Company registration number 14629206 (England and Wales)
OA RECRUITMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
OA RECRUITMENT LIMITED
COMPANY INFORMATION
Director
L Clark
(Appointed 31 January 2023)
Company number
14629206
Registered office
11 Guessens Road
Welwyn Garden City
Hertfordshire
AL8 6QW
Auditor
UHY Hacker Young (East) Limited
Suite 501
The Nexus Building
Broadway
Letchworth Garden City
Herts
SG6 9BL
Business address
11 Guessens Road
Welwyn Garden City
Hertfordshire
AL8 6QW
OA RECRUITMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
OA RECRUITMENT LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

OA Recruitment Limited is a recruiting business that specialises in offering permanent recruitment, temporary workers, and bespoke talent solutions to clients across the UK. The group operates in the Industrial, Manufacturing, Business Services, Commercial, Warehousing, and Logistics sectors.

 

During the year, the group structure changed with an off-market management buyout as part of its ongoing strategy for continued growth. OA Recruitment Limited the parent company of the group.

The directors are satisfied with the performance of the company during the financial year and anticipate profitability for the upcoming year.

Key performance indicators

FY23 the gross profit margin was 23%.

FY23 the operating profit margin was 3%.

FY23 Conversion rate is 14.2% this is the operating profit to gross profit.

Principal risks and uncertainties

OA Recruitment’s principle risks include liquidity, customer concentration, credit, technology and regulatory risks. To mitigate and manage these risks we diversify our client portfolio, working in different sectors with a geographical spread across the UK. The business mix of temporary labour supply and permanent recruitment is closely monitored by the Directors with a targeted ratio of 70:30 temporary to permanent.

 

Liquidity

The group is financed through retained earnings and does not use the invoice finance facility. The seasonal nature of the business will create fluctuations in demand for workers which has an impact to working capital. To mitigate this risk, we partner with our clients to identify upcoming business volumes, cash flow forecasts, robust credit control procedures and there is the option to use the invoice finance facility.

 

Customer Concentration

During this year there has been significant reduction in volumes of temporary labour supply at a number of key clients. General decline in the use of recruitment agencies with clients preferring to use internal talent acquisition could result in reduced revenue. The directors manage this risk with a sales strategy of market penetration by winning new lines of business at existing clients or winning business at new clients.

 

Credit

There is a risk of non-payment of invoices by clients. As a business we are more exposed in the talent solutions division who work with high volume clients on agreed payment terms that are longer than the standard 14 days payment terms. To mitigate this risk due diligence and credit checks are carried out before a client is onboarded, regular credit checks for existing clients, robust credit control procedures and credit insurance.

 

Technology

The company is aware of the technology risk that is posed as we rely on technology systems, some of which have a limited useful life in a fast-changing environment. The cloud-based environment is managed by external specialist with daily back-ups, IT security controls to ensure a solid IT infrastructure.

 

Regulatory

Compliance with employment laws, tax regulations, health and safety regulations can lead to increased costs and workload, specifically in regards to a workers right to work. Appropriate policies and code of conduct exist throughout the business, a dedicated compliance officer and regular training is provided to employees. External legal and HR professionals are on hand to provide advice when insufficient knowledge exists within the group.

OA RECRUITMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Future outlook

The group is well positioned to overcome the tough market conditions with a healthy balance sheet, a talented leadership team and an agile structure that allows us to flex resources according to customer requirements.

 

There has been a focus on increasing NFI per individual through training and development of staff, personal brand management is encouraged which helps to attract and retain top talent, furthermore it enables OA to become a live and leading brand name in the market.

 

Future investment in automation and technological advances is planned for FY24, the legacy systems will be upgraded that will create business optimisation and fundamental efficiencies in the back office.

On behalf of the board

L Clark
Director
13 September 2024
OA RECRUITMENT LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -

The director presents her annual report and financial statements for the Period ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of temporary employment agency activities.

Results and dividends

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

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

L Clark
(Appointed 31 January 2023)
Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
L Clark
Director
13 September 2024
OA RECRUITMENT LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -

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 she 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. She 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.

OA RECRUITMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OA RECRUITMENT LIMITED
- 5 -
Opinion

We have audited the financial statements of OA Recruitment Limited (the 'parent company') and its subsidiaries (the 'group') for the Period 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:

OA RECRUITMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OA RECRUITMENT LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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 company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, 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 preparation of 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 related to the recognition of revenue, the initial recognition of goodwill on a business combination, and the adequacy of disclosures surrounding going concern.

 

Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, sensitivity analysis on key assumptions, critical review of accounting estimates, enquiries of management, and testing of journals and evaluating whether there was evidence of bias by the Director that represented a risk of material misstatement due to fraud.

 

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

 

 

 

OA RECRUITMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OA RECRUITMENT LIMITED
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Price FCA (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young (East) Ltd
18 September 2024
Chartered Accountants
Statutory Auditor
Suite 501
The Nexus Building
Broadway
Letchworth Garden City
Herts
SG6 9BL
OA RECRUITMENT LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
Period
ended
31 December
2023
Notes
£
Turnover
3
14,597,509
Cost of sales
(11,230,476)
Gross profit
3,367,033
Administrative expenses
(2,888,042)
Operating profit
4
478,991
Interest receivable and similar income
7
4,974
Profit before taxation
483,965
Tax on profit
8
(181,636)
Profit for the financial Period
302,329
Profit for the financial Period is all attributable to the owner of the parent company.
OA RECRUITMENT LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
Period
ended
31 December
2023
£
Profit for the Period
302,329
Other comprehensive income
-
Total comprehensive income for the Period
302,329
Total comprehensive income for the Period is all attributable to the owners of the parent company.
OA RECRUITMENT LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
Notes
£
£
Fixed assets
Goodwill
9
2,535,180
Other intangible assets
9
20,603
Total intangible assets
2,555,783
Tangible assets
10
112,587
2,668,370
Current assets
Debtors
13
3,441,011
Cash at bank and in hand
1,003,000
4,444,011
Creditors: amounts falling due within one year
14
(3,510,299)
Net current assets
933,712
Total assets less current liabilities
3,602,082
Creditors: amounts falling due after more than one year
15
(3,360,000)
Provisions for liabilities
Deferred tax liability
17
32,223
(32,223)
Net assets
209,859
Capital and reserves
Called up share capital
19
5,100
Profit and loss reserves
204,759
Total equity
209,859

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 13 September 2024
13 September 2024
L Clark
Director
Company registration number 14629206 (England and Wales)
OA RECRUITMENT LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
Notes
£
£
Fixed assets
Investments
11
5,783,750
Current assets
Debtors
13
100
Creditors: amounts falling due within one year
14
(1,120,000)
Net current liabilities
(1,119,900)
Total assets less current liabilities
4,663,850
Creditors: amounts falling due after more than one year
15
(3,360,000)
Net assets
1,303,850
Capital and reserves
Called up share capital
19
5,100
Profit and loss reserves
1,298,750
Total equity
1,303,850

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 £1,298,750.

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

The financial statements were approved and signed by the director and authorised for issue on 13 September 2024
13 September 2024
L Clark
Director
Company registration number 14629206 (England and Wales)
OA RECRUITMENT LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 31 January 2023
-
0
-
0
-
Period ended 31 December 2023:
Profit and total comprehensive income
-
302,329
302,329
Issue of share capital
19
5,100
-
5,100
Dividends
-
(97,572)
(97,572)
Other movements
-
2
2
Balance at 31 December 2023
5,100
204,759
209,859
OA RECRUITMENT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 31 January 2023
-
0
-
0
-
Period ended 31 December 2023:
Profit and total comprehensive income
-
1,298,750
1,298,750
Issue of share capital
19
5,100
-
5,100
Balance at 31 December 2023
5,100
1,298,750
1,303,850
OA RECRUITMENT LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 14 -
2023
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
337,556
Other movements
93,373
Income taxes paid
(177,385)
Net cash inflow/(outflow) from operating activities
253,544
Investing activities
Purchase of business net of cash acquired
(3,625,360)
Purchase of intangible assets
(7,750)
Purchase of tangible fixed assets
(9,936)
Interest received
4,974
Net cash used in investing activities
(3,638,072)
Financing activities
Proceeds from issue of shares
5,100
New borrowings
5,224,000
Repayment of borrowings
(744,000)
Dividends paid to equity shareholders
(97,572)
Net cash generated from/(used in) financing activities
4,387,528
Net increase in cash and cash equivalents
1,003,000
Cash and cash equivalents at beginning of Period
-
0
Cash and cash equivalents at end of Period
1,003,000
OA RECRUITMENT LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 15 -
2023
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(100)
Investing activities
Proceeds from disposal of subsidiaries
(5,783,750)
Dividends received
1,298,750
Net cash used in investing activities
(4,485,000)
Financing activities
Proceeds from issue of shares
5,100
Repayment of borrowings
4,480,000
Net cash generated from/(used in) financing activities
4,485,100
Net increase in cash and cash equivalents
-
Cash and cash equivalents at beginning of Period
-
0
Cash and cash equivalents at end of Period
-
0
OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

OA Recruitment Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 11 Guessens Road, Welwyn Garden City, Hertfordshire, AL8 6QW.

 

The group consists of OA Recruitment Limited and all of its subsidiaries.

1.1
Reporting period

These financial statements have been prepared from the date of incorporation (31 January 2023) to the 31 December 2023.

1.2
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Business combinations

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

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company OA Recruitment 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.

OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

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.

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.

1.5
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.

 

In arriving at this conclusion the director has obtained assurances from the lender in respect of the borrowings disclosed at note 15. These assurances involve a variation of a previously agreed repayment schedule such that the lender will only receive repayments at a point and to an extent that the group's liquidity position is not threatened.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

1.7
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.8
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 10 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.

1.9
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:

Software costs
Over 5 years
1.10
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
10% straight line
Fixtures and fittings
25% reducing balance

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

1.11
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.

OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -

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.

1.12
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.13
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.

OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.14
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

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

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.15
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.

1.16
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.

OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
Deferred tax

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

 

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

1.17
Employee benefits

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

 

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

 

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.

1.18
Retirement benefits

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

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.

 

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.

3
Turnover and other revenue
2023
£
Turnover analysed by class of business
Recruitment services
14,597,509
2023
£
Turnover analysed by geographical market
United Kingdom
14,597,509
OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 23 -
2023
£
Other revenue
Interest income
4,974
4
Operating profit
2023
£
Operating profit for the period is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
1,500
Depreciation of owned tangible fixed assets
31,354
Amortisation of intangible assets
227,683
5
Employees

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

Group
Company
2023
2023
Number
Number
47
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2023
£
£
Wages and salaries
12,828,520
-
0
Social security costs
209,351
-
Pension costs
144,986
-
0
13,182,857
-
0
6
Director's remuneration
2023
£
Remuneration for qualifying services
12,419
Company pension contributions to defined contribution schemes
144,986
157,405
OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 24 -
7
Interest receivable and similar income
2023
£
Interest income
Interest on bank deposits
2,889
Other interest income
2,085
Total income
4,974
2023
Investment income includes the following:
£
Interest on financial assets not measured at fair value through profit or loss
2,889
8
Taxation
2023
£
Current tax
UK corporation tax on profits for the current period
169,741
Deferred tax
Origination and reversal of timing differences
11,895
Total tax charge
181,636

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

2023
£
Profit before taxation
483,965
Expected tax charge based on the standard rate of corporation tax in the UK of 23.75%
114,942
Tax effect of expenses that are not deductible in determining taxable profit
2,655
Amortisation on assets not qualifying for tax allowances
70,923
Other timing differences
(6,884)
Taxation charge
181,636
OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 25 -
9
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 31 January 2023
-
0
-
-
Additions - separately acquired
-
0
7,750
7,750
Additions - business combinations
2,756,451
26,483
3,012,715
At 31 December 2023
2,756,451
34,233
2,790,684
Amortisation and impairment
At 31 January 2023
-
0
-
-
Amortisation charged for the Period
221,271
6,412
227,683
Business combinations
-
0
7,218
7,218
At 31 December 2023
221,271
13,630
234,901
Carrying amount
At 31 December 2023
2,535,180
20,603
2,555,783
The company had no intangible fixed assets at 31 December 2023.
10
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 31 January 2023
-
-
-
Additions
-
0
9,936
9,936
Business combinations
129,062
209,059
338,121
At 31 December 2023
129,062
218,995
348,057
Depreciation and impairment
At 31 January 2023
-
-
-
Depreciation charged in the Period
12,906
18,448
31,354
Business combinations
63,531
140,585
204,116
At 31 December 2023
76,437
159,033
235,470
Carrying amount
At 31 December 2023
52,625
59,962
112,587
The company had no tangible fixed assets at 31 December 2023.
OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 26 -
11
Fixed asset investments
Group
Company
2023
2023
Notes
£
£
Investments in subsidiaries
12
-
0
5,783,750
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 31 January 2023
-
Additions
5,783,750
At 31 December 2023
5,783,750
Carrying amount
At 31 December 2023
5,783,750
12
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
Angloworld Recruitment Ltd
England
Ordinary
100.00
OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 27 -
13
Debtors
Group
Company
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
2,445,248
-
0
Corporation tax recoverable
46,856
-
0
Other debtors
307,883
-
0
Prepayments and accrued income
201,802
-
0
3,001,789
-
Amounts falling due after more than one year:
Unpaid share capital
100
100
Amounts owed by group undertakings
439,122
-
439,222
100
Total debtors
3,441,011
100
14
Creditors: amounts falling due within one year
Group
Company
2023
2023
Notes
£
£
Other borrowings
16
1,120,000
1,120,000
Trade creditors
50,874
-
0
Corporation tax payable
230,102
-
0
Other taxation and social security
1,082,718
-
Other creditors
73,734
-
0
Accruals and deferred income
952,871
-
0
3,510,299
1,120,000
15
Creditors: amounts falling due after more than one year
Group
Company
2023
2023
Notes
£
£
Other borrowings
16
3,360,000
3,360,000
OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 28 -
16
Loans and overdrafts
Group
Company
2023
2023
£
£
Other loans
4,480,000
4,480,000
Payable within one year
1,120,000
1,120,000
Payable after one year
3,360,000
3,360,000

The lender in respect of these borrowings has undertaken, notwithstanding an originally agreed repayment schedule, to only require repayment as and when the company's cash position allows such a repayment to be made without presenting a threat to the company's wider liquidity position.

17
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
32,223
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the Period:
£
£
Asset at 31 January 2023
-
-
Charge to profit or loss
11,895
-
Other
20,328
-
Liability at 31 December 2023
32,223
-

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

18
Retirement benefit schemes
2023
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
144,986

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.

OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 29 -
19
Share capital
Group and company
2023
2023
Ordinary share capital
Number
£
Issued and not fully paid
Ordinary shares of £1 each
5,100
5,100
20
Acquisition of a business

On 13 March 2024 the group acquired 100% percent of the issued capital of Angloworld Recruitment Ltd.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Intangible assets
9,397
-
9,397
Property, plant and equipment
139,966
-
139,966
Trade and other receivables
2,133,821
-
2,133,821
Cash and cash equivalents
2,158,390
-
2,158,390
Trade and other payables
(1,494,855)
-
(1,494,855)
Tax liabilities
(218,692)
-
(218,692)
Other
-
260,850
260,850
Deferred tax
(20,328)
-
(20,328)
Total identifiable net assets
2,707,699
260,850
2,968,549
Goodwill
2,756,451
Total consideration
5,725,000
The consideration was satisfied by:
£
Cash
496,000
Issue of shares
5,000
Issue of loan notes
4,480,000
Deferred consideration
744,000
5,725,000

The adjustments arising on acquisition were in respect of the following:

 

 

Transaction costs associated with the acquisition and included in the cost of investments with the company balance sheet were £58,750.

OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
20
Acquisition of a business
(Continued)
- 30 -
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
14,597,494
Profit after tax
522,293

The goodwill arising on the acquisition of the business is attributable to an extensive customer and candidate list and strong market position. The directors consider that a useful economic life of 10 years is reflective of this.

21
Operating lease commitments

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
24,400
-
Between two and five years
11,667
-
36,067
-
23
Controlling party

The company is controlled by L Clark, director.

24
Cash generated from/(absorbed by) group operations
2023
£
Profit for the Period after tax
302,329
Adjustments for:
Taxation charged
181,636
Investment income
(4,974)
Amortisation and impairment of intangible assets
227,683
Depreciation and impairment of tangible fixed assets
31,354
Fair value adjustment from acquisition
260,848
Movements in working capital:
Increase in debtors
(1,326,662)
Increase in creditors
665,342
Cash generated from/(absorbed by) operations
337,556
OA RECRUITMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 31 -
25
Cash absorbed by operations - company
2023
£
Profit for the Period after tax
1,298,750
Adjustments for:
Investment income
(1,298,750)
Movements in working capital:
Increase in debtors
(100)
Cash absorbed by operations
(100)
26
Analysis of changes in net debt - group
31 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
-
1,003,000
1,003,000
Borrowings excluding overdrafts
-
(4,480,000)
(4,480,000)
-
(3,477,000)
(3,477,000)
27
Analysis of changes in net debt - company
31 January 2023
Cash flows
31 December 2023
£
£
£
Borrowings excluding overdrafts
-
(4,480,000)
(4,480,000)
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