Remit Holdings Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 13332538 (England and Wales)
Remit Holdings Limited
Company Information
Directors
R Foulston
P Thompson
S Pittock
D Herft
Company number
13332538
Registered office
4 Orchard Place
Nottingham Business Park
Nottingham
NG8 6PX
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2 2AP
Business address
4 Orchard Place
Nottingham Business Park
Nottingham
NG8 6PX
Remit Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11
Company balance sheet
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16 - 32
Remit Holdings Limited
Strategic Report
For the year ended 31 December 2023
Page 1

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

Fair review of the business

Remit Holdings (“Remit”) is the holding company for Remit Group Limited, Remit Food Limited and Assessed Education (trading as Assessu).

 

The group of companies together constitute a national multi-sector training provider, providing structured apprenticeships and commercial training across the UK, funded by the Government through the Education and Skills Funding Agency (“ESFA”), Skills Development Scotland, the Welsh Assembly Government, the apprenticeship levy and from commercial programmes provided to Remit’s customers.

From its heritage in the motor industry, the group has expanded into information technology, food retail, food manufacturing, hospitality, leadership and management, customer service and business administration although automotive training remains Remit's largest market sector. Remit works closely with large employers to design and deliver tailored training programmes, both Government funded and commercially funded, ensuring employers are fully involved in the planning of learning and the reviewing of progress to meet their specific needs and work requirements.

The group is passionate about involving employers in apprenticeship training and works closely with employers to design and deliver effective and innovative apprenticeship programmes which provide employers with a return on their investment. Remit also works closely with industry bodies, including AELP (the Association of Employers and Learning Providers) to ensure training is relevant, effective and in line with Government policy.

Principal risks and uncertainties

The Directors consider that the principal risks to the business relate to changes in Government policy in the use and level of Apprenticeships and their funding bands. The group’s spread of clients from HGV manufacturers and food manufacturers to food retailers and IT businesses, helps to mitigate any overall revenue impact. Remit has further sought to mitigate any risk by expanding its commercial training revenues. Inflationary pressures and the continuing failure of many funding bands to keep pace with inflation to date, are key business isuees, although funding for the Heavy Vehicle and Maintenance Technician standard has now been increased, albeit after the balance sheet date.

 

In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the group and company can continue in operational existence for the foreseeable future, being a minimum period of 12 months from the date of approval of the financial statements.

 

The group and the company’s activities are impacted largely as a result of the Government failing to keep apprenticeship funding in line with inflation, meaning the funding available has not reflected the higher operating costs being incurred by training providers. Management has considered the group and the company’s financial performance since the balance sheet date, and the likely ongoing impact on revenues and profitability as a result of this. Management has prepared forecasts and cash flow projections up to 31 December 2025. Based on these, and post-year-end results, the directors are confident that the group and the Company will have sufficient resources to settle their liabilities as they fall due and to continue to operate for at least the next twelve months from the date these financial statements are approved. The financial statements have therefore been prepared on a going concern basis.

Financial risk management

The group’s operations expose it to financial risks that include liquidity and cash flow risk which the directors monitor on a regular basis through cash flow modelling and forecasting.

 

Remit Holdings Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 2
Strategic Management

Led by Sue Pittock OBE, Chief Executive, the Remit management team has extensive experience in the education and training sector and continued to progress throughout 2023. New processes and academies continue to be introduced to the business, enhancing the performance of the business and the client and learner experience. The Remit business now has four automotive academies in England and Scotland and planning is well underway to open a fifth shortly to continue to meet customer demands.

The management team is well supported by the Remit board which includes Sarah Sillars OBE (former Chief Executive and Executive Chair of the IMI).

In 2023, Remit received a Grade 1 Outstanding inspection report from Ofsted, which is testament to the very high quality of Remit’s provision, its outstanding programmes and excellent management. This Outstanding grade means that Remit is in the top 1% of training providers in the country and management consider that it provides an excellent platform from which the business can grow its client base materially. Remit has also recently been awarded the Platinum standard by Investors in People, which is testament to Remit’s people management, reward and culture.

 

Business Performance and Key performance indicators

In the financial year under review, Remit Group achieved consolidated sales of £16,081,441, 9% down on the previous year’s performance, largely due to Remit’s decision to focus only on Apprenticeships and Commercial Training and no other Government funded programs. However, it is pleasing to report that the group achieved a profit before taxation of £256,236, a 34% increase on the previous year.

 

After the balance sheet date, in March 2024, Remit Group Limited was awarded and received £987,000 as an exceptional payment from the Department of Education to invest in, sustain and expand capacity for training in the Heavy Vehicle and Maintenance Technician standard. Funding for that standard has also now increased.

 

The group has cash balances available of £982,965 for working capital management.

 

Business Strategy

Remit's group of companies has diversified over the years to provide training services in a number of different sectors including automotive (heavy goods vehicle and light vehicle) digital, food retail, food manufacturing, hospitality, leadership and management, customer service and business administration.

 

The business strategy is to continue to grow organically in Remit’s current sectors and generate commercial income streams to run alongside existing Government income streams. Remit’s commercial offering now includes Electric Vehicle, ADAS, Hydrogen, and Advanced Electrics training to name a few, delivered in either of Remit’s specialist training facilities in Derby and Scotland and has the capability to deliver across the country in clients' premises if they require this solution.

 

This commercial training division was established to meet significant sector demand where apprenticeships were not the required fit to upskill existing technicians. Remit works with some excellent employer brands, and since receiving its Ofsted Outstanding Grade, has continued to expand its reach with more major brands.

 

On behalf of the board

R Foulston
Director
17 September 2024
Remit Holdings Limited
Directors' Report
For the year ended 31 December 2023
Page 3

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

Principal activities

Remit Holdings Limited is a holding company of a group which is a national multi-sector training provider, offering structured apprenticeships and adult learning across the UK, predominantly funded by the Government through the Education and Skills Funding Agency (“ESFA”), Skills Development Scotland and the Welsh Assembly Government. Remit’s provision is targeted at learners in the 16-24 age group in addition to adult learners.

Remit Holdings Limited owns 100% of Remit Group Limited. Remit Group Limited owns 100% of Assessed Education Limited, an End Point Assessment Organisation.

The financial statements have been consolidated to include both these trading subsidiaries.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

R Foulston
P Thompson
S Pittock
D Herft
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through staff groups 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.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Future developments

In accordance with section 414C(11) of the Companies Act 2006 the information relating to future developments and financial risk management is included in the Strategic Report.

Remit Holdings Limited
Directors' Report (Continued)
For the year ended 31 December 2023
Page 4
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
R Foulston
Director
17 September 2024
Remit Holdings Limited
Directors' Responsibilities Statement
For the year ended 31 December 2023
Page 5

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.

Remit Holdings Limited
Independent Auditor's Report
To the Members of Remit Holdings Limited
Page 6
Opinion

We have audited the financial statements of Remit Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated 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 FRS 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.

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.

Remit Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Remit Holdings Limited
Page 7

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 group's and 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Remit Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Remit Holdings Limited
Page 8
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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

Remit Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Remit Holdings Limited
Page 9
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

The objectives of our audit in respect of 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 to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

 

 

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

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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Janice Riches (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
19 September 2024
Chartered Accountants
6th Floor
Statutory Auditor
9 Appold Street
London
EC2 2AP
Remit Holdings Limited
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2023
Page 10
2023
2022
Notes
£
£
Turnover
3
16,086,441
17,991,408
Cost of sales
(7,047,496)
(8,414,758)
Gross profit
9,038,945
9,576,650
Administrative expenses
(8,604,136)
(9,244,369)
Operating profit
4
434,809
332,281
Interest payable and similar expenses
8
(118,310)
(81,389)
Profit before taxation
316,499
250,892
Tax on profit
9
(69,648)
(46,096)
Profit for the financial year
246,851
204,796
Total comprehensive income for the year is all attributable to the owners of the parent company.

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

Remit Holdings Limited
Consolidated Balance Sheet
As at 31 December 2023
Page 11
2023
2022
Notes
£
£
£
£
Fixed assets
Negative goodwill
10
(140,611)
(200,874)
Other intangible assets
10
644,431
519,986
Total intangible assets
503,820
319,112
Tangible assets
11
590,612
741,092
1,094,432
1,060,204
Current assets
Debtors
14
2,204,106
2,243,530
Cash at bank and in hand
982,965
1,353,321
3,187,071
3,596,851
Creditors: amounts falling due within one year
15
(2,508,245)
(2,698,419)
Net current assets
678,826
898,432
Total assets less current liabilities
1,773,258
1,958,636
Creditors: amounts falling due after more than one year
17
(906,593)
(1,337,872)
Provisions for liabilities
(221,584)
(222,534)
Net assets
645,081
398,230
Capital and reserves
Called up share capital
21
12,225
12,225
Profit and loss reserves
632,856
386,005
Total equity
645,081
398,230
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
17 September 2024
R  Foulston
Director
Remit Holdings Limited
Company Balance Sheet
As at 31 December 2023
31 December 2023
Page 12
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
2,310,582
2,310,582
Debtors
14
2,225
2,225
Creditors: amounts falling due within one year
15
(2,300,582)
(2,300,582)
Net current liabilities
(2,298,357)
(2,298,357)
Net assets
12,225
12,225
Capital and reserves
Called up share capital
21
12,225
12,225

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £nil.

The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
17 September 2024
R  Foulston
Director
Company Registration No. 13332538
Remit Holdings Limited
Consolidated Statement of Changes in Equity
For the year ended 31 December 2023
Page 13
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
10,000
181,209
191,209
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
204,796
204,796
Issue of share capital
2,225
-
2,225
Balance at 31 December 2022
12,225
386,005
398,230
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
246,851
246,851
Balance at 31 December 2023
12,225
632,856
645,081
Remit Holdings Limited
Company Statement of Changes in Equity
For the year ended 31 December 2023
Page 14
Share capital
£
Balance at 1 January 2022
10,000
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
Issue of share capital
2,225
Balance at 31 December 2022
12,225
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
Balance at 31 December 2023
12,225
Remit Holdings Limited
Consolidated Statement of Cash Flows
For the year ended 31 December 2023
Page 15
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
868,192
680,107
Income taxes paid
(16,395)
(48,689)
Net cash inflow from operating activities
851,797
631,418
Investing activities
Purchase of subsidiares
(125,000)
(125,000)
Purchase of intangible assets
(487,176)
(416,452)
Purchase of tangible fixed assets
(85,914)
(334,100)
Net cash used in investing activities
(698,090)
(875,552)
Financing activities
Repayment of bank loans
(398,000)
(331,667)
Payment of finance lease obligations
(7,753)
(33,019)
Interest paid
(118,310)
(81,389)
Net cash used in financing activities
(524,063)
(446,075)
Net decrease in cash and cash equivalents
(370,356)
(690,209)
Cash and cash equivalents at beginning of year
1,353,321
2,043,530
Cash and cash equivalents at end of year
982,965
1,353,321
Remit Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 16
1
Accounting policies
Company information

Remit Holdings Limited (“the Company”) is a private company limited by shares which is domiciled and incorporated in England and Wales. The registered office is 4 Orchard Place, Nottingham Business Park, Nottingham, NG8 6PX.

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

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

1.2
Exemptions for qualifying entities under FRS102

FRS 102 allows a qualifying entity certain disclosure exemptions.

 

The company has taken advantage of the following exemptions:

 

(i) from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the Company's cash flows;

 

(ii) from disclosing the parent company's key management personnel compensation as required by FRS102 paragraph 33.7.

1.3
Business combinations

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

 

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

Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 17
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company, Remit Holdings Limited, and all of its subsidiaries (i.e entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

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

 

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

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases. Subsidiaries acquired during the year are consolidated using the purchase method.

1.5
Going concern

In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the group and  company can continue in operational existence for the foreseeable future, being a minimum period of 12 months from the date of approval of the financial statements.

 

The directors and management have considered the group and company’s financial performance since the balance sheet date and have prepared forecasts and cash flow projections up to 31 December 2025.

 

The directors are confident that the group and the company will have sufficient cash resources to continue to operate and meet their liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements and consequently the financial statements have been prepared on a going concern basis.

1.6
Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts and VAT.

Training revenue is recognised at the point at which the training takes place and has been evidenced. Any amounts received in the current financial year that relate to the following year are treated as deferred income at the balance sheet date.

1.7
Intangible fixed assets - negative goodwill
Purchased goodwill is determined by comparing the amount paid on the acquisition of a business and the aggregate fair value of its separable net assets. It is capitalised and written off on a straight line basis over its estimated useful economic life of five years, subject to impairment reviews.

When accounting for the acquisition of Remit Group Limited, the company applied merger relief to shares issued to continuing shareholders of the group. Therefore, the company has recognised an investment representing monies paid to former shareholders, directly attributable expenses, and the nominal value of shares issued to continuing shareholders.

As a result of this, the consideration is less than the fair value of the identified net assets acquired as a result of this business combination. This difference has been recognised as negative goodwill on the balance sheet. This negative goodwill balance is being amortised on a systematic basis over 5 years.
Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 18
1.8
Intangible fixed assets other than goodwill

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

 

Staff costs relating to time spent developing new content including the instructional design required to deliver the apprenticeship training courses are recognised as intangible assets - course materials.

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:

Course Materials
3 years straight line or over the period for which the content is expected to be used if shorter

Amortisation of course materials is charged to Cost of sales in the Profit and Loss account.

1.9
Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost less the estimated residual value of each asset over its expected useful life, as follows:

Short leasehold property
Over the term of the lease to the break date
Fixtures, fittings & equipment
3 to 7 years
Computer equipment
3 years

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

1.10
Fixed asset investments

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

 

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

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

Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 19
1.11
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.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value of the asset 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.

1.12
Cash and cash equivalents

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

1.13
Financial instruments

Basic financial instruments are measured at amortised cost. The group and company have no other financial instruments or basic financial instruments measured at fair value.

1.14
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.

1.15
Taxation

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

Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 20
Current tax

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

Deferred tax

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

 

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

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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 group and company are demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. The assets of the plan are held separately from the group in independently administered funds.

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

1.18
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.

Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 21

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.

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.

Key accounting estimates and assumptions

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

Intangible assets- capitalisation and amortisation of course material

The group employs staff to develop new course content including the instructional design required to deliver apprenticeship training courses. The cost of time spent by these employees, based on time records maintained, is recognised as an intangible asset described as course materials.

The total amount capitalised in the period was £487,176 as shown in note 10.

The course material is amortised over the shorter of the time that the content is expected to remain relevant and used in course delivery without significant enhancement or three years. The amortisation in the period was £342,956 as shown in Note 10.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Training
16,086,441
17,991,408
2023
2022
£
£
Turnover analysed by geographical market
UK
16,086,441
17,991,408
Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 22
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
245,137
267,100
Depreciation of tangible fixed assets held under finance leases
5,457
37,842
Amortisation of intangible assets
342,956
275,984
Amortisation of negative goodwill
(60,263)
(60,263)
Loss on disposal of intangible assets
19,775
-
Operating lease charges
666,873
649,183
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
3,800
3,500
Audit of the financial statements of the company's subsidiaries
37,650
34,750
41,450
38,250
For other services
All other non-audit services
25,700
25,464
6
Employees

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

Group
2023
2022
Number
Number
272
320
Total
272
320
Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
6
Employees
(Continued)
Page 23

Their aggregate remuneration comprised:

Group
2023
2022
£
£
Wages and salaries
9,417,649
10,453,377
Social security costs
940,304
1,073,071
Pension costs
295,327
313,086
10,653,280
11,839,534
Redundancy payments made or committed
23,618
38,058
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
526,574
502,811
Company pension contributions to defined contribution schemes
58,836
58,066
585,410
560,877
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
152,448
152,163
Company pension contributions to defined contribution schemes
37,656
37,656
8
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
118,310
81,389
Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 24
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
70,598
16,395
Adjustments in respect of prior periods
-
0
1,298
Total current tax
70,598
17,693
Deferred tax
Origination and reversal of timing differences
(950)
28,403
Total tax charge
69,648
46,096

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

2023
2022
£
£
Profit before taxation
316,499
250,892
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
74,441
47,669
Tax effect of expenses that are not (taxable) / deductible in determining taxable profit
(11,818)
(8,757)
Adjustments in respect of prior years
-
0
1,298
Permanent capital allowances ( in excess of)/ less than depreciation
7,025
(929)
Other adjustments
-
0
6,815
Taxation charge
69,648
46,096
Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 25
10
Intangible fixed assets
Group
Goodwill
Negative goodwill
Course Materials
Total
£
£
£
£
Cost
At 1 January 2023
106,536
(314,906)
1,889,876
1,681,506
Additions - internally developed
-
0
-
0
487,176
487,176
Disposals
-
0
-
0
(585,902)
(585,902)
At 31 December 2023
106,536
(314,906)
1,791,150
1,582,780
Amortisation and impairment
At 1 January 2023
106,536
(114,032)
1,369,890
1,362,394
Amortisation charged for the year
-
0
(60,263)
342,956
282,693
Disposals
-
0
-
0
(566,127)
(566,127)
At 31 December 2023
106,536
(174,295)
1,146,719
1,078,960
Carrying amount
At 31 December 2023
-
0
(140,611)
644,431
503,820
At 31 December 2022
-
0
(200,874)
519,986
319,112
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 26
11
Tangible fixed assets
Group
Short leasehold property
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
254,131
1,223,524
650,626
2,128,281
Additions
16,976
38,635
44,503
100,114
Disposals
-
0
-
0
(90,083)
(90,083)
At 31 December 2023
271,107
1,262,159
605,046
2,138,312
Depreciation and impairment
At 1 January 2023
50,383
762,281
574,525
1,387,189
Depreciation charged in the year
29,973
163,831
56,790
250,594
Eliminated in respect of disposals
-
0
-
0
(90,083)
(90,083)
At 31 December 2023
80,356
926,112
541,232
1,547,700
Carrying amount
At 31 December 2023
190,751
336,047
63,814
590,612
At 31 December 2022
203,748
461,243
76,101
741,092
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Fixtures, fittings & equipment
18,258
9,657
-
0
-
0
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2,310,582
2,310,582
Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
12
Fixed asset investments
(Continued)
Page 27
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
2,310,582
Carrying amount
At 31 December 2023
2,310,582
At 31 December 2022
2,310,582
13
Subsidiaries

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

Name of undertaking and country of
Nature of
Class of
% Held
incorporation or residency
business
Shareholding
Direct
Indirect
Remit Group Limited
England and Wales
Training
Ordinary
100
-
Assessed Education Limited
England and Wales
End point assessor
Ordinary
-
100
Remit Food Limited
England and Wales
Dormant
Ordinary
18
82
Remit Training Limited
England and Wales
Dormant
Ordinary
-
100
Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
13
Subsidiaries
(Continued)
Page 28

The registered office of all the subsidiaries is 4 Orchard Place, Nottingham Business Park, Nottingham, NG8 6PX.

 

Remit Food Limited (company number 09568966) is exempt from audit by virtue of s479A of Companies Act 2006 as Remit Group Limited has provided a guarantee under s479C.

 

Remit Group Limited is the immediate parent of Remit Food Limited (82% shareholding), Remit Training Limited (100% shareholding) and Assessed Education Limited (100% shareholding). The group has no other subsidiaries.

14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
372,889
390,593
-
0
-
0
Unpaid share capital
2,284
2,284
2,225
2,225
Other debtors
102,112
111,520
-
0
-
0
Prepayments and accrued income
1,726,821
1,739,133
-
0
-
0
2,204,106
2,243,530
2,225
2,225
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
16
398,000
398,000
-
0
-
0
Obligations under finance leases
18
7,358
3,414
-
0
-
0
Trade creditors
733,207
730,825
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,300,582
2,175,582
Corporation tax payable
70,598
16,395
-
0
-
0
Other taxation and social security
437,225
591,877
-
-
Other creditors
280,969
361,851
-
0
125,000
Accruals and deferred income
580,888
596,057
-
0
-
0
2,508,245
2,698,419
2,300,582
2,300,582

Included above are amounts owed to the Company's subsidiary of £2,300,582 (2022: £2,175,582) which is repayable on demand at the balance sheet date. This balance is expected to reduce over a long period of time and be offset against distributions received by the Company.

Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 29
16
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
1,260,333
1,658,333
-
0
-
0
Payable within one year
398,000
398,000
-
0
-
0
Payable after one year
862,333
1,260,333
-
0
-
0

The bank loan of £1,9990,000 relates to the government backed Coronavirus Business Interruption Loan scheme, taken out by the subsidiary, Remit Group Limited. The loan was drawn down on 25 February 2021. The final repayment is due 6 years after the loan was drawn and the interest rate is 2.85% over the Bank of England base rate. Remit Group Limited entered into a debenture deed and provided a charge over all its assets held from time to time in favour of Lloyds Bank plc.

17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
16
862,333
1,260,333
-
0
-
0
Obligations under finance leases
18
8,477
5,974
-
0
-
0
Other creditors
35,783
71,565
-
0
-
0
906,593
1,337,872
-
-
18
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
8,848
4,248
-
0
-
0
In two to five years
10,087
7,434
-
0
-
0
18,935
11,682
-
-
Less: future finance charges
(3,100)
(2,294)
-
0
-
0
15,835
9,388
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 30
19
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
£
£
Accelerated capital allowances
227,957
228,670
Other
(6,373)
(6,136)
221,584
222,534
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2022
222,534
Credit to profit or loss
(950)
-
Liability at 31 December 2023
221,584
-
0
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
295,327
313,086

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. The pension creditor at the year end is £55,496 (2022: £56,529).

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary 'A' shares of 1p each
700,900
700,900
7,009
7,009
Ordinary 'B' shares of 1p each
299,100
299,100
2,991
2,991
Ordinary 'C' Growth shares of 1p each
225,130
225,130
2,225
2,225
1,225,130
1,225,130
12,225
12,225
Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
21
Share capital
(Continued)
Page 31

The company was incorporated on 13 April 2021 with issued share capital of 1 1p Ordinary share class A.

 

On 12 May 2021, a further 700,899 of 1p Ordinary Class A shares and 299,100 of 1p Ordinary class B shares were allotted. The consideration for these shares was 49% of the share capital of Remit Group Limited and 18% of the share capital of its subsidiary, Remit Food Limited, as part of a share for share exchange.

 

The A and B Ordinary Shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

 

On 1 June 2022, 225,130 of 1p C Ordinary Growth Shares were allotted, issued but not paid for. Holders of these shares only share in the proceeds from a sale or liquidation in excess of £3m.

 

22
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
678,193
552,321
-
-
Between two and five years
1,392,524
1,454,521
-
-
2,070,717
2,006,842
-
-
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
617,342
598,167

The company has taken the exemption available in FRS 102 and has chosen not to disclose related party transactions with wholly owned members of the group.

 

 

Remit Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 32
24
Events after the reporting date

In March 2024, Remit Group Limited was awarded and received £987,000 as an exceptional retrospective payment from Department of Education to invest in and sustain or expand capacity for Heavy Vehicle and Maintenance Technician standard training.

25
Controlling party

The ultimate controlling party is Rob Foulston by virtue of his share holding in Remit Holdings Limited.

 

26
Directors' transactions

D Herft (Director) had an interest free loan in Remit Group Limited. The balance at the year end was £53,328 (2022: £53,328). There was no movement in the year.

 

 

27
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
246,851
204,796
Adjustments for:
Taxation charged
69,648
46,096
Finance costs
118,310
81,389
Loss on disposal of intangible assets
19,775
-
Amortisation and impairment of intangible assets
282,693
215,721
Depreciation and impairment of tangible fixed assets
250,594
304,942
Movements in working capital:
Decrease in debtors
39,424
119,097
Decrease in creditors
(159,103)
(291,934)
Cash generated from operations
868,192
680,107
28
Analysis of changes in net debt - group
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
1,353,321
(370,356)
-
982,965
Borrowings excluding overdrafts
(1,658,333)
398,000
-
(1,260,333)
Obligations under finance leases
(9,388)
7,753
(14,200)
(15,835)
(314,400)
35,397
(14,200)
(293,203)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210R FoulstonP ThompsonS PittockD HerftfalsefalseStatement that accounts have been prepared in accordance with the provisions of the small companies 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