Company registration number 09785763 (England and Wales)
SWAN LONDON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SWAN LONDON LIMITED
COMPANY INFORMATION
Directors
C D S Wright
P Adey
(Appointed 29 August 2023)
Secretary
C D S Wright
Company number
09785763
Registered office
4th Floor
399-401 Strand
London
United Kingdom
WC2R 0LT
Auditor
Perrys Audit Limited
Chartered Accountants
4th Floor
399-401 Strand
London
United Kingdom
WC2R 0LT
SWAN LONDON LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Profit and loss account
5
Group statement of comprehensive income
6
Group balance sheet
7 - 8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
Independent auditor's report
30 - 32
SWAN LONDON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report and financial statements for the year ended 31 December 2022.

Fair review of the business

The trading year to 31 December 2023 saw a remarkable increase in continuing operations in turnover and gross profit.

 

The company's core activities remain the same and are organised into the following divisions:

- Bar & Restaurant

- Private Events

- Outlets (including Foyer Café Bar, Piazza and Crosby & Hope, Upper Foyer Bar)

 

Swan at the Globe has traded at the Shakespeare Globe since 2007.

 

All divisions of the business have continually monitored and managed costs as far as possible which has been particularly challenging in the hospitality sector. Although significant challenges remain with high levels of inflation and the general economic conditions we remain confident in our ability to flex our approach depending upon the speed of recovery post pandemic.

Principal risks and uncertainties

As for many businesses in the hospitality sector, the business environment in which we operate continues to be very challenging and requires a flexible approach to our day to day operations. There are several risks and uncertainties that can impact the performance of the business, some of which are beyond the control of Swan at the Globe Limited and its board such as the ongoing impact of the pandemic and now the high levels of inflation.

 

Management have demonstrated their ability to minimise these risks on an on-going basis. A key focus of weekly and monthly management meetings were performance is assessed versus budget, forecasts and prior year results. Key performance indicators are also used to benchmark operational performance for all divisions.

 

Swan at the Globe's operating performance is affected by the pricing of its key inputs, which include food and beverage. Historically beverage prices fluctuate less, however the pricing of food is very volatile and this has been significantly exaggerated in 2023. Swan at the Globe continues to offset such adverse effects by its procurement process and long-term relationships with suppliers, but this is also a challenge.

 

Swan at the Globe continually faces competition in each of the markets in which it holds a presence. The competitive environment in any one market is a combination of several factors including competitors, product, service quality and output pricing. The company manages this by ensuring low cost of sales, continuous product development to differentiate itself from competitors and environmental scanning exercises to remain competitive.

 

The events division provides credit to customers and, as a result, there is an associated credit risk. Swan at the Globe has established procedures and credit control policies around managing its debts. The key method of mitigating the risk is deposit collection in advance of the services provided.

 

Our operations continue to innovate within a competitive market, and there is significant focus on further development of product and customer service within the iconic venues we operate, while maintaining strong relationships with local suppliers.

 

SWAN LONDON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Development and performance

As a business operating within the hospitality industry, since 2020 it has been increasingly challenging due to the impact of the pandemic and high levels of inflation.

 

Labour has been a key factor in determining the ongoing profitable trade of our business. Labour has always been the biggest cost to the business, and it is essential that this is managed appropriately given the reduction in revenue.

 

The relationship with our banking partners remain strong and the company has paid all monthly payments that were due up until submission of this report and we are confident in our ability to continue to do so. In addition all payments due to HMRC are up to date.

Key performance indicators

Profit before tax provides an indicator of the net operating efficiency of the group by taking into account the administrative expenses of the business.

 

The profit on ordinary activities before taxation for the group for the year ended 31 December 2023 is £103k compared to 2022 profits of £234k.

 

 

On behalf of the board

C D S Wright
Director
24 September 2024
SWAN LONDON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Results and dividends

The results for the year are set out on page 5.

Ordinary dividends were paid amounting to £4,000. The directors do not recommend payment of a further dividend.

Directors

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

C D S Wright
S Atwal
(Resigned 29 August 2023)
P Adey
(Appointed 29 August 2023)
Auditor

In accordance with the company's articles, a resolution proposing that Perrys Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

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

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
C D S Wright
Director
24 September 2024
SWAN LONDON LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SWAN LONDON LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2023
2022
Notes
£
£
Turnover
3
8,216,377
7,513,844
Cost of sales
(5,197,657)
(4,946,615)
Gross profit
3,018,720
2,567,229
Administrative expenses
(3,083,365)
(2,418,145)
Other operating income
281,104
132,000
Operating profit
4
216,459
281,084
Share of results of associates
(31,929)
40,098
Interest receivable and similar income
8
36,765
50,500
Interest payable and similar expenses
9
(117,825)
(136,788)
Profit before taxation
103,470
234,894
Tax on profit
10
19,723
(34,295)
Profit for the financial year
123,193
200,599
Profit for the financial year is attributable to:
- Owners of the parent company
105,447
204,597
- Non-controlling interests
17,746
(3,998)
123,193
200,599

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

SWAN LONDON LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
£
£
Profit for the year
123,193
200,599
Other comprehensive income
-
-
Total comprehensive income for the year
123,193
200,599
Total comprehensive income for the year is attributable to:
- Owners of the parent company
105,447
204,597
- Non-controlling interests
17,746
(3,998)
123,193
200,599
SWAN LONDON LIMITED (REGISTERED NUMBER: 09785763)
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,312,061
1,492,237
Investment property
13
5,626,144
5,626,144
Investments
14
544,201
667,916
7,482,406
7,786,297
Current assets
Stocks
17
213,033
181,549
Debtors
18
1,030,907
1,206,010
Cash at bank and in hand
476,105
783,551
1,720,045
2,171,110
Creditors: amounts falling due within one year
19
(3,913,954)
(4,211,067)
Net current liabilities
(2,193,909)
(2,039,957)
Total assets less current liabilities
5,288,497
5,746,340
Creditors: amounts falling due after more than one year
20
(1,487,650)
(2,011,896)
Provisions for liabilities
Deferred tax liability
22
161,849
200,639
(161,849)
(200,639)
Net assets
3,638,998
3,533,805
Capital and reserves
Called up share capital
24
3,260,000
3,260,000
Non-distributable profits reserve
770,967
770,967
Distributable profit and loss reserves
(391,766)
(493,213)
Equity attributable to owners of the parent company
3,639,201
3,537,754
Non-controlling interests
(203)
(3,949)
3,638,998
3,533,805

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

SWAN LONDON LIMITED (REGISTERED NUMBER: 09785763)
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
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
C D S Wright
Director
SWAN LONDON LIMITED (REGISTERED NUMBER: 09785763)
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
13
3,425,303
3,425,303
Investments
14
2,089,180
2,180,966
5,514,483
5,606,269
Current assets
Debtors
18
3,555,659
3,082,648
Cash at bank and in hand
72,984
79,332
3,628,643
3,161,980
Creditors: amounts falling due within one year
19
(3,621,937)
(2,601,595)
Net current assets
6,706
560,385
Total assets less current liabilities
5,521,189
6,166,654
Creditors: amounts falling due after more than one year
20
(1,487,650)
(2,011,896)
Net assets
4,033,539
4,154,758
Capital and reserves
Called up share capital
24
3,260,000
3,260,000
Non-distributable profits reserve
770,967
770,967
Distributable profit and loss reserves
2,572
123,791
Total equity
4,033,539
4,154,758

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £117,218 (2022 - £36,526 loss).

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

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
C D S Wright
Director
SWAN LONDON LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
3,260,000
770,967
(678,810)
3,352,157
-
3,352,157
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
204,597
204,597
(3,998)
200,599
Dividends
-
-
(19,000)
(19,000)
-
(19,000)
Disposal of shares in subsidiary to non-controlling interest
-
-
-
-
49
49
Balance at 31 December 2022
3,260,000
770,967
(493,213)
3,537,754
(3,949)
3,533,805
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
105,447
105,447
17,746
123,193
Dividends
-
-
(4,000)
(4,000)
(14,000)
(18,000)
Balance at 31 December 2023
3,260,000
770,967
(391,766)
3,639,201
(203)
3,638,998
SWAN LONDON LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
3,260,000
770,967
179,317
4,210,284
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(36,526)
(36,526)
Dividends
-
-
(19,000)
(19,000)
Balance at 31 December 2022
3,260,000
770,967
123,791
4,154,758
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
(117,219)
(117,219)
Dividends
-
-
(4,000)
(4,000)
Balance at 31 December 2023
3,260,000
770,967
2,572
4,033,539
SWAN LONDON LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
455,965
431,346
Interest paid
(117,825)
(136,788)
Income taxes refunded
51,314
1
Net cash inflow from operating activities
389,454
294,559
Investing activities
Purchase of tangible fixed assets
(282,494)
(424,271)
Proceeds from disposal of tangible fixed assets
-
36,550
Interest received
765
-
0
Other income received from investments
127,786
50,500
Net cash used in investing activities
(153,943)
(337,221)
Financing activities
Proceeds from issue of shares
-
100
Proceeds from borrowings
231
433,082
Repayment of bank loans
(524,246)
(530,074)
Disposal of shares in subsidiary to non-controlling interest
-
49
Dividends paid to equity shareholders
(4,000)
(19,000)
Dividends paid to non-controlling interests
(14,000)
-
0
Net cash used in financing activities
(542,015)
(115,843)
Net decrease in cash and cash equivalents
(306,504)
(158,505)
Cash and cash equivalents at beginning of year
782,609
941,114
Cash and cash equivalents at end of year
476,105
782,609
Relating to:
Cash at bank and in hand
476,105
783,551
Bank overdrafts included in creditors payable within one year
-
(942)
SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Swan London Limited (“the Company”) is a limited company domiciled and incorporated in England and Wales. The registered office is 4th Floor, 399-401 Strand, London WC2R 0LT.

 

The Group consists of Swan London Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Business combinations

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

 

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

1.3
Basis of consolidation

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

 

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

 

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

SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -

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

As noted in the strategic report, operating post pandemic has been the biggest challenge and impact on the business in 2023, together with high inflation.

 

The business has taken further decisions in 2024 to manage costs, both direct costs and overheads and implemented a programme of rigorous cash flow management to secure the future of the business.

 

Whilst turnover has increased from the levels of 2022, turnover is still lower than pre-pandemic levels for 2023. However, the cost saving programme has enabled operating profits to be achieved to ensure the ongoing viability of the business.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company and group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents amounts receivable for goods and services net of VAT.

 

Rents receivable under operating leases granted are credited to other operating income.

 

Events income is recognised on the day that the event occurs.

 

The total turnover and profit before taxation of the group has been derived from its principal activity undertaken wholly within the United Kingdom.

1.6
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business, has previously been amortised evenly over its useful life of 7 years. Goodwill has been fully written down to Nil.

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.

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
4% of food and beverage revenue
Fixtures and fittings
10% to 33% on cost and 4% of food and beverage revenue
Motor vehicles
25% reducing balance
SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

The contract with The Globe provides that capital expenditure must be incurred by the company over the duration of the contract amounting to 4% of food and beverage revenue. Fixed assets are depreciated based on 4% of food and beverage revenue as this represents the cumulative annual capital expenditure to be incurred under the contract. Any capital expenditure incurred in excess is the commitment to date is recognised as a fixed asset. Leasehold depreciation is not provided this year as the fixed assets recognised under the contract have accelerated the depreciation on fixtures and fittings and the net book value of each category at the year end agrees to the fixed assets recognised under the contract.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

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

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

1.10
Impairment of fixed assets

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

 

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

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.

SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.12
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.

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

1.13
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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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

 

 

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.

1.16
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2
Judgements and key sources of estimation uncertainty

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

 

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

 

Investment properties are valued at their estimated fair value. One of the investment properties was last valued using an external valuation in November 2016. Since this external valuation, the fair value has been reviewed and considered annually by the directors. The other investment property is considered by the director's to be valued at fair value taking into consideration that the property is tenanted and that the property is let to an operational restaurant.

 

The value of stock is reviewed and written down to the lower of cost and estimated selling price less costs to sell when stock is considered slow moving or obsolete.

 

Bad debts are provided for in relation to trade debtors based upon the age of the debt and whether the debt is considered recoverable.

3
Turnover and other revenue

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

2023
2022
£
£
Turnover analysed by class of business
Bar and restaurant
8,169,526
7,490,177
Management charges
46,851
23,667
8,216,377
7,513,844
2023
2022
£
£
Other revenue
Interest income
765
-
SWAN LONDON LIMITED
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
(1,369)
-
Depreciation of owned tangible fixed assets
462,670
305,944
Profit on disposal of tangible fixed assets
-
(1,523)
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
9,150
8,715
Audit of the financial statements of the company's subsidiaries
23,741
22,610
32,891
31,325
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
141
125
7
9

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,869,160
2,334,634
431,364
30,270
Social security costs
158,281
108,105
-
-
Pension costs
48,928
46,510
6,056
11,691
3,076,369
2,489,249
437,420
41,961
SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
57,597
101,768

Directors remuneration relates to the parent company.

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
765
-
Income from fixed asset investments
Income from participating interests - associates
36,000
50,500
Total income
36,765
50,500
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
108,964
100,420
Other interest on financial liabilities
8,861
36,368
Total finance costs
117,825
136,788
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
19,067
14,503
Deferred tax
Origination and reversal of timing differences
(38,790)
19,792
Total tax (credit)/charge
(19,723)
34,295
SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 21 -

The actual (credit)/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
103,470
234,894
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
24,315
44,630
Tax effect of expenses that are not deductible in determining taxable profit
793
1,381
Tax effect of income not taxable in determining taxable profit
(8,460)
-
0
Tax effect of utilisation of tax losses not previously recognised
(37,062)
6,944
Permanent capital allowances in excess of depreciation
31,678
(36,856)
Dividend income
-
(9,215)
Deferred tax
(38,790)
19,792
Investment in associate adjustments
7,803
7,619
Taxation (credit)/charge
(19,723)
34,295

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021.  For the financial year ended 31 December 2023, the current weighted averaged tax rate was 23.5%. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
1,332,788
Amortisation and impairment
At 1 January 2023 and 31 December 2023
1,332,788
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
1,206,704
4,408,985
3,670
5,619,359
Additions
-
0
282,494
-
0
282,494
At 31 December 2023
1,206,704
4,691,479
3,670
5,901,853
Depreciation and impairment
At 1 January 2023
1,059,923
3,063,529
3,670
4,127,122
Depreciation charged in the year
-
0
462,670
-
0
462,670
At 31 December 2023
1,059,923
3,526,199
3,670
4,589,792
Carrying amount
At 31 December 2023
146,781
1,165,280
-
0
1,312,061
At 31 December 2022
146,781
1,345,456
-
0
1,492,237
Company
Fixtures and fittings
£
Cost
At 1 January 2023 and 31 December 2023
76,008
Depreciation and impairment
At 1 January 2023 and 31 December 2023
76,008
Carrying amount
At 31 December 2023
-
0
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023 and 31 December 2023
5,626,144
3,425,303

The directors have assessed the open market value of the investment property held by Swan London Limited at 31 December 2023 to be £3,425,303. The directors' valuation is based upon an independent external valuation undertaken in November 2016.

 

The directors have assessed the open market value of the investment property held by Lobster Pot (West Malling) Limited at 31 December 2023 to be £2,200,841.

SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,551,327
1,551,327
Investments in associates
16
544,201
667,916
537,853
629,639
544,201
667,916
2,089,180
2,180,966

The above investment in associate of £544,201 represents the group's investment in The Prickly Pear S.L totalling £541,387 (2022: £605,209). Investments in associates also include an investment of £2,814 (2022: £62,707) in St Leonards (WM) Limited.

 

In the opinion of the directors, the aggregate value of the company's investment in subsidiary undertakings is not less than the amount included in the balance sheet.

Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 January 2023
667,916
Repayments
(91,786)
Share of associates profits/losses and distributions received
(31,929)
At 31 December 2023
544,201
Carrying amount
At 31 December 2023
544,201
At 31 December 2022
667,916
SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2023
2,180,966
Repayments
(91,786)
At 31 December 2023
2,089,180
Carrying amount
At 31 December 2023
2,089,180
At 31 December 2022
2,180,966
15
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
Lobster pot (West Malling) Limited
4th Floor, 399-401 Strand, London WC2R 0LT
Ordinary
100.00
The Swan at the Globe Limited
4th Floor, 399-401 Strand, London WC2R 0LT
Ordinary
100.00
Crosby & Hope Limited
4th Floor, 399-401 Strand, London WC2R 0LT
Ordinary
51.00
Swan About Events Limited
4th Floor, 399-401 Strand, London WC2R 0LT
Ordinary
100.00
Swan at the Maze Limited
4th Floor, 399-401 Strand, London WC2R 0LT
Ordinary
51.00
Swan at Triptych Limited
4th Floor, 399-401 Strand, London WC2R 0LT
Ordinary
51.00
16
Associates

Details of associates at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Prickly Pear S.L
Calle Saltillo 2, Montemar, 29620, Torremolinos, Malaga, Spain
Ordinary
48
The Falcon Restaurant Limited
4th Floor, 399-401 Strand, London WC2R 0LT
Ordinary
30
St Leonards (WM) Limited
4th Floor, 399-401 Strand, London WC2R 0LT
Ordinary
33
SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
213,033
181,549
-
-
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
62,121
536,311
30,394
11,878
Corporation tax recoverable
-
0
51,314
-
0
-
0
Amounts owed by group undertakings
-
-
2,634,607
2,514,360
Other debtors
863,727
590,585
827,871
552,275
Prepayments and accrued income
105,059
27,800
62,787
4,135
1,030,907
1,206,010
3,555,659
3,082,648

Included within other debtors are amounts falling due after more than 1 year amounting to £180,456 (2022 - £225,000).

19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
543,250
544,192
543,250
544,192
Trade creditors
1,165,489
1,348,934
24,591
7,999
Amounts owed to group undertakings
-
0
-
0
1,991,805
918,644
Corporation tax payable
19,067
-
0
-
0
-
0
Other taxation and social security
267,585
260,883
4,682
6,118
Other creditors
1,723,703
1,933,445
1,043,624
1,112,652
Accruals and deferred income
194,860
123,613
13,985
11,990
3,913,954
4,211,067
3,621,937
2,601,595

Amounts owed to group undertakings are currently non interest bearing and have no fixed date for repayment.

SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
1,487,650
2,011,896
1,487,650
2,011,896
Amounts included above which fall due after five years are as follows:
Payable by instalments
543,227
548,014
543,227
548,014
21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
2,030,900
2,555,146
2,030,900
2,555,146
Bank overdrafts
-
0
942
-
0
942
2,030,900
2,556,088
2,030,900
2,556,088
Payable within one year
543,250
544,192
543,250
544,192
Payable after one year
1,487,650
2,011,896
1,487,650
2,011,896

The bank loan is secured by a fixed and floating charge over certain assets within the group, an unlimited inter company composite guarantee and by first legal charge on freehold property owned by the group.

22
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
161,849
200,639
The company has no deferred tax assets or liabilities.
SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Deferred taxation
(Continued)
- 27 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
200,639
-
Credit to profit or loss
(38,790)
-
Liability at 31 December 2023
161,849
-

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.

Due to the availability of indexation allowance, no deferred tax has arisen in relation to the revaluation of the investment property in 2016.

23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
48,928
46,510

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.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
1,662,600
1,662,600
1,662,600
1,662,600
Ordinary B shares of £1 each
798,700
798,700
798,700
798,700
Ordinary C shares of £1 each
798,700
798,700
798,700
798,700
3,260,000
3,260,000
3,260,000
3,260,000

 

All classes of share carry the equivalent voting rights and rank parri-passu in all respects.

SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
25
Related party transactions

During the year, the company charged management charges to an associated company totalling £46,850 (2022: £23,667).

 

At the year end the company was owed £839,822 (2022: £545,842) from associated companies.

 

During the year, the group received dividends amounting to £36,000 (2022: £50,500) from associated companies.

 

Included in other creditors are loans from shareholders totalling £120,556 (2022: £169,258). During the year dividends were paid totalling £4,000 (2022: £2,000).

26
Directors' transactions

Included in other creditors is a director's loan account balance totalling £520,226 (2022: £471,294).

27
Controlling party

The ultimate controlling party is C D S Wright.

28
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
123,193
200,599
Adjustments for:
Share of results of associates and joint ventures
31,929
(40,098)
Taxation (credited)/charged
(19,723)
34,295
Finance costs
117,825
136,788
Investment income
(36,765)
(50,500)
Gain on disposal of tangible fixed assets
-
(1,523)
Depreciation and impairment of tangible fixed assets
462,670
305,944
Movements in working capital:
Increase in stocks
(31,484)
(35,951)
Decrease/(increase) in debtors
123,789
(527,961)
(Decrease)/increase in creditors
(315,469)
409,753
Cash generated from operations
455,965
431,346
SWAN LONDON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
29
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
783,551
(307,446)
476,105
Bank overdrafts
(942)
942
-
0
782,609
(306,504)
476,105
Borrowings excluding overdrafts
(2,555,146)
524,246
(2,030,900)
(1,772,537)
217,742
(1,554,795)
SWAN LONDON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SWAN LONDON LIMITED
- 30 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

SWAN LONDON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SWAN LONDON LIMITED
- 31 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

SWAN LONDON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SWAN LONDON LIMITED
- 32 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.

 

We designed audit procedures to respond to the risk, recognising that 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.

 

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and health and safety. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, reviewing reports in relation to health and safety and food hygiene and enquiries with management.

 

We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

Declan McCusker (Senior Statutory Auditor)
For and on behalf of Perrys Audit Limited
Chartered Accountants
Statutory Auditor
4th Floor
399-401 Strand
London
United Kingdom
WC2R 0LT
25 September 2024
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