Company Registration No. 08543262 (England and Wales)
JDB Line Limited
Annual report and
group financial statements
for the year ended 30 June 2024
JDB Line Limited
Company information
Directors
Joanne Brewer
David Brewer
Secretary
Joanne Brewer
Company number
08543262
Registered office
Suite 5 Bourne Gate
Bourne Valley Road
Poole
Dorset
BH12 1DY
Independent auditor
Saffery LLP
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
JDB Line Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 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 - 30
JDB Line Limited
Strategic report
For the year ended 30 June 2024
1

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

 

Introduction


The trading subsidiary, Protect Line Limited, is a UK-based insurance brokerage, authorised and regulated by the FCA, specialising in life insurance and critical illness cover for UK families.  This year, we have realised significant milestones, by enhancing our digital platforms to improve customer experience, broadening our product offerings, and strengthening our commitment to customer-centric services. These initiatives have positioned us for sustainable growth and reinforced our market presence.

Fair review of the business
The year ended 30 June 2024 saw a return to a 12-month accounting period post our strategic decision to extend the previous year to 18 months.  This was a response to December being a period of high seasonal consumer variation, and our own 2-week Group shutdown.
The performance over the past year clearly demonstrates that the strategic decisions and focus outlined in last year's report have come to fruition.
By enhancing customer acquisition, refining the lead generation process, and implementing extensive business transformations, substantial profit gains were achieved.  The continued investment and commitment to business improvement in prior years has been instrumental in securing this significant growth.  The Group's adaptability, innovation, and customer-centricity has not only met customers' evolving needs but also reinforced the long-term growth and sustainability of the Group.
Our Governance, Risk, and Compliance (GRC) division, established under the leadership of our Exec Director for Compliance, Culture & Ethics, has proven to be a cornerstone of our business success. The well-defined governance framework has facilitated strategic decision-making and enhanced our risk management capabilities. By predicting, preparing for, and mitigating potential risks, we have significantly strengthened our business resilience.
Furthermore, our proactive approach with insurance partners has been instrumental in ensuring good customer outcomes. By closely collaborating with our partners, we have maintained a robust customer-centred approach, aligned with Consumer Duty regulations. This focus not only supports business growth but also reinforces our commitment to delivering fair value and protection to our customers.
High quality customer outcomes are evidenced by the Group maintaining it's 4.9 out of 5 star rating on the independent rating site Trustpilot.  This is based on 44,031 reviews and continues to demonstrate the high level of customer satisfaction that we deliver.
Principal risks and uncertainties

The management of the business and execution of the Group’s risk strategy are subject to two key risks, lead generation and the quality of the personnel. The management of these risks is discussed at regular board meetings. The Board continues to monitor these risks and react where appropriate and as such are confident that the risks are minimised as far as possible.

JDB Line Limited
Strategic report (continued)
For the year ended 30 June 2024
2
Development and performance

In 2024, annualised revenue increased by 23.54% to £27.1M compared to £22M in 2023, and gross profit increased from £7.6M in 2023 to £8.1M in 2024. Gross profit margin increased from 23.06% to 29.82%, driven by a significant increase in revenue and only a marginal increase in cost of sales. Importantly, these achievements were realised without any increase in staffing levels, indicating a more sustainable success for the Group.

 

Administrative expenses fell from 23.01% of turnover to 18.73%. This gave the Group a pre-tax profit of £3.16M and an operating profit of £3M in 2024, a significant improvement on the profit of £18K in 2023.

 

Overall, the Group generated a profit of £2.37M, representing increased performance from the profit of £6K in 2023. The directors expect this upward trend to continue into 2025. Balance sheet net assets increased to £4.53M from £2.20M at 30 June 2023. There has been an improvement in the cash position from £3.5M in 2023 to £11.8M in 2024.

 

We have prudently increased our provisions from £4.2M in 2023 to £6.7M in 2024, which is a practical increase given the macro-economic climate, although the Group in recent months has seen a decrease in current cancellations, resulting from strategic and technological initiatives undertaken in this and the preceding years. 

 

The Group takes pride in its diligent approach to clawback provisioning, evidenced by the actual clawback receipts consistently aligning closely with monthly forecasts. This precision in financial management provides confidence that we always remain adequately provisioned, underscoring our commitment to accurate financial planning and stability.

Key performance indicators

Given the straightforward nature of the business, the Company directors believe that the overall development, performance, and position of the business can be understood from these Financial Statements. Internal KPI’s are used within the business, but form part of our USP.

Other performance indicators

Our primary focus for the year ahead is to continue with organic and sustainable growth ensuring that efficiency is at the heart of our decision making.  Whilst there is likely to be an increase in staffing levels our commitment to business transformation underpinned by increased productivity will allow us to continue to increase revenue per head rather than being too reliant on increasing headcount.  Customer acquisition expansion will be at the forefront of our strategic planning whilst maintaining our focus on self-reliance for the generation of our leads.

Looking forward

In 2024 our primary focus is enhancing customer acquisition by elevating our development efforts and fine-tuning the lead generation process. Emphasising adaptability, innovation, and customer-centricity, we're dedicated to strategic decisions that prioritise and meet our customers' evolving needs and in turn support the long-term growth and sustainability of the group.

On behalf of the board

Joanne Brewer
Director
3 October 2024
JDB Line Limited
Directors' report
For the year ended 30 June 2024
3

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

Principal activities

The principal activity of the company and group continued to be that of life insurance brokerage.

Results and dividends

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

 

The company extended its reporting period from 31 December 2022 by 6 months to 30 June 2023 during the comparative period. This means the prior year results are not entirely comparable with the current period.

Ordinary dividends were paid amounting to £40,000. 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:

Joanne Brewer
David Brewer
Auditor

Saffery LLP have expressed their willingness to continue in office.

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.

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

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
Joanne Brewer
Director
3 October 2024
JDB Line Limited
Directors' responsibilities statement
For the year ended 30 June 2024
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.

JDB Line Limited
Independent auditor's report
To the members of JDB Line Limited
5
Opinion

We have audited the financial statements of JDB Line Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

 

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

JDB Line Limited
Independent auditor's report (continued)
To the members of JDB Line Limited
6

Opinions on other matters prescribed by the Companies Act 2006

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

 

Matters on which we are required to report by exception

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

 

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

 

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

JDB Line Limited
Independent auditor's report (continued)
To the members of JDB Line Limited
7

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

 

Identifying and assessing risks related to irregularities:

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

 

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

 

Audit response to risks identified

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

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

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

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

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

JDB Line Limited
Independent auditor's report (continued)
To the members of JDB Line Limited
8

Use of our report

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

 

Hannah Mazrae (Senior Statutory Auditor)
For and on behalf of Saffery LLP
3 October 2024
Statutory Auditors
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
JDB Line Limited
Group statement of comprehensive income
For the year ended 30 June 2024
9
Year
Period
ended
ended
30 June
30 June
2024
2023
Notes
£
£
Turnover
3
27,138,323
32,951,506
Cost of sales
(19,046,757)
(25,351,280)
Gross profit
8,091,566
7,600,226
Administrative expenses
(5,082,621)
(7,582,609)
Operating profit
4
3,008,945
17,617
Interest receivable and similar income
192,271
11,746
Interest payable and similar expenses
7
(42,869)
(29,865)
Profit/(loss) before taxation
3,158,347
(502)
Tax on profit/(loss)
8
(789,227)
6,764
Profit for the financial year
22
2,369,120
6,262
Profit for the financial year is attributable to:
- Owners of the parent company
2,122,255
19,405
- Non-controlling interests
246,865
(13,143)
2,369,120
6,262
Total comprehensive income for the year is attributable to:
- Owners of the parent company
2,122,255
19,405
- Non-controlling interests
246,865
(13,143)
2,369,120
6,262

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

JDB Line Limited
Group balance sheet
As at 30 June 2024
10
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,033,690
928,715
Current assets
Debtors
13
3,727,339
3,812,093
Cash at bank and in hand
11,823,374
3,466,047
15,550,713
7,278,140
Creditors: amounts falling due within one year
14
(4,706,027)
(1,292,672)
Net current assets
10,844,686
5,985,468
Total assets less current liabilities
11,878,376
6,914,183
Creditors: amounts falling due after more than one year
15
(567,833)
(531,005)
Provisions for liabilities
Provisions
18
6,733,228
4,160,910
Deferred tax liability
19
51,969
26,042
(6,785,197)
(4,186,952)
Net assets
4,525,346
2,196,226
Capital and reserves
Called up share capital
21
1,000
1,000
Other reserves
22
(131,007)
(131,007)
Profit and loss reserves
22
4,214,959
2,132,704
Equity attributable to owners of the parent company
4,084,952
2,002,697
Non-controlling interests
440,394
193,529
4,525,346
2,196,226

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

The financial statements were approved by the board of directors and authorised for issue on 3 October 2024 and are signed on its behalf by:
03 October 2024
Joanne Brewer
Director
Company registration number 08543262 (England and Wales)
JDB Line Limited
Company balance sheet
As at 30 June 2024
30 June 2024
11
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
825,000
825,000
Investments
11
157,765
157,765
982,765
982,765
Current assets
Debtors
13
36,156
43,786
Cash at bank and in hand
98,385
84,810
134,541
128,596
Creditors: amounts falling due within one year
14
(49,370)
(42,483)
Net current assets
85,171
86,113
Total assets less current liabilities
1,067,936
1,068,878
Creditors: amounts falling due after more than one year
15
(508,101)
(531,005)
Net assets
559,835
537,873
Capital and reserves
Called up share capital
21
1,000
1,000
Profit and loss reserves
22
558,835
536,873
Total equity
559,835
537,873

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 period was £61,962 (2023: £129,094 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 October 2024 and are signed on its behalf by:
03 October 2024
Joanne Brewer
Director
Company registration number 08543262 (England and Wales)
JDB Line Limited
Group statement of changes in equity
For the year ended 30 June 2024
12
Share capital
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
1,000
(131,007)
2,113,299
1,983,292
206,672
2,189,964
Period ended 30 June 2023:
Profit and total comprehensive income
-
-
19,405
19,405
(13,143)
6,262
Balance at 30 June 2023
1,000
(131,007)
2,132,704
2,002,697
193,529
2,196,226
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
2,122,255
2,122,255
246,865
2,369,120
Dividends
9
-
-
(40,000)
(40,000)
-
(40,000)
Balance at 30 June 2024
1,000
(131,007)
4,214,959
4,084,952
440,394
4,525,346
JDB Line Limited
Company statement of changes in equity
For the year ended 30 June 2024
13
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
1,000
407,779
408,779
Period ended 30 June 2023:
Profit and total comprehensive income for the period
-
129,094
129,094
Balance at 30 June 2023
1,000
536,873
537,873
Year ended 30 June 2024:
Profit and total comprehensive income
-
61,962
61,962
Dividends
9
-
(40,000)
(40,000)
Balance at 30 June 2024
1,000
558,835
559,835
JDB Line Limited
Group statement of cash flows
For the year ended 30 June 2024
14
Year ended
Period ended
30 June
30 June
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
8,369,759
1,338
Interest paid
(42,869)
(29,865)
Income taxes (paid)/refunded
(14,295)
22,001
Net cash inflow/(outflow) from operating activities
8,312,595
(6,526)
Investing activities
Purchase of tangible fixed assets
(72,022)
(44,124)
Interest received
192,271
11,746
Net cash generated from/(used in) investing activities
120,249
(32,378)
Financing activities
Proceeds from new bank loans
-
577,500
Repayment of bank loans
(22,412)
(22,889)
Payment of finance leases obligations
(13,105)
-
Dividends paid to equity shareholders
(40,000)
-
0
Net cash (used in)/generated from financing activities
(75,517)
554,611
Net increase in cash and cash equivalents
8,357,327
515,707
Cash and cash equivalents at beginning of year
3,466,047
2,950,340
Cash and cash equivalents at end of year
11,823,374
3,466,047
JDB Line Limited
Notes to the group financial statements
For the year ended 30 June 2024
15
1
Accounting policies
Company information

JDB Line Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is Suite 5 Bourne Gate, Bourne Valley Road, Poole, Dorset, BH12 1DY.

 

The group consists of JDB Line Limited and its subsidiary.

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 Group. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company JDB Line 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 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

1.3
Going concern

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

1.4
Reporting period

The company and group extended its reporting period from 31 December 2022 by 6 months to 30 June 2023 in the comparative period. This means the current year results are not entirely comparable with the prior period.

1.5
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents life insurance income and is recognised as follows:

JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
16
1.6
Tangible fixed assets

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

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

Freehold land and buildings
Not depreciated
Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
15% straight line

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

1.7
Fixed asset investments

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

 

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

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

1.8
Impairment of fixed assets

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

 

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

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

 

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

JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
17

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

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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

 

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

 

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

JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
18
Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
19
Current tax

The tax currently payable is based on taxable loss for the year. Taxable loss differs from a net loss as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

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

1.13
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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.

JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
20
1.16
Leases

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

 

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

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

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
Critical accounting judgements and key sources of estimation uncertainty

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

 

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

Key sources of estimation uncertainty

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

Clawback provision

The clawback provision, allowing for future cancellations of policies on which commission has already been received, is based upon historic cancellation rates. It has been assumed that these rates will not materially change over the next 4 years. However, fluctuations in the economic climate, and changes to consumer behaviour may affect future cancellation rates, and these factors cannot be identified at the current time.

 

Certain life insurance policies are sold with renewals commissions, which entitles the company to commission income based on the active period of a policy if a customer were to renew. This is calculated using the start and end dates of the renewals period and the estimated renewals commission to be received. The clawback provision included within the financial statements is included net of trail commissions that can be offset against future cancellations within the 4-year clawback period.

JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
21
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Commissions receivable
26,935,475
32,746,913
Other income
202,848
204,593
27,138,323
32,951,506
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
27,138,323
32,951,506
2024
2023
£
£
Other revenue
Interest income
192,271
11,746
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
67,039
127,139
Depreciation of tangible fixed assets held under finance leases
5,263
-
Operating lease charges
313,662
430,039
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
2
2
-
-
Sales staff
162
155
-
-
Administration staff
61
69
-
-
Total
225
226
-
0
-
0
JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
5
Employees (continued)
22

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
11,437,165
14,121,897
-
0
-
0
Social security costs
1,323,836
1,551,511
-
-
Pension costs
247,681
381,240
-
0
-
0
13,008,682
16,054,648
-
0
-
0
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,375
4,355
Audit of the financial statements of the company's subsidiary
18,500
25,195
20,875
29,550
For other services
All other non-audit services
7,430
2,225
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
42,869
29,865
JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
23
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
762,882
13,877
Adjustments in respect of prior periods
418
-
0
Total current tax
763,300
13,877
Deferred tax
Origination and reversal of timing differences
25,927
(20,641)
Total tax charge/(credit)
789,227
(6,764)

Changes to UK corporation tax rates were enacted as part of the Financial Bill of 2021. These changes included an increase in the main rate of tax from 19% to 25% with effect from April 2023. In the previous year, the average rate of tax for the 18 month period was used, being 20%.

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

2024
2023
£
£
Profit/(loss) before taxation
3,158,347
(502)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
789,587
(100)
Tax effect of expenses that are not deductible in determining taxable profit
159
2,985
Adjustments in respect of prior years
438
-
0
Effect of change in corporation tax rate
-
(327)
Permanent capital allowances in excess of depreciation
(26,244)
11,682
Origination and reversal of deferred tax timing differences
25,927
(20,641)
Small profits marginal relief
(640)
(363)
Taxation charge/(credit)
789,227
(6,764)
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
40,000
-
JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
24
10
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
825,000
223,258
380,882
-
0
1,429,140
Additions
-
0
12,608
59,414
105,255
177,277
Disposals
-
0
(44,006)
(59,870)
-
0
(103,876)
At 30 June 2024
825,000
191,860
380,426
105,255
1,502,541
Depreciation and impairment
At 1 July 2023
-
0
199,434
300,991
-
0
500,425
Depreciation charged in the year
-
0
11,321
55,718
5,263
72,302
Eliminated in respect of disposals
-
0
(44,006)
(59,870)
-
0
(103,876)
At 30 June 2024
-
0
166,749
296,839
5,263
468,851
Carrying amount
At 30 June 2024
825,000
25,111
83,587
99,992
1,033,690
At 30 June 2023
825,000
23,824
79,891
-
0
928,715
Company
Freehold land and buildings
£
Cost
At 1 July 2023 and 30 June 2024
825,000
Carrying amount
At 30 June 2024
825,000
At 30 June 2023
825,000

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
99,992
-
0
-
0
-
0

Freehold land and buildings with a carrying amount of £825,000 have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
25
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
157,765
157,765
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
157,765
Carrying amount
At 30 June 2024
157,765
At 30 June 2023
157,765
12
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Protect Line Limited
See below
Insurance brokers
Ordinary
89.29
-
Suite 6 Bourne Gate, 25 Bourne Valley Road, Poole, Dorset, BH12 1DY
JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
26
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
20,672
8,415
-
0
20,956
Amounts owed by group undertakings
-
-
36,156
22,830
Other debtors
1,003,605
608,166
-
0
-
0
Prepayments and accrued income
107,052
73,512
-
0
-
0
1,131,329
690,093
36,156
43,786
Amounts falling due after more than one year:
Other debtors
2,596,010
3,122,000
-
0
-
0
Total debtors
3,727,339
3,812,093
36,156
43,786

 

14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
16
24,098
23,606
24,098
23,606
Obligations under finance leases
17
32,418
-
0
-
0
-
0
Trade creditors
48,709
37,569
-
0
-
0
Corporation tax payable
762,882
13,877
19,947
13,877
Other taxation and social security
607,747
527,690
-
-
Other creditors
1,777,140
366,227
-
0
-
0
Accruals and deferred income
1,453,033
323,703
5,325
5,000
4,706,027
1,292,672
49,370
42,483
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
16
508,101
531,005
508,101
531,005
Obligations under finance leases
17
59,732
-
0
-
0
-
0
567,833
531,005
508,101
531,005
JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
27
16
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
532,199
554,611
532,199
554,611
Payable within one year
24,098
23,606
24,098
23,606
Payable after one year
508,101
531,005
508,101
531,005

The long-term loans are secured by fixed charges over Units 5 and 6 Bourne Gate, Bourne Valley Road, Branksome which are held by Barclays Security Trustee Limited for the benefit of Barclays Bank UK PLC and Barclays Bank PLC. Interest is charged at the Bank of England Rate plus a margin.

 

JDB Line Limited has received a cross guarantee and debenture in respect of bank borrowings from its subsidiary Protect Line Limited.

17
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
32,418
-
0
-
0
-
0
In two to five years
59,732
-
0
-
0
-
0
92,150
-
-
-

Finance lease payments represents rent payable by the company for fixed assets. The lease is secured on the assets to which is relates.

18
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Clawback provision
6,733,228
4,160,910
-
-
JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
18
Provisions for liabilities (continued)
28
Movements on provisions:
Clawback provision
Group
£
At 1 July 2023
4,160,910
Other movements
2,572,318
At 30 June 2024
6,733,228

A provision has been made in respect of commissions which have the potential to be clawed back on the cancellation of a policy for between 0-4 years. A number of factors have been taken into consideration when calculating the clawback provision, including historic data and the current economic climate.

19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
51,969
26,042
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
26,042
-
Charge to profit or loss
25,927
-
Liability at 30 June 2024
51,969
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
247,681
381,240
JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
20
Retirement benefit schemes (continued)
29

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

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
22
Reserves
Other reserves

The other reserve represents the difference between the consideration paid and the net assets

acquired for the purchase of non-controlling interest in Protect Line Limited.

Profit and loss reserves

The profit and loss reserves represents the cumulative realised profits or losses net of dividends paid and other adjustments.

23
Financial commitments, guarantees and contingent liabilities

Future commission clawbacks are secured by fixed and floating charges in favour of AIG Life Limited and Liverpool Victoria Financial Services Limited over balances held on deposit in Protect Line Limited bank accounts. The charges are dated 3 August 2021 and 29 September 2021 respectively.

 

Bank loans are secured by fixed charges in favour of Barclays Security Trustee Limited. The charge is dated 24 March 2022.

 

On 24 March 2022, the Company received a debenture and cross guarantee in respect of bank borrowings from its subsidiary Protect Line Limited.

 

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
66,489
86,320
-
-
Between two and five years
101,141
129,750
-
-
167,630
216,070
-
-
JDB Line Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
30
25
Related party transactions

Group

During the year, a loan of £107,995 was advanced by the group to Lifeline Finance Limited, a company with common control. At the year end, the balance due to the group was £107,995. No interest has been charged on this loan.

 

Company

During the year, JDB Line Limited supplied services to Protect Line Limited, a subsidiary, totalling £60,000 (2023: £60,000). Rent of £65,739 (2023: £98,609) was paid by Protect Line Limited to JDB Line Limited during the period on a commercial basis. At the period end, Protect Line Limited owed JDB Line Limited £36,156 (2023: £43,786). All transactions have been completed under normal trading terms.

26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,369,120
6,262
Adjustments for:
Taxation charged/(credited)
789,227
(6,764)
Finance costs
42,869
29,865
Investment income
(192,271)
(11,746)
Depreciation and impairment of tangible fixed assets
72,302
127,139
Increase in provisions
2,572,318
1,074,614
Movements in working capital:
Decrease/(increase) in debtors
84,754
(557,629)
Increase/(decrease) in creditors
2,631,440
(660,403)
Cash generated from operations
8,369,759
1,338
27
Analysis of changes in net funds - group
1 July 2023
Cash flows
New finance leases
30 June 2024
£
£
£
£
Cash at bank and in hand
3,466,047
8,357,327
-
11,823,374
Borrowings
(554,611)
22,412
-
(532,199)
Obligations under finance leases
-
13,105
(105,255)
(92,150)
2,911,436
8,392,844
(105,255)
11,199,025
2024-06-302023-07-01falseCCH SoftwareCCH Accounts Production 2023.300David BrewerDavid BrewerJoanne 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