Company registration number 07301729 (England and Wales)
RECRUIT 121 GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RECRUIT 121 GROUP LIMITED
COMPANY INFORMATION
Director
Mr C R Hookings
Company number
07301729
Registered office
Bradbury House
Mission Court
Newport
Gwent
NP20 2DW
Auditor
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
RECRUIT 121 GROUP LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's 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 - 27
RECRUIT 121 GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the year ended 31 December 2023.

Review of the business

As shown in the profit and loss account on page 7, the group's revenue decreased slightly by 1.5% compared to 2022.

 

Gross margins also decreased slightly from 21.3% to 20.1%.

 

The revenue and margin movements are both predominantly attributed to difficult market conditions with strong competition.

 

Overheads were impacted by unfavorable foreign exchange movements in 2023 compared to the positive impacts in 2022, with a swing of £0.4m overall.

 

Profit before tax decreased from £2.1m in 2022 to £1.5m for the year ended 31 December 2023.

 

Net assets have increased to £4.9m at 31 December 2023 from £3.9m in 2022.

 

The Directors are satisfied with the results and the financial position at 31 December 2023.

Principal risks and uncertainties

The group's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The group does not use derivative financial instruments for speculative purposes.

 

Cash flow risk

The group's activities expose it to the financial risks of changes in foreign currency exchange rates. The group manages foreign currency exposure by ensuring that, in the vast majority of cases, the group contracts with both client and candidate in the same currency. This creates a natural hedge between foreign receivables and factoring liabilities which are retained in the same currency as the originating debt.

 

The factoring loans bear variable interest rates; the group is exposed to adverse movements in interest rates, therefore.

 

Credit risk

The group's principal financial assets are bank balances and cash, and trade and other receivables.

The group's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables.

 

The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

 

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long-term equity and short-term debt finance.

Future Prospects

The directors are satisfied with the future prospects of the company and the group and have prepared strategic plans for the short and medium term based on market knowledge and data based on a range of scenarios.

On behalf of the board

Mr C R Hookings
Director
24 September 2024
RECRUIT 121 GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The director presents his 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 a holding company; the principal activity of the group continued to be that of a specialist recruitment consultants to the IT industry specialising in SAP recruitment.

Results and dividends

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

Ordinary dividends were paid amounting to £149,950. The director does not recommend payment of a further dividend.

Director

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

Mr C R Hookings
Auditor

UHY Hacker Young have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual 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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr C R Hookings
Director
24 September 2024
RECRUIT 121 GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

RECRUIT 121 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RECRUIT 121 GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Recruit 121 Group 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 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 director's 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 director 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 director is 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:

RECRUIT 121 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RECRUIT 121 GROUP 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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has 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.

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 company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

RECRUIT 121 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RECRUIT 121 GROUP LIMITED
- 6 -

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, 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.

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.

Mr John Griffiths (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
24 September 2024
Chartered Accountants
Statutory Auditor
Newport
Gwent
United Kingdom
RECRUIT 121 GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
27,039,466
27,447,219
Cost of sales
(21,614,799)
(21,601,912)
Gross profit
5,424,667
5,845,307
Administrative expenses
(3,922,683)
(3,903,322)
Other operating income
12,000
121,701
Operating profit
4
1,513,984
2,063,686
Interest receivable and similar income
7
28,832
2,076
Interest payable and similar expenses
8
(15,680)
(5,558)
Profit before taxation
1,527,136
2,060,204
Tax on profit
9
(407,741)
(391,644)
Profit for the financial year
1,119,395
1,668,560
Profit for the financial year is all attributable to the owners of the parent company.

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

RECRUIT 121 GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
£
£
Profit for the year
1,119,395
1,668,560
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(3,120)
319
Total comprehensive income for the year
1,116,275
1,668,879
Total comprehensive income for the year is all attributable to the owners of the parent company.
RECRUIT 121 GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
12,068
20,374
Investments
12
29,794
29,794
41,862
50,168
Current assets
Debtors
14
7,733,286
6,514,647
Cash at bank and in hand
2,126,341
2,027,301
9,859,627
8,541,948
Creditors: amounts falling due within one year
15
(5,027,713)
(4,684,665)
Net current assets
4,831,914
3,857,283
Net assets
4,873,776
3,907,451
Capital and reserves
Called up share capital
19
230,976
230,976
Capital redemption reserve
204,341
204,341
Profit and loss reserves
4,438,129
3,471,804
Equity attributable to owners of the parent company
4,873,446
3,907,121
Non-controlling interests
330
330
4,873,776
3,907,451

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 24 September 2024
24 September 2024
Mr C R Hookings
Director
Company registration number 07301729 (England and Wales)
RECRUIT 121 GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
422,090
422,090
Current assets
Debtors
14
23,938
23,938
Creditors: amounts falling due within one year
15
(10,711)
(10,711)
Net current assets
13,227
13,227
Net assets
435,317
435,317
Capital and reserves
Called up share capital
19
230,976
230,976
Capital redemption reserve
204,341
204,341
Total equity
435,317
435,317

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 £149,950 (2022 - £349,950 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 24 September 2024
24 September 2024
Mr C R Hookings
Director
Company registration number 07301729 (England and Wales)
RECRUIT 121 GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
230,976
204,341
2,152,875
2,588,192
330
2,588,522
Year ended 31 December 2022:
Profit for the year
-
-
1,668,560
1,668,560
-
1,668,560
Other comprehensive income:
Currency translation differences
-
-
319
319
-
319
Total comprehensive income
-
-
1,668,879
1,668,879
-
1,668,879
Dividends
10
-
-
(349,950)
(349,950)
-
(349,950)
Balance at 31 December 2022
230,976
204,341
3,471,804
3,907,121
330
3,907,451
Year ended 31 December 2023:
Profit for the year
-
-
1,119,395
1,119,395
-
1,119,395
Other comprehensive income:
Currency translation differences
-
-
(3,120)
(3,120)
-
(3,120)
Total comprehensive income
-
-
1,116,275
1,116,275
-
1,116,275
Dividends
10
-
-
(149,950)
(149,950)
-
(149,950)
Balance at 31 December 2023
230,976
204,341
4,438,129
4,873,446
330
4,873,776
RECRUIT 121 GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
230,976
204,341
-
0
435,317
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
349,950
349,950
Dividends
10
-
-
(349,950)
(349,950)
Balance at 31 December 2022
230,976
204,341
-
0
435,317
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
149,950
149,950
Dividends
10
-
-
(149,950)
(149,950)
Balance at 31 December 2023
230,976
204,341
-
0
435,317
RECRUIT 121 GROUP 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
23
(573,769)
1,838,632
Interest paid
(15,680)
(5,558)
Income taxes paid
(411,436)
(398,821)
Net cash (outflow)/inflow from operating activities
(1,000,885)
1,434,253
Investing activities
Purchase of tangible fixed assets
(1,840)
(17,211)
Proceeds from disposal of tangible fixed assets
-
244
Interest received
28,832
2,076
Net cash generated from/(used in) investing activities
26,992
(14,891)
Financing activities
Proceeds from borrowings
1,222,883
-
Repayment of borrowings
-
16,856
Dividends paid to equity shareholders
(149,950)
(349,950)
Net cash generated from/(used in) financing activities
1,072,933
(333,094)
Net increase in cash and cash equivalents
99,040
1,086,268
Cash and cash equivalents at beginning of year
2,027,301
941,033
Cash and cash equivalents at end of year
2,126,341
2,027,301
RECRUIT 121 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Recruit 121 Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Recruit 121 Group 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 Recruit 121 Group 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.

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.

RECRUIT 121 GROUP 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 director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 improvement
20% per annum
Fixtures and fittings
ranging from 10% - 20% per annum
Computer equipment
20% or 33.3% per annum
Motor vehicles
ranging from 25% - 33% per annum

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.

RECRUIT 121 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

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 assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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

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

 

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

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

1.9
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.

RECRUIT 121 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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.

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.

RECRUIT 121 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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.

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.

RECRUIT 121 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Rendering of services
27,039,466
27,447,219
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
3,937,022
3,044,744
Europe
19,259,242
19,933,558
Rest of the World
3,843,202
4,468,917
27,039,466
27,447,219
2023
2022
£
£
Other revenue
Interest income
28,832
2,076
RECRUIT 121 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
204,480
(248,480)
Depreciation of owned tangible fixed assets
10,146
58,726
(Profit)/loss on disposal of tangible fixed assets
-
3,460
Operating lease charges
12,649
14,491
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,675
3,500
Audit of the financial statements of the company's subsidiaries
16,180
13,925
19,855
17,425
For other services
Taxation compliance services
2,940
2,800
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
Directors
3
3
-
-
Administrative
14
14
-
-
Sales
29
27
-
-
Total
46
44
-
0
-
0
RECRUIT 121 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,424,908
2,572,975
-
0
-
0
Social security costs
214,008
367,197
-
-
Pension costs
61,968
58,324
-
0
-
0
2,700,884
2,998,496
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
683
-
0
Other interest income
28,149
2,076
Total income
28,832
2,076
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
683
-
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
15,680
5,558
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
331,234
398,821
Adjustments in respect of prior periods
9,361
-
0
Total UK current tax
340,595
398,821
Foreign current tax on profits for the current period
70,841
-
0
Total current tax
411,436
398,821
RECRUIT 121 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
2023
2022
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
(3,695)
(8,670)
Changes in tax rates
-
0
1,493
Total deferred tax
(3,695)
(7,177)
Total tax charge
407,741
391,644

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

2023
2022
£
£
Profit before taxation
1,527,136
2,060,204
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
359,182
391,439
Tax effect of expenses that are not deductible in determining taxable profit
860
3,278
Adjustments in respect of prior years
9,361
-
0
Effect of change in corporation tax rate
(219)
58
Permanent capital allowances in excess of depreciation
-
0
(269)
Depreciation on assets not qualifying for tax allowances
-
0
380
Other non-reversing timing differences
-
0
(1,612)
Effect of overseas tax rates
38,557
(1,630)
Taxation charge
407,741
391,644
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
149,950
349,950
RECRUIT 121 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
11
Tangible fixed assets
Group
Leasehold improvement
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
13,325
77,847
240,138
49,263
380,573
Additions
-
0
-
0
1,840
-
0
1,840
At 31 December 2023
13,325
77,847
241,978
49,263
382,413
Depreciation and impairment
At 1 January 2023
13,325
74,243
223,368
49,263
360,199
Depreciation charged in the year
-
0
1,660
8,486
-
0
10,146
At 31 December 2023
13,325
75,903
231,854
49,263
370,345
Carrying amount
At 31 December 2023
-
0
1,944
10,124
-
0
12,068
At 31 December 2022
-
0
3,604
16,770
-
0
20,374
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
422,089
422,089
Unlisted investments
29,794
29,794
1
1
29,794
29,794
422,090
422,090
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2023 and 31 December 2023
29,794
Carrying amount
At 31 December 2023
29,794
At 31 December 2022
29,794
RECRUIT 121 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023 and 31 December 2023
422,089
1
422,090
Carrying amount
At 31 December 2023
422,089
1
422,090
At 31 December 2022
422,089
1
422,090
13
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
Recruit 121 Limited
England & Wales
Ordinary
99.92
Recruit 121 Education Services Limited
England & Wales
Ordinary
100.00
Recruit 121 GmbH
Germany
Ordinary
100.00

The registered office of both Recruit 121 Education Services Limited and Recruit 121 Limited is Bradbury House, Mission Court, Newport, United Kingdom NP20 2DW.

 

Post year end on 16 July 2024 Recruit 121 Education Services Limited was struck off.

 

The registered office of Recruit 121 Deutschand GmbH is 47906 Kempen, Industriering Ost 66.

14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,931,369
4,598,794
-
0
-
0
Corporation tax recoverable
53,636
53,636
-
0
-
0
Amounts owed by group undertakings
-
-
14,007
14,007
Other debtors
2,478,183
331,996
9,931
9,931
Prepayments and accrued income
1,264,426
1,528,244
-
0
-
0
7,727,614
6,512,670
23,938
23,938
Deferred tax asset (note 17)
5,672
1,977
-
0
-
0
7,733,286
6,514,647
23,938
23,938
RECRUIT 121 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
16
1,650,256
427,373
-
0
-
0
Trade creditors
728,750
1,174,649
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
10,710
10,710
Corporation tax payable
335,870
413,777
-
0
-
0
Other taxation and social security
137,282
35,903
-
-
Other creditors
140,886
16,644
1
1
Accruals and deferred income
2,034,669
2,616,319
-
0
-
0
5,027,713
4,684,665
10,711
10,711
16
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
1,650,256
427,373
-
0
-
0
Payable within one year
1,650,256
427,373
-
0
-
0

Other loans relate to an invoice finance facility. These loans are secured by a legal charge over the trade debtors of the company. HSBC Bank PLC also holds a contract monies charge dated 8 September 2015 and a debenture including Fixed Charge over all present freehold and leasehold; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future dated 25 June 2015.

 

17
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Assets
Assets
2023
2022
Group
£
£
Accelerated capital allowances
2,872
1,977
Retirement benefit obligations
2,800
-
5,672
1,977
The company has no deferred tax assets or liabilities.
RECRUIT 121 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Deferred taxation
(Continued)
- 26 -
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
(1,977)
-
Credit to profit or loss
(3,695)
-
Asset at 31 December 2023
(5,672)
-
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
61,968
58,324

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.

19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
230,976
230,976
230,976
230,976
20
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
3,646
7,536
-
-
Between two and five years
-
3,646
-
-
3,646
11,182
-
-
RECRUIT 121 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
21
Directors' transactions

Dividends totalling £108,339 (2022 - £252,839) were paid in the year in respect of shares held by the company's directors.

At the year end there was an amount of £2,039,347 (2022: £143,272) due from Mr C R Hookings, being included within other debtors due within one year. Interest of £24,520 (2022: £2,076) was charged on this balance during the year. There are no conditions attached to this loan.

22
Controlling party

The director considers that, at the balance sheet date, the ultimate controlling party was Mr C R Hookings, a director of Recruit 121 Group Limited.

23
Cash (absorbed by)/generated from group operations
2023
2022
£
£
Profit for the year after tax
1,119,395
1,668,560
Adjustments for:
Taxation charged
407,741
391,644
Finance costs
15,680
5,558
Investment income
(28,832)
(2,076)
(Gain)/loss on disposal of tangible fixed assets
-
3,460
Depreciation and impairment of tangible fixed assets
10,146
58,726
Other gains and losses
(3,120)
319
Movements in working capital:
Increase in debtors
(1,306,450)
(2,225,050)
(Decrease)/increase in creditors
(788,329)
1,937,491
Cash (absorbed by)/generated from operations
(573,769)
1,838,632
24
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
2,027,301
99,040
2,126,341
Borrowings excluding overdrafts
(427,373)
(1,222,883)
(1,650,256)
1,599,928
(1,123,843)
476,085
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