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Registered number: 05074622










ICC NORTHERN UK LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ICC NORTHERN UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Principal activity

The principal activity of the Company during the year was the sale of IT equipment.

Results and dividends

The profit for the year, after taxation, amounted to £253,681 (2022: £999,311)
The Directors have recommended a dividend of £nil in the current year (2022: £nil)

Directors

The directors who served during the year and after the year end were:
S Fessler (resigned 14 August 2024)
S Carlson (resigned 14 August 2024)
R Alvesteffer
P Allen (resigned 30 June 2023)
M Hallam (resigned 1 February 2023)
K Randers (appointed 1 February 2023)
J Ausherman (appointed 12 May 2023)

Going concern

ICC Northern Limited’s financial statements have been prepared on a going concern basis. On 1 January 2024, the inventory of ICC Northern Limited has been transferred over to a fellow Group company, Service Express Europe Limited and this company will undertake future sales activities. There are remaining receivable and payable balances that the directors consider could mean that trade recommences in the Company and the directors have presently no intentions to liquidate the Company. A signed letter of support has been provided by Service Express EMEA Limited confirming that support will be provided for at least 12 months from the date of signing of the 2023 financial statements. Consequently, the directors have considered that the financial statements should be prepared on a going concern basis.

Post balance sheet events

There were no events after the balance sheet date that require disclosure in these financial statements. 

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

 
ICC NORTHERN UK LIMITED
REGISTERED NUMBER: 05074622

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 6 
576
3,521

Right of use assets
 5 
238,840
339,305

  
239,416
342,826

Current assets
  

Stocks
 7 
151,036
293,193

Debtors: amounts falling due within one year
 8 
1,447,239
1,576,599

Cash at bank and in hand
 9 
186,579
48,045

  
1,784,854
1,917,837

Creditors: amounts falling due within one year
 10 
(816,295)
(1,212,534)

Net current assets
  
 
 
968,559
 
 
705,303

Total assets less current liabilities
  
1,207,975
1,048,129

  

Creditors: amounts falling due after more than one year
 11 
(154,443)
(248,278)

  
1,053,532
799,851

  

  

Net assets
  
1,053,532
799,851


Capital and reserves
  

Called up share capital 
 12 
100
100

Retained earnings
 13 
1,053,432
799,751

  
1,053,532
799,851


Page 2

 
ICC NORTHERN UK LIMITED
REGISTERED NUMBER: 05074622
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Ausherman
Director

Date: 25 October 2024

The notes on pages 5 to 16 form part of these financial statements.

Page 3

 
ICC NORTHERN UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Retained earnings
Total equity

£
£
£


At 1 January 2022
100
(199,560)
(199,460)


Comprehensive income for the year

Profit for the period
-
999,311
999,311



At 31 December 2022
100
799,751
799,851


Comprehensive income for the year

Profit for the year
-
253,681
253,681


At 31 December 2023
100
1,053,432
1,053,532


The notes on pages 5 to 16 form part of these financial statements.



Page 4

 
ICC NORTHERN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

ICC Northern UK Limited is a private limited company incorporated and domiciled in England & Wales. The address of the registered office is shown on the Company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.
The Company's functional and presentational currency is GBP. Figures are rounded to the nearest pound.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

Page 5

 
ICC NORTHERN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Service Express EMEA Limited as at 31 December 2023 and these financial statements may be obtained from Franklin Court, Priory Business Park, Bedford, Bedfordshire, England, MK44 3JZ.

 
2.3

Going concern

ICC Northern Limited’s financial statements have been prepared on a going concern basis. On 1 January 2024, the inventory of ICC Northern Limited has been transferred over to a fellow Group company, Service Express Europe Limited and this company will undertake future sales activities. There are remaining receivable and payable balances that the directors consider could mean that trade recommences in the Company and the directors have presently no intentions to liquidate the Company. A signed letter of support has been provided by Service Express EMEA Limited confirming that support will be provided for at least 12 months from the date of signing of the 2023 financial statements. Consequently, the directors have considered that the financial statements should be prepared on a going concern basis.

Page 6

 
ICC NORTHERN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation


Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'adminstrative expenses'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Rendering of services

Revenue from providing services is recognised in the accounting period in which the services are rendered.

For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.

 
2.6

Leases

The Company assesses, at contract inception, whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
 
Page 7

 
ICC NORTHERN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Leases (continued)

The Company as a lessee
Right of use assets
The Company recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
• Long leasehold - 5 years
If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
Lease liabilities
At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. 
The Company's lease liabilities are included in creditors.

Short-term leases and leases of low-value assets
The Company applies the short-term lease recognition exemption to its short-term leases of motor vehicles (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

Page 8

 
ICC NORTHERN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 9

 
ICC NORTHERN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value. 

Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Impairment of financial assets
The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
 
Page 10

 
ICC NORTHERN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Financial liabilities

At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.


3.


Employees

2023
2022
£
£

Wages and salaries
-
87,495

Social security costs
-
8,921

Cost of defined contribution scheme
-
2,360

-
98,776


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Staff
-
12

During the prior year the company transferred all its employees to a fellow group company. Therefore, there is no employee cost in the current year.


4.


Directors' remuneration

The remuneration paid to directors during the year was £nil (2022: £nil). The directors were remunerated via fellow group companies and performed no material qualifying services.

Page 11

 
ICC NORTHERN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Right of use assets




Long leasehold

£



Cost


At 1 January 2023
535,464



At 31 December 2023

535,464



Amortisation


At 1 January 2023
196,159


Charge for the year
100,465



At 31 December 2023

296,624



Net book value



At 31 December 2023
238,840



At 31 December 2022
339,305





Cash outflow:

2023
2022
£
£



Total cash outflow for leases
107,750
100,000

107,750
100,000

The statement of comprehensive income shows interest expense, in relation to leases, of £8,974 (2022: £13,894).

Page 12

 
ICC NORTHERN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
85,332



At 31 December 2023

85,332



Depreciation


At 1 January 2023
81,811


Charge for the year
2,945



At 31 December 2023

84,756



Net book value



At 31 December 2023
576



At 31 December 2022
3,521


7.


Stocks

2023
2022
£
£

Raw materials and consumables
151,036
293,193

151,036
293,193


The value of stocks is stated net of a impairment provision of £45,396 (2022: £59,983).


Page 13

 
ICC NORTHERN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors

2023
2022
£
£


Trade debtors
245,758
1,298,786

Amounts owed by group undertakings
1,201,481
89,565

Other debtors
-
158,723

Prepayments and accrued income
-
29,525

1,447,239
1,576,599


Trade debtors are stated net of provision of £nil (2022: £nil).
Amounts owed by group undertakings are interest free, unsecured and due on demand.
The directors are satisfied that the amounts owed by group undertakings do not require provisioning for impairment.


9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
186,579
48,045

186,579
48,045



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
55,294
369,351

Amounts owed to group undertakings
659,237
744,591

Other taxation and social security
8,113
-

Lease liabilities
93,651
98,592

816,295
1,212,534


Amounts owed to group undertakings are interest free, unsecured and due on demand.

Page 14

 
ICC NORTHERN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities
154,443
248,278

154,443
248,278



12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100

The ordinary shares carry voting and dividend rights.



13.


Reserves

Retained earnings

Retained earnings represents the accumulated earnings of the company net of distribution to owners and other adjustments.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £nil (2022: £2,360). 


15.


Related party transactions

The Company has taken advantage of the exemption in paragraph 8(k) of FRS 101 from the requirement to disclose transactions with other members of the group.
The directors are considered to be key management personnel and their remuneration details are disclosed in note 5.

Page 15

 
ICC NORTHERN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Controlling party

The immediate parent undertaking is Service Express Europe Limited.
The smallest group for which consolidated financial statements are prepared is by Service Express EMEA Limited which are available to the public from: Service Express EMEA Limited, Franklin Court, Priory Business Park, Bedford, MK44 3JZ. The parent company of Service Express EMEA Limited is Service Express LLC. As at 31 December 2023, the ultimate parent company was Red Dawn Investment Holdings, LP and as at the date of signing, the ultimate parent company is Victors Topco, LP.
There is no single ultimate controlling party.


17.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 October 2024 by Andrew Gandell (Senior Statutory Auditor) on behalf of MHA.

Page 16