Company registration number 14839067 (England and Wales)
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
COMPANY INFORMATION
Directors
O Lawal
(Appointed 2 May 2023)
Mr Christopher Daniels
(Appointed 31 August 2023)
Mr Ricardo Flores
(Appointed 31 August 2023)
J P Herrera
(Appointed 29 December 2023)
Company number
14839067
Registered office
85 Great Portland Street
London
England
W1W 7LT
Auditors
CLA Evelyn Partners Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 30
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

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

 

The company was incorporated on 2 May 2023. The company commenced activity when it purchased 100% of the share capital of The Combined Service Provider Limited on 31 August 2023.

 

This strategic report presents a balanced assessment of the group and its performance in the financial period and its position at the period end. This assessment is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced by the group.

Review of the business

The group reported revenue of £8,423,489 and EBITDA of £870,240.

 

The group views the provision of traffic management, car parking and security and stewarding expertise as its core services.

 

To support its focus on operational and service excellence across its portfolio, the group has invested in the training and up-skilling of its workforce, both permanent and front-line staff. This enabled the group to deliver a high level of service to clients and meet the increased demand for its services.

 

Future developments

 

The group will seek to nurture deeper partnerships with new and existing customers to further the development of its services. We seek to be the market leader and primary supplier by facilitating exceptional event day experiences for guests and partners across all our operations and event venues.

Principal risks and uncertainties

Market and competitive risk

The group is exposed to the risk that customers may choose to obtain their services elsewhere. The group offers a diversified range of services, and the directors carefully monitor ever changing customer needs, adapting service provision to align with these.

 

Staff retention and recruitment

The group continues to invest in its employees by developing and progressing their skills and the opportunities available to them through its employee value proposition initiatives. The group continually reviews market standards for remuneration and employee benefits in order to encourage loyalty, and to maintain high employee retention rates.

 

Macro-economic pressures

The group is exposed to inflationary pressures in its cost base. To retain margins and attract new customers, the group continues to drive efficiency and service excellence in its operations, and to innovate its services, review pricing and optimize its processes and procedures.

 

Financial risk management

The group’s activities expose it to liquidity and cash flow risks. The directors monitor these through a regular review of cashflow modelling and forecasting, production of budgets and detailed management accounts and rigorous management of our assets.

Services

The group’s core business lies in its expertise at providing car parking and traffic management services. The services within this niche market are provided to a diverse portfolio of high-profile UK venues and event organizers. The group also provide security, stewarding and event cleaning services; however, a cautious approach is always taken on any bid for these services to ensure they comply with and complement the strategy of the business.

 

Partners

It is hoped that, despite the change in ownership, the subsidiary's long-established relationships with its clients and customers will continue to deliver a high level of repeat referral business. A comprehensive list of the group’s partners can be found on the website of the subsidiary.

NORLAND EQUITY PARTNERS ACQUISITION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Development and performance

The groups's key financial performance indicators are those that communicate the overall financial performance and strength of the groupy, these being turnover, gross profit and operating profit, as shown in the financial key performance indicators section.

Key performance indicators

The management team and the board of directors have developed a wide range of metrics – both financial and non-financial to monitor the performance of the group. The principal financial KPIs are Sales, Gross Profit margin, EBITDA and Cashflow.

 

2023

(4 months)

£        

Turnover          8,423,489    

Gross profit          1,909,946    

EBITDA               870,240

Cash at year end     2,396,569        

On behalf of the board

O Lawal
Director
4 September 2024
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The company was incorporated on the 2 May 2023. It commenced activity when the trading subsidiary, The Combined Services Provider Limited was purchased on 1st August 2023. From 31 August 2023 the principal activity of the group is that of the provision of traffic management services.

Results and dividends

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

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

Preference dividends were accrued amounting to £126,667. The directors do not recommend payment of a final dividend.

Directors

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

O Lawal
(Appointed 2 May 2023)
Mr Christopher Daniels
(Appointed 31 August 2023)
Mr Ricardo Flores
(Appointed 31 August 2023)
J P Herrera
(Appointed 29 December 2023)
Disabled persons

The group is committed to a policy of recruitment and promotion on the basis of aptitude and ability without discrimination of any kind. Management actively pursues both the employment of disabled persons whenever a suitable vacancy arises and the continued employment and retraining of employees who become disabled whilst employed by the company. Particular attention is given to the training, career development and promotion of disabled employees with a view to encouraging them to play an active role in the development of the company.

Employee involvement

The periodically updates and revises all Policies and Procedures to provide employees with direct access to the information they need. In the trading subsidiary these are audited via the IS09001:2015 Quality Procedure System. The subsidiary also recognises the need to keep all employees updated on Company Performance, Strategic Direction and Key Challenges. The subsidiary hosts a twice yearly Communications Meeting to which all permanent staff are invited to present company progress and engage with staff, as well as distributing copies of the meeting to all those staff unable to attend. Front Line teams are communicated to and kept updated via a monthly newsletter sent out through a staff portal. The views of the subsidiary's front-line staff are considered in any strategy and gauged through an annual staff survey.

NORLAND EQUITY PARTNERS ACQUISITION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
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.

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
O Lawal
Director
4 September 2024
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NORLAND EQUITY PARTNERS ACQUISITION LIMITED
- 5 -
Opinion

We have audited the financial statements of Norland Equity Partners Acquisition Limited (the 'parent company') and its subsidiaries (the 'group') for the period 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 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:

NORLAND EQUITY PARTNERS ACQUISITION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORLAND EQUITY PARTNERS ACQUISITION 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

NORLAND EQUITY PARTNERS ACQUISITION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORLAND EQUITY PARTNERS ACQUISITION LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Keir Singleton
Senior Statutory Auditor
For and on behalf of CLA Evelyn Partners Limited
5 September 2024
Chartered Accountants
Statutory Auditor
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
Period
ended
31 December
2023
Notes
£
Turnover
3
8,423,489
Cost of sales
(6,513,543)
Gross profit
1,909,946
Administrative expenses
(1,756,394)
Operating profit
4
153,552
Interest receivable and similar income
6
10,740
Interest payable and similar expenses
7
(214,647)
Loss before taxation
(50,355)
Tax on loss
8
(139,748)
Loss for the financial period
(190,103)
(Loss)/profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
Notes
£
£
Fixed assets
Goodwill
10
8,601,025
Tangible assets
11
395,027
Investments
12
1,002
8,997,054
Current assets
Stocks
14
175,840
Debtors
15
4,337,432
Cash at bank and in hand
1,876,319
6,389,591
Creditors: amounts falling due within one year
16
(5,033,789)
Net current assets
1,355,802
Total assets less current liabilities
10,352,856
Creditors: amounts falling due after more than one year
17
(6,770,037)
Provisions for liabilities
Provisions
19
10,000
Deferred tax liability
20
89,339
(99,339)
Net assets
3,483,480
Capital and reserves
Called up share capital
23
3,800,250
Profit and loss reserves
(316,770)
Total equity
3,483,480

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

The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
04 September 2024
O  Lawal
Director
Company registration number 14839067 (England and Wales)
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
Notes
£
£
Fixed assets
Investments
12
14,243,397
Current assets
Debtors
15
110,359
Cash at bank and in hand
68,933
179,292
Creditors: amounts falling due within one year
16
(4,361,214)
Net current liabilities
(4,181,922)
Total assets less current liabilities
10,061,475
Creditors: amounts falling due after more than one year
17
(6,770,037)
Net assets
3,291,438
Capital and reserves
Called up share capital
23
3,800,250
Profit and loss reserves
(508,812)
Total equity
3,291,438

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £382,145.

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

The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
04 September 2024
O  Lawal
Director
Company registration number 14839067 (England and Wales)
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 2 May 2023
-
-
-
Period ended 31 December 2023:
Loss and total comprehensive income
-
(190,103)
(190,103)
Issue of share capital
23
3,800,250
-
3,800,250
Dividends
9
-
(126,667)
(126,667)
Balance at 31 December 2023
3,800,250
(316,770)
3,483,480
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 2 May 2023
-
-
-
Period ended 31 December 2023:
Profit and total comprehensive income
-
(382,145)
(382,145)
Issue of share capital
23
3,800,250
-
3,800,250
Dividends
9
-
(126,667)
(126,667)
Balance at 31 December 2023
3,800,250
(508,812)
3,291,438
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 13 -
2023
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
2,482,680
Interest paid
(214,647)
Income taxes refunded
111,038
Net cash inflow/(outflow) from operating activities
2,379,071
Investing activities
Purchase of intangible assets
(9,215,384)
Purchase of tangible fixed assets
(497,356)
Purchase of subsidiaries, net of cash acquired
(1,002)
Interest received
10,740
Net cash used in investing activities
(9,703,002)
Financing activities
Proceeds from issue of shares
250
Issue of preference shares
3,800,000
Proceeds from new bank loans
5,600,000
Repayment of bank loans
(200,000)
Net cash generated from/(used in) financing activities
9,200,250
Net increase in cash and cash equivalents
1,876,319
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
1,876,319
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 14 -
2023
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
5,326,727
Interest paid
(214,647)
Net cash inflow/(outflow) from operating activities
5,112,080
Investing activities
Purchase of subsidiaries
(14,243,397)
Net cash used in investing activities
(14,243,397)
Financing activities
Proceeds from issue of shares
250
Issue of preference shares
3,800,000
Proceeds from new bank loans
5,600,000
Repayment of bank loans
(200,000)
Net cash generated from/(used in) financing activities
9,200,250
Net increase in cash and cash equivalents
68,933
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
68,933
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Norland Equity Partners Acquisition Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Norland Equity Partners Acquisition Limited and all of its subsidiaries.

1.1
Reporting period

These financial statements represent the period from incorporation on 2 May 2023 to the 31 December 2023. The company purchased its subsidiary on 31 August 2023.

1.2
Accounting convention

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

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

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

1.3
Business combinations

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

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Norland Equity Partners Acquisition Limited together with all entities controlled by the parent company (its subsidiaries).

 

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

 

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

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

NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.5
Going concern

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

1.6
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

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

Rendering of services

Revenue arises from the provision of car park and traffic management services. Revenue is recognised when the event has taken place or the cash has been collected.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

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

1.8
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% on cost
Motor vehicles
33% on cost

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

1.9
Fixed asset investments

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

The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

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.

1.10
Impairment of fixed assets

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

1.11
Stocks

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
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.

1.13
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic financial Instruments” to all of its financial instruments.

 

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

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

 

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Other financial assets

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

NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.

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

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.14
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.

NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.15
Taxation

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

Current tax

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

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.

 

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.

1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.17
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.

1.18
Retirement benefits

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

1.19
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.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 20 -
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.

Trade debtors

Trade debtors consist of amounts due from customers. An allowance for doubtful debts is maintained for estimated losses resulting from the viability of the Company's customers to make required payment. The allowance is based on the Company's regular assessment of the credit worthiness and financial conditions of customers. At the year end, a bad debt provision of £34,504 (2022 - £34,504) was included within trade debtors.

Dilapidations provision

The provision relates to a dilapidation charge made to recognise the estimated cost of returning the leased property to its original condition in future years. The dilapidations provision is reassessed annually.

Carrying value of investments in subsidiary undertakings and amounts owed by group undertakings

The carrying value of investments in subsidiaries and amounts owed by group undertakings are initially recorded at costs and subsequently measured at cost less provision for impairment. The directors have reviewed all forecast and budgetary information available to them and have deemed there to be no objective evidence that the parent company will not recover the amount stated in the financial statements.

3
Turnover and other revenue
2023
£
Turnover analysed by class of business
Car park and traffic management
8,423,489
2023
£
Turnover analysed by geographical market
UK
7,695,542
Europe
727,947
8,423,489
2023
£
Other revenue
Interest income
10,740
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 21 -
4
Operating profit
2023
£
Operating profit for the period is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
6,450
Depreciation of owned tangible fixed assets
102,329
Amortisation of intangible assets
614,359
Operating lease charges
343,942
5
Employees

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

Group
Company
2023
2023
Number
Number
Directors
3
-
Management and administration
74
-
Operational
969
-
Total
1,046
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2023
£
£
Wages and salaries
4,710,433
-
0
Social security costs
348,874
-
Pension costs
228,358
-
0
5,287,665
-
0
6
Interest receivable and similar income
2023
£
Interest income
Interest on bank deposits
10,740
2023
Investment income includes the following:
£
Interest on financial assets not measured at fair value through profit or loss
10,740
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 22 -
7
Interest payable and similar expenses
2023
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
214,647
8
Taxation
2023
£
Current tax
UK corporation tax on profits for the current period
146,419
Deferred tax
Origination and reversal of timing differences
(6,671)
Total tax charge
139,748

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

2023
£
Loss before taxation
(50,355)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(12,589)
Tax effect of expenses that are not deductible in determining taxable profit
8,399
Effect of change in corporation tax rate
(1,322)
Permanent capital allowances in excess of depreciation
6,928
Amortisation on assets not qualifying for tax allowances
153,590
Other adjustment
(14,510)
Enhanaces Super allowances
(748)
Taxation charge
139,748
9
Dividends
2023
Recognised as distributions to equity holders:
£
Interim paid
126,667
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 23 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 2 May 2023
-
0
Additions - business combinations
9,215,384
At 31 December 2023
9,215,384
Amortisation and impairment
At 2 May 2023
-
0
Amortisation charged for the period
614,359
At 31 December 2023
614,359
Carrying amount
At 31 December 2023
8,601,025
The company had no intangible fixed assets at 31 December 2023.
11
Tangible fixed assets
Group
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 2 May 2023
-
0
-
0
-
0
Additions
17,666
-
0
17,666
Business combinations
153,464
326,226
479,690
At 31 December 2023
171,130
326,226
497,356
Depreciation and impairment
At 2 May 2023
-
0
-
0
-
0
Depreciation charged in the period
37,184
65,145
102,329
At 31 December 2023
37,184
65,145
102,329
Carrying amount
At 31 December 2023
133,946
261,081
395,027
The company had no tangible fixed assets at 31 December 2023.
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 24 -
12
Fixed asset investments
Group
Company
2023
2023
Notes
£
£
Investments in subsidiaries
13
1,002
14,243,397
Movements in fixed asset investments
Group
Shares in subsidiaries
£
Cost or valuation
At 2 May 2023
-
Additions
1,002
At 31 December 2023
1,002
Carrying amount
At 31 December 2023
1,002
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 2 May 2023
-
Additions
14,243,397
At 31 December 2023
14,243,397
Carrying amount
At 31 December 2023
14,243,397
13
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
City & Suburban (Car Parks) Limited
United Kingdom
Ordinary
100.00
City & Suburban Parking Limited
United Kingdom
Ordinary
100.00
The Combined Service Provider Limited
United Kingdom
Ordinary
100.00
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 25 -
14
Stocks
Group
Company
2023
2023
£
£
Raw materials and consumables
175,840
-
15
Debtors
Group
Company
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
2,929,690
-
0
Other debtors
738,780
93,692
Prepayments and accrued income
530,317
16,667
4,198,787
110,359
Amounts falling due after more than one year:
Other debtors
138,645
-
0
Total debtors
4,337,432
110,359
16
Creditors: amounts falling due within one year
Group
Company
2023
2023
Notes
£
£
Bank loans
18
600,000
600,000
Trade creditors
431,159
45,960
Amounts owed to group undertakings
1,002
2,361,878
Corporation tax payable
288,114
-
0
Other taxation and social security
889,184
-
Deferred income
21
118,476
-
0
Other creditors
1,551,765
1,092,651
Accruals and deferred income
1,154,089
260,725
5,033,789
4,361,214
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 26 -
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2023
Notes
£
£
Bank loans and overdrafts
18
4,800,000
4,800,000
Other creditors
1,970,037
1,970,037
6,770,037
6,770,037
18
Loans and overdrafts
Group
Company
2023
2023
£
£
Bank loans
5,400,000
5,400,000
Payable within one year
600,000
600,000
Payable after one year
4,800,000
4,800,000

The long-term loans are secured by fixed and float charges over all of its present and futures business, undertakings and assets wherever situated. The company may not create or permit to subsist any other security over any secured assets.

The bank loan is made up of two elements.

19
Provisions for liabilities
Group
Company
2023
2023
£
£
10,000
-
Movements on provisions:
Group
£
Additional provisions in the year
10,000
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 27 -
20
Deferred taxation

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

Liabilities
2023
Group
£
Accelerated capital allowances
94,392
Retirement benefit obligations
(5,053)
89,339
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the period:
£
£
Asset at 2 May 2023
-
-
Credit to profit or loss
(6,671)
-
Deferred tax acquired though business combination
96,010
-
Liability at 31 December 2023
89,339
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the timing difference of employers' pension payments.

 

The deferred tax liability set out above is expected to reverse within the foreseeable future and relates to accelerated capital allowances that are expected to mature within the same period.

21
Deferred income
Group
Company
2023
2023
£
£
Other deferred income
118,476
-
22
Retirement benefit schemes
2023
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
228,358

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.

NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 28 -
23
Share capital
Group and company
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of 1p each
14,585
146
Ordinary B  shares of 1p each
10,414
104
24,999
250
2023
2023
Preference share capital
Number
£
Issued and fully paid
Preference shares of £1 each
3,800,000
3,800,000
Preference shares classified as equity
3,800,000
Total equity share capital
3,800,250

During the period the company issued the following shares.

 

The Ordinary and Ordinary B shares carry the same voting rights, are entitled to receive dividends subject to the payment of all preference share dividends and are not redeemable.

 

The preference share have no voting rights, are entitled to a cumulative fixed preferential dividend of 10% of the issue price and are redeemable. Any unpaid dividends are accrued and included in other creditors.

 

All classes of shares carry the right to participate in a distribution of assets on liquidation or a return of capital.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2023
£
£
Within one year
245,024
-
Between two and five years
136,085
-
381,109
-
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 29 -
25
Related party transactions

During the period, the group paid management fees of £81,500 to Norland Equity Partners Limited, a company owned by the director. Norland Equity Partners Limited is also a shareholder of Norland Equity Partners Acquisition Limited. At the balance sheet date, the group was owed £81,932 by Norland Equity Partners Limited. This balance is included within debtors.

26
Cash generated from/(absorbed by) group operations
2023
£
Loss for the period after tax
(190,103)
Adjustments for:
Taxation charged
139,748
Finance costs
214,647
Investment income
(10,740)
Amortisation and impairment of intangible assets
614,359
Depreciation and impairment of tangible fixed assets
102,329
Increase in provisions
10,000
Movements in working capital:
Increase in stocks
(175,840)
Increase in debtors
(4,337,432)
Increase in creditors
5,997,236
Increase in deferred income
118,476
Cash generated from/(absorbed by) operations
2,482,680
27
Cash generated from/(absorbed by) operations - company
2023
£
Loss for the period after tax
(382,145)
Adjustments for:
Finance costs
214,647
Movements in working capital:
Increase in debtors
(110,359)
Increase in creditors
5,637,918
Cash generated from/(absorbed by) operations
5,360,061
NORLAND EQUITY PARTNERS ACQUISITION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 30 -
28
Analysis of changes in net debt - group
2 May 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
-
1,876,319
1,876,319
Borrowings excluding overdrafts
-
(5,400,000)
(5,400,000)
-
(3,523,681)
(3,523,681)
29
Analysis of changes in net debt - company
2 May 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
-
68,933
68,933
Borrowings excluding overdrafts
-
(5,400,000)
(5,400,000)
-
(5,331,067)
(5,331,067)
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