Company registration number 10172124 (England and Wales)
RPG LIVE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RPG LIVE LIMITED
COMPANY INFORMATION
Director
Mr R Purslow
Secretary
Mrs C Purslow
Company number
10172124
Registered office
1-4 Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Auditor
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Business address
5 Chaffinch Business Park
Croydon Road
Beckenham
Kent
BR3 4AA
RPG LIVE LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 31
RPG LIVE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

 

This strategic report provides a detailed analysis of the Group’s current position, strategic initiatives, and financial outlook. It highlights our commitment to sustainable growth, operational excellence, and innovative service delivery. With just under 100 dedicated staff members, the Group is poised to leverage its strengths and seize new opportunities in the dynamic events industry.

 

The Group specializes in comprehensive creative event production services, encompassing corporate events, weddings, conferences, and virtual events both in the UK, Europe and globally. Our business model focuses on delivering high-quality, customized experiences through meticulous planning, execution, and post-event analysis.

 

Our short-term goals include increasing market share in the corporate events sector, enhancing our digital presence and online engagement. Longer term goals include developing international markets and leading the industry in the increasing demand for eco-friendly sustainable event solutions.

Sustainability and Excellence

In 2023 the Group committed to enhance our CRS with membership of ISLA and the Board voted to recruit both a Sustainability Lead and Health and Safety Manager. As proud partners of the AV Alliance, a community of eco-conscious technology partners, the Group is the sole UK supplier of AV Drop, as one of our key goals is to transition from a linear to a circular economy, aiming for zero waste and ensuring that custom scenic elements are less than 25% of the overall green scenic metric. 

Our event-specific energy-efficient production technology spans from conception through to execution on-site, and we ensure an environmentally holistic approach to our work.  The Group is EcoVadis certified and is looking to achieve ISO 9001:2015, ISO 45001:2018, and ISO 20121 certifications in the next 12 months. 

 

Employees

Team is everything to us. We approach all projects with a carefully chosen team of individuals, each of whom bring their own talents and perspectives to the event. We are proud of our people and their passion for the job.

The director recognises the value of the people the Group employs and makes sure that all employees are well prepared for any new opportunities and challenges to their working lives.  The Group sets out to attract capable employees, and to retain and motivate them once they are employed. It does so by a combination of offering market rates of pay and benefits in kind, and training, together with involvement in some of the decision-making process, and consultation about major changes in policy and procedures. The Group is committed to providing regular training and development programs to keep staff updated with industry trends and skills. The Group fosters a positive work environment through workplace committees, recognition programs, team-building activities, and career development opportunities.

 

Results

Turnover for the financial year was £15,350,947 .The Group strategy of focusing on gross margin and overheads delivered outstanding results. Gross margin was 48.8% and profit before tax was 11%.

 

Net assets were to £4.2m of which fixed assets was £1.393m as the Group invested in new equipment and technology.

 

Staff numbers were 94 by the end of 2023.

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

The management of the business and the execution of the Group strategy are subject to a number of risks.

 

Interest rate risk

The Group has sufficient liquidity to fund its operations, therefore the Group does not consider interest rate risk to be significant.

 

Liquidity risk

The Group monitors and manages its liquidity closely and pays particular attention to its cash flow. Debtors are checked for compliance with the Group's credit policy and monitored regularly for any other breach of credit terms.

 

Credit Risk

The Group’s credit policy is based on regular credit checks of new and existing customers, supplemented by credit agency reports, observing credit limits and visits by the Group’s sales staff. Customers are required to enter into agreements, which include clearly defined payment terms. Once trade credit has been granted, performance is monitored closely.

 

Exchange risk

The Group predominantly uses three currencies, Sterling, US Dollars and Euros. The level of funds held in each of the currencies is monitored regularly and any excess foreign currency is managed and actively traded into GBP when advantageous to do so.

Non-financial risks

The key business risks and uncertainties affecting the Group are potential impact on client budgets and event spending due to economic downturns. This is mitigated by diversifying our client base and keeping close management of overheads. Competitive pressures are also a risk from increased competition from new entrants and established players. The Group looks to continuously innovate and invest to maintain its competitive edge.

 

Product, public and employee liability are covered by the Group's insurances, which are arranged by independent brokers with reputable underwriters, and the cover is reviewed annually. In addition, the Group provides product liability cover, which is also insured, for all those of its products which the Group sells.

 

Damage or loss arising from natural and other causes, including fire, flood, lightning, riot, and civil commotion is covered by insurances, which are also arranged by independent brokers with reputable underwriters, and the cover is reviewed annually.

 

The Group has a Health & Safety policy, which is reviewed annually by the Board. The Managing Director is responsible for its implementation. That is backed up by insurance. The Board, having reviewed the above risk management policies and procedures, confirms that the procedures comply with the policies, and that no significant failures or weaknesses have been identified during the past year.

 

The Group is committed to achieving sustainable growth and maintaining its reputation for excellence in the events industry. Our strategic initiatives are designed to enhance market presence, operational efficiency, and customer satisfaction. By focusing on innovation, staff development, and financial prudence, the Group is well-positioned to navigate the challenges and opportunities ahead. This strategic report underscores our dedication to long-term success and provides a roadmap for achieving our financial and operational goals.

Future Outlook

The economic outlook is expected to remain stable, and our strategy is to remain competitive and continue to outgrow the market. We are confident that we will continue to enlarge our customer base and grow our business further while maintaining a high level of performance in the future. The Group has a very positive outlook for 2024 across all departments of the business and expect a 20% increase in turnover and a further improvement in gross margin %.

Key performance indicators

Given the straightforward nature of the business, the Group's director is of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

RPG LIVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

On behalf of the board

Mr R Purslow
Director
2 September 2024
RPG LIVE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

Principal activities

The principal activity of the company and group continued to be that of engaging in support services for the staging of presentations and conferences.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £387,440. The director does not recommend payment of a final 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 R Purslow
Auditor

The auditor, Bryden Johnson Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

Medium-sized companies exemption

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

RPG LIVE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
On behalf of the board
Mr R Purslow
Director
2 September 2024
RPG LIVE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RPG LIVE LIMITED
- 6 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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:

RPG LIVE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RPG LIVE LIMITED
- 7 -
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 and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK taxation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management override of controls. Audit procedures performed by the engagement team included:

 

- Reviewing minutes of meetings of those charged with governance;

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, and

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and testing accounting estimates (because of the risk of management bias).

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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 by, for example, forgery or intentional misrepresentation, or through 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.

RPG LIVE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RPG LIVE LIMITED
- 8 -

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.

Jackie Wilding (Senior Statutory Auditor)
For and on behalf of Bryden Johnson Limited
11 September 2024
Chartered Accountants
Statutory Auditor
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
RPG LIVE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
Notes
£
Turnover
3
15,350,947
Cost of sales
(7,855,449)
Gross profit
7,495,498
Administrative expenses
(5,848,270)
Exceptional item
(1,480,000)
Exceptional item
1,480,000
Operating profit
4
1,647,228
Interest receivable and similar income
7
33,930
Interest payable and similar expenses
8
(54,959)
Profit before taxation
1,626,199
Tax on profit
9
(402,223)
Profit for the financial year
1,223,976
Profit for the financial year is all attributable to the owners of the parent company.
RPG LIVE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
£
Profit for the year
1,223,976
Other comprehensive income
-
Total comprehensive income for the year
1,223,976
Total comprehensive income for the year is all attributable to the owners of the parent company.
RPG LIVE LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
Notes
£
£
Fixed assets
Goodwill
11
373,117
Tangible assets
12
1,393,981
1,767,098
Current assets
Stocks
15
19,259
Debtors
16
2,267,767
Cash at bank and in hand
4,676,897
6,963,923
Creditors: amounts falling due within one year
17
(3,525,966)
Net current assets
3,437,957
Total assets less current liabilities
5,205,055
Creditors: amounts falling due after more than one year
18
(658,674)
Provisions for liabilities
Deferred tax liability
21
346,008
(346,008)
Net assets
4,200,373
Capital and reserves
Called up share capital
23
1,011
Share premium account
748,922
Profit and loss reserves
3,450,440
Total equity
4,200,373

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

The financial statements were approved and signed by the director and authorised for issue on 2 September 2024
02 September 2024
Mr R  Purslow
Director
Company registration number 10172124 (England and Wales)
RPG LIVE LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
Notes
£
£
Fixed assets
Investments
13
2,740,000
Current assets
Cash at bank and in hand
573,337
Creditors: amounts falling due within one year
17
(2,247,301)
Net current liabilities
(1,673,964)
Net assets
1,066,036
Capital and reserves
Called up share capital
23
1,011
Share premium account
748,922
Profit and loss reserves
316,103
Total equity
1,066,036

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 £336,548.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 2 September 2024
02 September 2024
Mr R  Purslow
Director
Company registration number 10172124 (England and Wales)
RPG LIVE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
-
-
-
-
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,223,976
1,223,976
Issue of share capital
23
10
748,922
-
748,932
Dividends
10
-
-
(387,440)
(387,440)
Transfers
-
-
2,613,904
2,613,904
Other movements
1,001
-
-
1,001
Balance at 31 December 2023
1,011
748,922
3,450,440
4,200,373
RPG LIVE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
-
-
-
-
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
703,543
703,543
Issue of share capital
23
1,011
748,922
-
749,933
Dividends
10
-
-
(387,440)
(387,440)
Balance at 31 December 2023
1,011
748,922
316,103
1,066,036
RPG LIVE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
4,290,687
Interest paid
(54,959)
Net cash inflow/(outflow) from operating activities
4,235,728
Investing activities
Purchase of tangible fixed assets
(3,245,280)
Proceeds from disposal of tangible fixed assets
26,327
Net of cash acquired from purchase of subsidiaries
3,045,396
Interest received
33,930
Net cash used in investing activities
(139,627)
Financing activities
Proceeds from issue of shares
9,930
Bank loan taken
416,000
Proceeds received from financing lease obligations
646,306
Repayment of bank loans
(104,000)
Dividends paid to equity shareholders
(387,440)
Net cash generated from/(used in) financing activities
580,796
Net increase in cash and cash equivalents
4,676,897
Cash and cash equivalents at beginning of year
-
Cash and cash equivalents at end of year
4,676,897
RPG LIVE LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
409,595
Interest paid
(456)
Corporation taxes paid
(9,138)
Net cash inflow/(outflow) from operating activities
400,001
Investing activities
Interest received
13,332
Dividends received
337,440
Net cash generated from/(used in) investing activities
350,772
Financing activities
Proceeds from issue of shares
9,930
Dividends paid to equity shareholders
(387,440)
Net cash used in financing activities
(377,510)
Net increase in cash and cash equivalents
373,263
Cash and cash equivalents at beginning of year
200,074
Cash and cash equivalents at end of year
573,337
RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

RPG Live Limited (“the company”) is a private limited company incorporated in England and Wales. The registered office is 1-4 Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.

 

The group consists of RPG Live Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Business combinations

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

 

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

1.3
Basis of consolidation

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

 

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

 

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

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
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.

1.5
Turnover

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

1.6
Intangible fixed assets - goodwill

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

1.7
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:

Leasehold land and buildings
Over the period of the lease
Plant and machinery
25% and 33% straight line
Fixtures, fittings and equipment
25% straight line
Motor vehicles
Over 6 years

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.

RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.8
Fixed asset investments

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

 

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

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

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

 

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

1.10
Stocks

Stocks are stated at the lower of cost and net realisable value.

1.11
Cash and cash equivalents

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

1.12
Financial instruments

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

RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Basic financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

Deferred tax

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

RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
Leases

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

 

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

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.

1.18
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

 

Such estimates are generally in relation to the application of depreciation policies, whereby the estimate is based on managements knowledge of the business and current environment.

 

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.

RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
3
Turnover and other revenue
2023
£
Turnover analysed by geographical market
United Kingdom
12,182,691
United States
1,204,906
Europe
663,600
Rest of the world
1,299,750
15,350,947
2023
£
Other revenue
Interest income
33,930
4
Operating profit
2023
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
2,520
Depreciation of owned tangible fixed assets
362,947
Profit on disposal of tangible fixed assets
(20,572)
Amortisation of intangible assets
93,279
Operating lease charges
241,370
5
Employees

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

Group
Company
2023
2023
Number
Number
94
1
RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2023
2023
£
£
Wages and salaries
3,903,659
-
0
Social security costs
394,175
-
Pension costs
260,310
-
0
4,558,144
-
0
6
Director's remuneration
2023
£
Remuneration for qualifying services
63,500
Company pension contributions to defined contribution schemes
136,500
200,000
7
Interest receivable and similar income
2023
£
Interest income
Interest on bank deposits
33,930
2023
Investment income includes the following:
£
Interest on financial assets not measured at fair value through profit or loss
33,930
8
Interest payable and similar expenses
2023
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
24,983
Other finance costs:
Interest on finance leases and hire purchase contracts
29,520
Other interest
456
Total finance costs
54,959
RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
9
Taxation
2023
£
Current tax
UK corporation tax on profits for the current period
248,856
Adjustments in respect of prior periods
(63,940)
Total current tax
184,916
Deferred tax
Origination and reversal of timing differences
217,307
Total tax charge
402,223

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

2023
£
Profit before taxation
1,626,199
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52%
382,482
Tax effect of expenses that are not deductible in determining taxable profit
6,893
Unutilised tax losses carried forward
101,517
Under/(over) provided in prior years
(63,940)
Dividend income
(79,368)
Enhanced capital allowance
(162,670)
Deferred tax adjustment
217,309
Taxation charge
402,223
10
Dividends
2023
Recognised as distributions to equity holders:
£
Interim paid
387,440
RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
11
Intangible fixed assets
Group
Goodwill
Goodwill
Total
£
£
£
Cost
At 1 January 2023
-
0
-
0
-
0
Additions
466,396
-
0
466,396
Transfers
-
0
13,400
13,400
At 31 December 2023
466,396
13,400
479,796
Amortisation and impairment
At 1 January 2023
-
0
-
0
-
0
Amortisation charged for the year
93,279
-
0
93,279
Transfers
-
0
13,400
13,400
At 31 December 2023
93,279
13,400
106,679
Carrying amount
At 31 December 2023
373,117
-
0
373,117
Company
Goodwill
£
Cost
At 1 January 2023
-
Transfers
13,400
At 31 December 2023
13,400
Amortisation and impairment
At 1 January 2023
-
Transfers
13,400
At 31 December 2023
13,400
Carrying amount
At 31 December 2023
-
0
RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
-
0
-
0
-
0
-
0
-
0
Additions
-
0
1,028,536
-
0
-
0
1,028,536
Disposals
-
0
(36,805)
-
0
-
0
(36,805)
Transfers
20,129
2,012,284
89,916
94,415
2,216,744
At 31 December 2023
20,129
3,004,015
89,916
94,415
3,208,475
Depreciation and impairment
At 1 January 2023
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the year
-
0
345,394
1,811
15,742
362,947
Eliminated in respect of disposals
-
0
(31,050)
-
0
-
0
(31,050)
Transfers
20,129
1,377,876
84,592
-
0
1,482,597
At 31 December 2023
20,129
1,692,220
86,403
15,742
1,814,494
Carrying amount
At 31 December 2023
-
0
1,311,795
3,513
78,673
1,393,981
The company had no tangible fixed assets at 31 December 2023.

The net book value of tangible fixed assets includes £682,965 (2022 : £94,415), in respect of assets held under finance lease or hire purchase contracts. The depreciation charge in respect of such assets amounted to £15,742 (2022 : £Nil).

13
Fixed asset investments
Group
Company
2023
2023
Notes
£
£
Investments in subsidiaries
14
-
0
2,740,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
-
Reclassification
2,740,000
At 31 December 2023
2,740,000
Carrying amount
At 31 December 2023
2,740,000
RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
14
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
Eclipse Presentations Limited
UK
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Eclipse Presentations Limited
5,501,220
1,318,147
15
Stocks
Group
Company
2023
2023
£
£
Finished goods and goods for resale
19,259
-
0
16
Debtors
Group
Company
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
1,946,280
-
0
Corporation tax recoverable
63,940
-
0
Other debtors
5,794
-
0
Prepayments and accrued income
251,753
-
0
2,267,767
-
RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
17
Creditors: amounts falling due within one year
Group
Company
2023
2023
Notes
£
£
Bank loans
19
104,000
-
0
Obligations under finance leases
20
238,216
-
0
Trade creditors
1,396,782
-
0
Amounts owed to group undertakings
-
0
2,244,517
Corporation tax payable
248,856
-
0
Other taxation and social security
619,496
-
Other creditors
53,643
-
0
Accruals and deferred income
864,973
2,784
3,525,966
2,247,301
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2023
Notes
£
£
Bank loans and overdrafts
19
208,000
-
0
Obligations under finance leases
20
450,674
-
0
658,674
-
19
Loans and overdrafts
Group
Company
2023
2023
£
£
Bank loans
312,000
-
0
Payable within one year
104,000
-
0
Payable after one year
208,000
-
0

There is a fixed / floating charge over all the assets of the Group in respect of a bank loan.

20
Finance lease obligations
Group
Company
2023
2023
£
£
Future minimum lease payments due under finance leases:
Within one year
238,216
-
0
In two to five years
450,674
-
0
688,890
-
RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Finance lease obligations
(Continued)
- 29 -

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery.

21
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
346,008
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
-
-
Other
346,008
-
Liability at 31 December 2023
346,008
-
22
Retirement benefit schemes
2023
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
260,310

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.

23
Share capital
Group and company
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of 1p each
82,082
821
Ordinary A shares of 1p each
17,017
170
Ordinary B shares of 1p each
2,001
20
101,100
1,011
RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Share capital
(Continued)
- 30 -

On 13 February 2023, 500 ordinary shares were issued for a total consideration of £4,965. The premium of £4,960 has been credited to the share premium account.

 

On 4 October 2023, 500 ordinary shares were issued for a total consideration of £4,965. The premium of £4,960 has been credited to the share premium account.

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
203,878
-
Between two and five years
343,140
-
547,018
-
25
Controlling party

The ultimate controlling party throughout the year was R Purslow by virtue of his shareholding.

26
Cash generated from/(absorbed by) group operations
2023
£
Profit for the year after tax
1,223,976
Adjustments for:
Taxation charged
402,223
Finance costs
54,959
Investment income
(33,930)
Gain on disposal of tangible fixed assets
(20,572)
Amortisation and impairment of intangible assets
106,679
Depreciation and impairment of tangible fixed assets
1,845,544
Movements in working capital:
Increase in stocks
(19,259)
Increase in debtors
(2,203,827)
Increase in creditors
2,934,894
Cash generated from/(absorbed by) operations
4,290,687
RPG LIVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
27
Cash generated from/(absorbed by) operations - company
2023
£
Profit for the year after tax
336,548
Adjustments for:
Finance costs
456
Investment income
(350,772)
Movements in working capital:
Increase in creditors
423,363
Cash generated from/(absorbed by) operations
409,595
28
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
-
4,676,897
4,676,897
Borrowings excluding overdrafts
-
(312,000)
(312,000)
Obligations under finance leases
-
(688,890)
(688,890)
-
3,676,007
3,676,007
29
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
-
573,337
573,337
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