Company registration number 08615172 (England and Wales)
RE (REGIONAL ENTERPRISE) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RE (REGIONAL ENTERPRISE) LIMITED
COMPANY INFORMATION
Directors
C J Gregory
(Appointed 27 February 2024)
Capita Corporate Director Limited
(Appointed 20 November 2023)
Secretary
Capita Group Secretary Limited
Company number
08615172
Registered office
65 Gresham Street
London
England
EC2V 7NQ
Banker
Barclays Bank PLC
1 Churchill Place
London
United Kingdom
E14 5HP
RE (REGIONAL ENTERPRISE) LIMITED
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 8
Income statement
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
RE (REGIONAL ENTERPRISE) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The Directors present their Strategic report and financial statements for the year ended 31 December 2023.

 

RE (Regional Enterprise) Limited ('the Company') was jointly owned by Capita Business Services Limited (51%) and Barnet (Holdings) Limited (49%) till 19 October 2023, post that 49% of the share capital of the Company was acquired by Capita Business Services Limited from Barnet (Holdings) Limited. The Company is a wholly owned subsidiary (indirectly held) of Capita plc. Capita plc along with its subsidiaries are hereafter referred as 'the Group'. The Company operates within the Capita Public Service division of the Group.

Principal activities

The principal activity of the Company was that of providing development and regulatory services (DRS) to residents in Barnet and the South East of United Kingdom. These services comprised of the provision of planning and development management, building control, land charges, environmental health, trading standards and licensing, cemetery and crematorium, highways, regeneration and strategic planning.

 

The Company’s contract with Barnet Council was terminated early and all services were handed back on 31 March 2023. The Company is taking necessary steps to orderly wind up its operations in 2024. Based on this, after careful review of future business, the Directors have concluded that a going concern basis of accounting is not appropriate.

Review of the business

As shown in the Company’s income statement on page 9, the Company's revenue has decreased from £21,191,666 in 2022 to £5,472,328 in 2023. The Company's operating loss has decreased from £15,980 in 2022 to operating profit of £126,635 in 2023. The decrease in revenue is on account of the termination of the contract with Barnet Council in March 2023. However, the operating profit during the year is mainly due to the release of onerous contract provision.

 

The balance sheet on page 10 of the financial statements shows the Company's financial position at the year end. Net assets have marginally increased from £2,410,769 in 2022 to £2,886,042 in 2023 on account of profits earned by the Company during the year. Details of amounts owed by/to its parent company and fellow subsidiary companies are shown in notes 10,12 and 19 to the financial statements.

 

The key financial performance indicators used by the Group, on a consolidated basis, include adjusted revenue, adjusted profit before tax, adjusted basic/diluted earnings per share, free cash flow excluding business exits, and gearing ratios. The Group manages its operations on a divisional basis and consequently, some of these indicators are monitored at a divisional level. The performance of the Capita Public Service division of the Group is discussed in the Group’s Annual Report which does not form part of this report.

RE (REGIONAL ENTERPRISE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

The Company is exposed to a wide range of risks that, should they materialise, could have a detrimental impact on financial performance, reputation or operational resilience. The Company’s risk management framework provides a consistent approach to the identification, assessment, monitoring and reporting of risks and opportunities. The risk management process is based on risk registers and risk reporting at the established risk governance committees. Key risks are documented in the risk registers and have assigned risk owners who review them regularly, and report on them at least quarterly, as part of the risk reporting process. The strength of existing controls is evaluated to determine whether any further mitigating actions are needed to manage the risk level to within the risk appetite set by the Board.

 

The principal risks for the Company are:

 

Cyber security

Protect our systems, networks and programs from unauthorised use and access.

 

ESG

Comply with regulatory and contractual requirements to drive a purpose driven organisation with the right focus on governance.

 

Safety and Health

Protect the safety, health and duty of care of all Capita’s employees, the people we work with and those affected by our acts and omissions.

 

Data governance and data privacy

Manage our data effectively (both clients and Capita) as a strategic asset across the organisation.

 

As a subsidiary of Capita plc, the Company is subject to controls and risk governance techniques applied across all the Group's businesses. Details of the specific risk assessments and mitigating actions are outlined on pages 57-63 of the Group's 2023 Annual Report.

RE (REGIONAL ENTERPRISE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Section 172 statement
Capita plc's section 172 statement applies to its Divisions and the Company to the extent it relates to the Company's activities. Common policies and practices are applied across the Group through divisional management teams and a common governance framework. The following disclosure describes how the Directors have regard to the matters set out in section 172(1)(a) to (f) and forms the Directors' statement as required under section 414CZA of the Companies Act 2006.

Further details of the Group's approach to each stakeholder are provided in Capita plc's section 172 statement on pages 45, 46 and 47 of Capita plc's 2023 Annual Report.

Our People

 

Why they are important

They deliver our business strategy; they support the organisation to build a values-based culture; and they deliver our products and services ensuring client satisfaction.

 

What matters to them

Flexible working; learning and development opportunities leading to career progression; fair pay and benefits as a reward for performance; and two-way communication and feedback.

 

How we engaged

 

Topics of engagement

 

Outcomes and actions

The 2023 employee survey showed key indices had either improved or remained steady with a five-point increase in the eNPS compared with 2022. 63% of colleagues who responded felt proud to work at Capita. We are developing and delivering a range of action plans, including ensuring our leaders feel confidence in, and ownership of Capita’s strategy, plans and successes, developing inclusive opportunities for internal career mobility.

 

In December 2023, the Board agreed that while the appointment of employee directors had been successful, it was appropriate for the Board to consider a wider level of engagement with colleagues, including site visits arranged for individual directors to meet with local management and colleagues at Capita’s businesses. In addition, the Board has appointed Nneka Abulokwe as the designated non-executive director to engage with colleagues. Adolfo Hernandez, our new CEO, has also commenced a series of breakfast sessions to meet with colleagues of differing seniority and at different locations throughout the Group. Janine Goodchild stepped down from the Board as an employee director on 31 December 2023.

 

The UK real living wage increase was applied from 1 April 2023. At the end of 2023, we took the difficult decision to withdraw from the UK’s real living wage. Since 2020, the Group has increased the salaries of our lowest earners by 22% and the 2024 real living wage increase of 10.1% was not something we could commit to given the need for Capita to remain cost competitive and reflecting the fact that this is not a cost we are able to pass on to clients.

RE (REGIONAL ENTERPRISE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The global career path framework which defines career levels, career job content, and reward framework within Capita was launched during the year.

 

In October 2023, Capita was recognised by Forbes, as being one of the top companies for women, ranking at number 18 out of 400 global companies on their list.

 

We continued to promote our Speak Up policy throughout the organisation.

 

Risks to stakeholder relationship

 

Key metrics

Voluntary attrition, employee NPS, employee engagement Index and people survey completion level.

 

Clients and customers

 

Why they are important

They are recipients of Capita’s services; and Capita’s reputation depends on consistent and timely delivery of the services they need from us.

 

What matters to them

High-quality service delivery; delivery of transformation projects within agreed timeframes; and responsible and sustainable business credentials.

 

How we engaged

 

Topics of engagement

 

Outcomes and actions

Feedback provided to business units to address any issues raised; client value proposition teams supporting divisions with co-creation ideas; direct customer and sector feedback; and senior client partner programme undertaking client-focused growth sprints to build understanding of client issues and ideas to help address them.

 

Risks to stakeholder relationship

 

Key metrics

Customer NPS; specific feedback on client engagements.

RE (REGIONAL ENTERPRISE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

Suppliers and Partners

 

Why they are important

They share our values and help us deliver our purpose; maintain high standards in our supply chain; and achieve social, economic and environmental benefits aligned to the Social Value Act. Our suppliers and partners provide additional expertise, skill and technology, elevating our offering.

 

What matters to them

Payments made within agreed payment terms; clear and fair procurement process; building lasting commercial relationships; and working inclusively with all types of business.

 

How we engaged

 

Topics of engagement

 

Outcomes and actions

Our supplier charter, which is available on our website, remains at the core of strengthening our commitments and sets out how we conduct business in an open, honest and transparent manner, and what we expect of our suppliers. This year, it was refreshed and relaunched.

 

To understand Capita’s Scope 3 carbon footprint, a supplier engagement programme was also undertaken with suppliers accounting for £1bn annual spend (over 50% of the supply chain by spend) to ask them to disclose their carbon emissions to CDP.

 

During 2023, 99% of our suppliers were paid within 60 days.

 

Risks to stakeholder relationship

 

Key metrics

99% of supplier payments within agreed terms; SME spend allocation; and supplier diversity profile.

RE (REGIONAL ENTERPRISE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

Society

 

Why they are important

Capita is a provider of key services to government impacting a large proportion of the population.

 

What matters to them

Social mobility; youth skills and jobs; digital inclusion; diversity and inclusion; climate change; business ethics; accreditations and benchmarking; and cost of living crisis.

 

How we engaged

 

Topics of engagement

 

Outcomes and actions

Youth and employability programme such as Social Shifters; ranked 18 on the Forbes Global list of top employers for women; a 5% reduction in our gender pay gap (compared with 2022); awarded Employer’s Network for Equality and Inclusion; achieved a silver Tidemark and an A CDP (Carbon Disclosure Project) score as well as a silver medal in EcoVadis for Capita plc.

 

Risks to stakeholder relationship

 

Key metrics

Community investment, workforce diversity and ethnicity data, including pay gaps.

On behalf of the Board

C J Gregory
Director
13 September 2024
RE (REGIONAL ENTERPRISE) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -

The Directors present their Directors' report and financial statements for the year ended 31 December 2023.

Results and dividends

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

No interim or final dividend was paid or proposed during the year (2022: £nil).

Directors

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

J Montgomery
(Resigned 19 October 2023)
D Wakeling
(Resigned 19 October 2023)
P S Abraham
(Resigned 20 August 2024)
P Papathomas
(Resigned 29 February 2024)
R Barnes
(Resigned 19 October 2023)
C J Gregory
(Appointed 27 February 2024)
Capita Corporate Director Limited
(Appointed 20 November 2023)
Qualifying third party indemnity provisions

The Company has granted an indemnity to the directors of the Company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. This qualifying third-party indemnity provisions remains in force as at the date of approving the Directors' report.

Political donations

The Company made no political donations and incurred no political expenditure during the year (2022: £nil).

Post balance sheet date events

There are no significant events which have occurred after the reporting period.

Environment

The Company recognises the importance of its environmental responsibilities, monitors its impact on the environment, and designs and implements policies to reduce any damage that might be caused by the it’s activities. The Company operates in accordance with Group policies, which are described in the Group’s 2023 annual report that does not form part of this report. Initiatives designed to minimise the Company’s impact on the environment include safe disposal of waste, recycling and reducing energy consumption.

RE (REGIONAL ENTERPRISE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Statement of Directors' responsibilities

The Directors are responsible for preparing the Strategic report, the Directors’ 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 they have elected to prepare the financial statements in accordance with United Kingdom ('UK') accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its profit or loss for that period. In preparing these financial statements, the Directors are required to:

 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

 

Strategic report

In accordance with s414c(11) of the Companies Act 2006, the Company has set out certain information in its Strategic report that is otherwise required to be disclosed in the Directors' report. This includes information regarding results and activities and a description of the principle risks and uncertainties facing the Company.

On behalf of the board
C J Gregory
Director
13 September 2024
RE (REGIONAL ENTERPRISE) LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Revenue
4
5,472,328
21,191,666
Cost of sales
(5,648,243)
(20,496,835)
Gross (loss)/profit
(175,915)
694,831
Administrative income/(expenses)
302,550
(710,811)
Operating profit/(loss)
3
126,635
(15,980)
Net finance income
5
348,638
85,913
Profit before tax
475,273
69,933
Income tax credit
6
-
0
-
0
Profit and total comprehensive income for the year
475,273
69,933

The income statement has been prepared on the basis that the Company has ceased all its operations.

The notes and information on pages 12 to 27 form an integral part of these financial statements.

 

2022 numbers above and in the relevant notes and information of the financial statements are audited.

RE (REGIONAL ENTERPRISE) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
Current assets
Property, plant and equipment
7
-
0
36,204
Intangible assets
8
-
0
2,421
Contract fulfilment assets
9
-
0
165,963
Trade and other receivables
10
1,083,767
2,019,132
Cash and cash equivalents
11
6,831,857
14,088,579
Total assets
7,915,624
16,312,299
Current liabilities
Trade and other payables
12
4,866,624
8,638,458
Deferred income
14
51,458
4,763,072
Provisions
13
111,500
500,000
Total liabilities
5,029,582
13,901,530
Net assets
2,886,042
2,410,769
Capital and reserves
Issued share capital
15
100
100
Retained earnings
2,885,942
2,410,669
Total equity
2,886,042
2,410,769

The notes and information on pages 12 to 27 form an integral part of these financial statements.

 

2022 numbers above and in the relevant notes and information of the financial statements are audited.

For the financial year ended 31 December 2023, the Company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the Company to obtain an audit of its financial statements for the year in question in accordance with section 476.

 

These financial statements were approved by the board of directors and authorised for issue on
13 September 2024
13 September 2024
and are signed on its behalf by:
C J Gregory
Director
Company registration number 08615172 (England and Wales)
RE (REGIONAL ENTERPRISE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Retained earnings
Total equity
£
£
£
At 1 January 2022
100
2,340,736
2,340,836
Profit for the year
-
69,933
69,933
At 31 December 2022
100
2,410,669
2,410,769
Profit for the year
-
475,273
475,273
At 31 December 2023
100
2,885,942
2,886,042
Share capital

The balance classified as share capital is the nominal proceeds on issue of the Company's equity share capital, comprising hundred ordinary shares of £1 each.

Retained earnings

Net profits accumulated in the Company after dividends are paid.

The notes and information on pages 12 to 27 form an integral part of these financial statements.

 

2022 numbers above and in the relevant notes and information of the financial statements are audited.

RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
1.1
Basis of preparation

RE (Regional Enterprise) Limited is a private company limited by shares incorporated in England and Wales.

The financial statements have been prepared under the historical cost basis except where stated otherwise and in accordance with applicable accounting standards.

In determining the appropriate basis of preparation for the annual report and financial statements for the year ended 31 December 2023, the Company’s Directors (‘the Directors’) are required to consider whether the Company can continue in operational existence for the foreseeable future, being a period of at least 12 months following the approval of these accounts.

The principal activity of the Company ceased on 31 March 2023 when the Company’s contract with Barnet Council terminated. The Directors have therefore prepared the financial statements on the basis that the Company is no longer a going concern.

The financial statements have been prepared on a breakup basis as at 31 December 2023. As a consequence, the Directors have considered the adjustments required to prepare the financial statement on a breakup basis. The expected realisable and settlement values for current assets and liabilities are not considered to be materially different from their carrying value at the balance sheet date. Therefore, the Directors have considered that no further adjustments are required as a result of preparing the financial statements on a breakup basis.

1.2
Compliance with accounting standards

The Company has applied FRS101 – Reduced Disclosure Framework in the preparation of its financial statements.

 

The Company has prepared and presented these financial statements by applying the recognition, measurement and disclosure requirements of international accounting standards in conformity with the requirements of the Companies Act 2006.

 

The Company's ultimate parent company, Capita plc, includes the Company in its consolidated statements. The consolidated financial statements are prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and with UK-adopted International Financial Reporting Standards ('IFRSs') and the Disclosure and the Transparency Rules of the UK's Financial Conduct Authority. They are available to the public and may be obtained from Capita plc’s website on https://www.capita.com/investors.

 

In these financial statements, the Company has applied the disclosure exemptions available under FRS 101 in respect of the following disclosures:

 

Since the consolidated financial statements of Capita plc include equivalent disclosures, the Company has also taken the disclosure exemptions under FRS 101 available in respect of the following disclosure:

RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.3
Change in accounting policies

The Company has adopted the new amendments to standards detailed below but they do not have a material effect on the Company's financial statements.

New amendments or interpretations

Effective date

IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts

1 January 2023

Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)    

1 January 2023

Definition of Accounting Estimates (Amendments to IAS 8)

1 January 2023

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)

1 January 2023

International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12)

1 January 2023

1.4
Revenue

Revenue is earned within the United Kingdom.

 

The Company operates business and uses methods for revenue recognition based on the principles set out in IFRS 15. Contracts entered are long term and complex in nature given the breadth of solutions the Company offers.

 

The revenue and profits recognised in any period are based on the delivery of performance obligations and an assessment of when control is transferred to the customer.

 

In determining the amount of revenue and profits to record, and related balance sheet items (such as contract fulfilment assets, capitalisation of costs to obtain a contract, trade receivables, accrued income and deferred income) to recognise in the period, management is required to form a number of key judgements and assumptions. This includes an assessment of the costs the Company incurs to deliver the contractual commitments and whether such costs should be expensed as incurred or capitalised. These judgements are inherently subjective and may cover future events such as the achievement of contractual milestones, performance KPIs and planned cost savings. In addition, for certain contracts, key assumptions are made concerning contract extensions and amendments, as well as opportunities to use the contract developed systems and technologies on other similar projects.

 

Revenue is recognised either when the performance obligation in the contract has been performed (so 'point in time' recognition) or 'over time' as control of the performance obligation is transferred to the customer.

 

For all contracts, the Company determines if the arrangement with a customer creates enforceable rights and obligations. This assessment results in certain Master Service Agreements (MSAs) or Frameworks not meeting the definition of a contract under IFRS 15 and as such the individual call-off agreements, linked to the MSA, are treated as individual contracts.

 

The Company enters into contracts which contain extension periods, where either the customer or both parties can choose to extend the contract or there is an automatic annual renewal, and/or termination clauses that could impact the actual duration of the contract. Judgement is applied to assess the impact that these clauses have when determining the appropriate contract term. The term of the contract impacts both the period over which revenue from performance obligations may be recognised and the period over which contract fulfilment assets and capitalised costs to obtain a contract are expensed.

 

For contracts with multiple components to be delivered such as transformation, transitions and the delivery of outsourced services, management applies judgement to consider whether those promised goods and services are (i) distinct - to be accounted for as separate performance obligations; (ii) not distinct - to be combined with other promised goods or services until a bundle is identified that is distinct or (iii) part of a series of distinct goods and services that are substantially the same and have the same pattern of transfer to the customer.

RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Revenue (continued)

At contract inception the total transaction price is estimated, being the amount to which the Company expects to be entitled and has rights to under the present contract. This includes an assessment of any variable consideration where the Company's performance may result in additional revenues based on the achievement of agreed KPIs. Such amounts are only included based on the expected value or the most likely outcome method, and only to the extent that it is highly probable that no revenue reversal will occur. The transaction price does not include estimates of consideration resulting from change orders for additional goods and services unless these are agreed.

 

Once the total transaction price is determined, the Company allocates this to the identified performance obligations in proportion to their relative stand-alone selling prices and recognises revenue when (or as) those performance obligations are satisfied. The Company infrequently sells standard products with observable standalone prices due to the specialised services required by customers and therefore the Company applies judgement to determine an appropriate standalone selling price. More frequently, the Company sells a customer bespoke solution, and in these cases the Company typically uses the expected cost-plus margin or a contractually stated price approach to estimate the standalone selling price of each performance obligation.

 

The Company may offer price step downs during the life of a contract, but with no change to the underlying scope of services to be delivered. In general, any such variable consideration, price step down or discount is included in the total transaction price to be allocated across all performance obligations unless it relates to only one performance obligation in the contract.

 

For each performance obligation, the Company determines if revenue will be recognised over time or at a point in time. Where the Company recognises revenue over time for long term contracts, this is in general due to the Company performing and the customer simultaneously receiving and consuming the benefits provided over the life of the contract.

 

For each performance obligation to be recognised over time, the Company applies a revenue recognition method that faithfully depicts the Company’s performance in transferring control of the goods or services to the customer. This decision requires assessment of the real nature of the goods or services that the Company has promised to transfer to the customer. The Company applies the relevant output or input method consistently to similar performance obligations in other contracts.

 

When using the output method, the Company recognises revenue on the basis of direct measurements of the value to the customer of the goods and services transferred to date relative to the remaining goods and services under the contract. Where the output method is used, for long term service contracts where the series guidance is applied, the Company often uses a method of time elapsed which requires minimal estimation. Certain long-term contracts use output methods based upon estimation of user numbers, service activity levels or fees collected.

 

When transfer of control is most closely aligned to the Company's efforts in delivering the service, the input method is used to measure progress and revenue is recognised in direct proportion to costs incurred. This is a faithful depiction of the transfer of services because costs (or other inputs) most accurately reflect the incremental benefits received by the customer from efforts to date.

 

If performance obligations in a contract do not meet the over time criteria, the Company recognises revenue at a point in time when the service or good is delivered.

 

Long-term contractual - greater than two years

The Company provides a range of services in various segments under customer contracts with a duration of more than two years.

 

The nature of contracts or performance obligations categorised within this revenue type is diverse and includes long term outsourced service arrangements in the public and private sectors.

RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Revenue (continued)

The Company considers that the services provided meet the definition of a series of distinct goods and services as they are (i) substantially the same and (ii) have the same pattern of transfer (as the series constitutes services provided in distinct time increments (e.g., daily, monthly, quarterly or annual services)) and therefore treats the series as one performance obligation. Even if the underlying activities performed by the Company to satisfy a promise vary significantly throughout the day and from day to day, that fact, by itself, does not mean the distinct goods or services are not substantially the same.

 

For the majority of long service contracts with customers in this category, the Company recognises revenue using the output method as it best reflects the nature in which the Company is transferring control of the goods or services to the customer.

 

Short-term contractual - less than two years

The nature of contracts or performance obligations categorised within this revenue type is diverse and includes short term outsourced service arrangements in the public and private sectors.

 

Transactional (Point in time) contracts

The Company delivers a range of goods or services that are transactional services for which revenue is recognised at the point in time when control of the goods or services has transferred to the customer. This may be at the point of physical delivery of goods and acceptance by a customer or when the customer obtains control of an asset or service in a contract with customer-specified acceptance criteria.

 

The nature of contracts or performance obligations categorised within this revenue type is diverse and includes fees received in relation to delivery of professional services.

 

Contract modifications

The effect of a contract modification on the transaction price and the Company’s measure of progress for the performance obligation to which it relates, is recognised as an adjustment to revenue in one of the following ways:

a) prospectively as an additional separate contract;

b) prospectively as a termination of the existing contract and creation of a new contract;

c) as part of the original contract using a cumulative catch up; or

d) as a combination of (b) and (c).

 

For contracts for which the Company has decided there is a series of distinct goods and services that are substantially the same and have the same pattern of transfer where revenue is recognised over time, the modification will always be treated under either (a) or (b); (d) may arise when a contract has a part termination and a modification of the remaining performance obligations.

 

The facts and circumstances of any contract modification are considered individually as the types of modifications will vary contract by contract and may result in different accounting outcomes.

 

Judgement is applied in relation to the accounting for such modifications where the final terms or legal contracts have not been agreed prior to the period end as management need to determine if a modification has been approved and if it either creates new or changes existing enforceable rights and obligations of the parties. Depending upon the outcome of such negotiations, the timing and amount of revenue recognised may be different in the relevant accounting periods. Modification and amendments to contracts are undertaken via an agreed formal process. For example, if a change in scope has been approved but the corresponding change in price is still being negotiated, management use their judgement to estimate the change to the total transaction price. Importantly any variable consideration is only recognised to the extent that it is highly probably that no revenue reversal will occur.

 

 

RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Revenue (continued)

Principal vs agent

The Company has arrangements with some of its customers whereby it needs to determine if it acts as a principal or an agent because more than one party is involved in providing the goods and services to the customer. The Company is a principal if it controls a promised good or service before transferring that good or service to the customer. The Company is an agent if its role is to arrange for another entity to provide the goods or services. Factors considered in making this assessment are most notably: the discretion the Company has in establishing the price for the specified good or service; whether the Company has inventory risk; and whether or not the Company is primarily responsible for fulfilling the promise to deliver the service or good.

 

This assessment of control requires judgement in particular in relation to certain service contracts. An example is the provision of certain recruitment and learning services where the Company may be assessed to be agent or principal dependent upon the facts and circumstances of the arrangement and the nature of the services being delivered.

 

Where the Company is acting as a principal, revenue is recorded on a gross basis. Where the Company is acting as an agent, revenue is recorded at a net amount reflecting the margin earned.

 

Deferred and accrued income

The Company’s customer contracts include a diverse range of payment schedules dependent upon the nature and type of goods and/or services being provided. This can include performance-based payments or progress payments and regular monthly or quarterly payments for ongoing service delivery. Payments for transactional goods and services may be at delivery date, in arrears or part payment in advance.

 

Where payments made are greater than the revenue recognised at the period end date, the Company recognises a deferred income contract liability for this difference. Where payments made are less than the revenue recognised at the period end date, the Company recognises an accrued income contract asset for this difference.

1.5
Intangible assets other than goodwill

Intangible assets are valued at cost less accumulated amortisation and impairment. Amortisation is calculated to write-off the cost in equal annual instalments over asset's estimated useful life, which is typically 1.5 to 20 years. In the case of capitalised software development costs, research expenditure is written-off to the income statement in the period in which it is incurred.

 

Development expenditure is written-off in the same way unless and until the Company is satisfied with the technical, commercial and financial viability of individual projects. In these cases, the development expenditure is capitalised and amortised over the period during which the Company is expected to benefit.

1.6
Property, plant and equipment

Property, plant and equipment other than freehold land are stated at cost less depreciation and impairment. Freehold land is not depreciated. Depreciation is provided at rates calculated to write-off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery
3 - 10 years

 

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

RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.7
Financial instruments

Trade and other receivables

The trade and other receivables have been measured and presented at their expected realisable values.

 

Cash and cash equivalent

Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of 3 months or less.

 

Trade and other payables

The trade and other payables have been measured and presented at their expected settlement values.

1.8
Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

 

Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax assets and unused tax losses can be utilised, except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

 

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

 

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.

RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.9
Provisions

Provisions are recognised when the Company has a present legal or constructive obligation arising from past events, it is probable that cash will be paid to settle it, and the amount can be estimated reliably.

 

If the effect of the time value of money is material, provisions are discounted using the yield on government bonds which have a similar timing and currency of cash flows to the provision being discounted. Where required adjustments are made to the yields to reflect the risks specific to the cash flows being discounted. The unwinding of the discount is recognised as a financing cost in the income statement.

 

The value of the provision is determined based on assumptions and estimates in relation to the amount, timing and likelihood of actual cash flows, which are dependent on future events. Where no reliable basis of estimation can be made, no provision is recorded. However, contingent liabilities disclosures are given when there is a greater than remote probability of outflow of economic benefits.

 

On an ongoing basis, management monitor provisions and their accurate estimation when compared to final outcomes.

1.10
Pensions

The Company participated in a defined contribution pension scheme where contributions were charged to the income statement in the year in which they were due. The scheme is funded and contributions were paid to separately administered funds. The assets of the scheme are held separately from the Company. The Company remitted monthly pension contributions to Capita Business Services Ltd, a fellow subsidiary company, which paid the group liability centrally. Any unpaid contributions at the year-end have been accrued in the accounts of Capita Business Services Ltd.

 

In addition, the Company participated in a public sector defined benefit pension scheme (the London Borough of Barnet Pension Fund ('Barnet Fund'), part of the national Local Government Pension Scheme) which required contributions to be made to separate trustee-administered funds. However, the Company’s participation in the Barnet Fund ceased when the contract expired on 31 March 2023. Under the terms of participation, this triggered an assessment of the Company’s notional section in the Barnet Fund. This assessment had regard to any contractual protections in place. The Barnet Fund was in surplus; however, due to the contractual protections the Company benefitted from, the Barnet Fund decided not to pass back the surplus to the Company. This admission of the Company to the Barnet Fund has been finalised and completed.

 

Whilst the Company participated in the Barnet Fund, as this was for a finite period and with there being contractual protections in place to limit the financial risks to the Company of the membership of the scheme by its employees, the pension costs were reported on a defined contribution basis recognising a cost equal to its contribution payable during the period it participated.

1.11
Leases

The Company has elected not to recognise right-of-use assets and lease liabilities for short term leases of machinery that have a lease term of 12 months or less and leases of low value assets, including IT equipment. The Company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
2
Significant accounting judgements, estimates and assumptions

The preparation of financial statements in accordance with generally accepted accounting principles requires the Directors to make judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported income and expense during the presented periods. Although these judgements and assumptions are based on the Directors’ best knowledge of the amount, events or actions, actual results may differ.

 

No significant judgements, estimates and assumptions have been used in the preparation of these financial statements.

3
Operating profit/(loss)
2023
2022
Operating profit/(loss) for the year is stated after charging:
£
£
Depreciation of property, plant and equipment
7
6,736
34,758
Loss on disposal of property, plant and equipment
31,082
-
Amortisation of intangible assets
8
807
3,227
Contract fulfilment assets - utilisation and derecognition
9
165,963
-
Short term lease rentals
122,257
465,588
4
Revenue

The total revenue of the Company for the year has been derived from its principal activity largely undertaken in the United Kingdom.

5
Net finance income
2023
2022
£
£
Interest income
Interest income on bank balance
348,638
85,913
Total net finance income
348,638
85,913
RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
6
Income tax

The charge for the year can be reconciled to the profit per the income statement as follows:

2023
2022
£
£
Profit before taxation
475,273
69,933
Expected tax charge based on the weighted average Corporation Tax rate of 23.52% (2022: 19.00%)
111,787
13,287
Expenses not deductible for tax purpose
95
154
Utilisation of tax losses not previously recognised
(111,882)
(17,686)
Impact of changes in statutory tax rates
-
0
4,245
Total adjustments
(111,787)
(13,287)
Total tax credit reported in the income statement
-
0
-
0

A change to the main UK corporation tax rate was substantively enacted on 24 May 2021. The rate applicable from 1 April 2023 increases from 19% to 25%.

7
Property, plant and equipment
Plant and Machinery
£
Cost
At 1 January 2023
83,211
Disposals
(79,221)
Asset retirement
(3,990)
At 31 December 2023
-
0
Accumulated depreciation and impairment
At 1 January 2023
47,007
Charge for the year
6,736
Disposals
(49,753)
Asset retirement
(3,990)
At 31 December 2023
-
0
Net book value
At 31 December 2023
-
0
At 31 December 2022
36,204
RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
8
Intangible assets
Capitalised software development costs
£
Cost
At 1 January 2023
1,291,729
Disposals
(1,291,729)
At 31 December 2023
-
0
Amortisation and impairment
At 1 January 2023
1,289,308
Charge for the year
807
Disposals
(1,290,115)
At 31 December 2023
-
0
Net book value
At 31 December 2023
-
0
At 31 December 2022
2,421
9
Contract fulfilment assets
£
At 1 January 2022
280,000
Additions
52,714
Utilised during the year
(166,751)
At 31 December 2022
165,963
Utilised during the year
(42,636)
Derecognition
(123,327)
At 31 December 2023
-
0
RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
10
Trade and other receivables
Current
2023
2022
£
£
Trade receivables
21,810
1,035,266
VAT recoverable
653,694
-
0
Amounts due from Group companies
22,180
-
0
Accrued income
359,207
928,469
Prepayments
26,876
55,397
1,083,767
2,019,132

Amounts due from Group companies are repayable on demand.

11
Cash and cash equivalents
2023
2022
£
£
Cash at bank and in hand
6,831,857
14,088,579
6,831,857
14,088,579
12
Trade and other payables
Current
2023
2022
£
£
Trade payables
31,490
601,081
Amount due to Group companies
1,729,050
2,220,607
Accruals
3,106,084
4,931,569
Other taxes and social security
-
0
880,497
Other payables
-
0
4,704
4,866,624
8,638,458

Amounts due to Group companies are repayable on demand.

13
Provisions
2023
2022
£
£
Current
111,500
500,000
111,500
500,000
RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Provisions
(Continued)
- 23 -
Onerous contract
Claims
Total
£
£
£
At 1 January 2023
500,000
-
0
500,000
Additions made during the year
-
0
111,500
111,500
Released during the year
(500,000)
-
0
(500,000)
At 31 December 2023
-
0
111,500
111,500

Onerous contract provision relates to customer contracts where the costs of fulfilling a contract (both incremental and costs directly related to contract activities) exceeds the economic benefits expected to be received under them, claims/obligations associated with missed milestones in contractual obligations, and other potential exposures related to contracts with customers.

 

The Company is exposed to claims and litigation proceedings arising in the ordinary course of business. These matters are reassessed regularly and where obligations are probable and estimable, provisions are made based on the Company’s best estimate of the expenditure to be incurred. Due to the nature of these claims, the Company cannot give an estimate of the period over which this provision will unwind.

14
Deferred income
2023
2022
£
£
Current
Deferred income
51,458
4,763,072
51,458
4,763,072

 

The deferred income balances solely relates to revenue from contracts with customers. Movements in the deferred income balances were driven by transactions entered into by the Company within the normal course of business in the year.

15
Share capital
2023
2022
2023
2022
Number
Number
£
£
Allotted, called up and fully paid
Ordinary shares of £1 each
Class A shares of £1 each
100
51
100
51
Class B shares of £1 each
-
49
-
49
At 1 January and 31 December
100
100
100
100

On 19 October 2023, class B ordinary shares (49% of the share capital) of the Company were acquired by Capita Business Services Limited from Barnet (Holdings) Limited.

RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
16
Employee benefits

The Company participated in both defined benefit and defined contribution pension schemes.

 

The pension charge for the defined contribution pension schemes for the year is £459,429 (2022: £1,568,467). The pension charge excludes pension contributions paid by the Company on behalf of employees via a salary sacrifice arrangement.

In addition, the Company participated in a public sector defined benefit pension scheme (the London Borough of Barnet Pension Fund (“Barnet Fund”), part of the national Local Government Pension Scheme) which required contributions to be made to separate trustee-administered funds. However, the Company’s participation in the Barnet Fund ceased when the contract expired on 31 March 2023. Under the terms of participation, this triggered an assessment of the Company’s notional section in the Barnet Fund. This assessment had regard to any contractual protections in place. The Barnet Fund was in surplus; however, due to the contractual protections the Company benefitted from, the Barnet Fund decided not to pass back the surplus to the Company. This admission of the Company to the Barnet Fund has been finalised and completed.

 

Whilst the Company participated in the Barnet Fund, as this was for a finite period and with there being contractual protections in place to limit the financial risks to the Company of the membership of the scheme by its employees, the pension costs were reported on a defined contribution basis recognising a cost equal to its contribution payable during the period it participated. No amounts were recognised on the Company’s balance sheet. The pension charge for this public sector defined benefit pension schemes is included in the above pension charge for the defined contribution pension schemes.

17
Employees

The average monthly number of employees (including directors) year were:

2023
2022
Number
Number
Administration
1
5
Operations
111
331
Total
112
336

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
3,496,791
13,353,932
Social security costs
380,908
1,568,963
Pension costs
459,429
1,568,467
4,337,128
16,491,362

The above includes payroll costs for temporary staff as well as recharges from other Group entities in respect of various services received by the Company throughout the year.

 

 

 

RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
18
Directors' remuneration

All directors are paid by other companies within the Capita Group and Barnet (Holdings) Limited. The Company has not paid any fees or other remuneration to the Group based Directors related to the directorship role they provided to the Company as a part of their Group-wide executive management role. The Company has estimated that allocation of the qualifying services that these Group based Directors provided to the Company is inconsequential.

19
Related party transactions
The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year:
Nature of Transaction
Year
Fellow Subsidiary
Enterprises over which Company exercises significant influence
Total
Purchase of goods/ services
Capita Property and Infrastructure Limited
2023
356,960
-
356,960
2022
2,861,551
-
2,861,551
Capita Group Insurance PCC Limited
2023
-
-
-
2022
2,437
-
2,437
Capita Managed IT Solutions Limited
2023
-
-
-
2022
103
-
103
Computerland UK Limited
2023
-
-
-
2022
623
-
623
London Borough of Barnet
2023
-
5,068,408
5,068,408
2022
-
3,787,981
3,787,981
________
________
________
2023
356,960
5,068,408
5,425,368
Total
________
________
________
2022
2,864,714
3,787,981
6,652,695
________
________
________
Sale of goods/ services
London Borough of Barnet
2023
-
-
-
2022
-
24,677,014
24,677,014
_________
_________
_________
2023
-
-
-
Total
_________
_________
_________
2022
-
24,677,014
24,677,014
_________
_________
_________
RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Related party transactions
(Continued)
- 26 -
Nature of Transaction
Year
Fellow Subsidiary
Enterprises over which Company exercises significant influence
Total
Trade payables
Capita Business Services Ltd
2023
-
-
-
2022
1,728,948
-
1,728,948
Capita Managed IT Solutions Limited
2023
-
-
-
2022
103
-
103
Capita Property and Infrastructure Limited
2023
-
-
-
2022
485,742
-
485,742
Capita Shared Services Limited
2023
-
-
-
2022
5,814
-
5,814
________
________
________
2023
-
-
-
Total
________
________
________
2022
2,220,607
-
2,220,607
________
________
________
Trade receivables
London Borough of Barnet
2023
-
-
-
2022
-
1,036,660
1,036,660
________
________
________
2023
-
-
-
Total
________
________
________
2022
-
1,036,660
1,036,660
________
________
________
Transactions for the current period are from 1 January 2023 to 19 October 2023.
20
Contingent liabilities

At 31 December 2023, indemnities provided through the normal course of its business, performance bonds and bank guarantees of £nil (2022: £2,591,000).

21
Controlling party

On 19 October 2023, 49% of the share capital of the Company was acquired by Capita Business Services Limited from Barnet (Holdings) Limited.

 

The Company's immediate parent company is Capita Business Services Limited, a Company incorporated in England and Wales with a holding of 100%.

 

The Company's ultimate parent company is Capita plc, a Company incorporated in England and Wales. The accounts of Capita plc are available from the registered office at 65 Gresham Street, London, England, EC2V 7NQ.

RE (REGIONAL ENTERPRISE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
22
Post balance sheet date events

There are no significant events which have occurred after the reporting period.

2023-12-312023-01-01C J GregoryCapita Corporate Director LimitedCapita Group Secretary LimitedfalseCCH SoftwareiXBRL Review & Tag 2022.2The company is not entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companiesThe members have not required the company to obtain an auditThe accounts have not been prepared in accordance with the provisions of the small companies regime086151722023-01-012023-12-3108615172bus:Director62023-01-012023-12-3108615172bus:Director72023-01-012023-12-3108615172bus:CompanySecretary12023-01-012023-12-3108615172bus:Director12023-01-012023-12-3108615172bus:Director22023-01-012023-12-3108615172bus:Director32023-01-012023-12-3108615172bus:Director42023-01-012023-12-3108615172bus:Director52023-01-012023-12-3108615172bus:RegisteredOffice2023-01-012023-12-3108615172bus:Agent12023-01-012023-12-31086151722023-12-31086151722022-01-012022-12-3108615172core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31086151722022-12-3108615172core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-12-3108615172core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3108615172core:CurrentFinancialInstruments2023-12-3108615172core:CurrentFinancialInstruments2022-12-3108615172core:WithinOneYear2023-12-3108615172core:WithinOneYear2022-12-3108615172core:ShareCapital2023-12-3108615172core:ShareCapital2022-12-3108615172core:RetainedEarningsAccumulatedLosses2023-12-3108615172core:RetainedEarningsAccumulatedLosses2022-12-3108615172core:ShareCapital2021-12-3108615172core:RetainedEarningsAccumulatedLosses2021-12-31086151722021-12-3108615172core:ComputerEquipment2022-12-3108615172core:ComputerEquipment2023-12-3108615172core:ComputerEquipment2023-01-012023-12-3108615172core:ComputerEquipment2022-12-3108615172core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3108615172core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3108615172core:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities2022-12-3108615172core:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities2022-12-3108615172core:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities2023-12-3108615172core:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities2023-12-3108615172core:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities2023-01-012023-12-3108615172core:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities2023-01-012023-12-310861517212023-01-012023-12-3108615172bus:PrivateLimitedCompanyLtd2023-01-012023-12-3108615172bus:FRS1012023-01-012023-12-3108615172bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3108615172bus:EntityNoLongerTradingButTradedInPast2023-01-012023-12-3108615172bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP