Company registration number 06574030 (England and Wales)
AUTOGUARD WARRANTIES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
AUTOGUARD WARRANTIES LTD
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 10
Statement of comprehensive income
11
Balance sheet
12 - 13
Statement of changes in equity
14
Notes to the financial statements
15 - 33
AUTOGUARD WARRANTIES LTD
COMPANY INFORMATION
- 1 -
Directors
Mr R. J. Dockerill
Mr A. May-Khalil
Company number
06574030
Registered office
Building 5
Archipelago Office Park
Lyon Way
Camberley
Surrey
GU16 7ER
Auditor
Verallo Advisory LLP
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
RG9 2LT
AUTOGUARD WARRANTIES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

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

Fair review of the business

Autoguard derives its income from the provision of motor vehicle warranties and non-regulated service and maintenance plans to the automobile industry across the UK and Internationally, as well as directly to individuals. The warranties and service and maintenance plans cover repair costs in the event that the vehicle suffers a sudden breakdown during the period of cover.

The sales are made either directly to customers via our online platform or by a dedicated sales team via a network of motor dealers.

The principal activity of Autoguard is the provision of administration services, repair request and claims handling, and the management of all products, ensuring all services and support are to the high standard expected by our customers. Our in-house administration and claims teams ensure services are provided to a clear and auditable standard.

Business performance

Autoguard has experienced an excellent year of business performance. The company has demonstrated consistent growth in turnover during the financial year 2022/23. It has been a year of investment for Autoguard Warranties, we have doubled the size of our offices due to expansion of our workforce. We have seen our B2C team and our B2B sales team increase. We have heavily invested in our international business, cementing some strong relationships overseas, for which will see growth in this sector in future years of the business. Turnover has seen a good increase of 10%, giving rise to a gross profit increase of 16%.

 

Although the used car market in the UK remained challenging, our online B2C business through our Best4 brand, grew significantly. We feel this growth reflects our view that consumers are keeping their cars for longer and that points to an increasing demand for warranties and service and maintenance plans.

Autoguard has also seen significant growth in the international automobile market having won several large contracts with well know Global OEM brands across over 25 countries. With the right investment, we expect continued growth in this area of the business. Internationally, Autoguard have partnered with Global insurance companies to underwrite the risks.

Autoguard continues in its strategy of investment in training, marketing and technology, as well as looking for new opportunities worldwide. This will enable the company to continue its growth. In line with this, our employee numbers increased from 39 to 55 during the year enforcing our commitment to grow our workforce team to ensure continued success for the future.

Change in policy for recognition of revenue

Whilst we have seen good growth in 2022 and 2023, our policy to recognise revenue has changed and the 2022 comparative accounts were restated to reflect this change. £3m of revenue has been deferred and shows as a liability on the balance sheet. This will be recognised as turnover in future years and has affected our balance sheet by this value. This does not affect the companies cashflow, which remains in a strong and stable position.

 

AUTOGUARD WARRANTIES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Principal risks and uncertainties

The directors consider the principal risks and uncertainties facing the business to be:

Credit

Credit risk is the risk that a customer or provider fails to perform its financial obligations.

The company's principal financial assets are bank balances, trade and debtors. The company's exposure to credit risk is mitigated by the large numbers of individual motor dealers in their network. In addition, the financial position of the company is continually reviewed to limit any risk.

Liquidity

Liquidity risk is the risk that the company is unable to meets its financial obligations as they fall due.

The company's exposure to liquidity risk is mitigated by the regular review of cash forecasts, actual cash flows and ensuring adequate cash reserves. There is also regular analysis of loss ratios to ensure adequate funds remain in place for future warranty claims.

Commercial

Commercial risks include economic conditions and competition factors that may impact the company's financial performance.

The company regularly reviews and, where appropriate, updates its vehicle warranty plan terms to ensure they meet changing requirements of customers and their vehicles. This includes competitive pricing and reviews of products. The company is fully aware of economic conditions and regularly reviews key financial performance indicators to identify any emerging trends.

Key performance indicators

 

The directors use the following key financial performance measures to monitor performance:

 

2023 2022

 

Turnover     £11,664,462    £10,552,976

 

Profit before tax    £1,478,092    £1,829,214

On behalf of the board

Mr R. J. Dockerill
Director
13 September 2024
AUTOGUARD WARRANTIES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -

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

Principal activities

The principal activity of the company continued to be that of the provision and administration of motor vehicle warranties.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £865,464. The directors do not recommend payment of a further dividend.

Directors

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

Mr D. L. Robinson
(Resigned 1 April 2024)
Mr R. J. Dockerill
Mr A. May-Khalil
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable laws 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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Verallo Advisory LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006.

AUTOGUARD WARRANTIES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mr R. J. Dockerill
Director
13 September 2024
AUTOGUARD WARRANTIES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AUTOGUARD WARRANTIES LTD
- 6 -

Qualified Opinion

We have audited the financial statements of Autoguard Warranties Ltd (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified opinion

We were not appointed as auditor of the company until October 2023, as a result of the live systems in place, we were unable to obtain sufficient audit evidence over the historic spreading of the revenue for the periods prior to 31 March 2022. The prior year adjustments are based on the evidence available, but are not considered to be complete. We were unable to satisfy ourselves by alternative means concerning the total revenue split between years, up until 31 March 2022, and therefore the completeness of the deferred income balance at 31 March 2022 and consequently 31 March 2023.

Consequently, we were unable to determine whether any adjustment to this amount was necessary.

It should be noted that the revenue spreading was required in accordance with the clients revised revenue policy.

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 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 qualified 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 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.

AUTOGUARD WARRANTIES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF AUTOGUARD WARRANTIES LTD
- 7 -

Other information

The directors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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.

As described in the basis for qualified opinion section of our report we were unable to satisfy ourselves concerning the revenue split and therefore the deferred revenue prior to 31 March 2022. We have concluded that where the other information refers to the revenue, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

We were not appointed as auditor of the company until October 2023, as a result of the live systems in place, we were unable to obtain sufficient audit evidence over the historic spreading of the revenue for the periods prior to 31 March 2022. The prior year adjustments are based on the evidence available, but are not considered to be complete. We were unable to satisfy ourselves by alternative means concerning the total revenue split up until 31 March 2022, and therefore the completeness of the deferred income balance at 31 March 2022 and 31 March 2023.

Consequently, we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the revenue required, the strategic report would also need to be amended.

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:

AUTOGUARD WARRANTIES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF AUTOGUARD WARRANTIES LTD
- 8 -
Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the 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.

Arising solely from the limitation of scope of our work relating to smoothing of revenue, referred to above:

•    we have not obtained all the information and explanations that we considered necessary for the     purpose of our audit; and

•    we were unable to determine whether adequate accounting records have been kept.

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 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 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.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

AUTOGUARD WARRANTIES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF AUTOGUARD WARRANTIES LTD
- 9 -

Our approach was as follows:

 

 

Auditor's response to risks identified

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Other matters

The prior year Autoguard Warranties Ltd balances to 31 March 2022 were unaudited.

AUTOGUARD WARRANTIES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF AUTOGUARD WARRANTIES LTD
- 10 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Michelle Hewitt-Dutton FCCA (Senior Statutory Auditor)
For and on behalf of Verallo Advisory LLP
Statutory Auditor
13 September 2024
Office: Henley-on-Thames
AUTOGUARD WARRANTIES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
2023
2022
as restated
Notes
£
£
Turnover
3
11,664,462
10,552,976
Cost of sales
(7,483,619)
(6,946,186)
Gross profit
4,180,843
3,606,790
Administrative expenses
(2,982,622)
(2,126,916)
Other operating income
60,000
-
0
Operating profit
4
1,258,221
1,479,874
Interest receivable and similar income
7
219,871
363,458
Interest payable and similar expenses
8
-
0
(14,118)
Profit before taxation
1,478,092
1,829,214
Taxation
9
(224,409)
(206,059)
Profit for the financial year
1,253,683
1,623,155
Other comprehensive income
-
-
Total comprehensive income for the year
1,253,683
1,623,155

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 15 to 33 form part of these financial statements
AUTOGUARD WARRANTIES LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 12 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
11
253,142
139,219
Tangible assets
12
166,324
145,823
Investments
13
1,571,991
1,571,991
1,991,457
1,857,033
Current assets
Stocks
15
52,998
83,253
Debtors
16
2,491,664
2,059,663
Investments
17
750,000
-
0
Cash at bank and in hand
1,542,879
2,011,401
4,837,541
4,154,317
Creditors: amounts falling due within one year
18
(4,173,160)
(3,702,993)
Net current assets
664,381
451,324
Total assets less current liabilities
2,655,838
2,308,357
Creditors: amounts falling due after more than one year
19
(992,489)
(1,013,134)
Provisions for liabilities
21
(1,519,511)
(1,539,604)
Net assets/(liabilities)
143,838
(244,381)
Capital and reserves
Called up share capital
25
200
200
Share premium account
46,562
46,562
Capital redemption reserve
(203,433)
(203,433)
Profit and loss reserves
300,509
(87,710)
Total equity
143,838
(244,381)
AUTOGUARD WARRANTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
Mr R. J. Dockerill
Director
Company Registration No. 06574030
The notes on pages 15 to 33 form part of these financial statements
AUTOGUARD WARRANTIES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 March 2022:
Balance at 1 April 2021
200
33,000
-
(774,055)
(740,855)
Effect of change in accounting policy
-
-
0
-
0
(173,234)
(173,234)
As restated
200
33,000
-
0
(947,289)
(914,089)
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
1,623,155
1,623,155
Issue of share capital
25
-
0
13,562
-
-
13,562
Dividends
10
-
-
-
(763,576)
(763,576)
Redemption of shares
25
-
0
-
0
(237,339)
-
0
(237,339)
Other movements
-
-
33,906
-
33,906
Balance at 31 March 2022
200
46,562
(203,433)
(87,710)
(244,381)
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
1,253,683
1,253,683
Dividends
10
-
-
-
(865,464)
(865,464)
Balance at 31 March 2023
200
46,562
(203,433)
300,509
143,838
AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
1
Accounting policies
Company information

Autoguard Warranties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Building 5, Archipelago Office Park, Lyon Way, Camberley, Surrey, United Kingdom, GU16 7ER.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Autoguard Group Limited. These consolidated financial statements are available from its registered office, Building 5 Archipelago Office Park, Lyon Way, Surrey, GU16 7ER.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

 

In reaching this conclusion, the directors have specifically considered the provision of regulated and non-regulated income, and have sought guidance to ensure that the services provided are in accordance with the FCA, to whom the company reports on a regular basis. The directors are confident in their application of the guidance, but should this be further clarified or expanded, there is potential for this to impact the business. The directors continue to review the latest guidance.

1.3
Turnover

Turnover for AWL represents regulated income, non-regulated service contracts, admin services and recovery and breakdown services.

 

Regulated policies

AWL acts as agent to all insured transactions. AWL recognises the turnover in line with the cost to the business on inception, the remaining commission is deferred over the term of the policy to reflect AWL’s obligation to fulfil claims handling.

 

Non-Regulated service contracts

Turnover from non regulated service contracts is recognised in line with the cost to the business on inception, the remaining turnover is deferred to reflect AWL’s obligation to fulfil claims handling. The deferred income is released over the term of the agreement.

 

Admin Services

Turnover from non-regulated admin services is recognised in line with cost, the remaining turnover is deferred and released over the term of the contract. Turnover is deferred to reflect AWL’s obligation to fulfil administration services for our dealer partners.

 

Recovery and Breakdown

Turnover from recovery and breakdown services is recognised in line with cost, the remaining turnover is deferred over the length of the contract in order to meet AWL’s obligations.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

IT Developm'nt
7 years straight line
AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.5
Tangible fixed assets

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

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

Leasehold improvements
5 years straight line
Fixtures and fittings
5 years straight line
Computer software and hardware
7 years straight line
Motor vehicles
5 years straight line

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

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

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

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Cash at bank and in hand

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.

 

Include in the cash at bank figure at year end is monies held on behalf of clients totalling £104,013 (2022 - £224,210).

AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
1.9
Financial instruments

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

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Classification of financial liabilities

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

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
Taxation

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

Current tax

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

AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
Deferred tax

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

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company 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.

1.13
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.

1.14
Retirement benefits

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

1.15
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 leases asset are consumed.

1.16
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.

AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

 

Depreciation

Fixed assets are depreciated over the course of their useful economic life. In order to calculate the depreciation charge, judgements are required on the length of the likely useful life and the likely proceeds, if any, of the asset if sold at the end of its life.

 

Investment impairment

The investment in subsidiary companies is reviewed on an annual basis by the directors for impairment, and an adjustment made in the financial statements accordingly if required. The impairment is based on the cost generating unit of the future cashflows.

 

Deferred Income and warranty provisions

The directors understand that they need to recognise turnover over the period of the contract, taking into account contract start dates and length of contract. The initial non regulated revenue from a service contract is recognised to match the estimated costs and the remaining revenue deferred and released over the terms of the contract. The estimated costs are calculated based on an average cost of a non regulated service contract, any variance is released on an annual basis to the profit and loss. The commission received from our regulated activity is recognised over the terms of the contract. Income is deferred into the correct accounting year which enables the Company to fulfil its obligations, primarily claims handling, to it’s dealer partners for the life of the contract.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Regulated
486,337
405,674
Non regulated
10,089,217
9,068,205
Recovery and breakdown
860,654
831,636
Admin services
217,333
228,168
Other
10,921
19,293
11,664,462
10,552,976
AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
11,653,541
10,533,683
Rest of World
10,921
19,293
11,664,462
10,552,976
2023
2022
£
£
Other revenue
Interest income
6,538
6,002
Dividends received
213,333
357,456
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(3,859)
557
Fees payable to the company's auditor for the audit of the company's financial statements
23,000
-
0
Depreciation of owned tangible fixed assets
47,496
77,715
Depreciation of tangible fixed assets held under finance leases
-
52,116
Loss/(profit) on disposal of tangible fixed assets
956
(11,209)
Amortisation of intangible assets
52,304
49,978
Loss on disposal of intangible assets
3,560
-
Operating lease charges
141,435
65,000
AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
5
Employees

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

2023
2022
Number
Number
Directors
3
3
Administration
9
7
Claims
10
8
IT
2
1
Finance
2
2
Risk compliance
1
1
Sales and marketing
28
17
Total
55
39

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,374,468
1,087,681
Social security costs
173,831
120,518
Pension costs
32,712
23,410
1,581,011
1,231,609
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
63,485
32,673
AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
364
1
Other interest income
6,174
6,001
Total interest revenue
6,538
6,002
Income from fixed asset investments
Income from shares in group undertakings
213,333
357,456
Total income
219,871
363,458
8
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
-
14,118
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
240,377
261,498
Adjustments in respect of prior periods
-
0
(66,326)
Total current tax
240,377
195,172
Deferred tax
Origination and reversal of timing differences
(15,968)
10,887
Total tax charge
224,409
206,059
AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
9
Taxation
(Continued)
- 24 -

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

2023
2022
£
£
Profit before taxation
1,478,092
1,829,214
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
280,837
347,551
Tax effect of expenses that are not deductible in determining taxable profit
6,348
1,360
Tax effect of income not taxable in determining taxable profit
(40,533)
(67,917)
Adjustments in respect of prior years
-
0
(884)
Effect of change in corporation tax rate
6,140
-
0
Permanent capital allowances in excess of depreciation
(3,339)
(9,499)
Depreciation on assets not qualifying for tax allowances
732
1,774
Under/(over) provided in prior years
-
0
(66,326)
Deferred tax adjustments in respect of prior years
(26,452)
-
0
Loss on disposal on assets not qualifying for tax allowances
676
-
0
Taxation charge for the year
224,409
206,059
10
Dividends
2023
2022
£
£
Final paid
865,464
763,576
AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
11
Intangible fixed assets
IT Developm'nt
£
Cost
At 1 April 2022
380,313
Additions
162,721
Disposals
(150,847)
At 31 March 2023
392,187
Amortisation and impairment
At 1 April 2022
241,094
Amortisation charged for the year
45,239
Disposals
(147,288)
At 31 March 2023
139,045
Carrying amount
At 31 March 2023
253,142
At 31 March 2022
139,219
AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
12
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computer software and hardware
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
92,452
53,215
63,376
108,978
318,021
Additions
7,580
41,505
17,155
-
0
66,240
Disposals
(18,741)
(39,573)
(36,796)
-
0
(95,110)
At 31 March 2023
81,291
55,147
43,735
108,978
289,151
Depreciation and impairment
At 1 April 2022
81,231
46,387
42,311
2,269
172,198
Depreciation charged in the year
11,743
8,543
6,668
20,542
47,496
Eliminated in respect of disposals
(18,741)
(39,573)
(38,553)
-
0
(96,867)
At 31 March 2023
74,233
15,357
10,426
22,811
122,827
Carrying amount
At 31 March 2023
7,058
39,790
33,309
86,167
166,324
At 31 March 2022
11,221
6,828
21,065
106,709
145,823

The assets held under purchase contracts were disposed of during the year ended 31 March 2022.

2023
2022
£
£
Depreciation charge for the year in respect of leased assets
-
52,116
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
1,571,991
1,571,991
14
Subsidiaries

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

AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
14
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Warranty Administration Services Limited
Otago House, Allenby Business Village, Lincolnshire, LN3 4NL, UK
Motor warranties
Ordinary
80.00
Sentience Automotive Solutions Ltd
Building 5 Archipelago Office Park, Surrey, GU16 7ER, UK
Consultancy
Ordinary
100.00
15
Stocks
2023
2022
£
£
Finished goods and goods for resale
52,998
83,253
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,382,590
1,239,287
Corporation tax recoverable
673,874
345,143
Other debtors
352,208
365,463
Prepayments and accrued income
82,992
109,770
2,491,664
2,059,663
17
Current asset investments
2023
2022
£
£
Bank treasury account
750,000
-
0
AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
20
-
0
5,562
Trade creditors
112,293
125,836
Corporation tax
162,002
-
0
Other taxation and social security
709,945
437,383
Deferred income
23
2,223,366
2,204,066
Other creditors
768,295
846,901
Accruals and deferred income
197,259
83,245
4,173,160
3,702,993
19
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Deferred income
23
819,155
666,467
Deferred consideration
173,334
346,667
992,489
1,013,134
20
Finance lease and hire purchase obligations
2023
2022
Future minimum lease payments due under finance leases and hire purchase contracts:
£
£
Within one year
-
0
5,562

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

21
Provisions for liabilities
2023
2022
£
£
1,493,932
1,498,057
AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
21
Provisions for liabilities
(Continued)
- 29 -
Movements on provisions:
£
Additional provisions in the year
4,125

The provision for liabilities relates to a warranty provision, based upon historic data over anticipated claims.

22
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
26,291
42,586
Retirement benefit obligations
(712)
(1,039)
25,579
41,547
2023
Movements in the year:
£
Liability at 1 April 2022
41,547
Credit to profit or loss
(15,968)
Liability at 31 March 2023
25,579
23
Deferred income
2023
2022
£
£
Other deferred income
3,042,521
2,870,533
AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
23
Deferred income
(Continued)
- 30 -

Deferred income is included in the financial statements as follows:

Current liabilities
2,223,366
2,204,066
Non-current liabilities
819,155
666,467
3,042,521
2,870,533
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
32,712
23,410

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

25
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
180
180
180
180
Ordinary A shares of £1 each
11
11
11
11
Ordinary B shares of £1 each
5
5
5
5
Ordinary C shares of £1 each
2
2
2
2
Ordinary D shares of £1 each
1
1
1
1
Ordinary E shares of £1 each
1
1
1
1
200
200
200
200
26
Related party transactions

As a wholly owned subsidiary of Autoguard Group Limited, the company has taken advantage of the exemption available under FRS 102 Section 33.1A not to disclose transactions with other wholly-owned members of the group.

27
Own shares reserve

At the balance sheet date the company held 14 (2022: 14) of its own shares in treasury.

 

Profit and loss reserves

 

Includes all current and prior year retained profits and losses. All amounts are distributable.

AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 31 -
28
Directors' transactions

At the start of the year, one of the directors owed the company £251,642. During the year, repayments were made totalling £19,054 and additional drawings made amounted to £10,000. Interest amounting to £4,993 was charged on the balance throughout the year. At the year end, the director owed the company £247,581, this amount is included within other debtors.

 

At the start of the year, a second director owed the company £63,821. Repayments were made totalling £10,375. Interest amounting to £1,181 was charged on the balance throughout the year. At the year end, the director owed the company £54,627, this amount is included within other debtors.

 

Two companies under the control of the same director charged Autoguard Warranties Limited for services provided. The total amount charged by the two companies in the year are £259,718 (2022 - £257,182). No amounts were owed at the end of the accounting periods.

29
Financial commitments, guarantees and contingent liabilities

Contingent liability

A VAT inspection commenced in 2022 and has resulted in a liability owed to HMRC of £112,000 due to a change in policy. This has been included in these financial statements.

At the date of signing this report the investigation remains ongoing, no provision has been made in these financial statements for the continued review, as the conclusions relate to industry wide regulation, as opposed to this entity alone. The possible financial impact to the company cannot be reliably measured at this time.

 

30
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments relating to Head Office rent payable for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
138,828
63,657
Between two and five years
497,467
-
0
636,295
63,657
AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 32 -
31
Controlling party

During the year, the company was wholly acquired by Autoguard Group Limited, a company incorporated in England & Wales.

The company is controlled by the directors who own 92% of the share capital.

AUTOGUARD WARRANTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 33 -
32
Prior period adjustment

The directors identified that the prior year financial statements needed to be adjusted for deferred income. Within these financial statements the directors have included changes to the accounting policy, adjusting the balances. In respect of the financial statements for the year ended 31 March 2023, deferred income has been restated to increase by £3,042,521.

Changes to the balance sheet
As previously reported
Adjustment at 1 Apr 2021
Adjustment at 31 Mar 2022
As restated at 31 Mar 2022
£
£
£
£
Fixed assets
Other intangibles
-
-
139,219
139,219
Tangible assets
285,042
-
(139,219)
145,823
Current assets
Trade debtors
1,239,289
-
(2)
1,239,287
Corp tax debtor
138,893
139,015
67,235
345,143
Creditors due within one year
Trade creditors
(2,111,897)
-
1,986,061
(125,836)
Corp tax creditor
(328,732)
328,732
-
-
Other tax and ss
(492,226)
-
54,843
(437,383)
Other creditors
(255,520)
-
(591,381)
(846,901)
Accruals
(186,623)
-
103,378
(83,245)
Deferred income
-
(2,461,828)
257,762
(2,204,066)
Warranty provision
(1,498,057)
(1,498,057)
Creditors due after one year
Deferred income
-
-
(666,467)
(666,467)
Net assets
2,036,328
(1,994,081)
(286,628)
(244,381)
Capital and reserves
Profit and loss reserves
2,192,999
(1,994,081)
(286,628)
(87,710)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2022
£
£
£
Turnover
13,288,788
(2,735,812)
10,552,976
Cost of sales
(9,118,894)
2,172,708
(6,946,186)
Administrative expenses
(2,336,158)
209,242
(2,126,916)
Taxation
(273,293)
67,234
(206,059)
Profit for the financial period
1,909,783
(286,628)
1,623,155
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2024.210Mr D. L. RobinsonMr R. J. DockerillMr A. May-Khalilfalsefalse065740302022-04-012023-03-3106574030bus:Director22022-04-012023-03-3106574030bus:Director32022-04-012023-03-3106574030bus:Director12022-04-012023-03-3106574030bus:RegisteredOffice2022-04-012023-03-31065740302023-03-31065740302021-04-012022-03-3106574030core:ContinuingOperations2021-04-012022-03-3106574030core:RetainedEarningsAccumulatedLosses2021-04-012022-03-3106574030core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3106574030core:OtherResidualIntangibleAssets2023-03-3106574030core:OtherResidualIntangibleAssets2022-03-3106574030core:ComputerSoftware2023-03-3106574030core:ComputerSoftware2022-03-31065740302022-03-3106574030core:LeaseholdImprovements2023-03-3106574030core:FurnitureFittings2023-03-3106574030core:ComputerEquipment2023-03-3106574030core:MotorVehicles2023-03-3106574030core:LeaseholdImprovements2022-03-3106574030core:FurnitureFittings2022-03-3106574030core:ComputerEquipment2022-03-3106574030core:MotorVehicles2022-03-3106574030core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3106574030core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3106574030core:CurrentFinancialInstruments2023-03-3106574030core:CurrentFinancialInstruments2022-03-3106574030core:Non-currentFinancialInstruments2023-03-3106574030core:Non-currentFinancialInstruments2022-03-3106574030core:ShareCapital2023-03-3106574030core:ShareCapital2022-03-3106574030core:SharePremium2023-03-3106574030core:SharePremium2022-03-3106574030core:CapitalRedemptionReserve2023-03-3106574030core:CapitalRedemptionReserve2022-03-3106574030core:RetainedEarningsAccumulatedLosses2023-03-3106574030core:RetainedEarningsAccumulatedLosses2022-03-3106574030core:SharePremiumcore:PriorPeriodIncreaseDecrease2021-03-3106574030core:CapitalRedemptionReservecore:PriorPeriodIncreaseDecrease2021-03-3106574030core:RetainedEarningsAccumulatedLossescore:PriorPeriodIncreaseDecrease2021-03-3106574030core:ShareCapital2021-03-3106574030core:SharePremium2021-03-3106574030core:CapitalRedemptionReserve2021-03-3106574030core:RetainedEarningsAccumulatedLosses2021-03-3106574030core:ShareCapitalOrdinaryShares2023-03-3106574030core:ShareCapitalOrdinaryShares2022-03-3106574030core:ShareCapital2021-04-012022-03-3106574030core:SharePremium2021-04-012022-03-3106574030core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3106574030core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3106574030core:FurnitureFittings2022-04-012023-03-3106574030core:ComputerEquipment2022-04-012023-03-3106574030core:MotorVehicles2022-04-012023-03-3106574030core:UKTax2022-04-012023-03-3106574030core:UKTax2021-04-012022-03-310657403012022-04-012023-03-310657403012021-04-012022-03-310657403022022-04-012023-03-310657403022021-04-012022-03-310657403032022-04-012023-03-310657403032021-04-012022-03-3106574030core:ComputerSoftware2022-03-3106574030core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2022-04-012023-03-3106574030core:ComputerSoftware2022-04-012023-03-3106574030core:LeaseholdImprovements2022-03-3106574030core:FurnitureFittings2022-03-3106574030core:ComputerEquipment2022-03-3106574030core:MotorVehicles2022-03-31065740302022-03-3106574030core:LeaseholdImprovements2022-04-012023-03-3106574030core:CurrentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-03-3106574030core:CurrentFinancialInstrumentscore:UnlistedNon-exchangeTraded2022-03-3106574030core:Non-currentFinancialInstruments12023-03-3106574030core:Non-currentFinancialInstruments12022-03-3106574030core:WithinOneYear2023-03-3106574030core:WithinOneYear2022-03-3106574030core:BetweenTwoFiveYears2023-03-3106574030core:BetweenTwoFiveYears2022-03-3106574030bus:PrivateLimitedCompanyLtd2022-04-012023-03-3106574030bus:FRS1022022-04-012023-03-3106574030bus:Audited2022-04-012023-03-3106574030bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP