Company Registration No. 11042276 (England and Wales)
Source Group International Holdings Limited
Annual report and
group financial statements
for the year ended 31 December 2023
Source Group International Holdings Limited
Company information
Directors
G S Tew
L Hargreaves
A Dexter
Secretary
G S Tew
Company number
11042276
Registered office
Dixcart House Addlestone Road
Bourne Business Park
Addlestone
England
KT15 2LE
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Source Group International Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Income statement
9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
Source Group International Holdings Limited
Strategic report
For the year ended 31 December 2023
1

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The Group's principal activity is that of recruitment consultancy providing both temporary and contract staff specialising in technology for multiple sectors including banking, digital, consultancy, medical tech and automotive manufacturing.

 

Revenue grew significantly in key markets and the business continued to invest in controls and governance including the implementation of an upgraded accounting system. A focus on cost discipline and sustainability produced a significant structural reduction in the cost base which mitigated a worsening of macro trading conditions in Q4 2022.

 

The profit and loss on page 9 shows turnover of £58,235,642 (2022: £51,302,744) which resulted in a gross profit of £12,385,652 (2022: £12,672,576).

 

Operating profit for the year was £1,920,322 (2022: £935,265) resulting in a profit before tax for the year of £959,699 (2022: £167,659).

 

The balance sheet shows that the Group's net liability decreased to £467,344 from a liability of £1,027,065 in 2022.

 

Strategy

The group's strategy is to continue to increase headcount in key markets where job flow is strong and margins attractive. This is underpinned by investments in the business support team, technology and training and development.

Principal risks and uncertainties

The Group is exposed to several potential risks including market environment risk, credit risk, liquidity risk and foreign exchange risk.

 

Market Environment Risk

The Group operates in domestic and international markets, each of which present challenges.

 

Credit Risk

All clients are credit checked prior to commencing trade. Most are at least partially covered by credit insurance. The Group continues to invest in credit control to minimise outstanding debt. Regular reviews are undertaken by senior management and actions allocated accordingly.

 

Liquidity Risk

Credit terms and cash collection are carefully managed and regular cash forecasts are prepared and reviewed. The Group has regular discussions with banks and lenders and shares forecasts to ensure that sufficient credit facilities are in place.

 

Foreign Exchange Risk

The Group is exposed to foreign exchange risk by nature of its multi-regional presence. The Group reduces its foreign exchange risk by ensuring that contractor payroll is paid and billed in the same currency.

 

Source Group International Holdings Limited
Strategic report (continued)
For the year ended 31 December 2023
2
Key performance indicators

The Group monitors a number of key performance indicators, including:

 

2023 2022

 

Net Fee Income £12,385,652 £12,672,576

Operating profit/(loss) £1,920,322 £935,265

Net assets/(liabilities) (£467,344) (£1,027,065)

On behalf of the board

L Hargreaves
Director
4 November 2024
Source Group International Holdings Limited
Directors' report
For the year ended 31 December 2023
3

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

Principal activities

The principal activity of the company and group continued to be that of temporary and permanent employment agency activities.

Results and dividends

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

No ordinary dividends were paid. 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:

G Tew
L Hargreaves
A Dexter
Auditor

Saffery LLP were appointed as auditor to the company and in accordance with section 485 of the Company Act 2006, and have expressed their willingness to continue in office.

Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Source Group International Holdings Limited
Directors' report (continued)
For the year ended 31 December 2023
4
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.

On behalf of the board
L Hargreaves
Director
4 November 2024
Source Group International Holdings Limited
Independent auditor's report
To the members of Source Group International Holdings Limited
5
Opinion

We have audited the financial statements of Source Group International Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group income statement, 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:

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.

Source Group International Holdings Limited
Independent auditor's report (continued)
To the members of Source Group International Holdings 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.

Source Group International Holdings Limited
Independent auditor's report (continued)
To the members of Source Group International Holdings 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.

Source Group International Holdings Limited
Independent auditor's report (continued)
To the members of Source Group International Holdings 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.

 

Jamie Cassell (Senior Statutory Auditor)
For and on behalf of Saffery LLP
4 November 2024
Accountants
71 Queen Victoria Street
Statutory Auditors
London
EC4V 4BE
Source Group International Holdings Limited
Group income statement
For the year ended 31 December 2023
9
2023
2022
Notes
£
£
Turnover
3
58,235,642
51,302,744
Cost of sales
(45,849,990)
(38,630,168)
Gross profit
12,385,652
12,672,576
Administrative expenses
(10,809,340)
(11,568,547)
Administrative expenses - One off costs
-
0
(173,414)
Other operating income
344,010
4,650
Operating profit
4
1,920,322
935,265
Interest receivable and similar income
8
5,757
-
0
Interest payable and similar expenses
9
(966,380)
(767,606)
Profit before taxation
959,699
167,659
Tax on profit
10
(482,491)
46,996
Profit for the financial year
22
477,208
214,655
Profit for the financial year is all attributable to the owners of the parent company.
Source Group International Holdings Limited
Group statement of comprehensive income
For the year ended 31 December 2023
10
2023
2022
£
£
Profit for the year
477,208
214,655
Other comprehensive income
Currency translation gain/(loss) arising in the year
82,513
(91,643)
Total comprehensive income for the year
559,721
123,012
Total comprehensive income for the year is all attributable to the owners of the parent company.
Source Group International Holdings Limited
Group statement of financial position
As at 31 December 2023
11
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
43,197
61,972
Tangible assets
12
56,090
65,197
99,287
127,169
Current assets
Debtors
15
12,940,469
12,300,591
Cash at bank and in hand
1,415,560
1,480,726
14,356,029
13,781,317
Creditors: amounts falling due within one year
16
(14,821,976)
(14,750,681)
Net current liabilities
(465,947)
(969,364)
Total assets less current liabilities
(366,660)
(842,195)
Creditors: amounts falling due after more than one year
17
(85,214)
(169,400)
Provisions for liabilities
Deferred tax liability
19
15,470
15,470
(15,470)
(15,470)
Net liabilities
(467,344)
(1,027,065)
Capital and reserves
Called up share capital
21
900
900
Other reserves
22
6,881
(75,632)
Profit and loss reserves
22
(475,125)
(952,333)
Total equity
(467,344)
(1,027,065)

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 4 November 2024 and are signed on its behalf by:
04 November 2024
L Hargreaves
Director
Company registration number 11042276 (England and Wales)
Source Group International Holdings Limited
Company statement of financial position
As at 31 December 2023
31 December 2023
12
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
898
898
Current assets
Cash at bank and in hand
2
2
Creditors: amounts falling due within one year
16
(558,243)
(558,243)
Net current liabilities
(558,241)
(558,241)
Net liabilities
(557,343)
(557,343)
Capital and reserves
Called up share capital
21
900
900
Profit and loss reserves
22
(558,243)
(558,243)
Total equity
(557,343)
(557,343)

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

The financial statements were approved by the board of directors and authorised for issue on 4 November 2024 and are signed on its behalf by:
04 November 2024
L Hargreaves
Director
Company registration number 11042276 (England and Wales)
Source Group International Holdings Limited
Group statement of changes in equity
For the year ended 31 December 2023
13
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
900
22,643
(1,173,620)
(1,150,077)
Year ended 31 December 2022:
Profit for the year
-
-
214,655
214,655
Other comprehensive income:
Currency translation differences
-
-
(91,643)
(91,643)
Total comprehensive income
-
-
123,012
123,012
Transfers
-
(98,275)
98,275
-
Balance at 31 December 2022
900
(75,632)
(952,333)
(1,027,065)
Year ended 31 December 2023:
Profit for the year
-
-
477,208
477,208
Other comprehensive income:
Currency translation differences
-
-
82,513
82,513
Total comprehensive income
-
-
559,721
559,721
Transfers
-
82,513
(82,513)
-
Balance at 31 December 2023
900
6,881
(475,125)
(467,344)
Source Group International Holdings Limited
Company statement of changes in equity
For the year ended 31 December 2023
14
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
900
(558,243)
(557,343)
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 December 2022
900
(558,243)
(557,343)
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
0
Balance at 31 December 2023
900
(558,243)
(557,343)
Source Group International Holdings Limited
Group statement of cash flows
For the year ended 31 December 2023
15
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,060,072
1,287,745
Interest paid
(966,380)
(767,606)
Income taxes paid
(132,633)
(35,736)
Net cash (outflow)/inflow from operating activities
(38,941)
484,403
Investing activities
Purchase of intangible assets
(13,132)
(3,977)
Purchase of tangible fixed assets
(10,991)
(41,519)
Interest received
5,757
-
0
Net cash used in investing activities
(18,366)
(45,496)
Financing activities
Proceeds from new bank loans
-
100,000
Repayment of bank loans
(90,372)
(70,394)
Net cash (used in)/generated from financing activities
(90,372)
29,606
Net (decrease)/increase in cash and cash equivalents
(147,679)
468,513
Cash and cash equivalents at beginning of year
1,480,726
1,103,857
Effect of foreign exchange rates
82,513
(91,644)
Cash and cash equivalents at end of year
1,415,560
1,480,726
Source Group International Holdings Limited
Notes to the group financial statements
For the year ended 31 December 2023
16
1
Accounting policies
Company information

Source Group International Holdings Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House Addlestone Road, Bourne Business Park, Addlestone, England, KT15 2LE.

 

The group consists of Source Group International Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

 

This 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 for the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

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.

Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
17
1.3
Basis of consolidation

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

 

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

 

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

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 directors have a reasonable expectation based on the three year forecast that has been produced that the group has adequate resources to continue in operational existence for the foreseeable future. The directors of the company regularly review the performance of the business against the forecasts to ensure that they are meeting expectations and where necessary obtain sufficient funding to continue their growth strategy. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover comprises the fair value of the consideration received or receivable for the placement of permanent and temporary staff in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts. Turnover consists of:

 

- contractor placements, representing fees billed for the services of contractors including their costs, which is recognised when the service has been provided and an invoice has been raised

- permanent placements, representing fees billed as a percentage of the candidate's remuneration package, which is recognised on the start date of the candidate

 

Turnover not invoiced at the balance sheet date is included within accrued income.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Other intangibles
3 years straight line
Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
18
1.7
Tangible fixed assets

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

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

Computers
20% 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.

1.8
Fixed asset investments

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

 

In the parent company financial statements, investments in subsidiaries, 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.

1.9
Impairment of fixed assets

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

 

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.

Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
19
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.

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 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.

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.

Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
20
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.

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. 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.

Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
21
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
Share-based payments

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

 

1.17
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.

1.18
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.

1.19
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.

Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
22
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.

Critical judgements
Assessing the recoverability of debtors and intercompany balances

In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings, latest management accounts and experience of recoverability. There have been no material indicators of impairments identified during the current financial year.

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.

Accrued contract income

In assessing the need for accrued contract income and associated costs, the directors utilise information both internal and external post year end to identify the need to recognised income associated with work performed not yet invoiced, As this information is often finalised post year end, there is an element of estimation uncertainty. In these instances, the directors use historic knowledge of the business and the industry to estimate the revenue and associated costs to be recognised.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Contract sales
55,089,250
46,771,340
Permanent sales
3,146,392
4,531,404
58,235,642
51,302,744
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
13,482,903
9,586,422
Europe
42,632,570
38,448,291
USA
2,120,169
3,254,422
Other
-
13,609
58,235,642
51,302,744
Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
3
Turnover and other revenue (continued)
23
2023
2022
£
£
Other revenue
Interest income
5,757
-
Other income
2,270
4,650
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
490,871
231,821
Other income
(2,270)
(4,650)
Depreciation of owned tangible fixed assets
20,098
15,010
Amortisation of intangible assets
31,908
40,397
Operating lease charges
454,270
377,192
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
6,250
6,000
Audit of the financial statements of the company's subsidiaries
43,750
39,000
50,000
45,000
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
Management
3
3
-
-
Sales
66
73
-
-
Total
69
76
-
0
-
0
Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
6
Employees (continued)
24

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
6,539,045
7,037,710
-
0
-
0
Social security costs
824,715
910,145
-
-
Pension costs
197,402
216,384
-
0
-
0
7,561,162
8,164,239
-
0
-
0
7
Directors' remuneration

The directors were paid by the company's subsidiary, Source Group International Limited.

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
5,757
-
0
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
70,025
40,601
Interest on invoice finance arrangements
896,355
727,005
966,380
767,606
Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
25
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
18,256
-
0
Adjustments in respect of prior periods
75,764
(47,514)
Total UK current tax
94,020
(47,514)
Foreign current tax on profits for the current period
84,806
83,914
Total current tax
178,826
36,400
Deferred tax
Origination and reversal of timing differences
303,665
(83,396)
Total tax charge/(credit)
482,491
(46,996)

The actual charge/(credit) 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
959,699
167,659
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
221,402
31,855
Tax effect of expenses that are not deductible in determining taxable profit
(71,637)
40,970
Change in unrecognised deferred tax assets
44,036
(34,252)
Effect of change in corporation tax rate
-
18,374
Other permanent differences
(100)
(2,144)
Effect of overseas tax rates
(60,102)
(54,285)
Deferred tax adjustments
303,665
-
0
Tax charge in respect of previous periods
75,764
(47,514)
Other tax movements
(30,537)
-
Taxation charge/(credit)
482,491
(46,996)
Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
26
11
Intangible fixed assets
Group
Other intangibles
£
Cost
At 1 January 2023
189,515
Additions
13,132
At 31 December 2023
202,647
Amortisation and impairment
At 1 January 2023
127,543
Amortisation charged for the year
31,907
At 31 December 2023
159,450
Carrying amount
At 31 December 2023
43,197
At 31 December 2022
61,972
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
12
Tangible fixed assets
Group
Computers
£
Cost
At 1 January 2023
116,579
Additions
10,991
At 31 December 2023
127,570
Depreciation and impairment
At 1 January 2023
51,382
Depreciation charged in the year
20,098
At 31 December 2023
71,480
Carrying amount
At 31 December 2023
56,090
At 31 December 2022
65,197
Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
27
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
898
898
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
898
Carrying amount
At 31 December 2023
898
At 31 December 2022
898
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Source Group International Gmbh
Bosch 106, 6331 Zug, Switzerland
Ordinary
100.00
-
Source Group International BV
Joop Geesinkweg 901, Ground, 1st, 2nd and 3rd floor, 1114AB Amsterdam- Duivendrecht
Ordinary
-
100.00
Source Group International Inc
Corporation Trust Center 1209 Orange St, Wilmington, New Castle, DE, 19801
Ordinary
-
100.00
Source Group International Limited
Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, England, KT15 2LE
Ordinary
100.00
-
Xplore Pharma Limited
Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, England, KT15 2LE
Ordinary
100.00
-

The company being the ultimate parent company of Xplore Pharma Ltd (Company number: 10615288) has decided to take the exemption from audit of Xplore Pharma Ltd for the year ended 31 December 2023 under sections 479A and 479C of the Company Act 2006 and the company will provide guarantee for all the liabilities of Xplore Pharma Ltd as at 31 December 2023.

 

 

Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
28
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,217,403
6,428,585
-
0
-
0
Corporation tax recoverable
357,061
85,738
-
0
-
0
Other debtors
1,413,603
1,596,644
-
0
-
Prepayments and accrued income
3,862,634
3,777,477
-
0
-
0
12,850,701
11,888,444
-
-
Amounts falling due after more than one year:
Deferred tax asset (note 19)
89,768
412,147
-
0
-
Total debtors
12,940,469
12,300,591
-
-
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
106,395
112,580
-
0
-
0
Trade creditors
3,531,545
3,361,952
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
558,243
558,243
Corporation tax payable
266,095
306,231
-
0
-
0
Other taxation and social security
1,554,416
592,564
-
-
Other creditors
4,835,580
6,063,046
-
0
-
0
Accruals and deferred income
4,527,945
4,314,308
-
0
-
0
14,821,976
14,750,681
558,243
558,243

 

17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
85,214
169,400
-
0
-
0
Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
29
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
191,609
281,980
-
-
Payable within one year
106,395
112,580
-
-
Payable after one year
85,214
169,400
-
-

During the 2021 year, Source Group International Limited obtained a loan of £250,000 under the Business Interruption Loan Scheme introduced by the UK government in response to the Coronavirus pandemic. The loan bears interest at a rate of 10.95% per annum and repayable over 4 years.

 

During the 2022 year, Source Group International Limited obtained a loan of £100,000 under the Recovery Loan Scheme introduced by the UK government in response to the Coronavirus pandemic. The loan bears interest at a rate of 12.10% per annum and repayable over 6 years.

19
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Fixed asset timing differences
15,470
15,470
-
-
Losses and other deductions
-
-
89,768
412,147
15,470
15,470
89,768
412,147
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
197,402
216,384

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.

Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
30
21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Orinary shares of 1p each
90,000
90,000
900
900
22
Reserves

Merge Reserve

In order to reflect the commercial operations of all of the Source Group companies, on 11 March 2020 a group restructure was performed with Source Group International Holdings Limited as the parent company.

 

This was achieved through a share for share exchange whereby the shareholders exchanged their shares in the following subsidiaries for shares in the parent company:

 

Xplore Pharma Limited

Scale Search Limited

Primal Technology Limited

Picture Services Limited

Source Group International GmbH

 

The company has taken advantage of Section 612 of the Companies Act 2006 (Merger Relief) when accounting for this transaction.

23
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Net transactions
Closing balance
£
£
£
Directors' loan
860,878
358,761
1,219,639
860,878
358,761
1,219,639
24
Controlling party
The ultimate parent company is Gavin Tew and Lawrence Hargreaves by virtue of their 100% share ownership.
Source Group International Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2023
31
25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
477,208
214,655
Adjustments for:
Taxation charge/(credit)
(178,826)
(46,996)
Finance costs
966,380
767,606
Investment income
(5,757)
-
0
Amortisation and impairment of intangible assets
31,908
40,397
Depreciation and impairment of tangible fixed assets
20,098
15,010
Movement in deferred tax asset
322,379
-
Movements in working capital:
Increase in debtors
(690,934)
(4,538,493)
Increase in creditors
117,616
4,835,566
Cash generated from operations
1,060,072
1,287,745
26
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,480,726
(65,166)
1,415,560
Borrowings excluding overdrafts
(281,980)
90,371
(191,609)
1,198,746
25,205
1,223,951
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