Company registration number 05931711 (England and Wales)
SPORTS INVEST UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
SPORTS INVEST UK LIMITED
COMPANY INFORMATION
Director
K Joorabchian
Company number
05931711
Registered office
First Floor
5 Fleet Place
London
EC4M 7RD
Auditor
BKL Audit LLP
5 Fleet Place
London
EC4M 7RD
SPORTS INVEST UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
SPORTS INVEST UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The director presents the strategic report for the year ended 31 March 2023.
Fair review of the business
During the year, the parent company continued to represent both football players and football clubs in transfer and contract negotiations with a particular focus on Premier League players and clubs. In prior periods, football club finances were impacted by the effects of Covid-19 but the return of crowds to football stadiums across the globe saw increased transfer activity during both the summer 2022 and winter 2023 transfer windows resulting in record estimated gross transfer spend for Premier League clubs. This increased transfer activity directly impacted the revenues of the parent company who saw revenues more than double when compared the preceding accounting period. Subsequent to the year end the parent company continues to perform well and revenues are anticipated to increase year on year.
The subsidiary company is a restaurant operator. During the year the company vacated their sole operating site upon termination of the lease. Focus during the year was on securing a new site from which the company could carry on its restaurant trade. A site has since been secured and the aim is to have the restaurant operational by December 2024. However, in March 2024 the shares of the subsidiary company were sold so that the parent company no longer holds any interest in that company.
The key financial performance indicator for the group is revenue, along with the related operating expenses which are as follows:
SPORTS INVEST UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Principal risks and uncertainties
The group is exposed to a number of business and financial risks from its operating activities. The director is responsible for ensuring that the business risks are actively managed. The business does not trade financial instruments or currently use financial derivatives. The key financial risks are identified below:
Market risk - The income recognised in the financial statements is dependent on transfers taking place within the appropriate transfer windows and payment of long term contracts.
Currency risk - A large portion of transactions are conducted in foreign currencies in the parent company, therefore fluctuations in currency could impact the income received on certain contracts, which in turn could have a negative impact on cash flow and profitability.
Credit risk - The group manages its credit risk by ensuring that it only engages counterparties that have high credit ratings in its parent company. The subsidiary company is unlikely to be exposed to major credit risk from its revenue.
Liquidity (cash flow) risk - The group manages its cash flow to ensure it can meet its obligations and requirements as they fall due.
Price risk - The main expense for the group is the consultancy fees associated with transfers in the parent company. To manage the price risk, contracts are drawn up in advance and established contractors are used where possible.
Events after the reporting date
Subsequent to the year-end, the parent company disposed of its interest in its subsidiary company, Babbo Restaurants Limited.
Additionally, subsequent to the year end, the parent company was successful in their VAT tribunal appeal in respect of VAT paid to HMRC on a player contract, for which the parent company successfully argued the contract did not fall within the scope of UK VAT. As a result, VAT amounting to £438,954, has been recovered from HMRC subsequent to the year-end. The original payment of this amount to HMRC had previously been recognised as a reduction in revenue in the statement of comprehensive income.
On 3 October 2024, the company have provided a guarantee on a loan entered into by a connected entity. This guarantee includes a fixed and floating charge over the assets of the company.
K Joorabchian
Director
14 October 2024
SPORTS INVEST UK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
The director presents his annual report and financial statements for the year ended 31 March 2023.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
K Joorabchian
Auditor
Wilson Wright LLP acted as auditor of the company up until 2 April 2024. On 2 April 2024, Wilson Wright LLP transferred its audit business to BKL Audit LLP. The members subsequently consented to the appointment of BKL Audit LLP as auditor to the company. The auditor BKL Audit LLP will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Statement of director's responsibilities
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
SPORTS INVEST UK LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
On behalf of the board
K Joorabchian
Director
14 October 2024
SPORTS INVEST UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPORTS INVEST UK LIMITED
- 5 -
Opinion
We have audited the financial statements of Sports Invest UK Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 31 March 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
SPORTS INVEST UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPORTS INVEST UK LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Capability of the audit in detecting irregularities, including fraud:
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the failure to comply with tax regulations, health and safety regulations and anti-bribery and anti-corruption laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the auditors included:
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.
SPORTS INVEST UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPORTS INVEST UK LIMITED
- 7 -
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.
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.
Nikki Crane FCA (Senior Statutory Auditor)
For and on behalf of BKL Audit LLP
16 October 2024
Chartered Accountants
Statutory Auditor
5 Fleet Place
London
EC4M 7RD
SPORTS INVEST UK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Revenue
3
23,024,188
9,072,050
Cost of sales
(5,787)
(143,183)
Gross profit
23,018,401
8,928,867
Administrative expenses
(6,936,298)
(5,214,706)
Other operating income
-
49,503
Operating profit
4
16,082,103
3,763,664
Investment income
8
319,837
294,942
Finance costs
9
(679,941)
(578,100)
Profit before taxation
15,721,999
3,480,506
Tax on profit
10
(8,189,801)
(704,071)
Profit for the financial year
22
7,532,198
2,776,435
Profit for the financial year is attributable to:
- Owner of the parent company
7,546,130
2,918,944
- Non-controlling interests
(13,932)
(142,509)
7,532,198
2,776,435
Total comprehensive income for the year is attributable to:
- Owner of the parent company
7,546,130
2,918,944
- Non-controlling interests
(13,932)
(142,509)
7,532,198
2,776,435
SPORTS INVEST UK LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
31 March 2023
- 9 -
2023
2022
as restated
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
12
21,348
63,403
Investments
13
8,342,432
7,597,258
8,363,780
7,660,661
Current assets
Inventories
15
-
5,000
Trade and other receivables
16
39,987,619
26,832,989
Cash and cash equivalents
2,677,585
1,622,815
42,665,204
28,460,804
Current liabilities
17
(24,692,590)
(17,307,991)
Net current assets
17,972,614
11,152,813
Total assets less current liabilities
26,336,394
18,813,474
Non-current liabilities
18
(28,467)
(37,745)
Net assets
26,307,927
18,775,729
Equity
Called up share capital
21
1
1
Retained earnings
22
28,702,929
21,156,799
Equity attributable to owner of the parent company
28,702,930
21,156,800
Non-controlling interests
(2,395,003)
(2,381,071)
26,307,927
18,775,729
The financial statements were approved and signed by the director and authorised for issue on 14 October 2024
14 October 2024
K Joorabchian
Director
Company registration number 05931711 (England and Wales)
SPORTS INVEST UK LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
31 March 2023
- 10 -
2023
2022
as restated
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
12
21,348
63,402
Investments
13
8,342,507
7,597,333
8,363,855
7,660,735
Current assets
Trade and other receivables
16
39,929,706
26,830,648
Cash and cash equivalents
2,677,327
1,616,146
42,607,033
28,446,794
Current liabilities
17
(22,436,813)
(14,874,489)
Net current assets
20,170,220
13,572,305
Net assets
28,534,075
21,233,040
Equity
Called up share capital
21
1
1
Retained earnings
22
28,534,074
21,233,039
Total equity
28,534,075
21,233,040
As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £7,301,035 (2022 - £3,188,233 profit).
The financial statements were approved and signed by the director and authorised for issue on 14 October 2024
14 October 2024
K Joorabchian
Director
Company registration number 05931711 (England and Wales)
SPORTS INVEST UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Share capital
Retained earnings
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
Balance at 1 April 2021
1
18,237,855
18,237,856
(2,238,562)
15,999,294
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
2,918,944
2,918,944
(142,509)
2,776,435
Balance at 31 March 2022
1
21,156,799
21,156,800
(2,381,071)
18,775,729
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
7,546,130
7,546,130
(13,932)
7,532,198
Balance at 31 March 2023
1
28,702,929
28,702,930
(2,395,003)
26,307,927
SPORTS INVEST UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 April 2021
1
18,044,806
18,044,807
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
3,188,233
3,188,233
Balance at 31 March 2022
1
21,233,039
21,233,040
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
7,301,035
7,301,035
Balance at 31 March 2023
1
28,534,074
28,534,075
SPORTS INVEST UK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
3,223,085
4,027,169
Interest paid
(225,363)
(151,587)
Income taxes paid
(1,145,630)
(2,687,276)
Net cash inflow from operating activities
1,852,092
1,188,306
Investing activities
Purchase of property, plant and equipment
(4,600)
(16,934)
Proceeds from disposal of property, plant and equipment
60,000
5,572
Loans made to other entities
(745,174)
(2,524,632)
Net cash used in investing activities
(689,774)
(2,535,994)
Financing activities
Repayment of bank loans
(4,493)
(6,211)
Net cash used in financing activities
(4,493)
(6,211)
Net increase/(decrease) in cash and cash equivalents
1,157,825
(1,353,899)
Cash and cash equivalents at beginning of year
1,622,815
3,107,703
Effect of foreign exchange rates
(103,055)
(130,989)
Cash and cash equivalents at end of year
2,677,585
1,622,815
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
1
Accounting policies
Company information
Sports Invest UK Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.
The group consists of Sports Invest UK 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 company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
1.2
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.
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Sports Invest UK 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 March 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.
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
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.6
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10 / 25% Straight Line
Fixtures and fittings
25% Straight Line
Motor vehicles
25% 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 income statement.
1.7
Non-current 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.
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
Non-current asset investments in basic financial assets are initially measured at cost, which is normally the transaction price including transaction costs. Such assets are subsequently carried at cost less impairment.
1.8
Impairment of non-current assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
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 trade and other receivables 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
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 non-current 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
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
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.18
The prior period adjustment relates to the reclassification of a loan receivable to the company from a related party as a non-current asset. The loan was previously classified as a current asset. The loan has been issued to provide long term financing and as such is more accurately reflected as a non-current asset.
The reclassification is a balance sheet entry only and does not have an impact on the profit and loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Accrued income
Management assess accrued revenue estimates based on the delivery of certain contractual obligations of the agent and the player at specific dates as set out in the contracts.
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
3
Revenue
2023
2022
£
£
Revenue analysed by class of business
Sports consultancy
23,024,188
8,762,015
Restaurant revenue
-
310,035
23,024,188
9,072,050
2023
2022
£
£
Revenue analysed by geographical market
UK
18,942,959
4,976,558
Rest of World
4,081,229
4,095,492
23,024,188
9,072,050
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(123,188)
130,988
Government grants
-
(49,503)
Depreciation of owned property, plant and equipment
20,405
63,749
Impairment of owned property, plant and equipment
-
8,320
Profit on disposal of property, plant and equipment
(33,750)
(2,095)
Operating lease charges
(154,991)
13,156
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
50,000
40,000
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Sales, administrative and management
12
25
11
10
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Employees
(Continued)
- 21 -
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,762,668
1,775,480
1,671,305
1,348,805
Social security costs
227,629
173,521
227,629
173,521
Pension costs
11,681
14,736
10,310
9,591
2,001,978
1,963,737
1,909,244
1,531,917
7
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
526,000
485,000
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
526,000
485,000
The number of directors for whom retirement benefits are accruing under defined contribution pension schemes amounted to nil (2022: nil)
8
Investment income
2023
2022
£
£
Interest income
Interest on bank deposits
443
3
Other interest income
319,394
294,939
Total income
319,837
294,942
9
Finance costs
2023
2022
£
£
Interest on bank overdrafts and loans
202,417
90,973
Interest on third party loans
454,578
426,513
Other interest
22,946
60,614
Total finance costs
679,941
578,100
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
7,908,000
746,000
Adjustments in respect of prior periods
281,801
(41,929)
Total current tax
8,189,801
704,071
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
15,721,999
3,480,506
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
2,987,180
661,296
Tax effect of expenses that are not deductible in determining taxable profit
201,556
81,463
Change in unrecognised deferred tax assets
(5,700)
1,439
Adjustments in respect of prior years
281,801
(41,929)
Capital allowances in excess of depreciation
5,506
Other non-reversing timing differences
(20)
(3,704)
Transfer pricing adjustment
4,724,984
Taxation charge
8,189,801
704,071
During the year, the company provided services to a connected company outside of the UK for nil consideration. The director considers that the value of these services, which are included in the company's tax return as a transfer pricing adjustment is £24,868,334 (2022 - £1,516,982). The corporation tax arising as a result of this adjustment is £4,724,984 (2022 - £288,827). The tax impact of the 2022 adjustment is recognised an adjustment to the tax charge in 2023.
11
Impairments
Impairment tests have been carried out where appropriate in respect of the subsidiary company and the following impairment losses have been recognised in profit or loss:
2023
2022
Notes
£
£
In respect of:
Property, plant and equipment
12
-
(8,320)
Recognised in:
Administrative expenses
-
8,320
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
11
Impairments
(Continued)
- 23 -
The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.
12
Property, plant and equipment
Group
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
858,775
751,218
60,000
1,669,993
Additions
600
4,000
4,600
Disposals
(776,475)
(421,870)
(60,000)
(1,258,345)
At 31 March 2023
82,300
329,948
4,000
416,248
Depreciation and impairment
At 1 April 2022
858,774
714,066
33,750
1,606,590
Depreciation charged in the year
1
19,487
917
20,405
Eliminated in respect of disposals
(776,475)
(421,870)
(33,750)
(1,232,095)
At 31 March 2023
82,300
311,683
917
394,900
Carrying amount
At 31 March 2023
18,265
3,083
21,348
At 31 March 2022
1
37,152
26,250
63,403
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
12
Property, plant and equipment
(Continued)
- 24 -
Company
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
82,300
299,348
60,000
441,648
Additions
600
4,000
4,600
Disposals
(60,000)
(60,000)
At 31 March 2023
82,300
299,948
4,000
386,248
Depreciation and impairment
At 1 April 2022
82,300
262,196
33,750
378,246
Depreciation charged in the year
19,487
917
20,404
Eliminated in respect of disposals
(33,750)
(33,750)
At 31 March 2023
82,300
281,683
917
364,900
Carrying amount
At 31 March 2023
18,265
3,083
21,348
At 31 March 2022
37,152
26,250
63,402
More information on impairment movements in the year is given in note 11.
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
as restated
as restated
Notes
£
£
£
£
Investments in subsidiaries
14
75
75
Loans to connected companies
8,342,432
7,597,258
8,342,432
7,597,258
8,342,432
7,597,258
8,342,507
7,597,333
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
13
Fixed asset investments
(Continued)
- 25 -
Movements in non-current investments
Group
Loans to connected companies
£
Cost or valuation
At 1 April 2022
7,597,258
Additions
745,174
At 31 March 2023
8,342,432
Carrying amount
At 31 March 2023
8,342,432
At 31 March 2022
7,597,258
Movements in non-current investments
Company
Shares in subsidiaries
Loans to connected companies
Total
£
£
£
Cost or valuation
At 1 April 2022
75
7,597,258
7,597,333
Additions
-
745,174
745,174
At 31 March 2023
75
8,342,432
8,342,507
Carrying amount
At 31 March 2023
75
8,342,432
8,342,507
At 31 March 2022
75
7,597,258
7,597,333
14
Subsidiaries
Details of the company's subsidiaries at 31 March 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Babbo Restaurants Limited
First Floor, 5 Fleet Place, London, EC4M 7RD
Ordinary
75.00
This subsidiary has been included in the consolidated financial statements.
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
15
Inventories
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
5,000
16
Trade and other receivables
Group
Company
2023
2022
2023
2022
as restated
as restated
Amounts falling due within one year:
£
£
£
£
Trade receivables
3,876,634
1,252,312
3,859,649
1,252,312
Other receivables
23,555,376
20,580,031
23,522,020
20,577,690
Prepayments and accrued income
12,555,609
5,000,646
12,548,037
5,000,646
39,987,619
26,832,989
39,929,706
26,830,648
17
Current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
10,829
6,044
Trade payables
2,433,348
2,661,675
2,331,438
2,570,231
Corporation tax payable
10,051,648
3,007,477
10,051,648
3,007,477
Other taxation and social security
1,038,057
878,814
744,828
587,585
Other payables
11,014,124
10,129,069
9,201,767
8,427,796
Accruals and deferred income
144,584
624,912
107,132
281,400
24,692,590
17,307,991
22,436,813
14,874,489
18
Non-current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
28,467
37,745
The bank loan represents amounts owed by the group under the Coronavirus Business Interruption Loan Scheme (CBILS). The loan is repayable by December 2026 and bears interest of 2.5% per annum and is guaranteed by the UK government.
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
19
Borrowings
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
39,296
43,789
Payable within one year
10,829
6,044
Payable after one year
28,467
37,745
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
11,681
14,736
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
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
22
Reserves
Retained earnings
Retained earnings - Group
The retained earnings reserve represents both the company and the subsidiaries' relevant proportion of cumulative profits and losses, net of the parent company's dividends paid and other adjustments where applicable.
Retained earnings - Company
The retained earnings reserve represents cumulative profits and losses, net of dividends paid and other adjustments where applicable.
Non-controlling interest
Non-controlling interest represents the proportion of net assets of subsidiary companies that are not wholly owned which are attributable to minority shareholdings of those subsidiary undertakings.
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
-
470,000
-
-
Between two and five years
-
470,000
-
-
-
940,000
-
-
24
Events after the reporting date
Subsequent to the year-end, the parent company disposed of its interest in its subsidiary company, Babbo Restaurants Limited.
Additionally, subsequent to the year end, the parent company was successful in their VAT tribunal appeal in respect of VAT paid to HMRC on a player contract, for which the parent company successfully argued the contract did not fall within the scope of UK VAT. As a result, VAT amounting to £438,954, is due to be recovered from HMRC subsequent to the year-end. The original payment of this amount to HMRC had previously been recognised as a reduction in revenue in the statement of comprehensive income.
On 3 October 2024, the company have provided a guarantee on a loan entered into by a connected entity. This guarantee includes a fixed and floating charge over the assets of the company.
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 29 -
25
Related party transactions
Transactions with related parties
Included in other payables are balances totalling £2,857,087 (2022: £9,478,222) due to companies which are controlled by the ultimate controlling party.
Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Included within fixed asset investments is a loan of £8,342,432 (2022: £7,597,258) to a company controlled by the ultimate controlling party.
Included in other receivables is £1,827,136 (2022: £1,652,578) due from companies which are controlled by the ultimate controlling party. Of this balance, £1,404,453 (2022: £1,422,839) has been provided for.
Amounts owed by connected companies are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Included in advertising expenses are sponsorship costs of £1,256,494 (2022 - £Nil) due to a company under common control.
Included in travel expenses are costs of £1,313,385 (2022 - £Nil) due to a company under common control.
Included in legal expenses are costs of £15,196 (2022 - £Nil) paid on behalf of a company under common control.
As disclosed in note 10 to the accounts, during the year the company provided services with a fair value of £24,868,334 (2022 - £1,516,982) to a company which is under common control for nil consideration.
During the year, the company advanced loans to the director of £1,562,323, and the director made repayments of £153,261 against the loan balance. At the year end date, £16,724,687 (2022: £15,002,730) was owed to the company by the director. Interest of £312,894 (2022: £282,586) was charged in respect of this balance at a rate of 2% p.a.
Other information
The director has provided a personal guarantee in respect of one of the group's banking facilities. At the balance sheet date, the group had funds on deposit with the provider in excess of the amounts owed under the facility.
26
Controlling party
The ultimate controlling party of the group is K Joorabchian.
SPORTS INVEST UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 30 -
27
Cash generated from group operations
2023
2022
as restated
£
£
Profit for the year after tax
7,532,198
2,776,435
Adjustments for:
Taxation charged
8,189,801
704,071
Finance costs
679,941
578,100
Investment income
(319,837)
(294,942)
Gain on disposal of property, plant and equipment
(33,750)
(2,095)
Depreciation and impairment of property, plant and equipment
20,405
72,069
Foreign exchange gains on cash equivalents
(123,188)
130,989
Movements in working capital:
Decrease in inventories
5,000
18,822
(Increase)/decrease in trade and other receivables
(12,594,993)
1,168,618
Decrease in trade and other payables
(132,492)
(1,124,898)
Cash generated from operations
3,223,085
4,027,169
28
Analysis of changes in net funds - group
1 April 2022
Cash flows
Exchange rate movements
31 March 2023
£
£
£
£
Cash at bank and in hand
1,622,815
1,157,825
(103,055)
2,677,585
Borrowings excluding overdrafts
(43,789)
4,493
-
(39,296)
1,579,026
1,162,318
(103,055)
2,638,289
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2024.100No description of principal activityK 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