Company Registration No. 11647001 (England and Wales)
SCUTUM GROUP UK LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
SCUTUM GROUP UK LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 11
Group statement of comprehensive income
12
Group balance sheet
13 - 14
Company balance sheet
15 - 16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Notes to the financial statements
20 - 45
SCUTUM GROUP UK LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr K L Roberts
Mr S Baccetti
Mr. R. M. Jones
(Appointed 27 August 2024)
Company number
11647001
Registered office
St Ann's House
St Anns Road
Chertsey
KT16 9EH
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
Business address
St Ann's House
St Anns Road
Chertsey
KT16 9EH
SCUTUM GROUP UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

 

Principal Activities

The group provides services in the Fire and Security Industry. The services provided are the installation and maintenance of electronic fire systems, installation and maintenance of electronic security systems and digital services to both the Fire and Security Industry.

Fair review of the business

2023 was a good year in terms of activity, showing an overall 10.7% growth, driven by organic growth and the addition of nine months of Alarm Maintenance Company Ltd, acquired on 31st March 2023 and adding up a missing regional presence in the Aberdeen area.

 

Although the underlying profitability of the group is now very strong, the profit of the year was penalized by restructuring costs and depreciation related to the Navision investment project.

 

Regarding subsequent events, it is to be noted the rationalization in 2024 of our Monitoring services with one major Alarm Receiving Centre in Plymouth.

 

Financial key performance indicators

The key performance indicators of the business are: -

 

Year ended
Year ended
31 December 2023
31 December 2022
Turnover
£46,612,442
£42,092,919
Gross profit
£13,183,359
£12,039,717
Operating (loss)/profit
£(392,962)
£198,242

On behalf of the board

Mr K L Roberts
Mr S Baccetti
Director
Director
SCUTUM GROUP UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Principal risks and uncertainties

The Management team continually monitor the key risks facing the business together with assessing the controls used for managing these risks. The principal risks and uncertainties facing the company are as follows: -

 

 

 

 

 

 

SCUTUM GROUP UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Directors' statement of compliance with duty to promote the success of the company

This statement by the Board of Directors describes how they have approached their responsibilities under S172 (1) (a) to (f) of the Companies Act 2006 in the financial period ending 31 December 2023.

 

The directors promote the success of the company for the benefit of the sole shareholder and that of the shareholders ultimate parent Scutum SA whilst taking into account, amongst other matters, the items headed below.

 

Consequences of any decision in the long term

The Board of Directors monitor and review strategic objectives, against long term growth plans and goals. Regular reviews are held across key business areas including, financial performance, risks and opportunities, Health & Safety, Human Resources, Procurement and operations. The Company’s performance and progress are reviewed regularly at subsidiary and Group board meetings.

 

Interests of the Company’s employees

Central to our business are our people, their wellbeing, development, and safety. This is why our primary objective is to guarantee the highest safety conditions to our employees and a high-quality, work environment. With work accidents identified as one of the three risks we face, along with employee turnover and absenteeism. We continue to promote a healthy lifestyle, through our Health Assurance program, and support through our Life Assurance insurance policy.

 

Business relationships with suppliers, customers, and others

We recognise the importance that stakeholders outside the business such as customers and suppliers add to our business and we work ethically together to ensure that our goals are met in a mutually beneficial fashion by negotiating contracts, agreeing payment terms in advance, and maintaining an open dialogue with suppliers and customers.

 

The impact of company’s operations on the community and the environment

The directors continue to promote the Groups Social Responsibility Goals to create a more sustainable industry in alignment with the Scutum Group’s values. We aim for growth that is in harmony with the environment by seeking to minimise the environmental impact of our business operations. Awareness campaigns have been launched to support sustainable development at Group level. Employees are encouraged to utilise video conferencing where appropriate and choose public transport where necessary and where using Company vehicles, drive in a responsible way. Our company has continued to see growth in the use of hybrid and fully electric company vehicles. The installation of electric car charging stations at all UK offices is underway.

 

We believe that promoting sustainability is necessary throughout the entire supply chain and we request from our suppliers that they address issues such as compliance, protection of human rights, environmental conservation and occupational safety.

Maintaining a reputation for high standards of business conduct

Innovation and excellence remain at the core of Scutum business. Protecting the privacy of our customers, vendors and employees is critical to our ability to maintain their trust. Gaining accreditation to Cyber Essentials provides additional reassurance to our clients and Scutum understands how the risks related to Information Security and privacy affect our business operations and a Group Data Protection Officer oversees the Group’s data Protection Strategy.

 

SCUTUM GROUP UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Energy and carbon report

In accordance with the Companies Act 2006 (Strategic Report and Directors’ Report) Regulation 2013, the table below sets out Scutum Group UK emissions in 2023.

Year ended
31 December 2023
31 December 2022
Tonnes*
Tonnes*
Total Scope 1 (TCO₂e)
2,482
1,201
Total Scope 2 (TCO₂e)
269
96
Total Scope 1 & 2 (TCO₂e)
2,751
1,297
Total Scope 3 (TCO₂e)
3,873
-
Tonnes of TCO₂e per employee
16
3

(*) Emissions data is reported in accordance with the UK Government’s ‘Environment reporting guidelines, including Streamlined Energy and Carbon Reporting requirements. Using the 2023 emission conversion factors published by the Department for Business, Energy & Industrial Strategy (BEIS)

 

2023 environmental initiatives

Scutum Group UK’s parent company initiated a third party company to review and establish a baseline of CO2 emissions across Scutum Group UK and subsidiaries. The data is evolving in granularity and providing greater accuracy in output figures. 2023 was the first year that Scope 3 figures were measured as a baseline for future tracking and hence the significantly increased figure per employee.

The acquisition of 2 new companies in 2023 has increased TCO2e figures from those seen in 2022 and work is underway to fully understand and measure their CO2 scope.

2023 saw a return to post-Covid activities, with business travel increasing significantly as full access to premises became available and the company dealt with the backlog of work from the Covid-19 restrictions, along with the need to integrate 2 new acquisitions in Scotland. Additionally, local schemes continue to progress.

 

These initiatives include:

SCUTUM GROUP UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

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

Principal activities

The principal activity of the group was that of maintenance, supply and commission of fire protection and security systems.

 

The principal activity of the company was that of an intermediate holding company, providing management services to the group.

Results and dividends

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

No ordinary dividends were paid. 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 K L Roberts
Mr S Baccetti
Mr C Burbridge
(Appointed 20 September 2023 and resigned 31 August 2024)
Mr. R. M. Jones
(Appointed 27 August 2024)
Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

SCUTUM GROUP UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Auditor

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

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.

On behalf of the board
Mr K L Roberts
Mr S Baccetti
Director
Director
16 September 2024
SCUTUM GROUP UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SCUTUM GROUP UK LIMITED
- 8 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

SCUTUM GROUP UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCUTUM GROUP UK LIMITED
- 9 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

SCUTUM GROUP UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCUTUM GROUP UK LIMITED
- 10 -
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.

Our approach was as follows:

 

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

SCUTUM GROUP UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCUTUM GROUP UK LIMITED
- 11 -

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.

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 Blake FCA (Senior Statutory Auditor)
For and on behalf of TC Group
16 September 2024
Statutory Auditor
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
SCUTUM GROUP UK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
Turnover
3
46,612,442
42,092,919
Cost of sales
(33,429,083)
(30,126,752)
Gross profit
13,183,359
11,966,167
Administrative expenses
(12,763,780)
(11,280,982)
Other operating income
-
33,501
EBITDA
4
419,579
718,686
Depreciation
(298,983)
(339,689)
Amortisation
(513,558)
(180,755)
Operating (loss)/profit
(392,962)
198,242
Interest receivable and similar income
11,752
974
Interest payable and similar expenses
8
(673,786)
(535,453)
Loss before taxation
(1,054,996)
(336,237)
Tax on loss
9
199,336
(138,831)
Loss for the financial year
23
(855,660)
(475,068)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
SCUTUM GROUP UK LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
ASSETS
Fixed assets
Goodwill
10
3,146,767
1,934,814
Other intangible assets
10
528,555
395,717
Total intangible assets
3,675,322
2,330,531
Tangible assets
11
916,548
1,165,919
4,591,870
3,496,450
Current assets
Stocks
15
1,291,783
964,239
Debtors
16
11,952,150
11,295,106
Cash at bank and in hand
2,197,557
2,548,615
15,441,490
14,807,960
Total assets
20,033,360
18,304,410
EQUITY
Capital and reserves
Called up share capital
22
80,335
80,335
Share premium account
23
17,016,418
17,016,418
Other reserves
23
(27,903,594)
(27,903,594)
Profit and loss reserves
23
(340,328)
515,332
Total equity
(11,147,169)
(10,291,509)
LIABILITIES
Provisions for liabilities
Deferred tax liability
20
-
0
71,620
Creditors: amounts falling due after more than one year
18
18,399,552
16,126,638
Creditors: amounts falling due within one year
17
12,780,977
12,397,661
Total equity and liabilities
20,033,360
18,304,410
SCUTUM GROUP UK LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
16 September 2024
Mr K L Roberts
Mr S Baccetti
Director
Director
Company registration number 11647001 (England and Wales)
SCUTUM GROUP UK LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 15 -
2023
2022
Notes
£
£
ASSETS
Fixed assets
Intangible assets
10
528,555
395,717
Tangible assets
11
6,552
3,381
Investments
12
41,851,824
38,951,537
42,386,931
39,350,635
Current assets
Stocks
15
-
75,866
Debtors
16
1,984,890
893,680
Cash at bank and in hand
57,815
14,548
2,042,705
984,094
Total assets
44,429,636
40,334,729
EQUITY
Capital and reserves
Called up share capital
22
80,335
80,335
Share premium account
23
17,016,418
17,016,418
Profit and loss reserves
23
3,007,438
3,208,640
Total equity
20,104,191
20,305,393
LIABILITIES
Creditors: amounts falling due after more than one year
18
18,324,398
16,007,092
Creditors: amounts falling due within one year
17
6,001,047
4,022,244
Total equity and liabilities
44,429,636
40,334,729

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £201,202 (2022 - £540,753 loss).

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

SCUTUM GROUP UK LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 16 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
16 September 2024
Mr K L Roberts
Mr S Baccetti
Director
Director
Company registration number 11647001 (England and Wales)
SCUTUM GROUP UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
Share capital
Share premium account
Merger reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
80,335
17,016,418
(27,903,594)
990,400
(9,816,441)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
-
(475,068)
(475,068)
Balance at 31 December 2022
80,335
17,016,418
(27,903,594)
515,332
(10,291,509)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(855,660)
(855,660)
Balance at 31 December 2023
80,335
17,016,418
(27,903,594)
(340,328)
(11,147,169)
SCUTUM GROUP UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
80,335
17,016,418
3,749,394
20,846,147
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(540,754)
(540,754)
Balance at 31 December 2022
80,335
17,016,418
3,208,640
20,305,393
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(201,202)
(201,202)
Balance at 31 December 2023
80,335
17,016,418
3,007,438
20,104,191
SCUTUM GROUP UK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(356,587)
539,858
Interest paid
(673,786)
(535,453)
Income taxes paid
(13,339)
(312,914)
Net cash outflow from operating activities
(1,043,712)
(308,509)
Investing activities
Purchase of business
(1,141,707)
(1,543,451)
Purchase of intangible assets
(327,112)
(200,686)
Purchase of tangible fixed assets
(176,367)
(345,817)
Proceeds on disposal of tangible fixed assets
181,118
132,275
Interest received
11,752
974
Net cash used in investing activities
(1,452,316)
(1,956,705)
Financing activities
Draw down or (repayment) of loans from parent
2,317,306
1,387,302
Payment of finance leases obligations
(172,336)
(256,348)
Net cash generated from financing activities
2,144,970
1,130,954
Net decrease in cash and cash equivalents
(351,058)
(1,134,260)
Cash and cash equivalents at beginning of year
2,548,615
3,682,875
Cash and cash equivalents at end of year
2,197,557
2,548,615
The notes on pages 20 to 45 form part of these financial statements
SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
1
Accounting policies
Company information

Scutum Group UK Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Scutum Group UK Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

The 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 for parent company information presented within the consolidated financial statements:

 

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.2
Basis of consolidation

The consolidated financial statements incorporate those of Scutum Group UK Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

The company obtained control of the original group of subsidiaries on the 31st December 2019 as part of a group reorganisation instigated by the parent company, Scutum International SAS, for the purposes of establishing a UK sub-group within the ultimate group structure, to hold all of the UK interests within an intermediate holding company.

 

Prior to the group reorganisation all of the subsidiary companies were wholly owned by Scutum International SAS. Both prior to and after completion of the group reorganisation Scutum Group UK Limited's shares were wholly owned by Scutum International SAS, the group reorganisation having no effect on the interests of Scutum International SAS' shareholders. Accordingly, in the 2019 consolidated financial statements the group reorganisation was accounted for using the merger accounting method in accordance with Section 19.27 of FRS 102.

The group reconstruction involved the company receiving the UK interests of Scutum International SAS in exchange for a combination of debt and the issue of new equity shares.

 

The cost of the business combination to the company was equal to the book value of the interests in the UK subsidiaries transferred from Scutum International SAS, as per the accounts of Scutum International SAS. Where the consideration comprised the issue of new equity shares, Group Reconstruction relief (Section 615 of Companies Act 2006) applied to the recognition of the Share Premium, being the difference between the book value of the interests exchanged and the nominal value of the shares issued as fully paid up. Where the consideration comprised debt instruments issued by the company, the fair value of the debt instruments issued was equal to the book value of the interests acquired.

 

In the consolidated accounts of the group, no goodwill was recognised on the excess of the cost of the business combination over the book value of the assets acquired by the combination. Instead the excess arising on the excess combination was shown as a Merger Reserve.

 

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.

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.3
Going concern

Although these financial statements show consolidated net liabilities of £11,147,169 (2022 - £10,291,509), this includes £18,324,398 (2022 - £16,007,092) of loans owed to the parent company arising on the formation of the group at 31 December 2019 and the subsequent funding of the purchase of Electro Guard Fire & Security Limited on 30 June 2022 and Alarm Maintenance Company Limited on 31 March 2023. These loans are formalised with interest accruing at 4% being payable biannually and the loan principle being repayable in full on 22nd March 2029, but with the company having the option to repay the loans earlier. The directors are confident that the group will be able to continue to service the loans from the operating cash flows generated by the group.

 

These financial statements also show net current liabilities within the Company balance sheet of £3,958,342 (2022 - £3,038,150), which includes £5,261,840 (2022 - £3,702,693) of funding received from the group's subsidiaries. Whilst these loans are informal and hence presented within these financial statements as current liabilities, the subsidiaries are wholly controlled by the company, and hence the company has the ability to delay repayment of these loans indefinitely if required.

 

Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the group and 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.

1.4
Turnover

Turnover is recognised at the fair value of the consideration receivable, for services provided during the year, exclusive of VAT.

 

In the case of contracts treated as long-term, turnover reflects the contract activity during the period and the proportion of total contract value which costs incurred to date bear to total expected costs. The revenues and profit recognised reflects the proportion of work completed to date on the project. Full provision is made for losses on all contracts in the year in which the loss is first foreseen.

 

For systems monitoring and maintenance contracts, revenue is recognised evenly over the maintenance contract period and the element of income that relates to the future services is recognised as deferred 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,

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
1.5
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.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business combination, including costs of software development or operating systems improvement, are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

These intangible assets are recognised where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; that the expected benefits 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 development costs
3 years straight line
1.7
Tangible fixed assets

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

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

Leasehold improvements
straight line over the lease term
Plant and equipment
10% straight line
Fixtures and fittings
10% - 50% straight line
Computers
25% reducing balance
Motor vehicles
25% reducing balance or 3-5 year 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 recognised in the profit and loss account.

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
1.8
Fixed asset investments

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

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

1.9
Impairment of fixed assets

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

 

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

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.

1.10
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.

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

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 25 -
1.11
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.

1.12
Financial instruments

The group applies the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments, as it only has basic 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.

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.

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.

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 26 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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.

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

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.

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 27 -
1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

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

1.17
Leases

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

 

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
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.

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Vehicle lease contracts - the Scutum Group as lessee

The group uses a combination of both owned and leased vehicles to deliver its services, together forming its operating vehicle fleet. In respect of leased vehicles, the group evaluates the terms and conditions of the leasing arrangements to assess whether in substance the leasing arrangement is to be accounted for as a finance lease, or as an operating lease. Where the group does not retain the significant risks and rewards incidental to ownership of the leased asset, the group judges the leasing arrangement to be an operating lease. Lease classification is made at the inception date and is reassessed only if there is a lease modification. Changes in estimates or changes in circumstances do not give rise to a new classification of a lease for accounting purposes.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Estimating the stage of completion of ongoing projects at year end

The group recognises its revenue on long-term contracts with reference to the stage of completion of the projects. When assessing the stage of completion of projects, management consider factors such as the current costs incurred on the project to date, the expected markup to be achieved on the project and the total future costs to be incurred over the life of the project.

Goodwill valuation

Goodwill arising on the group's acquisitions is capitalised and amortised on a straight line basis over its estimated useful economic life. This estimate is based on a variety of factors such as the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.

Fixed asset investments

The directors review the value of investments in subsidiaries for impairment annually,using as a basis company's predicted future performance and contribution to the wider group.

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
46,612,442
42,092,919
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses
10,637
7,142
Government grants - Coronavirus Job Retention Scheme
-
(3,000)
Depreciation of owned tangible fixed assets
265,822
184,523
Depreciation of tangible fixed assets held under finance leases
33,161
154,541
Profit on disposal of tangible fixed assets
(54,363)
(35,761)
Amortisation of intangible assets
513,558
181,380
Operating lease charges
70,215
27,650
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,850
4,500
Audit of the financial statements of the company's subsidiaries
49,640
47,100
54,490
51,600
For other services
Financial statement preparatory services
30,000
29,000
Taxation compliance services
15,000
12,000
45,000
41,000
SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
421
421
26
3

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
16,363,749
15,353,691
1,314,606
477,040
Social security costs
1,784,612
1,823,084
91,632
42,830
Pension costs
427,220
363,512
15,442
25,206
18,575,581
17,540,287
1,421,680
545,076
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
201,110
160,775
Company pension contributions to defined contribution schemes
5,423
-
Sums paid to third parties for directors' services
166,800
-
373,333
160,775

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 1).

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Directors' remuneration
(Continued)
- 31 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
136,485
-
Company pension contributions to defined contribution schemes
5,093
-

The directors of the company are considered to be the key management personnel from the perspective of the group.

8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
6
2,869
Interest on hire purchase and finance lease contracts
15,084
29,830
Interest on loans owed to parent company
645,408
502,233
Other interest
13,288
521
Total finance costs
673,786
535,453
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(53,266)
Adjustments in respect of prior periods
(127,717)
25,045
Total current tax
(127,717)
(28,221)
Deferred tax
Origination and reversal of timing differences
(71,619)
164,363
Adjustment in respect of prior periods
-
0
2,689
Total deferred tax
(71,619)
167,052
Total tax (credit)/charge
(199,336)
138,831
SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 32 -

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

2023
2022
£
£
Loss before taxation
(1,054,996)
(336,237)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(248,135)
(63,885)
Tax effect of expenses that are not deductible in determining taxable profit
123,921
57,770
Change in unrecognised deferred tax assets
50,357
226,422
Adjustments in respect of prior years
-
0
2,689
Effect of change in corporation tax rate
2,238
(39,174)
Under/(over) provided in prior years
(127,717)
25,045
Enhanced capital allowances
-
0
(15,238)
Effect of prior period adjustments
-
(54,798)
Taxation (credit)/charge
(199,336)
138,831
10
Intangible fixed assets
Group
Goodwill
Software development costs
Total
£
£
£
Cost
At 1 January 2023
2,036,909
502,251
2,539,160
Additions
1,531,237
327,112
1,858,349
At 31 December 2023
3,568,146
829,363
4,397,509
Amortisation and impairment
At 1 January 2023
102,095
106,534
208,629
Amortisation charged for the year
319,284
194,274
513,558
At 31 December 2023
421,379
300,808
722,187
SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Intangible fixed assets
(Continued)
- 33 -
Carrying amount
At 31 December 2023
3,146,767
528,555
3,675,322
At 31 December 2022
1,934,814
395,717
2,330,531
Company
Software development costs
£
Cost
At 1 January 2023
502,251
Additions
327,112
At 31 December 2023
829,363
Amortisation and impairment
At 1 January 2023
106,534
Amortisation charged for the year
194,274
At 31 December 2023
300,808
Carrying amount
At 31 December 2023
528,555
At 31 December 2022
395,717

The Goodwill brought forward arises on the acquisition of Electro Guard Fire & Security Limited on 30 June 2022 and Goodwill additions in the year relate to the acquisition of Alarm Maintenance Company Limited (as disclosed in note 13 ).

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
11
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
522,838
753,717
797,241
1,151,379
596,713
3,821,888
Additions
-
0
5,619
63,091
107,657
-
0
176,367
Disposals
-
0
-
0
(1,316)
(15,817)
(447,999)
(465,132)
At 31 December 2023
522,838
759,336
859,016
1,243,219
148,714
3,533,123
Depreciation and impairment
At 1 January 2023
305,305
588,329
477,488
878,319
406,528
2,655,969
Depreciation charged in the year
48,380
11,561
89,477
128,585
20,980
298,983
Eliminated in respect of disposals
-
0
-
0
(1,316)
(15,817)
(321,244)
(338,377)
At 31 December 2023
353,685
599,890
565,649
991,087
106,264
2,616,575
Carrying amount
At 31 December 2023
169,153
159,446
293,367
252,132
42,450
916,548
At 31 December 2022
217,533
165,388
319,753
273,060
190,185
1,165,919
SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Tangible fixed assets
(Continued)
- 35 -
Company
Computers
£
Cost
At 1 January 2023
4,849
Additions
4,947
At 31 December 2023
9,796
Depreciation and impairment
At 1 January 2023
1,468
Depreciation charged in the year
1,776
At 31 December 2023
3,244
Carrying amount
At 31 December 2023
6,552
At 31 December 2022
3,381

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts by the group:

Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
23,146
236,852
-
0
-
0
Leasehold improvements
156,398
180,772
-
-
179,544
417,624
-
-
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
41,851,824
38,951,537
SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Fixed asset investments
(Continued)
- 36 -
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 January 2023
38,951,537
Additions
5,352,187
At 31 December 2023
44,303,724
Impairment
At 1 January 2023
-
Impairment losses
2,451,900
At 31 December 2023
2,451,900
Carrying amount
At 31 December 2023
41,851,824
At 31 December 2022
38,951,537

On 31 March 2023 Scutum Group UK Limited acquired 100% of the issued share capital in Alarm Maintenance Company Limited. Further information can be found in note 13. The total consideration paid and capitalised within investments was £2,337,187.

 

The remaining value of additions of £3,015,000 relates to the hive up of the investment in Scutum South West Limited from Securi Guard Holdings Limited to Scutum Group UK Limited during the period.

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 37 -
13
Acquisition of a business

On 31 March 2023 the company acquired 100% percent of the issued capital of Alarm Maintenance Company Limited, a company incorporated and registered in Scotland.

 

The excess of consideration over the fair value of the identifiable net assets of the company has been recognised as goodwill within these consolidated accounts.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Inventories
25,016
-
25,016
Trade and other receivables
476,481
-
476,481
Cash and cash equivalents
749,687
-
749,687
Trade and other payables
(256,743)
-
(256,743)
Tax liabilities
(188,491)
-
(188,491)
Total identifiable net assets
805,950
-
805,950
Goodwill
1,531,237
Total consideration
2,337,187
The consideration was satisfied by:
£
Cash
1,891,394
Deferred consideration
445,793
2,337,187
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
1,228,023
Profit after tax
202,225
SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 38 -
14
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Control
% Held
office
obtained on
Direct
Indirect
Scutum UK Ltd
Scotland
Maintenance, supply and commission of security systems
02/08/2017
100.00
-
Fire Protection Group (FPG) Ltd
Scotland
Dormant
02/08/2017
-
100.00
Fire Protection (Scotland) Ltd
Scotland
Dormant
02/08/2017
-
100.00
FPG Security Solutions Ltd
Scotland
Dormant
02/08/2017
-
100.00
Orion Security Solutions Ltd
England & Wales
Dormant
30/10/2015
-
100.00
Securi-Guard (Holdings) Ltd
England & Wales
Intermediate holding company
18/12/2018
100.00
-
Scutum South West Ltd
England & Wales
Maintenance, supply and commission of security systems; Alarm monitoring and security provision services
18/12/2018
100.00
-
Scutum West Ltd
England & Wales
Maintenance, supply and commission of security systems
18/12/2018
-
100.00
Scutum East Ltd
England & Wales
Maintenance, supply and commission of security systems
02/08/2017
100.00
-
Scutum South East Ltd
England & Wales
Maintenance, supply and commission of security systems
08/11/2016
100.00
-
Scutum London Ltd
England & Wales
Maintenance, supply and commission of fire protection systems
30/11/2018
100.00
-
Arena Fire Systems Ltd
England & Wales
Maintenance, supply and commission of fire protection systems
30/11/2018
-
100.00
Scutum North Ltd
England & Wales
Maintenance, supply and commission of fire protection systems
28/12/2017
100.00
-
Trident Security Ltd
England & Wales
Maintenance, supply and commission of security systems
28/12/2017
100.00
-
Scutum Digital Ltd
England & Wales
Alarm monitoring and security provision services
08/09/2016
100.00
-
Electro Guard Fire & Security Ltd
Scotland
Maintenance, supply and commission of security systems
30/06/2022
100.00
-
Alarm Maintenance Company Limited
Scotland
Maintenance, supply and commission of security systems
31/03/2023
100.00
-
SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Subsidiaries
(Continued)
- 39 -

At 31 December 2023 the group holds all of the Ordinary and Preference shares in the above named subsidiaries.

 

On 31 March 2023 the company acquired 100% of the issued share capital in Alarm Maintenance Company Limited. Further information can be found in note 13.

 

During the period the investment in Scutum South West Limited was hived up from Securi-Guard Holdings Limited, such that Scutum Group UK Limited now holds it's interest in the subsidiary directly.

 

On 1 January 2024 there was a group reorganisation during the year whereby the trade and assets of Scutum London Limited and Scutum East Limited were transferred to another company within the group, Scutum South East Limited for continuation within that company. Following the transfer of the businesses on 1st January 2024 these subsidiary companies ceased operating and declared a final dividend to its parent company equivalent to its net asset value, being the balance due from group companies, following the transfer of the business.

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
1,291,783
964,239
-
0
75,866
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
9,999,630
8,842,145
-
0
-
0
Corporation tax recoverable
94,705
142,141
-
0
-
0
Amounts owed by group undertakings
-
221,702
1,902,652
784,501
Other debtors
252,497
73,245
-
0
51,640
Prepayments and accrued income
1,605,318
2,015,873
82,238
57,539
11,952,150
11,295,106
1,984,890
893,680
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Finance leases and hire purchase obligations
19
61,432
189,376
-
-
Trade creditors
4,312,421
4,083,320
159,068
47,810
Amounts owed to group undertakings
1,007,056
1,564,454
5,261,840
3,702,693
Other taxation and social security
1,451,091
1,890,228
115,836
37,580
Other creditors
637,432
376,952
454,035
228,381
Accruals and deferred income
5,311,545
4,293,331
10,268
5,780
12,780,977
12,397,661
6,001,047
4,022,244

Obligations under finance leases and hire purchase agreements are secured on the assets to which they relate.

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 41 -
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Finance leases and hire purchase obligations
75,154
119,546
-
-
Loans owed to parent company
18,324,398
16,007,092
18,324,398
16,007,092
18,399,552
16,126,638
18,324,398
16,007,092

Loans owed to parent company relate to the unsecured debt instruments issued by the company as part of the consideration issued for the company's acquisition of the UK subsidiaries, from the parent company. During 2020 formal terms were put in place governing the repayment of this debt, such that interest accrues at 4% per annum and is paid biannually, with the loan principle not falling due for repayment until 22 March 2029, although the company has the option to repay the loan sooner.

 

Obligations under finance leases and hire purchase agreements are secured on the assets to which they relate.

19
Finance leases and hire purchase obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance lease and hire purchase agreements:
Within one year
61,432
189,376
-
0
-
0
In two to five years
75,154
119,546
-
0
-
0
136,586
308,922
-
-

Hire purchase and finance lease payments represent contractual payments payable by the group to obtain the use of certain assets, primarily motor vehicles. Hire purchase agreements are those where the group will obtain title to the asset, whilst for finance leases the group obtains the benefits of the useful economic value of the asset, without obtaining title. Finance leases which include purchase options at the end of the lease period, are treated as hire purchase agreements if the group expects to pay the purchase options. There are no restrictions placed on the use of the leased assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 42 -
20
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Fixed asset timing differences
130,258
116,651
Tax losses
(121,523)
(43,048)
Retirement benefit obligations
(8,735)
(1,983)
-
71,620
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
71,620
-
Credit to profit or loss
(71,620)
-
Asset at 31 December 2023
-
-
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
427,220
363,512

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.

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 43 -
22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share capital of £1 each
80,335
80,335
80,335
80,335
23
Reserves
Share premium

Includes any premiums received on issue of share capital, where the transaction value of the share issued exceeds the nominal value of the share. Any transaction costs associated with the issuing of shares are deducted from the share premium.

Merger reserve

On the 31st December 2019 the company became the parent company to a group of subsidiaries via a group reorganisation instigated by its parent company, Scutum International SAS. The business combination is included in the consolidated accounts on the merger accounting basis, as both the company and the subsidiary entities are all ultimately wholly owned by Scutum International SAS before and after the group reorganisation. Under merger accounting principles, the assets and liabilities of the subsidiaries were consolidated at book value in the group's consolidated financial statements, with the merger reserve reflecting the consolidated reserves of the combined entities, their results during the years ended, and the cost of the business combination as no goodwill is reflected on the combination.

 

Profit and loss reserves

The retained earnings of the group and company, which include all current and previous retained profits and losses since the group's formation on 31st December 2019 and the company's formation since incorporation. These include the retained earnings from any acquired subsidiaries from the date of acquisition.

24
Financial commitments, guarantees and contingent liabilities

The company is party to a performance guarantee provided by a subsidiary company to a customer. The guarantee covers a total amount of £548,332 at the balance sheet date, however, the risk of default by the subsidiary is considered to be remote and as such losses no losses are expected to arise.

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 44 -
25
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
938,856
565,923
26,560
11,619
Between two and five years
1,571,841
1,127,361
31,761
18,397
In over five years
76,000
190,000
-
-
2,586,697
1,883,284
58,321
30,016
26
Related party transactions
Remuneration of key management personnel
2023
2022
£
£
Aggregate compensation
835,586
724,535

In accordance with Section 33.1A of FRS 102 the group and company have applied the exemption from disclosing transactions and balances with fellow wholly owned members of the group headed by Scutum SA.

 

The group leases property from a a company owned by a related party in which a director has an interest. During the period, the group incurred rents of £175,500 (2022 - £175,500) to the related party and at the balance sheet date the group owed the related party £72,000 (2022 - £90,636).

27
Controlling party

The immediate parent company of Scutum Group UK Limited is Scutum International SAS, which holds all of the company's share capital. Scutum Group UK Limited and Scutum International SAS are both members of the group headed by SLE SAS, a company incorporated in France.

 

SLE SAS is considered to be the ultimate parent undertaking and controlling party. Copies of the SLE SAS financial statements may be obtained from 14, rue Magellan, 75008, Paris, FRANCE.

SCUTUM GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 45 -
28
Cash (absorbed by)/generated from group operations
2023
2022
£
£
Loss for the year after tax
(855,660)
(475,068)
Adjustments for:
Taxation (credited)/charged
(199,336)
138,831
Finance costs
673,786
535,453
Investment income
(11,752)
(974)
Gain on disposal of tangible fixed assets
(54,363)
(35,761)
Amortisation and impairment of intangible assets
513,558
181,380
Depreciation and impairment of tangible fixed assets
298,983
339,064
Movements in working capital:
Increase in stocks
(302,528)
(70,178)
Increase in debtors
(227,999)
(840,266)
(Decrease)/increase in creditors
(191,276)
767,377
Cash (absorbed by)/generated from operations
(356,587)
539,858
29
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
2,548,615
(351,058)
2,197,557
Borrowings excluding overdrafts
(16,007,092)
(2,317,306)
(18,324,398)
Obligations under finance leases
(308,922)
172,336
(136,586)
(13,767,399)
(2,496,028)
(16,263,427)
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