Company registration number 05924374 (England and Wales)
EUROPEAN RECRUITMENT LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
EUROPEAN RECRUITMENT LTD
COMPANY INFORMATION
Director
Mr D J Wicks
Secretaries
Mr D J Wicks
Ms J Robinson
Company number
05924374
Registered office
39 Upper Gardner Street
Brighton
East Sussex
BN1 4AN
Auditor
Sumer Audit
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
EUROPEAN RECRUITMENT LTD
CONTENTS
Page
Strategic report
1 - 3
Director's report
4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
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 - 28
EUROPEAN RECRUITMENT LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Fair review of the business

 

Business environment:

The group delivered a strong performance in 2023 in what was and continues to be a volatile market for many recruiters. Our 2022 performance was clearly a continuation of the bounce back from the pandemic, but once this period slowed towards the latter half of 2022, combined with the surge in inflation, the significant increase in interest rates and many affected by the cost-of-living crisis, it has created a much more challenging recruitment environment in 2023 and 2024. Many candidates have been more reluctant to leave their current positions and some of our clients have shown less appetite to invest in longer term recruitment plans and tech projects. Furthermore, some of the larger global tech businesses laid off over 200,000 heads in 2023 which flooded the market with many of the types of candidate we would normally find for our clients.

Results and performance:

Against this difficult trading background, the group has continued to perform in both the permanent and contract markets with turnover broadly the same year on year and net financial income only dropping very slightly from 28% in 2022 to 27% in 2023, despite significant pressure on margins for the reasons outlined above. We were able to maintain our net financial income margins in these tough economic headwinds by continuing to offer a highly personalised approach to every recruitment brief, understanding the needs of every client, the market place and its people. Interestingly the permanent/contract mix stayed broadly the same for the year (see below) which suggests the slowdown has been sufficient to outweigh the tendency of many clients to turn to contractors rather than permanent placements at times of low economic confidence, although we expect this mix to be more contractor heavy, certainly into 2024.

Our continued investment in our subsidiary company USA Tech Recruitment Inc has contributed very positively to the group’s revenues and profitability again this year, with turnover and net financial income almost doubling in 2023 compared to the previous year.

Despite our resilience in broadly maintaining our net financial income margins in 2023, the group was not immune to inflationary pressures from our own suppliers and workforce. The group did take measures in the latter part of the year to reduce operating costs but with hindsight, we perhaps should have started this process a few months earlier. This meant that EBITDA dropped from 3.4% in 2022 to 1.72% in 2023. The group’s headcount has reduced from 72 at the start of 2023 to 53 at the end of December.

The Bank of England raised interest rates to their highest level in 5 years during 2023. Whilst most of our Government backed CBILS and RLS loans are at a fixed rate, which has protected us from the increases, the cost of interest on our invoice finance facility has more than doubled in 2023. We continue to manage our working capital effectively but this additional cost has had a negative impact on our net profitability this year.

 

Strategy:

Going in to 2024, the market volatility remains but the group has always been adaptable and resilient in the face of change. We will continue to focus on areas where we can effectively create an impact delivering recruitment solutions for the benefit of all our stakeholders; our clients, contractors, employees, suppliers, shareholders and our local community.

We believe that our approach to recruitment is unique and for that reason, our future growth will be driven organically and sustainably, recruiting and training in house to maintain the high levels of customer service and drive growth in new markets.

EUROPEAN RECRUITMENT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Key performance indicators

The group monitors progress across a range of financial targets. The main key performance indicators are:

 

 

2022

2023

Net Financial Income (NFI)*

28%

27%

Underlying EBITDA**

3.40%

1.72%

Sales team costs*** as a % of NFI

67%

66%

Perm business as a % of NFI

71%

73%

Contractor business as a % of NFI

29%

27%

 

*Total turnover less contractor invoices as a percentage of total turnover

 

** Earnings before interest, tax, depreciation, amortisation, exceptional items and unrealised gains or losses on foreign exchange contracts. This is considered a more representative approximation of the underlying trading profitability of the company.

 

*** Sales team costs include salary, fees, commission, pension bonus and employment related taxes

 

Principal risks and uncertainties

Our risk management processes provide assurance to all key stakeholders that we will achieve our performance and profitability objectives. While we do focus on managing and identifying risks, we do pay equal opportunity to identifying opportunities as well.

Key customers

Our business model focuses on niche AI, Software and Hardware clients, many of whom are the market leaders in their field. This could potentially lead to a concentration of sales on a number of key customers. The group has more than 140 customers and there is no significant customer dependency – the largest customer accounts for just 5.4% of net financial income. The group prides itself on providing a high level of customer service and quality processes to maintain excellent relationships with clients. There is an ongoing focus on continuing to diversify the client base and reduce any customer dependency risk in the future.

Interest rate risk

As outlined above, the group is exposed to interest rate risk on its variable rate borrowings, being the invoice finance facility and bank loans we have in place. Cash and borrowing is managed centrally to minimise interest expense and ensure that the group has sufficient liquid resources to meet its operating needs, as well as minimising day to day borrowing requirements under the invoice finance facility. Although the interest rate on all the loans, except one, was at a premium to the market rate at the time, the rates are all fixed, which has reduced our risk to the interest rate hikes considerably. However, the continued volatility and significant increase in interest rates over the last 18 months means that effective debt collection to reduce unnecessary borrowing remains a high priority and key focus for the group to manage this risk.

Foreign currency risk

The group's principal foreign currency exposures arise from trading with overseas companies and branches. Almost two thirds of our turnover is non-sterling, and the bulk of that is derived from euros. Where possible, we reduce our foreign exchange exposure through the matching of receipts and payments in individual currencies. In 2020, the group was able to secure a flexible forward contract to sell €8 million euros into sterling until 2027/28 at an average rate of 1.13. This contract covers at least 75% of our anticipated monthly exposure. Given the volatility in the foreign exchange markets and the strengthening of sterling against the euro recently, the longer term forward contract has been important in reducing the group’s foreign currency exchange risk exposure.

EUROPEAN RECRUITMENT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

Credit risk

The group has a strong history of managing its credit risk from trade debtors. The majority of customers are blue-chip, highly liquid, companies consistently achieving a high credit score. Trade debtors remain under constant review and we continue to perform our own due diligence when taking on any new clients. There has been no bad debt in 2023.

Technology risk

We are dependent on IT systems and externally supported software for most of our principal business processes. The failure of a key system through an internal or external threat (including a cyber-attack) could cause disruption to operations or result in a loss of revenue. We have a duty to ensure customer and employee data is only used within the legislative requirements of the Data Protection Act and for the purposes to which data subjects have consented. We have an external IT department responsible for the management of our technology and data security risk. System controls (many of which are built into the external software we use), disaster recovery and business continuity arrangements are in place to mitigate the risk of a critical system failure. Our external IT team deploy a wide range of preventative and detective controls to minimise the threat to our system from cyber-attacks. Ongoing investment in this and staff training will be maintained to mitigate the risks of this threat which continues to evolve.

Future developments

In terms of the plans for the future, European Recruitment intends to continue doing what it does best; providing clients with a high quality personalised service offering a range of recruitment solutions to meet their needs. We believe that this service provided by our team of niche technology experts is something that differentiates us from other companies in the market place, so we will continue to build and invest in the group going forward. The tough trading conditions and market volatility we have experienced in 2023 mean that 2024 will also be a challenging year. However the group has always been resilient, flexible and adaptable and able to respond quickly to both challenges and opportunities in the industry and we will use these qualities to strengthen and invest in our existing stakeholder relationships as well as continuing to win new business.

On behalf of the board

Mr D J Wicks
Director
26 September 2024
EUROPEAN RECRUITMENT LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The director presents his annual report and financial statements for the year ended 31 December 2023.

Principal activities

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

Results and dividends

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

Ordinary dividends were paid amounting to £192,821 (2022: £688,976). 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 D J Wicks
Auditor

The auditor, Sumer Audit (formerly Carpenter Box), is deemed to be reappointed under section 487(2) of the Companies Act 2006

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 D J Wicks
Director
26 September 2024
EUROPEAN RECRUITMENT LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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.

EUROPEAN RECRUITMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EUROPEAN RECRUITMENT LTD
- 6 -
Opinion

We have audited the financial statements of European Recruitment Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise 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:

EUROPEAN RECRUITMENT LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EUROPEAN RECRUITMENT LTD
- 7 -
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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law and compliance with the UK Companies Act.

In addition to the above, our procedures to respond to risks identified included the following:

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

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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.

Tony Summers BA FCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
26 September 2024
Chartered Accountants
Statutory Auditor
Crawley
Sumer Audit is the trading name of Sumer Auditco Limited
EUROPEAN RECRUITMENT LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
25,126,121
25,492,988
Cost of sales
(19,024,029)
(18,979,976)
Gross profit
6,102,092
6,513,012
Administrative expenses
(5,725,459)
(5,775,316)
Operating profit
4
376,633
737,696
Interest receivable and similar income
8
6,736
-
0
Interest payable and similar expenses
9
(225,358)
(135,984)
Unrealised gains/(losses) on foreign exchange contracts
116,351
(430,143)
Profit before taxation
274,362
171,569
Tax on profit
10
(63,119)
(116,967)
Profit for the financial year
211,243
54,602
Other comprehensive income
Currency translation differences
(4,248)
9,340
Total comprehensive income for the year
206,995
63,942
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
EUROPEAN RECRUITMENT LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
255,125
263,745
Current assets
Debtors
15
5,200,464
5,157,059
Cash at bank and in hand
399,297
634,317
5,599,761
5,791,376
Creditors: amounts falling due within one year
16
(4,970,013)
(5,029,995)
Net current assets
629,748
761,381
Total assets less current liabilities
884,873
1,025,126
Creditors: amounts falling due after more than one year
17
(669,700)
(846,690)
Provisions for liabilities
Deferred tax liability
19
58,800
36,237
(58,800)
(36,237)
Net assets
156,373
142,199
Capital and reserves
Called up share capital
22
1,000
1,000
Share premium account
83,860
83,860
Capital redemption reserve
222
222
Profit and loss reserves
71,291
57,117
Total equity
156,373
142,199
The financial statements were approved and signed by the director and authorised for issue on 26 September 2024
26 September 2024
Mr D J Wicks
Director
EUROPEAN RECRUITMENT LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
253,579
261,984
Investments
13
3,635
3,535
257,214
265,519
Current assets
Debtors
15
5,222,625
5,265,208
Cash at bank and in hand
327,735
464,004
5,550,360
5,729,212
Creditors: amounts falling due within one year
16
(4,970,298)
(5,016,752)
Net current assets
580,062
712,460
Total assets less current liabilities
837,276
977,979
Creditors: amounts falling due after more than one year
17
(669,700)
(846,690)
Provisions for liabilities
Deferred tax liability
19
58,800
36,237
(58,800)
(36,237)
Net assets
108,776
95,052
Capital and reserves
Called up share capital
22
1,000
1,000
Share premium account
83,860
83,860
Capital redemption reserve
222
222
Profit and loss reserves
23,694
9,970
Total equity
108,776
95,052

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 £206,545 (2022 - £38,474 profit).

The financial statements were approved and signed by the director and authorised for issue on 26 September 2024
26 September 2024
Mr D J Wicks
Director
Company Registration No. 05924374
EUROPEAN RECRUITMENT LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
778
59,900
222
682,151
743,051
Year ended 31 December 2022:
Profit for the year
-
-
-
54,602
54,602
Other comprehensive income:
Currency translation differences
-
-
-
9,340
9,340
Total comprehensive income
-
-
-
63,942
63,942
Issue of share capital
22
222
23,960
-
-
24,182
Dividends
11
-
-
-
(688,976)
(688,976)
Balance at 31 December 2022
1,000
83,860
222
57,117
142,199
Year ended 31 December 2023:
Profit for the year
-
-
-
211,243
211,243
Other comprehensive income:
Currency translation differences
-
-
-
(4,248)
(4,248)
Total comprehensive income
-
-
-
206,995
206,995
Dividends
11
-
-
-
(192,821)
(192,821)
Balance at 31 December 2023
1,000
83,860
222
71,291
156,373
EUROPEAN RECRUITMENT LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
778
59,900
222
660,472
721,372
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
38,474
38,474
Issue of share capital
22
222
23,960
-
-
24,182
Dividends
11
-
-
-
(688,976)
(688,976)
Balance at 31 December 2022
1,000
83,860
222
9,970
95,052
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
206,545
206,545
Dividends
11
-
-
-
(192,821)
(192,821)
Balance at 31 December 2023
1,000
83,860
222
23,694
108,776
EUROPEAN RECRUITMENT LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
388,355
310,535
Interest paid
(225,358)
(135,984)
Income taxes paid
(113,942)
(119,148)
Net cash inflow from operating activities
49,055
55,403
Investing activities
Purchase of tangible fixed assets
(35,947)
(74,023)
Interest received
6,736
-
0
Net cash used in investing activities
(29,211)
(74,023)
Financing activities
Proceeds from issue of shares
-
24,182
Proceeds of new bank loans
199,631
634,227
Repayment of bank loans
(261,674)
(123,235)
Dividends paid to equity shareholders
(192,821)
(688,976)
Net cash used in financing activities
(254,864)
(153,802)
Net decrease in cash and cash equivalents
(235,020)
(172,422)
Cash and cash equivalents at beginning of year
634,317
806,739
Cash and cash equivalents at end of year
399,297
634,317
EUROPEAN RECRUITMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

European Recruitment Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 39 Upper Gardner Street, Brighton, East Sussex, BN1 4AN.

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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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

 

1.2
Basis of consolidation

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 consolidated financial statements incorporate those of European Recruitment Limited and its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 December 2023. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.4
Turnover

Turnover comprises income from contract and permanent placements and is measured at the fair value of the consideration received or receivable. Contract placement turnover is recognised by the company as services are supplied on a month by month basis. Permanent placement turnover is recognised when candidates commence employment with the client after allowing for contractual cancellations for candidates that leave their placements shortly after commencing.

EUROPEAN RECRUITMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.5
Tangible fixed assets

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

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

Leasehold land and buildings leasehold
Straight line over the life of the lease
Fixtures, fittings & equipment
10-25% per annum on a diminishing balance basis
Office equipment
10-25% per annum on a diminishing balance basis

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.

1.6
Fixed asset investments

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

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

1.7
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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

EUROPEAN RECRUITMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

1.10
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.

1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

 

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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.

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.

 

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.

1.13
Employee benefits

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

1.14
Retirement benefits

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

1.15
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

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

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

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 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
2023
2022
£
£
Turnover analysed by class of business
Recruitment consultancy
25,126,121
25,492,988
Interest income
6,736
-
2023
2022
£
£
Turnover analysed by geographical market
UK
11,211,550
9,439,291
Europe
11,917,982
13,845,639
Rest of World
1,996,589
2,208,058
25,126,121
25,492,988
EUROPEAN RECRUITMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(21,253)
(136,000)
Depreciation of owned tangible fixed assets
44,526
41,583
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
20,900
15,000
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Sales
52
53
51
52
Administration and support
14
14
10
14
Total
66
67
61
66

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,924,638
3,726,530
3,276,739
3,567,933
Social security costs
493,186
517,871
428,452
510,255
Pension costs
76,601
60,002
68,234
58,646
4,494,425
4,304,403
3,773,425
4,136,834
EUROPEAN RECRUITMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
7
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
295,833
200,000
Company pension contributions to defined contribution schemes
21,609
12,000
317,442
212,000
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
295,833
200,000
Company pension contributions to defined contribution schemes
21,609
12,000
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
6,736
-
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
225,358
135,984
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax and foreign tax on profits for the current period
90,702
108,130
Adjustments in respect of prior periods
(5,846)
-
0
Total current tax
84,856
108,130
Deferred tax
Origination and reversal of timing differences
(21,737)
8,837
Total tax charge
63,119
116,967
EUROPEAN RECRUITMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 21 -

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
274,362
171,569
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
64,530
32,598
Tax effect of expenses that are not deductible in determining taxable profit
5,964
84,078
Tax effect of income not taxable in determining taxable profit
(27,366)
-
0
Unutilised tax losses carried forward
41,710
-
0
Adjustments in respect of prior years
(5,846)
-
0
Permanent capital allowances in excess of depreciation
(330)
-
0
Other non-reversing timing differences
6,194
291
Other permanent differences
(21,737)
-
0
Taxation charge
63,119
116,967
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
192,821
688,976
EUROPEAN RECRUITMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
12
Tangible fixed assets
Group
Leasehold land and buildings leasehold
Fixtures, fittings & equipment
Office equipment
Total
£
£
£
£
Cost
At 1 January 2023
173,424
122,885
254,126
550,435
Additions
-
0
9,185
26,762
35,947
Exchange adjustments
-
0
(41)
-
0
(41)
At 31 December 2023
173,424
132,029
280,888
586,341
Depreciation and impairment
At 1 January 2023
100,407
65,480
120,803
286,690
Depreciation charged in the year
9,125
6,132
29,269
44,526
At 31 December 2023
109,532
71,612
150,072
331,216
Carrying amount
At 31 December 2023
63,892
60,417
130,816
255,125
At 31 December 2022
73,017
57,405
133,323
263,745
Company
Leasehold land and buildings leasehold
Fixtures, fittings & equipment
Office equipment
Total
£
£
£
£
Cost
At 1 January 2023
173,424
121,124
254,126
548,674
Additions
-
0
9,185
26,762
35,947
At 31 December 2023
173,424
130,309
280,888
584,621
Depreciation and impairment
At 1 January 2023
100,407
65,480
120,803
286,690
Depreciation charged in the year
9,125
5,958
29,269
44,352
At 31 December 2023
109,532
71,438
150,072
331,042
Carrying amount
At 31 December 2023
63,892
58,871
130,816
253,579
At 31 December 2022
73,017
55,644
133,323
261,984
EUROPEAN RECRUITMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
3,635
3,535
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
3,535
Additions
100
At 31 December 2023
3,635
Carrying amount
At 31 December 2023
3,635
At 31 December 2022
3,535
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
European Recruitment BV
Laarderhoogtweg 25, Amsterdam, The Netherlands, 1101 EB
Ordinary
100.00
USA Tech Recruitment Inc
8 The Green Ste 300, Dover, DE19901, USA
Ordinary
100.00
China Tech Recruitment Limited
39 Upper Gardner Street, Brighton, England, BN1 4AN
Ordinary
100.00
European Tech Recruitment SL
Calle Jordi de Sant Jordi 12 bajo, 46022 Valencia, Spain
Ordinary
100.00
European Tech Recruitment Limited
39 Upper Gardner Street, Brighton, England, BN1 4AN
Ordinary
100.00
EUROPEAN RECRUITMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,782,477
3,281,422
2,766,289
3,216,981
Corporation tax recoverable
156,847
-
0
156,847
-
0
Amounts owed by group undertakings
-
-
53,873
203,399
Derivative financial instruments
105,446
-
105,446
-
Other debtors
1,928,972
1,640,409
1,919,877
1,626,206
Prepayments and accrued income
182,422
235,228
175,993
218,622
5,156,164
5,157,059
5,178,325
5,265,208
Deferred tax asset (note 19)
44,300
-
0
44,300
-
0
5,200,464
5,157,059
5,222,625
5,265,208
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
1,771,937
1,656,990
1,771,937
1,656,990
Trade creditors
696,791
745,709
752,937
775,435
Amounts owed to group undertakings
-
0
-
0
45,781
995
Corporation tax payable
220,937
93,176
146,847
60,824
Other taxation and social security
759,269
882,032
737,892
876,157
Derivative financial instruments
-
0
10,905
-
0
10,905
Other creditors
341,349
357,668
341,349
357,577
Accruals and deferred income
1,179,730
1,283,515
1,173,555
1,277,869
4,970,013
5,029,995
4,970,298
5,016,752

Bank loans are secured over all assets of the company.

17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
669,700
846,690
669,700
846,690
EUROPEAN RECRUITMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
2,441,637
2,503,680
2,441,637
2,503,680
Payable within one year
1,771,937
1,656,990
1,771,937
1,656,990
Payable after one year
669,700
846,690
669,700
846,690

Included within bank loans are secured factoring facilities. The debts on these facilities are secured against the receivable invoices. The interest is applied at rates between 5.37% and 14.46% and the loans are due to be fully repaid between April 2024 and May 2027.

 

19
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
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
58,800
36,237
-
-
Tax losses
-
-
44,300
-
58,800
36,237
44,300
-
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
58,800
36,237
-
-
Tax losses
-
-
44,300
-
58,800
36,237
44,300
-
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
36,237
36,237
Credit to profit or loss
(21,737)
(21,737)
Liability at 31 December 2023
14,500
14,500
EUROPEAN RECRUITMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Deferred taxation
(Continued)
- 26 -

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

 

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
76,601
60,002

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
1,600
-
60.00
-
Granted
-
2,000
-
60.00
Exercised
-
(400)
-
60.00
Outstanding at 31 December 2023
1,600
1,600
60.00
60.00
Exercisable at 31 December 2023
-
-
-
-

 

Of the 1,600 share options outstanding at the year end, 400 share options have conditions agreed.

 

For those where conditions are agreed the share options are exercisable where the option holder has remained in employment with the company to an agreed date.

After this condition has been met the option holder has until June 2032 to exercise the share options, if they do not do so they will lapse.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 10p each
7,400
7,400
740
740
B Ordinary shares of 10p each
2,600
2,600
260
260
10,000
10,000
1,000
1,000
EUROPEAN RECRUITMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
23
Reserves

Included in the profit and loss reserves is £2,840 (2022: £7,088) of cumulative differences arising on the annual translation of companies subsidiaries to Sterling. These amounts relate to the group only and are non-distributable.

24
Operating lease commitments

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
79,393
79,480
79,393
79,480
Between two and five years
313,179
317,548
313,179
317,548
In over five years
168,750
243,750
168,750
243,750
561,322
640,778
561,322
640,778
25
Related party transactions

During the year the group and company had the following transactions with related parties, all of whom are related parties by virtue of having either common directors or shareholders,

 

During the year the company made sales of £35,002 (2022: £nil) to 55 Exec Search Limited. The amount was paid in full prior to the year end.

 

At the year end the company were owed £5,769 (2022: £6,473) by USA Recruitment Limited, the amounts are included within trade receivables and other debtors.

26
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Director loan account
2.25
8,554
428,366
6,736
443,656
8,554
428,366
6,736
443,656
EUROPEAN RECRUITMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
27
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
211,243
54,602
Adjustments for:
Taxation charged
63,119
116,967
Finance costs
225,358
135,984
Investment income
(6,736)
-
0
Fair value (gain)/loss on foreign exchange contracts
(116,351)
430,143
Depreciation and impairment of tangible fixed assets
44,526
41,583
Movements in working capital:
Decrease/(increase) in debtors
258,981
(725,075)
(Decrease)/increase in creditors
(291,785)
256,331
Cash generated from operations
388,355
310,535
28
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
634,317
(235,020)
399,297
Borrowings excluding overdrafts
(2,503,680)
62,043
(2,441,637)
(1,869,363)
(172,977)
(2,042,340)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr D J WicksMr D J 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