Company registration number 09966603 (England and Wales)
THE SELECT RECRUITMENT GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LB GROUP
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
THE SELECT RECRUITMENT GROUP LTD
COMPANY INFORMATION
Directors
Mr R Burville
Mr M Tann
Company number
09966603
Registered office
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
Auditor
LB Group Limited (Chelmsford)
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
THE SELECT RECRUITMENT GROUP LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
THE SELECT RECRUITMENT GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

Objective

 

The group continue to pursue all financial means under management to reach its objective to be the industry leader in the sectors they service.

 

Key business strategy

 

In pursuit of the of this objective the Directors will seek to:

 

Principal risks and uncertainties

The key risk areas are:

 

 

Currency Risk

 

To mitigate currency risk from Euro, GBP, and USD exposure as an international recruitment agency, we will look to implement a hedging strategy that includes forward contracts and options to lock in exchange rates for future transactions.

 

Interest Rate Risk

 

We use retained profits to fund the majority of our contract workers, in addition we utilise a very competitive floating finance facility in place, enabling us to sustainably continue expansion through bank borrowing.

Future Outlook

The group continues to seek further expansion within their UK and Dubai operations across all markets listed above.

THE SELECT RECRUITMENT GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The Group uses a number of financial measures to monitor progress against strategies and corporate objectives. These are summarised as follows:                    

The turnover, gross and operating profit of the Group was as follows:

2023          2022

Turnover        £29,120,525    £17,509,453

Gross Profit        £5,138,677    £3,854,540

Operating Profit / (Loss)    £2,400,651    £2,372,967

 

The statement of financial position shows that the Group’s net assets at the year-end have increased from £2,590,977 to £3,276,612.

 

Growth in gross profit has been invested across the business to facilitate further growth in future periods.

 

 

On behalf of the board

Mr R Burville
Director
20 September 2024
THE SELECT RECRUITMENT GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of temporary and permanent employment agency activities, and information technology consultancy activities.

Results and dividends

Ordinary dividends were paid amounting to £922,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr R Burville
Mr M Tann
Auditor

LB Group Limited (Chelmsford) were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put forward at a General Meeting.

Statement of disclosure to auditor

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

On behalf of the board
Mr R Burville
Mr M Tann
Director
Director
20 September 2024
THE SELECT RECRUITMENT GROUP LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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.

THE SELECT RECRUITMENT GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE SELECT RECRUITMENT GROUP LTD
- 5 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

 

Other matter

In the previous accounting period the directors of the company took advantage of the audit exemption under S477 of the Companies Act. Therefore the comparative 2022 corresponding figures are unaudited.

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.

THE SELECT RECRUITMENT GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE SELECT RECRUITMENT GROUP LTD
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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 SELECT RECRUITMENT GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE SELECT RECRUITMENT GROUP LTD
- 7 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

We assessed the susceptibility of the group's and parent company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

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

 

 

 

 

 

THE SELECT RECRUITMENT GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE SELECT RECRUITMENT GROUP LTD
- 8 -

Use of our report

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

Andrew Runicles (Senior Statutory Auditor)
For and on behalf of LB Group Limited (Chelmsford)
20 September 2024
Chartered Accountants
Statutory Auditor
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
THE SELECT RECRUITMENT GROUP LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
Unaudited 2022
Notes
£
£
Turnover
3
29,120,525
17,509,453
Cost of sales
(23,981,848)
(13,654,913)
Gross profit
5,138,677
3,854,540
Administrative expenses
(2,717,857)
(1,469,509)
Other operating income
-
16,964
Exceptional item
4
(20,169)
(29,028)
Operating profit
5
2,400,651
2,372,967
Interest receivable and similar income
9
79
-
0
Interest payable and similar expenses
10
(60,705)
(19,595)
Profit before taxation
2,340,025
2,353,372
Tax on profit
11
(562,390)
(457,920)
Profit for the financial year
23
1,777,635
1,895,452
Profit for the financial year is attributable to:
- Owners of the parent company
1,574,108
1,625,420
- Non-controlling interests
203,527
270,032
1,777,635
1,895,452
THE SELECT RECRUITMENT GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
Unaudited 2022
£
£
Profit for the year
1,777,635
1,895,452
Other comprehensive income
-
-
Total comprehensive income for the year
1,777,635
1,895,452
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,574,108
1,625,420
- Non-controlling interests
203,527
270,032
1,777,635
1,895,452
THE SELECT RECRUITMENT GROUP LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
Unaudited 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
13
23,704
13,797
Tangible assets
14
95,833
24,436
119,537
38,233
Current assets
Debtors
17
7,440,227
5,093,836
Cash at bank and in hand
329,188
581,949
7,769,415
5,675,785
Creditors: amounts falling due within one year
18
(4,604,340)
(3,116,941)
Net current assets
3,165,075
2,558,844
Total assets less current liabilities
3,284,612
2,597,077
Provisions for liabilities
Deferred tax liability
20
8,000
6,100
(8,000)
(6,100)
Net assets
3,276,612
2,590,977
Capital and reserves
Called up share capital
22
100
100
Capital redemption reserve
23
10
10
Profit and loss reserves
23
3,167,807
2,515,699
Equity attributable to owners of the parent company
3,167,917
2,515,809
Non-controlling interests
108,695
75,168
3,276,612
2,590,977
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
20 September 2024
Mr R Burville
Mr M Tann
Director
Director
Company registration number 09966603 (England and Wales)
THE SELECT RECRUITMENT GROUP LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
Unaudited 2022
Notes
£
£
£
£
Fixed assets
Investments
15
22,554
242
Current assets
Debtors
17
225,458
299,550
Creditors: amounts falling due within one year
18
(247,912)
(299,692)
Net current liabilities
(22,454)
(142)
Net assets
100
100
Capital and reserves
Called up share capital
22
100
100

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 £922,000 (Unaudited 2022: £836,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
20 September 2024
Mr R Burville
Mr M Tann
Director
Director
Company registration number 09966603 (England and Wales)
THE SELECT RECRUITMENT GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
100
10
1,740,279
1,740,389
987
1,741,376
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
1,625,420
1,625,420
270,032
1,895,452
Dividends
12
-
-
(850,000)
(850,000)
(195,851)
(1,045,851)
Balance at 31 December 2022
100
10
2,515,699
2,515,809
75,168
2,590,977
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,574,108
1,574,108
203,527
1,777,635
Dividends
12
-
-
(922,000)
(922,000)
(170,000)
(1,092,000)
Balance at 31 December 2023
100
10
3,167,807
3,167,917
108,695
3,276,612
THE SELECT RECRUITMENT GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
14,000
14,100
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
836,000
836,000
Dividends
12
-
(850,000)
(850,000)
Balance at 31 December 2022
100
-
0
100
Year ended 31 December 2023:
Profit and total comprehensive income
-
922,000
922,000
Dividends
12
-
(922,000)
(922,000)
Balance at 31 December 2023
100
-
0
100
THE SELECT RECRUITMENT GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
Unaudited 2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
1,712,039
(2,255,702)
Interest paid
(60,705)
(19,595)
Income taxes paid
(709,109)
(278,769)
Net cash inflow/(outflow) from operating activities
942,225
(2,554,066)
Investing activities
Purchase of tangible fixed assets
(87,006)
(27,330)
Fair value movements of intangible fixed assets
(9,907)
2,081
Interest received
79
-
0
Net cash used in investing activities
(96,834)
(25,249)
Financing activities
Proceeds from borrowings
-
65,846
Repayment of borrowings
(6,295)
-
Dividends paid to equity shareholders
(922,000)
(850,000)
Dividends paid to non-controlling interests
(170,000)
(195,851)
Net cash used in financing activities
(1,098,295)
(980,005)
Net decrease in cash and cash equivalents
(252,904)
(3,559,320)
Cash and cash equivalents at beginning of year
581,917
4,141,237
Cash and cash equivalents at end of year
329,013
581,917
Relating to:
Cash at bank and in hand
329,188
581,949
Bank overdrafts included in creditors payable within one year
(175)
(32)
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

The Select Recruitment Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Swift House, Ground Floor, 18 Hoffmanns Way, Chelmsford, Essex, UK, CM1 1GU.

 

The group consists of The Select Recruitment Group Ltd and all of its subsidiaries.

1.1
Accounting convention

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

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

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

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

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company The Select Recruitment Group Ltd together with all entities controlled by the parent company (its subsidiaries).

 

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 and balances between group companies are eliminated on consolidation.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

The directors foresee the going concern of the business for 12 months from the approval of the financial statements, based on the growth and strong performance of the group, with the business continuing to expand its client base. Thus, the directors have a reasonable expectation that the group has adequate resources to be a going concern for 12 months from the date of signing of the financial statements.

THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.

Turnover represents the provision of temporary and permanent workers to customers and clients. Turnover is recognised on the completion of approved timesheets for temporary workers and upon commencement of a placement for permanent workers. Turnover is stated as invoiced, and is net of discounts, excluding VAT.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at fair value.

Revaluation movements are recognised in the profit or loss, with revaluations occurring on the following bases:

Crypto Investments
Measured at fair value annually
1.6
Tangible fixed assets

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

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

Leasehold land and buildings
Term of lease
Leasehold improvements
Term of lease
Fixtures and fittings
25% Reducing balance
Computers
2 Years straight line

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

Land and buildings, as well as leasehold improvements, are composed of assets which have not been put into use by the company as at the balance sheet date, and as such are not depreciated in the financial year.

1.7
Fixed asset investments

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

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

1.8
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 SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

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

 

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

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

1.9
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.

1.10
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

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

 

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

 

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

1.11
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.

1.12
Taxation

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

Current tax

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

THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.

1.13
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.

1.14
Retirement benefits

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

1.15
Leases

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

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Bad debt provision

Provision is made for bad debts. This requires management's best estimate of the value of payments expected to be received in the future. In addition, the timing of the cash flows requires management's judgment.

3
Turnover and other revenue
2023
Unaudited 2022
£
£
Turnover analysed by class of business
Temporary Placement
28,898,801
17,151,257
Permanent Placement
221,724
358,196
29,120,525
17,509,453
2023
Unaudited 2022
£
£
Turnover analysed by geographical market
UK
7,035,101
2,950,774
EU
21,656,691
14,211,380
Rest of the world
428,733
347,299
29,120,525
17,509,453
2023
Unaudited 2022
£
£
Other revenue
Interest income
79
-
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
4
Exceptional item
2023
Unaudited 2022
£
£
Expenditure
Related party balance write off
20,169
29,028
20,169
29,028

The exceptional item in both the current and prior period represents the writing off of balances with related parties which have ceased to trade, thereby making the balances irrecoverable.

5
Operating profit
2023
Unaudited 2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
79,804
(119,429)
Depreciation of owned tangible fixed assets
15,609
12,941
Operating lease charges
34,836
9,917
6
Auditor's remuneration
2023
Unaudited 2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,000
-
Audit of the financial statements of the company's subsidiaries
28,000
-
32,000
-
7
Employees

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

Group
Company
2023
Unaudited 2022
2023
Unaudited 2022
Number
Number
Number
Number
Directors
2
2
2
2
Recruiters
29
19
-
-
Administrative staff
6
3
-
-
Total
20
24
2
2
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2023
Unaudited 2022
2023
Unaudited 2022
£
£
£
£
Wages and salaries
1,800,977
914,849
-
0
-
0
Social security costs
180,834
103,312
-
-
Pension costs
19,863
7,804
-
0
-
0
2,001,674
1,025,965
-
0
-
0
8
Directors' remuneration
2023
Unaudited 2022
£
£
Remuneration for qualifying services
25,140
21,358
Company pension contributions to defined contribution schemes
754
94
25,894
21,452

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

9
Interest receivable and similar income
2023
Unaudited 2022
£
£
Interest income
Other interest income
79
-
10
Interest payable and similar expenses
2023
Unaudited 2022
£
£
Interest on invoice finance arrangements
61,327
19,595
Other interest
(622)
-
Total finance costs
60,705
19,595
11
Taxation
2023
Unaudited 2022
£
£
Current tax
UK corporation tax on profits for the current period
560,490
454,020
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Taxation
2023
Unaudited 2022
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
1,900
3,900
Total tax charge
562,390
457,920

The applicable tax rate for the previous period was 19% throughout the whole period.

 

The applicable tax rate changed in the current period on 1 April 2023. Therefore, the applicable tax rate for the first three months, from 1 January 2023 to 31 March 2023 was 19%, and the applicable tax rate for the final 9 months, from 1 April 2023 to 31 December 2023 was 25%.

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
Unaudited 2022
£
£
Profit before taxation
2,340,025
2,353,372
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (Unaudited 2022: 19.00%)
585,006
447,141
Tax effect of expenses that are not deductible in determining taxable profit
19,121
13,445
Effect of change in corporation tax rate
(35,255)
-
Permanent capital allowances in excess of depreciation
(8,382)
(6,566)
Deferred tax adjustments in respect of prior years
1,900
3,900
Taxation charge
562,390
457,920
12
Dividends
2023
Unaudited 2022
Recognised as distributions to equity holders:
£
£
Final paid
922,000
850,000
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
13
Intangible fixed assets
Group
Crypto Investments
£
Cost
At 1 January 2023
13,797
Revaluation
9,907
At 31 December 2023
23,704
Amortisation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
23,704
At 31 December 2022
13,797
14
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2023
-
0
-
0
26,555
46,329
72,884
Additions
30,353
26,356
7,654
22,643
87,006
At 31 December 2023
30,353
26,356
34,209
68,972
159,890
Depreciation and impairment
At 1 January 2023
-
0
-
0
8,719
39,729
48,448
Depreciation charged in the year
-
0
-
0
5,033
10,576
15,609
At 31 December 2023
-
0
-
0
13,752
50,305
64,057
Carrying amount
At 31 December 2023
30,353
26,356
20,457
18,667
95,833
At 31 December 2022
-
0
-
0
17,836
6,600
24,436
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
15
Fixed asset investments
Group
Company
2023
Unaudited 2022
2023
Unaudited 2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
22,554
242
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
242
Additions
22,312
At 31 December 2023
22,554
Carrying amount
At 31 December 2023
22,554
At 31 December 2022
242
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
16
Subsidiaries

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

Name of undertaking
Class of
% Held
shares held
Direct
Indirect
Select Offshore Ltd
Ordinary
100.00
-
Select Tech Ltd
Ordinary
66.66
-
Select Oil and Gas Ltd
Ordinary
100.00
-
Select Financial Search Ltd
Ordinary
-
66.66
Select Offshore L.L.C-FZ
Ordinary
100.00
-

Select Oil and Gas Ltd is dormant at both 31 December 2022 and 31 December 2023.

 

The formation date of Select Offshore L.L.C-FZ was 9 October 2023, but no trade has commenced to the year end. The registered office is Business Center 1, M Floor, The Meydan Hotel, Nad Al Sheba, Dubai, U.A.E.

17
Debtors
Group
Company
2023
Unaudited 2022
2023
Unaudited 2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,646,018
3,456,661
-
0
-
0
Amounts owed by group undertakings
-
-
225,458
299,550
Other debtors
361,157
793,996
-
0
-
0
Prepayments and accrued income
2,433,052
843,179
-
0
-
0
7,440,227
5,093,836
225,458
299,550

Other debtors (Group) include amounts owed in respect of an invoice discounting facility with RBS Invoice Finance Limited at £166,513 (£691,460: 2022).

18
Creditors: amounts falling due within one year
Group
Company
2023
Unaudited 2022
2023
Unaudited 2022
Notes
£
£
£
£
Bank loans and overdrafts
19
175
32
-
0
-
0
Other borrowings
19
-
0
6,295
-
0
-
0
Trade creditors
2,367,383
1,099,711
720
1,993
Amounts owed to group undertakings
-
0
-
0
22,312
74,933
Corporation tax payable
305,402
454,021
-
0
-
0
Other taxation and social security
74,747
79,019
-
-
Other creditors
1,643,060
1,416,092
220,080
222,766
Accruals and deferred income
213,573
61,771
4,800
-
0
4,604,340
3,116,941
247,912
299,692
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Creditors: amounts falling due within one year
(Continued)
- 28 -
The group has fixed, floating and negative pledge charges secured over all property of the company, in favour of RBS Invoice Finance Ltd, dated 11 December 2019 with respect to Select Offshore Ltd, and 31 August 2022 with respect to Select Tech Ltd.

Other creditors (Group) include amounts owed to RBS Invoice Finance Ltd in respect of an invoice discounting facility, at £1,141,315 (£128,839: 2022).
19
Loans and overdrafts
Group
Company
2023
Unaudited 2022
2023
Unaudited 2022
£
£
£
£
Bank overdrafts
175
32
-
0
-
0
Other loans
-
0
6,295
-
0
-
0
175
6,327
-
-
Payable within one year
175
6,327
-
0
-
0
20
Deferred taxation

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

Liabilities
Liabilities
2023
Unaudited 2022
Group
£
£
Accelerated capital allowances
8,000
6,100
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
6,100
-
Charge to profit or loss
1,900
-
Liability at 31 December 2023
8,000
-
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
21
Retirement benefit schemes
2023
Unaudited 2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
19,863
7,804

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.

22
Share capital
Group and company
2023
Unaudited 2022
2023
Unaudited 2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100

The ordinary shares in issue carry full voting, dividend, and capital distribution upon winding up rights.

 

23
Reserves
Profit and loss reserves

This reserve includes all current and prior period retained profit or loss.

24
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
Unaudited 2022
2023
Unaudited 2022
£
£
£
£
Within one year
140,311
47,007
-
-
Between two and five years
472,057
6,147
-
-
In over five years
514,652
-
-
-
1,127,020
53,154
-
-
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
25
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
Unaudited 2022
£
£
Group
Other related parties
-
845,609

 

Amounts due from related parties
2023
Unaudited 2022
Balance
Balance
£
£
Group
Other related parties
561
3,200
Company
Entities over which the company has control, joint control or significant influence
218,986
299,550
Other information

Refer to note 4 in relation to exceptional expenditure arising in both 2022 and 2023 with related parties.

 

26
Directors' transactions

At the year end, the company owed £220,080 to the directors (unaudited 2022: £222,767). These balances are included within the total other creditors balance.

27
Controlling party

There are no ultimate controlling parties.

THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
28
Cash generated from/(absorbed by) group operations
2023
Unaudited 2022
£
£
Profit for the year after tax
1,777,635
1,895,452
Adjustments for:
Taxation charged
562,390
457,920
Finance costs
60,705
19,595
Investment income
(79)
-
0
Depreciation of tangible fixed assets
15,609
12,941
Movements in working capital:
Increase in debtors
(2,346,391)
(3,150,350)
Increase/(decrease) in creditors
1,642,170
(1,491,261)
Cash generated from/(absorbed by) operations
1,712,039
(2,255,703)
29
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
581,949
(252,761)
329,188
Bank overdrafts
(32)
(143)
(175)
581,917
(252,904)
329,013
Borrowings excluding overdrafts
(6,295)
6,295
-
575,622
(246,609)
329,013
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