of the company

The company is required to prepare a statement under Section 172 of the Companies Act 2006.

Under S172, the directors of a company must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

- the likely consequence of any decision in the long term

- the interests of the Company's employees

- the need to foster the Company's business relationships with suppliers, customers and others

- the impact of the Company's operations on the community and the environment

- the desirability of the Company maintaining a reputation for high standards of business conduct; and

- the need to act fairly as between members of the Company.

 

The accompanying Annual Report demonstrates clearly the Company’s operating context, employee considerations, employee engagement, partnership ethos and high standards.

We understand that it is important for us to engage with our stakeholders at all levels in order to gain a better understanding of what areas they are interested in or concerned about, and also how our decisions have impacted them. The Board is updated regularly on stakeholder engagement and this supports the Board in weighing up the likely consequences of any decision in the long term.

There may be some instances where conflicts arise between stakeholders groups. In these circumstances, the Board works to understand the needs and priorities of each stakeholder group. This should then ensure the needs of the stakeholders align with those of the Company, thus increasing the likelihood of the Company achieving longterm sustainable success.

 

On behalf of the board

Mr G Scott
Director
8 July 2024
LOGICAL HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the Group in the year under review was that of software development, consultancy, software products and services.

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £2,276,000. The director does not recommend payment of a further dividend.

Director

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

Mr G Scott
Auditor

In accordance with the company's articles, a resolution proposing that Robson Laidler Accountants Limited be reappointed as auditor of the company will be put to general meeting.

LOGICAL HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Energy and carbon report

Logical Holdings Limited is committed to creating sustainable prosperity and safeguarding the future of the natural environment. Through our largest trading subsidiary (initially), Scott Logic Limited, we aspire not only to mitigate the risk of rising emissions from our own fast-growing business, but also to demonstrate climate leadership amongst our peers, industry and clients by going beyond minimum requirements. We recognise that our global operations have an environmental impact and we are committed to monitoring and reducing our emissions year-on-year; to play our part in tackling the climate crisis. We are also aware of our reporting obligations under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

In 2022 we aligned Scott Logic with the Paris Agreement goal of limiting global warming to 1.5°C compared to pre-industrial levels, with the intention to accelerate our progress towards net zero ahead of 2050. To achieve this, we are focusing both on how we run our business and how we contribute to wider climate action.

We believe that collective action to combat the climate crisis is vital and are taking proactive steps to lead and support the network of businesses committed to fighting the climate crisis. We are an active member of Tech Zero, a UN Race To Zero partner climate action group, and have committed to validated Science Based Targets. We will continue to work with our clients, suppliers, employees, neighbours and local communities to share best practice and help each other safeguard the future of the natural environment.

We have committed to:

 

In 2022, we published these commitments publicly on Scott Logic’s website.

2023 Performance

The following high level observations can be made about our environmental impact in 2023 compared to previous years:

 

LOGICAL HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

Energy Efficiency Initiatives

In the period covered by the report Scott Logic has undertaken the following emissions and energy reduction initiatives:

 

Methodology

The methodology used to calculate the GHG emissions is in accordance with the requirements of the following standards:

 

Following an operational control approach to defining our organisational boundary, our calculated GHG emissions from business activities fall within the reporting period of 1st January 2023 to 31st December 2023.

 

 

LOGICAL HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

Emissions and Energy Usage

 

Emissions Source

Baseline (2021)

2022

2023

Scope 1

Natural gas

13

0

0

Company and leased cars

4

0

0

Total Scope 1

17

0

0

Scope 2

Heating

28

25

50

Electricity

4

18

Total Scope 2 (Market Based)

28

29

68

Scope 3

Purchased goods and services

974

801

645

Capital goods

318

324

0

Fuel and energy related activities

0

0

0

Upstream transportation and distribution

0

0

0

Waste generated in operations

< 1

7

9

Business travel

14

43

149

Employee commuting

163

147

131

Upstream leased assets

0

0

0

Downstream emissions

0

0

0

Other

23

-

-

Total Scope 3

1,492

1,322

934

Total (Market Based)

1,519

1,351

1002

Total Energy Usage (kWh)

288,042

352,159

227,239

Normaliser

tCO2e per FTE

3.8

2.8

1.9

 

 

 

LOGICAL HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Statement of director's responsibilities

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

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.

Charitable donations

Total charitable donations made during the year amounted to £329,094 (2022: £52,780). These donations were made to a number of local charities and other institutions.

During 2023, we engaged the services of a charity consultant to support in the initial drafting of a Charitable Charter. The objective of which is set out below.

“If Logical Holdings is able to support the right causes in the right ways — if they get the why, the how and the what right — they can set in motion a virtuous cycle.

By focusing on the contextual conditions most important to their industry and strategies, Logical Holdings can ensure that their corporate capabilities will be particularly well suited to helping the charitable organisations they support. This will create greater value and social impact than would be possible with funds alone.

By enhancing the value produced by philanthropic efforts in their related field of technology, Logical Holdings can gain a greater improvement in their competitive context. Logical Holdings, its subsidiary companies and the causes they support, can all reap important benefits.”

Initial philanthropic activities under the charter, will commence in 2024 and will be focussed on the support of Altitude Foundation. We will offer (and quantify) both financial and in-kind support. This will enable us to test the fidelity of the overall approach by closely managing the delivery of in-kind activities, the flow of information between entities and gain an initial understanding of the potential return on investment in terms of the social and business value created.

LOGICAL HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
On behalf of the board
Mr G Scott
Director
8 July 2024
LOGICAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LOGICAL HOLDINGS LIMITED
- 9 -
Opinion

We have audited the financial statements of Logical Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise 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 director's 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 director 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 director is 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:

LOGICAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOGICAL HOLDINGS LIMITED
- 10 -
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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has 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.

 

Based on our understanding of the group, we identified that there were no principal risks of non-compliance with laws and regulations central to the company's operations as it does not have to report to a regulatory body and there is no supervisory body which monitors its operations. We also considered those laws and regulations that have a direct impact on the financial statements of the group such as the Companies Act 2006 and UK tax legislation.

 

Audit procedures performed by the engagement team included:

 

Discussions with UK directors and key management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

 

Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;

 

Reviewing relevant meeting minutes;

 

Identifying and testing journal entries based on risk criteria;

 

Testing transactions entered into outside of the group's normal course of business.

 

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion.

LOGICAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LOGICAL HOLDINGS LIMITED
- 11 -

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.

Michael T Moran BA FCA (Senior Statutory Auditor)
For and on behalf of Robson Laidler Accountants Limited
11 July 2024
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
LOGICAL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
Turnover
3
50,242,443
47,127,081
Administrative expenses
(44,996,895)
(38,555,631)
Other operating income
1,487
-
Operating profit
4
5,247,035
8,571,450
Interest receivable and similar income
1,118,127
(294,213)
Interest payable and similar expenses
(132)
(35)
Profit before taxation
6,365,030
8,277,202
Tax on profit
8
(1,250,220)
(1,540,416)
Profit for the financial year
5,114,810
6,736,786
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
LOGICAL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,094,935
1,511,986
Current assets
Debtors
14
7,677,445
7,788,491
Investments
15
2,074,849
1,737,498
Cash at bank and in hand
27,525,195
25,902,210
37,277,489
35,428,199
Creditors: amounts falling due within one year
16
(5,266,797)
(6,317,883)
Net current assets
32,010,692
29,110,316
Total assets less current liabilities
33,105,627
30,622,302
Provisions for liabilities
Deferred tax liability
17
(317)
355,168
317
(355,168)
Net assets
33,105,944
30,267,134
Capital and reserves
Called up share capital
18
20,950
20,950
Share premium account
555
555
Own shares
50,043
50,043
Profit and loss reserves
33,033,496
30,194,686
Equity attributable to owners of the parent company
33,105,044
30,266,234
Non-controlling interests
900
900
33,105,944
30,267,134
The financial statements were approved and signed by the director and authorised for issue on 8 July 2024
08 July 2024
Mr G Scott
Director
Company registration number 11688287 (England and Wales)
LOGICAL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,784
1,012
Investments
12
40,650
40,650
42,434
41,662
Current assets
Debtors
14
6,771,425
5,055,317
Cash at bank and in hand
16,866,502
8,172,129
23,637,927
13,227,446
Creditors: amounts falling due within one year
16
(35,993)
(69,686)
Net current assets
23,601,934
13,157,760
Total assets less current liabilities
23,644,368
13,199,422
Provisions for liabilities
Deferred tax liability
17
446
253
(446)
(253)
Net assets
23,643,922
13,199,169
Capital and reserves
Called up share capital
18
20,950
20,950
Share premium account
555
555
Other reserves
50,043
50,043
Profit and loss reserves
23,572,374
13,127,621
Total equity
23,643,922
13,199,169

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 £12,720,752 (2022 - £12,034,390 profit).

The financial statements were approved and signed by the director and authorised for issue on 8 July 2024
08 July 2024
Mr G Scott
Director
Company registration number 11688287 (England and Wales)
LOGICAL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2022
20,950
555
50,043
28,075,981
28,147,529
900
28,148,429
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
6,736,786
6,736,786
-
6,736,786
Dividends
10
-
-
-
(4,618,081)
(4,618,081)
-
(4,618,081)
Balance at 31 December 2022
20,950
555
50,043
30,194,686
30,266,234
900
30,267,134
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
5,114,810
5,114,810
-
5,114,810
Dividends
10
-
-
-
(2,276,000)
(2,276,000)
-
(2,276,000)
Balance at 31 December 2023
20,950
555
50,043
33,033,496
33,105,044
900
33,105,944
LOGICAL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
20,950
555
50,043
5,711,312
5,782,860
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
12,034,390
12,034,390
Dividends
10
-
-
-
(4,618,081)
(4,618,081)
Balance at 31 December 2022
20,950
555
50,043
13,127,621
13,199,169
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
12,720,753
12,720,753
Dividends
10
-
-
-
(2,276,000)
(2,276,000)
Balance at 31 December 2023
20,950
555
50,043
23,572,374
23,643,922
LOGICAL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
5,072,211
10,250,382
Interest paid
(132)
(35)
Income taxes paid
(1,862,187)
(2,478,396)
Net cash inflow from operating activities
3,209,892
7,771,951
Investing activities
Purchase of tangible fixed assets
(100,884)
(1,284,211)
Proceeds on disposal of tangible fixed assets
9,201
-
Proceeds on disposal of investments
(6,787)
(105,879)
Interest received
752,658
85,247
Dividends received
34,905
33,326
Net cash generated from/(used in) investing activities
689,093
(1,271,517)
Financing activities
Dividends paid to equity shareholders
(2,276,000)
(4,618,081)
Net cash used in financing activities
(2,276,000)
(4,618,081)
Net increase in cash and cash equivalents
1,622,985
1,882,353
Cash and cash equivalents at beginning of year
25,902,210
24,019,857
Cash and cash equivalents at end of year
27,525,195
25,902,210
LOGICAL HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
22
(1,998,057)
(4,868,081)
Income taxes paid
(7,783)
-
0
Net cash outflow from operating activities
(2,005,840)
(4,868,081)
Investing activities
Purchase of tangible fixed assets
(1,438)
(1,518)
Purchase of subsidiaries
-
0
(19,999)
Interest received
477,651
59,466
Dividends received
12,500,000
12,000,000
Net cash generated from investing activities
12,976,213
12,037,949
Financing activities
Dividends paid to equity shareholders
(2,276,000)
(4,618,081)
Net cash used in financing activities
(2,276,000)
(4,618,081)
Net increase in cash and cash equivalents
8,694,373
2,551,787
Cash and cash equivalents at beginning of year
8,172,129
5,620,342
Cash and cash equivalents at end of year
16,866,502
8,172,129
LOGICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
1
Accounting policies
Company information

Logical Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is located on the General Information page.

 

The group consists of Logical 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, modified to include certain financial instruments at fair value, and in accordance with applicable accounting standards. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Logical 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 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.

1.3
Going concern

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

1.4
Turnover

Turnover and profits on long term contracts for the supply of services are recognised as the right to consideration obtained through the performance of work under the contract. Any unbilled work at a period end is recognised as turnover and accrued income.

 

Turnover and profits from one-off engagements of short term duration are recognised on the completion of the relevant work. The costs incurred on unfinished work are included within work in progress at cost, less a provision for any loss anticipated on the contract.

 

Turnover from software support provided to customers is recognised over the term of the agreement.

LOGICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.5
Tangible fixed assets

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

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

Plant and equipment
33% straight line basis
Fixtures and fittings
20% straight line basis
Computers
33% straight line basis

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.

1.6
Fixed asset investments

Investments in subsidiary undertakings are recognised at cost.

1.7
Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.8
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.

1.9
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

LOGICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.10
Retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

1.11
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.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model.

 

Grants in respect of revenue expenditure are credited to revenue in order to match the income against the expenditure to which the grant relates.

1.13
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

1.14

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.15

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

1.16

Current asset investments

Investments in equities are shown at fair market value.

The investments are valued by investment managers, having due regard to the latest dealings, professional valuation, asset values and other appropriate financial information.

The fair value movement (charged) credited to the profit and loss account for the year is £330,564 credit (2022: £412,786 charge).

 

LOGICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements. If, in the future, such estimates and assumptions, which are based on management's best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and judgements will be modified as appropriate in the year in which the circumstances change.

 

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

 

The estimated useful lives of tangible fixed assets

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Software development, consultancy
50,242,443
47,127,081
2023
2022
£
£
Turnover analysed by geographical market
UK
49,523,747
43,972,049
Overseas
718,696
3,155,032
50,242,443
47,127,081
2023
2022
£
£
Other revenue
Interest income
1,083,222
(327,539)
Dividends received
34,905
33,326
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
122,808
(244,985)
Depreciation of owned tangible fixed assets
507,957
533,503
Loss on disposal of tangible fixed assets
777
-
Operating lease charges
1,127,146
1,105,584
LOGICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,160
4,750
Audit of the financial statements of the company's subsidiaries
21,312
15,500
27,472
20,250
For other services
All other non-audit services
28,215
70,993
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
1
1
1
1
Administrative
533
453
4
3
Total
534
454
5
4

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
31,544,364
26,182,218
310,509
153,737
Social security costs
3,542,381
3,022,828
33,956
16,831
Pension costs
4,026,088
3,276,185
23,735
9,451
39,112,833
32,481,231
368,200
180,019
7
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
11,274
9,033
Company pension contributions to defined contribution schemes
6,000
6,000
11,274
15,033
LOGICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,034,009
1,852,528
Deferred tax
Origination and reversal of timing differences
216,211
(312,112)
Total tax charge
1,250,220
1,540,416

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
6,365,030
8,277,202
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,497,055
1,572,668
Tax effect of expenses that are not deductible in determining taxable profit
8,986
191
Tax effect of income not taxable in determining taxable profit
(77,750)
78,429
Double tax relief
(6,113)
(7,312)
Group relief
(13,777)
-
0
Permanent capital allowances in excess of depreciation
-
0
(15,769)
Research and development tax credit
(187,030)
-
0
Under/(over) provided in prior years
-
0
72,641
Dividend income
(1,986)
(1,856)
Depreciation in excess of capital allowances
78,233
89,993
Other adjustment
-
0
(32,755)
LTIP provision adjustment
(80,647)
96,298
Deferred tax
29,789
(312,112)
Change in tax rates
3,460
-
Taxation charge
1,250,220
1,540,416
9
Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
2,276,000
4,618,081
LOGICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
11
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
1,064
1,418,643
1,138,838
2,558,545
Additions
-
0
2,021
98,863
100,884
Disposals
-
0
(443,224)
(100,528)
(543,752)
At 31 December 2023
1,064
977,440
1,137,173
2,115,677
Depreciation and impairment
At 1 January 2023
247
575,510
470,802
1,046,559
Depreciation charged in the year
360
154,448
353,149
507,957
Eliminated in respect of disposals
-
0
(440,475)
(93,299)
(533,774)
At 31 December 2023
607
289,483
730,652
1,020,742
Carrying amount
At 31 December 2023
457
687,957
406,521
1,094,935
At 31 December 2022
817
843,133
668,036
1,511,986
Company
Computers
£
Cost
At 1 January 2023
1,518
Additions
1,438
At 31 December 2023
2,956
Depreciation and impairment
At 1 January 2023
506
Depreciation charged in the year
666
At 31 December 2023
1,172
Carrying amount
At 31 December 2023
1,784
At 31 December 2022
1,012
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
40,650
40,650
LOGICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
40,650
Carrying amount
At 31 December 2023
40,650
At 31 December 2022
40,650
13
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Scott Logic Limited
England and Wales
IT contractor
Ordinary
100.00
-
Scott Logic ApS
Denmark
IT contractor
Ordinary
-
100.00
Marra Limited
England and Wales
IT contractor
Ordinary
100.00
-
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,830,711
6,047,877
-
0
-
0
Corporation tax recoverable
1,039,709
219,304
-
0
-
0
Amounts owed by group undertakings
-
-
6,769,165
4,774,678
Other debtors
92,738
110,680
-
0
-
0
Prepayments and accrued income
681,034
805,671
2,260
280,639
7,644,192
7,183,532
6,771,425
5,055,317
Deferred tax asset (note 17)
33,253
56,060
-
0
-
0
7,677,445
7,239,592
6,771,425
5,055,317
Amounts falling due after more than one year:
Deferred tax asset (note 17)
-
0
548,899
-
0
-
0
Total debtors
7,677,445
7,788,491
6,771,425
5,055,317
LOGICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
15
Current asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Listed investments
2,074,849
1,737,498
-
-
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Payments received on account
78,619
223,537
-
0
-
0
Trade creditors
251,643
563,466
4,347
-
0
Corporation tax payable
-
0
7,783
-
0
7,783
Other taxation and social security
1,847,094
1,775,099
19,632
57,153
Other creditors
500,305
528,541
4,353
-
0
Accruals and deferred income
2,589,136
3,219,457
7,661
4,750
5,266,797
6,317,883
35,993
69,686
17
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
(317)
161,184
(209,361)
-
Other timing differences
-
193,984
242,614
604,959
(317)
355,168
33,253
604,959
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
446
253
-
-
The company has no deferred tax assets or liabilities.
LOGICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Deferred taxation
(Continued)
- 28 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(Asset) at 1 January 2023
(249,791)
253
Charge to profit or loss
216,221
193
Liability/(Asset) at 31 December 2023
(33,570)
446
18
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
20,000
20,000
20,000
20,000
Ordinary B of £1 each
950
950
950
950
20,950
20,950
20,950
20,950

In the event of winding up, the first £20m is distributed to A Ordinary Shares only. In all other respects, the shares rank pari-passu.

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
2023
2022
2023
2022
£
£
£
£
Within one year
931,950
876,599
-
-
Between two and five years
1,859,431
2,676,200
-
-
In over five years
175,763
386,678
-
-
2,967,144
3,939,477
-
-
20
Controlling party

The ultimate controlling party is G A Scott.

LOGICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
21
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
5,114,810
6,736,786
Adjustments for:
Taxation charged
1,250,220
1,540,416
Finance costs
132
35
Investment income
(1,118,127)
294,213
Loss on disposal of tangible fixed assets
777
-
Depreciation and impairment of tangible fixed assets
507,957
533,503
Movements in working capital:
Decrease/(increase) in debtors
359,745
(580,958)
(Decrease)/increase in creditors
(1,043,303)
1,726,387
Cash generated from operations
5,072,211
10,250,382
22
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
12,720,753
12,034,390
Adjustments for:
Taxation charged
193
8,036
Investment income
(12,977,651)
(12,059,466)
Depreciation and impairment of tangible fixed assets
666
506
Movements in working capital:
Increase in debtors
(1,716,108)
(4,911,101)
(Decrease)/increase in creditors
(25,910)
59,554
Cash absorbed by operations
(1,998,057)
(4,868,081)
23
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
25,902,210
1,622,985
27,525,195
LOGICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
24
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
8,172,129
8,694,373
16,866,502
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