Company Registration No. 02192480 (England and Wales)
Northdoor plc
Annual report and
group financial statements
for the year ended 30 June 2024
Northdoor plc
Company information
Directors
David Ballard
Robert Batters
Peter Bedells
Andrew Chalkin
James Cherry
Robert Mackenzie
Andrew Thompson
Secretary
Robert Batters
Company number
02192480
Registered office
3rd Floor, Bentima House
168-172 Old Street
London
EC1V 9BP
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
London
EC4V 4BE
Bankers
Lloyds Bank plc
72 Fenchurch Street
London
EC1V 3EH
Solicitors
DAC Beachcroft LLP
25 Walbrook
London
EC4N 8AF
Northdoor plc
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Income statement
9
Group statement of comprehensive income
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
Northdoor plc
Strategic report
For the year ended 30 June 2024
1

The directors present the strategic report for the year ended 30 June 2024.

Fair review of the business

The principal activity of the group and company continued to be that of IT consultancy and services.

Northdoor is a leading consultancy and managed services company delivering innovative solutions that help our clients gain value from technology.

 

This year has seen a reduction in turnover and an increase in profit. The reduction in turnover has mainly been caused by reduced large infrastructure projects with consultancy and managed services remaining strong. The increase in profit is due to improved consultancy led engagements and resource utilisation.

 

During the year investment has been made with resource directed to the design, development and testing of the Alternate product to support the Lloyd’s Blueprint 2 initiative. This investment is expected to continue in the next financial year and produce returns on successful launch of the Lloyd’s initiative.

 

Profit after tax of £665k showed an increase of 0.5% against the prior year of £663k. Turnover was 8.6% lower at £15.6m reflecting a decrease in product sales.

Principal risks and uncertainties

The group operates an active risk register which is reviewed on a quarterly basis to assess adequacy of internal controls. The principal risks identified in the period were:

 

Fraud – Although the directors are not aware of any fraud, we continue to take steps to protect ourselves against fraudulent activity and client payment default. Processes are continually improved as new risks are identified.

 

Financial – There is an increase in rate of insolvencies and risk of financial deterioration of creditors. The company operates a strict credit control policy and actively credit checks both new and existing customers.

 

Competitive – the environment for IT consultancy and services is highly competitive. Increased competition might have an adverse impact on the company’s revenue and profitability in the future. A blend of full time employed, contract and outsourced services allows us to remain flexible whilst remaining price competitive and delivering high quality services demanded.

 

Operational – There are skill shortages in some technology areas and retaining key personnel is important. Attracting and retaining staff is actively reviewed on a regular basis, and efforts are taken to ensure staff receive ongoing professional development.

 

Treasury – The company has no borrowing facility. The groups surplus funds are held primarily in short term fixed bank treasury deposits. All deposits are with reputable UK banks. The company’s operations are largely UK based and therefore there is no material exposure to foreign currency exchange rate fluctuations.

 

Security and Compliance – We have an active program to ensure all our employees remain vigilant to the exposure of security breaches, alongside the use of best practices IT preventative measures. We continually monitor an improve our processes in compliance with GDPR and any other new regulations as they are introduced.

Northdoor plc
Strategic report (continued)
For the year ended 30 June 2024
2
Key performance indicators

The following non-financial KPI’s are some of the measures used by management to monitor the performance of the business

 

 

The following KPI’s are some of the measures used by management to monitor the operating performance of the business:

 

Performance Indicator

2024

2023

% Change

Turnover

£15,615,263

£17,085,862

-8.6%

Profit before tax

£888,303

£842,374

+5.5%

Profit after tax

£664,687

£662,023

+0.4%

 

The company ended the year with cash at bank of £5.09 million (2023: £5.85 million).

By order of the board

Robert Batters
Secretary
24 September 2024
Northdoor plc
Directors' report
For the year ended 30 June 2024
3

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company and group continued to be that of IT consultancy and services.

 

Going concern

The business remains viable and is expected to continue make profits in the future. The group also has significant cash reserves which if required could be used to cover the costs of fixed overheads for the 12 months following the date of the signing of these accounts with little revenue generation.

Results and dividends

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

Ordinary dividends were paid amounting to £1,267,140. Further particulars of dividends are set out in note 11 to the financial statements.

Directors

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

David Ballard
Robert Batters
Peter Bedells
Andrew Chalkin
James Cherry
Robert Mackenzie
Andrew Thompson
Qualifying third party indemnity provisions

During the period, the entity had in place directors' and officers' insurance.

Indemnity provisions

No significant events have occurred between 30 June 2024 and the date of authorisation of these financial statements.

Future developments

During the year the company invested in the development of Alternate, a platform that allows insurance market participants to adopt the Blueprint Two strategy from Lloyd's with reduced risk and systems changes. We continue to develop Alternate in readiness for market acceptance, and for the launch of Blueprint Two which is expected in 2025.

Auditor

In accordance with the company's articles, the appointment of the auditor of the group and company will be put to a general meeting.

Northdoor plc
Directors' report (continued)
For the year ended 30 June 2024
4
Statement of directors' responsibilities

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.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of its principal risks, financial risk management and, a review of its business.

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.

By order of the board
Robert Batters
Secretary
24 September 2024
Northdoor plc
Independent auditor's report
To the members of Northdoor plc
5
Opinion

We have audited the financial statements of Northdoor PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group income statement, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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.

Northdoor plc
Independent auditor's report (continued)
To the members of Northdoor plc
6

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

 

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

Northdoor plc
Independent auditor's report (continued)
To the members of Northdoor plc
7

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

 

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

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

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 parent 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 parent company's members those matters we are required to state to them in an auditors 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Northdoor plc
Independent auditor's report (continued)
To the members of Northdoor plc
8
Jamie Cassell (Senior Statutory Auditor)
For and on behalf of Saffery LLP
24 September 2024
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Northdoor plc
Group income statement
For the year ended 30 June 2024
9
2024
2023
Notes
£
£
Turnover
3
15,615,263
17,085,862
Cost of sales
(8,010,246)
(10,095,666)
Gross profit
7,605,017
6,990,196
Administrative expenses
(6,806,162)
(6,175,068)
Operating profit
4
798,855
815,128
Interest receivable and similar income
8
98,778
27,246
Interest payable and similar expenses
9
(9,330)
-
0
Profit before taxation
888,303
842,374
Tax on profit
10
(223,616)
(180,351)
Profit for the financial year
664,687
662,023
Profit for the financial year is attributable to:
- Owners of the parent company
664,697
662,931
- Non-controlling interests
(10)
(908)
664,687
662,023

The income statement has been prepared on the basis that all operations are continuing operations.

 

The notes on pages 14 to 28 form part of these financial statements.

Northdoor plc
Group statement of financial position
As at 30 June 2024
10
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
81,423
99,195
Current assets
Debtors
16
2,740,099
2,683,758
Cash at bank and in hand
5,092,347
5,846,946
7,832,446
8,530,704
Creditors: amounts falling due within one year
17
(3,660,348)
(3,770,791)
Net current assets
4,172,098
4,759,913
Total assets less current liabilities
4,253,521
4,859,108
Provisions for liabilities
Deferred tax liability
18
-
0
3,134
-
(3,134)
Net assets
4,253,521
4,855,974
Capital and reserves
Called up share capital
20
258,600
258,600
Share premium account
25,665
25,665
Capital redemption reserve
30,122
30,122
Profit and loss reserves
3,950,200
4,552,643
Equity attributable to owners of the parent company
4,264,587
4,867,030
Non-controlling interests
(11,066)
(11,056)
4,253,521
4,855,974

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

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
David Ballard
Director
Company registration number 02192480 (England and Wales)
Northdoor plc
Company statement of financial position
As at 30 June 2024
30 June 2024
11
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
81,423
99,195
Investments
14
-
0
338,384
81,423
437,579
Current assets
Debtors
16
2,740,099
2,683,758
Cash at bank and in hand
5,056,367
5,810,765
7,796,466
8,494,523
Creditors: amounts falling due within one year
17
(3,996,543)
(4,106,980)
Net current assets
3,799,923
4,387,543
Total assets less current liabilities
3,881,346
4,825,122
Provisions for liabilities
Deferred tax liability
18
-
0
3,134
-
(3,134)
Net assets
3,881,346
4,821,988
Capital and reserves
Called up share capital
20
258,600
258,600
Share premium account
25,665
25,665
Capital redemption reserve
30,122
30,122
Profit and loss reserves
3,566,959
4,507,601
Total equity
3,881,346
4,821,988

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 £326,498 (2023 - £425,074 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
David Ballard
Director
Company registration number 02192480 (England and Wales)
Northdoor plc
Group statement of changes in equity
For the year ended 30 June 2024
12
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 July 2022
258,600
25,665
30,122
5,415,452
5,729,839
(10,148)
5,719,691
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
662,931
662,931
(908)
662,023
Dividends
11
-
-
-
(1,525,740)
(1,525,740)
-
(1,525,740)
Balance at 30 June 2023
258,600
25,665
30,122
4,552,643
4,867,030
(11,056)
4,855,974
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
664,697
664,697
(10)
664,687
Dividends
11
-
-
-
(1,267,140)
(1,267,140)
-
(1,267,140)
Balance at 30 June 2024
258,600
25,665
30,122
3,950,200
4,264,587
(11,066)
4,253,521
Northdoor plc
Company statement of changes in equity
For the year ended 30 June 2024
13
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
258,600
25,665
30,122
5,608,267
5,922,654
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
425,074
425,074
Dividends
11
-
-
-
(1,525,740)
(1,525,740)
Balance at 30 June 2023
258,600
25,665
30,122
4,507,601
4,821,988
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
326,498
326,498
Dividends
11
-
-
-
(1,267,140)
(1,267,140)
Balance at 30 June 2024
258,600
25,665
30,122
3,566,959
3,881,346
Northdoor plc
Group statement of cash flows
For the year ended 30 June 2024
14
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
769,504
106,656
Interest paid
(9,330)
-
0
Income taxes paid
(342,913)
(255,331)
Net cash inflow/(outflow) from operating activities
417,261
(148,675)
Investing activities
Purchase of tangible fixed assets
(3,498)
(12,801)
Interest received
98,778
27,246
Net cash generated from investing activities
95,280
14,445
Financing activities
Dividends paid to equity shareholders
(1,267,140)
(1,525,740)
Net cash used in financing activities
(1,267,140)
(1,525,740)
Net decrease in cash and cash equivalents
(754,599)
(1,659,970)
Cash and cash equivalents at beginning of year
5,846,946
7,506,916
Cash and cash equivalents at end of year
5,092,347
5,846,946
Northdoor plc
Notes to the group financial statements
For the year ended 30 June 2024
15
1
Accounting policies
Company information

Northdoor PLC (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Bentima House, 168-172 Old Street, London, EC1V 9BP.

 

The group consists of Northdoor PLC 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.

Reduced disclosures

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

 

 

The company is consolidated in these financial statements.

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. .

 

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.

Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
16
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Northdoor PLC 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 30 June 2024. 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.

1.4
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The main external threats to the business are from the Ukraine/Russia wars and the conflict in the Middle East. The business has very little direct exposure to these regions but is not immune to associated impacts from political instability.

The last 12 months continued a decline in demand for enterprise infrastructure and IT hardware upgrades. These circumstances have impacted revenue generation, however, this impact has been softened by continued strong consultancy, managed services and project sales. In response to these conditions, we continue to consider opportunities to reduce overheads, however, management still consider that strategies developed in previous years are viable and are expected to continue to make profits in the future. The company also has significant cash reserves which if required could be used to cover the costs of fixed overheads for the 12 months following the date of the signing of these accounts with little revenue generation. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

During this year we intend to continue the investment in Alternate, our new offering for the London Insurance Market which is expected to have limited impact on revenue for the year but shows very good potential in the longer term.

1.5
Turnover

Turnover represents amounts invoiced in respect of services and products provided in the year, as adjusted for amounts deferred, where invoice amounts are in advance of services being delivered and for amounts accrued, where services are delivered in advance of invoices being issued, stated net of value added tax.

 

Turnover is recognised as follows:

 

Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
17
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill shall be considered to have a finite useful life and shall be amortised on a systematic basis over its estimated useful life of ten years.

 

Goodwill is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events and changes in circumstances indicate that the carrying value may not be recoverable.

1.7
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.

 

The cost of tangible fixed assets is their purchase price together with any incidental costs of acquisition.

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 improvements
evenly over the period of the lease
Plant and equipment
25% on cost
Fixtures and fittings
10 - 25% on cost

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

1.8
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 are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
18

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

 

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

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

1.10
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.

1.11
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 statement of financial position when the group becomes party to the contractual provisions of the instrument.

Basic financial assets

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

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.

Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
19
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 trade, group, other creditors and accruals 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.

Derecognition of financial liabilities

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

1.12
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.

1.13
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 income statement 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.

Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
20
Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has 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.

1.14
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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The assets of the schemes are held separately from those of the company. The annual contributions payable is charged to the profit and loss account.

1.16
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.

1.17
Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. All translation differences are taken to profit or loss.

Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
21
2
Critical accounting 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.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements

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

Leases

In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee, or the lessee, whether the company is a lessor.

Key sources of estimation uncertainty
Depreciation and amortisation

The assessment of the useful economic lives, residual values and the method of amortising intangible fixed assets and depreciating tangible fixed assets requires judgement. Amortisation and depreciation are charged to the income statement based on the useful economic life selected, which requires an estimation of the period and profile over which the company expects to consume the future economic benefits embodied in the assets. Useful economic lives and residual values are re-assessed, and amended as necessary, when changes in their circumstances are identified.

Impairment of debtors

Debtors are stated at recoverable amounts, after appropriate provision for bad and doubtful debts. Calculation of the bad debt provision requires judgment from the management team, based on the creditworthiness of the debtor, the agency profile of the debtor, and the historical experience.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Product income
9,773,469
11,451,986
Services income
5,841,794
5,633,876
15,615,263
17,085,862
Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
3
Turnover and other revenue (continued)
22
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
14,084,314
16,521,113
Continental Europe
1,184,266
243,207
Rest of the world
346,683
321,542
15,615,263
17,085,862
2024
2023
£
£
Other revenue
Interest income
98,778
27,246
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
3,871
(3,598)
Depreciation of owned tangible fixed assets
21,270
27,078
Operating lease charges
248,353
272,788
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
34,500
31,900
Audit of the financial statements of the company's subsidiaries
2,500
7,500
37,000
39,400
Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
23
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
5
5
5
5
Marketing
14
14
14
14
Consultancy
25
26
25
26
Total
44
45
44
45

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,946,022
3,674,994
3,946,022
3,662,921
Social security costs
444,019
487,925
444,019
487,925
Pension costs
277,252
275,840
277,252
275,840
4,667,293
4,438,759
4,667,293
4,426,686

A re-designation has been made between wages and salaries and pension costs in 2023 to show the correct split of employers and employees pension costs. The total remuneration costs for the year ended 30 June 2023 has not changed.

7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
790,798
803,872
Company pension contributions to defined contribution schemes
65,515
42,937
856,313
846,809

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

 

The number of directors who received emoluments during the year was 6 (2023:6)

Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
7
Directors' remuneration (continued)
24
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
200,020
224,060
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
98,778
27,246
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
9,129
-
Other interest
201
-
Total finance costs
9,330
-
0
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
233,584
185,853
Deferred tax
Origination and reversal of timing differences
(9,968)
(5,502)
Total tax charge
223,616
180,351
Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
10
Taxation (continued)
25

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

2024
2023
£
£
Profit before taxation
888,303
842,374
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
222,076
172,687
Tax effect of expenses that are not deductible in determining taxable profit
13,517
60,501
Effect of change in corporation tax rate
-
(991)
Under/(over) provided in prior years
968
-
0
Tax effect of non-trade loan relationship debts
-
0
(52,314)
Fixed asset differences
1,967
468
Movement in deferred tax not recognised
(14,912)
-
0
Taxation charge
223,616
180,351
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,267,140
1,525,740

The final dividend paid during the year relates to financial year ended 30 June 2023.

 

Subsequent to the year end a dividend was proposed and approved by the board of directors of £1,267,140 (2023: £1,267,140). This amount is not included within creditors at year-end.

12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
2,134,773
Amortisation and impairment
At 1 July 2023 and 30 June 2024
2,134,773
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
26
13
Tangible fixed assets
Group and company
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2023
82,497
119,020
64,141
265,658
Additions
-
0
3,498
-
0
3,498
At 30 June 2024
82,497
122,518
64,141
269,156
Depreciation and impairment
At 1 July 2023
37,102
100,542
28,819
166,463
Depreciation charged in the year
8,250
6,606
6,414
21,270
At 30 June 2024
45,352
107,148
35,233
187,733
Carrying amount
At 30 June 2024
37,145
15,370
28,908
81,423
At 30 June 2023
45,395
18,478
35,322
99,195
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
-
0
338,384
Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
14
Fixed asset investments (continued)
27
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
338,384
Impairment
At 1 July 2023
-
Impairment losses
338,384
At 30 June 2024
338,384
Carrying amount
At 30 June 2024
-
At 30 June 2023
338,384

During the year an impairment of £338,384 (2023: £nil) was recognised against the value of the investment in subsidiaries.

15
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Northdoor (Market Hill Consulting) Limited
3rd Floor, Bentima House, 168-172 Old Street, London EC1V 9BP
Ordinary shares
95.00
Platinum Blue Limited
3rd Floor, Bentima House, 168-172 Old Street, London EC1V 9BP
Ordinary shares
100.00
Linksfield Technologies Limited
3rd Floor, Bentima House, 168-172 Old Street, London EC1V 9BP
Ordinary shares
100.00
Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
28
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,238,692
2,442,102
2,238,692
2,442,102
Other debtors
38,484
20,550
38,484
20,550
Prepayments and accrued income
456,089
221,106
456,089
221,106
2,733,265
2,683,758
2,733,265
2,683,758
Deferred tax asset (note 18)
6,834
-
0
6,834
-
0
2,740,099
2,683,758
2,740,099
2,683,758
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
936,817
864,685
936,817
864,685
Amounts owed to group undertakings
-
0
-
0
338,289
338,289
Corporation tax payable
81,239
190,567
81,239
190,567
Other taxation and social security
259,545
348,177
259,545
348,177
Accruals and deferred income
2,382,747
2,367,362
2,380,653
2,365,262
3,660,348
3,770,791
3,996,543
4,106,980
18
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Fixed asset timing differences
-
3,134
(4,002)
-
Short term timing differences
-
-
10,836
-
-
3,134
6,834
-
Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
18
Deferred taxation (continued)
29
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Fixed asset timing differences
-
3,134
(4,002)
-
Short term timing differences
-
-
10,836
-
-
3,134
6,834
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
3,134
3,134
Credit to profit or loss
(9,968)
(9,968)
Asset at 30 June 2024
(6,834)
(6,834)

The deferred tax liability set out above is expected to reverse within 12 months and relates to the accelerated of capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
277,252
275,840

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.

20
Share capital and reserves
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
258,600
258,600
258,600
258,600
Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
20
Share capital and reserves (continued)
30

Ordinary share rights

The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

 

Profit and loss reserve

Cumulative profit and loss net of distributions to owners.

 

Share Premium account

Consideration received for shares issued above their nominal value, net of transaction costs.

 

Capital redemption reserve

The nominal value of shares repurchased and still held at the end of the reporting period.

21
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the group and company for certain of its properties and motor vehicles. Property leases are negotiated for an average term of 10 years and rentals are fixed for an average of 5 years with an option to extend for a further 5 years at the prevailing market rate.

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
2024
2023
2024
2023
£
£
£
£
Within one year
273,726
294,825
273,726
294,825
Between two and five years
958,041
1,096,745
958,041
1,096,745
In over five years
-
70,494
-
70,494
1,231,767
1,462,064
1,231,767
1,462,064
22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
949,163
908,885

During the year, Northdoor PLC recharged staff costs of £nil (2023: £12,073) and other charges of £nil (2023: £7,772) to Northdoor (Market Hill Consulting) Limited, related party company due to common control. As at the year-end, there is no outstanding balance with Northdoor (Market Hill Consulting) Limited.

Northdoor plc
Notes to the group financial statements (continued)
For the year ended 30 June 2024
31
23
Directors' transactions

Dividends totalling £772,367 (2023: £952,449) were paid in the year in respect of shares held by the company's directors.

24
Controlling party

In the opinion of the directors there is no ultimate controlling party.

25
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
664,687
662,023
Adjustments for:
Taxation charged
223,616
180,351
Finance costs
9,330
-
0
Investment income
(98,778)
(27,246)
Depreciation and impairment of tangible fixed assets
21,270
27,078
Movements in working capital:
(Increase)/decrease in debtors
(49,506)
2,497,890
Decrease in creditors
(1,115)
(3,233,440)
Cash generated from operations
769,504
106,656
26
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
5,846,946
(754,599)
5,092,347
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