Company Registration No. 06732638 (England and Wales)
GLOBAL MUTUAL PROPERTIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
GLOBAL MUTUAL PROPERTIES LIMITED
COMPANY INFORMATION
Directors
J Feldman
R Kanerick
Company number
06732638
Registered office
43-45 Dorset Street
3rd Floor
London
W1U 7NA
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
GLOBAL MUTUAL PROPERTIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
GLOBAL MUTUAL PROPERTIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Fair review of the business

Global Mutual Properties Ltd ("Company") business mainly covers asset management service mandates for properties located in the United Kingdom, Ireland, Germany and Italy. During the year, the Company has continued to provide asset management services and continuously explored its avenues to retain or extend current mandates as well as attract new clients for business growth.

 

The objective is to oversee the interest of the property owners in accordance with good estate management practices with a view to achieve a good return on investment. Good estate management is set to cover strategic, financial and operational performance. The strategic performance is measured by letting the property with well covenanted tenants and offering quality services in all aspects of investment and asset management. The financial and operational performances are measured against business plan and detailed budgets agreed with clients for expected returns.

 

The Company’s main revenue is generated from fixed fee agreements and a fee based on the percentage of Net Operating Income of the property we asset manage but reconciled annually. The Company also earns income in the form of interest on loans, distribution and return on equity where the Company is the Joint Venture Partner.

 

The group made a pre-tax loss of £471,733 (2022: a profit of £471,963) for the year on a turnover of £11,069,369 (2022: £13,075,901).

 

At 31 December 2023 the group had net assets of £4,335,231 (2022: £4,806,964).

Principal risks and uncertainties

The directors recognise that within the business there are a number of risks as described below which may affect the performance of the company and the group. These risks are subject to regular review and where appropriate, processes are established to minimise the level of exposure.

 

Property Market - The directors continue to seek new investment partners and asset management mandates.

 

Operating expenses - These are monitored against budgeted amounts for each expense category.

 

Financial risk - The directors acknowledge responsibility for the group's internal financial control and believe the systems are appropriate to the business. The most important components of financial risk are credit risk and liquidity risk. Credit risk is addressed by ensuring the correct policies are in place when sales are made to customers. Working capital control together with the adequacy of banking facilities mitigate liquidity risk.

 

Cashflow risk - The directors conduct regular detailed reviews of revenue and expenditure.

 

Staff retention risk - Mitigated by rewarding high quality staff for their outstanding performance and maintaining a low staff turnover ratio.

Key performance indicators

The following have been highlighted as general KPI’s applicable to the business:

 

- Profitability of the company and group.

- Rental performance of the company and group.

On behalf of the board

J Feldman
Director
23 September 2024
GLOBAL MUTUAL PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Principal activities

The principal activity of the company continued to be that of real estate and investment asset management.

Results and dividends

The results for the year are set out on page 7.

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

Directors

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

J Feldman
R Kanerick
Auditor

HW Fisher LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put 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
J Feldman
Director
23 September 2024
GLOBAL MUTUAL PROPERTIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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.

GLOBAL MUTUAL PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLOBAL MUTUAL PROPERTIES LIMITED
- 4 -
Opinion

We have audited the financial statements of Global Mutual Properties Limited (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 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

GLOBAL MUTUAL PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLOBAL MUTUAL PROPERTIES LIMITED
- 5 -
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 its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where 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 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.

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

GLOBAL MUTUAL PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLOBAL MUTUAL PROPERTIES LIMITED
- 6 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility of the prevention and detection of irregularities and fraud rests with the directors.

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

Use of our report

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

Gilles Siow (Senior Statutory Auditor)
For and on behalf of HW Fisher LLP
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
23 September 2024
GLOBAL MUTUAL PROPERTIES LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
11,069,369
13,075,901
Administrative expenses
(11,274,196)
(12,732,279)
Other operating income
-
7,250
Operating (loss)/profit
4
(204,827)
350,872
Interest receivable and similar income
8
150,779
133,502
Interest payable and similar expenses
9
(740)
(12,411)
Amounts written off investments
10
(416,945)
-
(Loss)/profit before taxation
(471,733)
471,963
Tax on (loss)/profit
11
-
0
(125,466)
(Loss)/profit for the financial year
(471,733)
346,497
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
GLOBAL MUTUAL PROPERTIES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
£
£
(Loss)/profit for the year
(471,733)
346,497
Other comprehensive income
-
-
Total comprehensive income for the year
(471,733)
346,497
Total comprehensive income for the year is all attributable to the owners of the parent company.
GLOBAL MUTUAL PROPERTIES LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
143,814
52,727
Investments
13
5,629,945
4,701,913
5,773,759
4,754,640
Current assets
Debtors
15
2,473,860
2,266,163
Cash at bank and in hand
1,205,111
3,697,983
3,678,971
5,964,146
Creditors: amounts falling due within one year
16
(5,012,956)
(5,887,655)
Net current (liabilities)/assets
(1,333,985)
76,491
Total assets less current liabilities
4,439,774
4,831,131
Creditors: amounts falling due after more than one year
17
(104,543)
(24,167)
Net assets
4,335,231
4,806,964
Capital and reserves
Called up share capital
21
4
4
Profit and loss reserves
4,335,227
4,806,960
Total equity
4,335,231
4,806,964
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
J Feldman
Director
GLOBAL MUTUAL PROPERTIES LIMITED
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
143,814
52,727
Investments
13
5,629,946
4,701,914
5,773,760
4,754,641
Current assets
Debtors
15
1,871,956
1,664,362
Cash at bank and in hand
1,185,719
3,684,652
3,057,675
5,349,014
Creditors: amounts falling due within one year
16
(5,186,687)
(6,075,675)
Net current liabilities
(2,129,012)
(726,661)
Total assets less current liabilities
3,644,748
4,027,980
Creditors: amounts falling due after more than one year
17
(104,543)
(24,167)
Net assets
3,540,205
4,003,813
Capital and reserves
Called up share capital
21
4
4
Profit and loss reserves
3,540,201
4,003,809
Total equity
3,540,205
4,003,813

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £463,608 (2022 - £402,579 profit).

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
J Feldman
Director
Company Registration No. 06732638
GLOBAL MUTUAL PROPERTIES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
4
4,460,463
4,460,467
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
346,497
346,497
Balance at 31 December 2022
4
4,806,960
4,806,964
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(471,733)
(471,733)
Balance at 31 December 2023
4
4,335,227
4,335,231
GLOBAL MUTUAL PROPERTIES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
4
3,601,230
3,601,234
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
402,579
402,579
Balance at 31 December 2022
4
4,003,809
4,003,813
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(463,608)
(463,608)
Balance at 31 December 2023
4
3,540,201
3,540,205
GLOBAL MUTUAL PROPERTIES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(1,589,901)
2,754,245
Interest paid
(740)
(12,411)
Income taxes refunded/(paid)
11,875
(348,008)
Net cash (outflow)/inflow from operating activities
(1,578,766)
2,393,826
Investing activities
Purchase of tangible fixed assets
(14,411)
(22,166)
Proceeds on disposal of tangible fixed assets
-
22,599
Loans made to Non-Controlling Interests
(1,082,078)
(1,217,843)
Repayments of loans from Non-Controlliong Interests
1,084,389
371,801
Investment additions in Non-Controlling Interests
(938,012)
(42,250)
Proceeds on disposal of Non-Controlling Interests
31,081
79,957
Interest received
14,925
13,122
Net cash used in investing activities
(904,106)
(794,780)
Financing activities
Repayment of bank loans
(10,000)
(10,032)
Payment of finance leases obligations
-
(57,077)
Net cash used in financing activities
(10,000)
(67,109)
Net (decrease)/increase in cash and cash equivalents
(2,492,872)
1,531,937
Cash and cash equivalents at beginning of year
3,697,983
2,166,046
Cash and cash equivalents at end of year
1,205,111
3,697,983
GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Global Mutual Properties Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 43-45 Dorset Street, 3rd Floor, London, W1U 7NA.

 

The group consists of Global Mutual Properties Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Business combinations

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

 

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

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Global Mutual Properties Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

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

 

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

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. This expectation is based on forecasts prepared by the directors which show that the company is expected to remain profitable and will be able to meet its obligations as they fall due, for a period of at least 12 months after the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

The turnover of the company for the period is derived from provision of property management and consultancy services.

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:

Fixtures, fittings and equipment
25% Straight line
Motor vehicles
20% 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.

1.7
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.

GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

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.

GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

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.

Derecognition of financial liabilities

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

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.

GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

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

1.14
Retirement benefits

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

1.15
Leases

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

 

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

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

GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
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.

Recoverability of investments

The directors regularly review the performance of investments and have taken into account that the investments accrue interest and generate regular distributions. As such, the directors believe that the investments are recoverable.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Fees
11,069,369
13,075,901
2023
2022
£
£
Other significant revenue
Interest income
150,779
133,502
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
7,608,205
5,814,453
Europe
3,461,164
7,223,024
Rest of world
-
38,424
11,069,369
13,075,901
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
115,583
(47,661)
Depreciation of owned tangible fixed assets
25,724
39,837
(Profit)/loss on disposal of tangible fixed assets
-
19,451
Operating lease charges
174,865
165,776
GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
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
32,000
32,000
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
38
34
38
34

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
6,744,068
7,326,951
6,744,068
7,326,951
Social security costs
880,871
1,014,808
880,871
1,014,808
Pension costs
143,075
135,247
143,075
135,247
7,768,014
8,477,006
7,768,014
8,477,006
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
1,121,402
2,143,323
Company pension contributions to defined contribution schemes
2,642
2,642
1,124,044
2,145,965

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
574,680
1,086,823
Company pension contributions to defined contribution schemes
1,321
1,321
GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
150,779
133,502
9
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
-
2,205
Other interest
740
10,206
Total finance costs
740
12,411
10
Amounts written off investments
2023
2022
£
£
Losses on investments
(416,945)
-
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
116,181
Adjustments in respect of prior periods
-
0
18,690
Total current tax
-
0
134,871
Deferred tax
Origination and reversal of timing differences
-
0
(9,405)
Total tax charge
-
0
125,466
GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Taxation
(Continued)
- 22 -

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

2023
2022
£
£
(Loss)/profit before taxation
(471,733)
471,963
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(110,952)
89,673
Tax effect of expenses that are not deductible in determining taxable profit
110,952
20,505
Adjustments in respect of prior years
-
0
20,276
Deferred tax adjustments in respect of prior years
-
0
196
Fixed asset differences
-
0
(1,291)
Deferred tax adjustments
-
0
(3,893)
Taxation charge
-
125,466
12
Tangible fixed assets
Group
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
188,961
-
0
188,961
Additions
14,411
102,400
116,811
At 31 December 2023
203,372
102,400
305,772
Depreciation and impairment
At 1 January 2023
136,234
-
0
136,234
Depreciation charged in the year
24,017
1,707
25,724
At 31 December 2023
160,251
1,707
161,958
Carrying amount
At 31 December 2023
43,121
100,693
143,814
At 31 December 2022
52,727
-
0
52,727
GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
(Continued)
- 23 -
Company
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
182,561
-
0
182,561
Additions
14,411
102,400
116,811
At 31 December 2023
196,972
102,400
299,372
Depreciation and impairment
At 1 January 2023
129,834
-
0
129,834
Depreciation charged in the year
24,017
1,707
25,724
At 31 December 2023
153,851
1,707
155,558
Carrying amount
At 31 December 2023
43,121
100,693
143,814
At 31 December 2022
52,727
-
0
52,727
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Shares in group undertakings
14
-
0
-
0
1
1
Loans to non controlling interests
3,737,975
3,824,926
3,737,975
3,824,926
Shares in non controlling interests
1,891,970
876,987
1,891,970
876,987
5,629,945
4,701,913
5,629,946
4,701,914
GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Group
Shares in non controlling interests
Loans to non controlling interests
Total
£
£
£
Cost or valuation
At 1 January 2023
876,987
3,824,926
4,701,913
Additions
1,463,009
1,233,946
2,696,955
Repayments
(31,081)
(1,320,897)
(1,351,978)
Write off
(139,781)
-
(139,781)
At 31 December 2023
2,169,134
3,737,975
5,907,109
Impairment
At 1 January 2023
-
-
-
Impairment losses
277,164
-
277,164
At 31 December 2023
277,164
-
277,164
Carrying amount
At 31 December 2023
1,891,970
3,737,975
5,629,945
At 31 December 2022
876,987
3,824,926
4,701,913
Movements in fixed asset investments
Company
Shares in non controlling interests
Loans to non controlling interests
Shares in group undertakings
Total
£
£
£
£
Cost or valuation
At 1 January 2023
876,987
3,824,926
1
4,701,914
Additions
1,463,009
1,233,946
-
2,696,955
Repayments
(31,081)
(1,320,897)
-
(1,351,978)
Write off
(139,781)
-
-
(139,781)
At 31 December 2023
2,169,134
3,737,975
1
5,907,110
Impairment
At 1 January 2023
-
-
-
-
Impairment losses
277,164
-
-
277,164
At 31 December 2023
277,164
-
-
277,164
Carrying amount
At 31 December 2023
1,891,970
3,737,975
1
5,629,946
At 31 December 2022
876,987
3,824,926
1
4,701,914
GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Magnus Real Estate Limited
43-45 Dorset Street, 3rd Floor, London, W1U 7NA
Ordinary
100.00
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
270,202
287,627
270,202
287,627
Corporation tax recoverable
-
0
11,875
-
0
11,875
Other debtors
1,206,284
1,357,816
604,380
756,015
Prepayments and accrued income
997,374
608,845
997,374
608,845
2,473,860
2,266,163
1,871,956
1,664,362
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
10,000
10,000
10,000
10,000
Obligations under finance leases
19
12,024
-
0
12,024
-
0
Trade creditors
1,831,883
2,070,779
1,829,579
2,070,779
Amounts owed to group undertakings
-
0
-
0
176,311
191,913
Other taxation and social security
509,281
1,012,618
509,281
1,012,618
Other creditors
149,087
398,638
149,087
398,638
Accruals and deferred income
2,500,681
2,395,620
2,500,405
2,391,727
5,012,956
5,887,655
5,186,687
6,075,675
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
14,167
24,167
14,167
24,167
Obligations under finance leases
19
90,376
-
0
90,376
-
0
104,543
24,167
104,543
24,167
GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
24,167
34,167
24,167
34,167
Payable within one year
10,000
10,000
10,000
10,000
Payable after one year
14,167
24,167
14,167
24,167

The group currently has an outstanding unsecured loan of £24,167 (2022: 34,167) with a fixed interest rate of 2.50% per annum. The loan is being repaid in monthly instalments and matures on 20 May 2026.

19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
12,024
-
0
12,024
-
0
In two to five years
90,376
-
0
90,376
-
0
102,400
-
102,400
-
0

Finance lease payments represent rentals payable by the company for motor vehicle. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
143,075
135,247

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.

21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4
4
4
4
GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
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
74,552
178,925
74,552
178,925
Between two and five years
-
74,552
-
74,552
74,552
253,477
74,552
253,477
GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
23
Related party transactions

At the year end, the company and the group owed £140,000 (2022: £600,000) to some of the directors in respect of unpaid salaries. An additional amount of £1,635 was owed from the directors (2022: £4,694 owed to).

 

During the year, the company and the group paid advisory fee of £Nil (2022: £Nil) to the parent company of the group.

 

During the year, the company and the group paid advisory fees of £659,028 (2022: £1,125,000) to a company which is under the significant influence of some of the directors and shareholders of this company. The company and group also received income of £19,586 (2022: £Nil) from this company. At 31 December 2023, the company and the group owed £334,990 (2022: £336,000) to that company.

 

During the year, the company and the group charged management fee income of £378,515 (2022: £659,149) in respect of recharged staff costs to a company which is under the significant influence of some of the directors and shareholders of this company. During the year the company and the group was invoiced £25,774 (2022: £Nil) by that company. At the year end the company and the group was owed £559,486 (2022: £700,114) and £1,161,001 (2022: £1,301,629) respectively by that company.

 

During the year, the company and the group paid advisory fees of £933,844 (2022: £2,000,000) and charged fee income of £51,256 (2022: £Nil) to a company which is under the significant influence of some of the directors and shareholders of this company. At the year end the company and the group owed £4,394 (2022: £Nil) to that company.

 

During the year, the company and the group paid advisory fees of £Nil (2022: £500,000) to a company which is under the significant influence of a major shareholder of this company. At the year end the company and the group owed £1,379,224 (2022: £1,619,224) to that company.

 

During the year, the company and the group paid advisory fees of £Nil (2022: £4,389) to a company which is under the significant influence of a director and shareholder of this company.

24
Cash (absorbed by)/generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(471,733)
346,497
Adjustments for:
Taxation charged
-
0
125,466
Finance costs
740
12,411
Investment income
(150,779)
(133,502)
(Gain)/loss on disposal of tangible fixed assets
-
19,451
Depreciation and impairment of tangible fixed assets
25,724
39,837
Amounts written off investments
416,945
-
Movements in working capital:
(Increase)/decrease in debtors
(217,937)
1,995,390
(Decrease)/increase in creditors
(1,192,861)
348,695
Cash (absorbed by)/generated from operations
(1,589,901)
2,754,245
GLOBAL MUTUAL PROPERTIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
25
Analysis of changes in net funds - group
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
3,697,983
(2,492,872)
-
1,205,111
Borrowings excluding overdrafts
(34,167)
10,000
-
(24,167)
Obligations under finance leases
-
-
(102,400)
(102,400)
3,663,816
(2,482,872)
(102,400)
1,078,544
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